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Classic Car Loans for Bad Credit

Get personalized rates in 60 seconds for classic auto loans with bad credit, without affecting your credit score.

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Finance A Classic Car Today: Check Offers With No Impact to Credit

A classic car loan can take a few different forms. Because many lenders have stipulations as to the age of a vehicle when it comes to a traditional auto loan, it can be difficult, especially for borrowers with bad credit, to go find a lender willing to finance a classic car. 

An alternative option is to apply for a personal loan. Some online personal loan lenders have bad credit personal loans that are designed for bad credit borrowers. Each lender, online or not, sets their own credit score thresholds as well as income requirements and other loan qualifications that applicants must meet in order to be approved for a bad credit classic car personal loan through that lender.

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How to Get a Classic Car Loan with Bad Credit

Check Offers for Bad Credit Classic Auto Loans at Acorn Finance
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1

Pre-qualify

Fill out an easy online form to check for pre-qualified offers with no impact to your credit score
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2

Select offer

Compare terms and payment options to select the offer that’s best for you
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3

Finish application

Complete your application on your selected lender’s website
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4

Receive funding

After your loan is approved, your funds should arrive within 1-2 business days2

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Helping You Find Classic Car Loans for Bad Credit

A personal classic car loan for bad credit works much like most other installment loan structures. In this lending model, the borrower is given a lump sum for the purchase of that car they’ve been dreaming of and this is repaid, with interest, in regular (usually monthly) installments. 

Most personal loans are unsecured, which means that there is no collateral tied into the loan agreement. This means that if you default on your classic car loan, your credit score can be negatively affected and there could be legal ramifications. Some lenders may allow a co-signer or co-borrower on the loan application, which could improve your chances of approval.  

If you use a traditional classic car loan, it will be secured with the car as collateral. In the event you default, the car can be repossessed. Down payments are typically required for secured classic car loans.

Classic Car Loans for Bad Credit: Frequently Asked Questions

How do you find the best classic car loans?

Finding the best classic car loans can be a lot of work, at least it used to be. First, you’ll need to determine the type of loan you wish to pursue. 

Due to the strict requirements of a traditional classic car loan, consumers can use a personal loan to finance a classic car. To find the best personal loan offer, visit Acorn Finance. In seconds you can receive personalized offers with no credit impact. 

Regardless of the path you take to finance a classic car, be sure to compare and understand your options. Also, be mindful of your position as a borrower and what you can qualify for. 

Are classic car loans for bad credit worth it?

While checking for offers may be easily accessible, getting a classic car loan for bad credit is a lot to think about. 

Whether or not it’s worth it will be situationally dependent. Taking out any bad credit personal loan is a big decision, as bad credit loans don’t typically come with the most favorable interest rates and loan structures. Before you commit to a bad credit auto loan for an older car, you should carefully consider the following: 

  • Your budget: Do you have the extra monthly income to comfortably cover your new expense? Be sure to research insurance coverage for a classic car and take that expense into consideration as well. Our credit scores aren’t always an accurate representation of our financial situation though. So, consider your situation entirely to make a decision that’s best for you. 
  • Total cost of the loan versus the value of the car: Once you calculate interest into your total loan expenses, it just might not make sense if you plan to resell the car down the line. The chances of you paying more than the car is worth over the life of the loan are pretty high. Finding an online classic-car loan payment calculator could help you get an idea of just how much of a gap may be left between the car’s value and your total costs. 

Overall, it is up to you to determine if a classic car loan for bad credit is worth it. If it brings you joy, that is most definitely worth something.

Compare & Shop Classic Car Loans for Bad Credit at Acorn Finance

Dreaming of a ‘64 Mustang in that beautiful Cascade Green, but your credit isn’t exactly where you would like it to be? If so, you might be wondering how to get classic auto loans with bad credit. While it may be more difficult to qualify and rates may not be as favorable, you may still have options when it comes to classic car loan financing. 

Keep reading to learn how to get classic auto loans with bad credit and how you can check for personalized offers in just minutes.

Learn More About Classic Auto Loans for Bad Credit:

What credit score do you need for a bad credit classic car loan?

There are no universal credit score requirements for a bad credit classic car loan. Credit scores needed for a personal loan will vary by lender. Offers will be more likely to be returned for borrowers with fair, good, average, or excellent credit. Most lenders on the Acorn Finance platform have a credit score cutoff of 600 or above.

Why choose Acorn Finance for classic car loans for bad credit:

  • Access to our network of top national lenders
  • Freedom to check offers with no credit impact 
  • Check offers up to $100,000, depending on credit score
  • No spending restrictions 
  • No prepayment penalties

How to apply for classic car loans:

#1. Check your credit score

Knowing what your credit score is can help you prepare for the types of offers you might return. If possible, work to boost your credit score before applying. Offers will be more likely to be returned for borrowers with fair, good, average, or excellent credit. Most lenders on the Acorn Finance platform have a credit score cutoff of 600 or above.

#2. Gather documentation

During the approval process, lenders may ask for proof of income, residency, and or identification. Gathering these documents ahead of time can help the process go smoother. It can also provide you with information such as how long you’ve lived or worked somewhere, or how much your actual gross income is. This can help you complete your application as accurately as possible. 

#3. Get prequalified

When ready, head to Acorn Finance to get prequalified with no credit impact. In seconds, you can receive personalized offers up to $100,000, depending on credit score. With a network of lending partners, your chance of qualifying is greater than just applying to one lender at a time. 

While having bad credit can really throw a wrench in some things, you may still be able to finance the car of your dreams. Check offers up to $100,000, depending on credit score, at Acorn Finance with no credit impact. 

Pros and cons of classic car loans for bad credit:

As you’re considering whether or not a bad credit auto loan for an older car is worth it, it may help to make a list of pros and cons of bad credit loans to help solidify your decision.

Pros

  • Rebuild your credit: By making your installments on time and in full, can work towards improving your credit score and history.
  • Fast access to funds: Funding times may vary, but online lenders can typically have funds available to you in as little as one business day, although funding times can vary.
  • Flexibility: As with most personal loans, you will have the ability to spend your funds however you see fit. Therefore, you can finance a classic car without the restrictions.

Cons

  • Potential damage to your credit score: If you miss payments, it could be detrimental to your already bruised credit. 
  • Higher interest rates: Bad credit loans don’t typically come with the most favorable interest rates.
  • Limited lending options: You may have less options when it comes to lenders that are willing to work with you compared to a good-excellent credit borrower.

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