Classic Car Restoration Loans: Ultimate Guide 2026
Last updated 06/11/2026 by
Andrew Latham
Fact checked by
Sammi Toner
Summary:
Classic car restoration loans are financing options, usually personal loans or specialty collector car loans, that cover the cost of rebuilding a vintage vehicle. Borrowers typically pull from one of a few sources, each suited to a different part of the project.
- Personal loans: Best when you already own the car and need cash for parts, paint, and labor.
- Specialty collector car lenders: Best for financing a high-value classic with low monthly payments and long terms.
- Classic and collectible auto lenders: Best for buyers who want a vehicle-secured loan covering older models most banks reject.
A full restoration can run anywhere from a few thousand dollars to six figures, so the way you fund it matters as much as the work itself. The right loan keeps the project moving without draining your savings or stalling halfway through bodywork.
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How much does it cost to restore a classic car?
A quality classic car restoration costs between $40,000 and $120,000, according to Hagerty. Show-quality, frame-off and concours builds regularly exceed $100,000 and can pass $200,000.
The spread is wide because labor dominates the bill. Hagerty puts its own shop rate at $135 per hour, and a concours restoration can take 4,000 to 5,000 hours.
Restoration costs depend on four main factors:
- The type of vehicle. Parts and labor for a Ford differ sharply from a Ferrari or a Duesenberg. Common-make parts are cheap and local; rare-make parts may ship from overseas at a premium.
- The condition of the vehicle. A preserved original with a few defunct pieces costs far less than a rust-heavy project car.
- The shop you choose. A concours-quality shop charges more than a local body shop, and doing simple work yourself costs less still.
- Your desired outcome. A weekend show piece costs less than a car built to drive cross-country reliably.
Before you buy a project car, a diagnostic test can surface mechanical problems that swing the budget by thousands.
Pro Tip: Budget 10% to 20% above your shop’s estimate. Once the body comes off, hidden rust and frame damage routinely push the final cost past the quote.
A price breakdown: 6 common restoration costs
Restoring a classic vehicle involves six recurring costs, and most owners finance at least part of them. The table below shows typical 2026 ranges for each.
| Cost category | Typical 2026 range | What drives it |
|---|---|---|
| Buying the car | $100 to $15,000+ | $100 for a bare junkyard chassis, up to $15,000+ for a clean private-party or dealer car |
| Registration and safety | A few hundred dollars | Inspection and registration, higher if the car needs a full safety check |
| Prep work | Up to $15,000 | Stripping, media-blasting, re-plating the frame and body for a show build |
| Parts | $10,000+ for show quality | Original parts and 25%+ markups when ordered through a shop |
| Labor | $85 to $300 per hour | Quality shops run $100 to $175 per hour; specialty paint and upholstery cost more |
| Paint and finishing | $1,500 to $20,000+ | Mid-tier respray $1,500 to $5,000; show-quality bare-metal $10,000 to $20,000+ |
Paint and materials alone rose about 7.4% in 2025, so quotes from a year ago understate today’s cost.
Pro Tip: Source your own parts on eBay or Craigslist before going to a shop. Parts ordered through a restoration shop are commonly marked up 25% or more.
Best lenders for classic car restoration loans
Not every auto lender finances classic cars, and many cap the model year or mileage. There are several ways to finance a classic car, but three lenders in particular specialize in collector vehicles and publish current rates.
You can compare rates and borrower reviews across providers on SuperMoney’s auto loan review page before applying.
| Lender | Starting APR | Loan amounts | Max term | Best for |
|---|---|---|---|---|
| LightStream | 6.49% with AutoPay | $5,000 to $100,000 | 84 months | Restoring a car you already own, with no fees or down payment |
| Woodside Credit | 9.02% to 9.66% | $10,000 to $1 million | 180 months | Low monthly payments on a high-value classic |
| J.J. Best Banc & Co. | 6.25% | $6,000 to $1 million+ | 144 months | Financing models from 1900 to today |
LightStream
LightStream offers loans from $5,000 to $100,000 with no fees, no down payment, and no prepayment penalty. Rates start at 6.49% APR with AutoPay for borrowers with excellent credit, and funding can land the same day you apply.
Woodside Credit
Woodside Credit built its business around collector cars and stretches terms to 180 months for low monthly payments. It finances vehicles priced from $20,000 to $1 million, usually asks for 10% to 20% down, and reserves its best rates for credit scores of 700 and up.
J.J. Best Banc & Co.
J.J. Best Banc has financed collectible cars for decades and approves most models from 1900 to today. Rates start at 6.25% on loans from $6,000 to more than $1 million, with approvals possible in minutes and funding in about three days.
If you already own the car and just need cash to restore it, a personal loan can cover the work without using the vehicle as collateral.
What lenders consider when approving your loan
Your credit score and debt-to-income ratio are the two factors that most affect approval and your rate. Both signal how likely you are to repay.
Debt-to-income ratio
Your debt-to-income (DTI) ratio is your total monthly debt divided by your monthly income. If you earn $4,000 a month and pay $1,000 toward a mortgage, $200 to credit cards, and $300 to an installment loan, your DTI is 37.5%.
Most lenders want your DTI at 40% or less, including the new loan payment. A lower ratio reduces their risk and improves your odds.
Credit
Your credit report shows lenders how you have handled debt in the past. Credit bureaus build your score from five inputs:
- Payment history: whether you make monthly payments on time.
- Amount owed: the total debt you currently carry.
- Length of credit history: the age of your credit accounts.
- Credit mix: your experience managing different credit types, such as auto loans, credit cards, and student loans.
- New credit: how many new accounts you have opened recently.
Specialty classic car lenders generally look for scores above 680, and the best rates go to borrowers above 700.
How to get approved for a classic car restoration loan
Approval comes down to preparation. Work through these steps before you apply.
- Check your credit score and target lenders that match your credit tier.
- Confirm a steady income source, since lenders rarely approve borrowers without one.
- Lower your debt-to-income ratio to 40% or below if you can.
- Get prequalified to preview your likely rate without a hard credit pull.
- Add a creditworthy cosigner if your own credit falls short.
Prequalification is the lowest-risk first move, letting you compare offers before committing. Running your numbers through a car payment calculator shows how term length changes your monthly cost.
If you do use a cosigner, pay on time, since a missed payment damages their credit and your relationship.
Key takeaways
- A quality classic car restoration costs $40,000 to $120,000, and frame-off concours builds can exceed $200,000.
- Labor is the largest expense, with quality shops charging $100 to $175 per hour and full builds taking thousands of hours.
- LightStream, Woodside Credit, and J.J. Best Banc specialize in classic and collector financing, with starting rates from 6.25% to 9.02%.
- If you already own the car, a personal loan funds the restoration without using the vehicle as collateral.
- Lenders weigh your credit score and a debt-to-income ratio at or below 40% most heavily.
Frequently asked questions
How much does it cost to restore a classic car?
A quality restoration runs $40,000 to $120,000, and show-quality frame-off builds often exceed $100,000. Labor and hidden rust are the biggest cost drivers.
How do I finance a classic car restoration?
If you own the car, a personal loan covers parts and labor without collateral. To finance the purchase of a high-value classic, a specialty collector lender like Woodside Credit or J.J. Best Banc usually offers better terms.
Can you get a loan to restore a classic car with average credit?
Yes, but your options narrow. Specialty classic car lenders generally prefer scores above 680, while personal loan lenders serve a wider credit range at higher rates.
What are typical terms for classic car restoration loans?
Personal loans usually run two to seven years. Specialty collector lenders stretch much longer, with Woodside Credit offering terms up to 180 months and J.J. Best Banc up to 144 months.
Is a personal loan or a collector car loan better for restoration?
A personal loan is simpler when you already own the car and need cash for the work. A collector car loan makes more sense for financing the vehicle itself, since the longer terms lower the monthly payment.
Finance your restoration
Different personal loans carry different rates, fees, and requirements, so comparing the best personal loans helps you avoid overpaying. You can check the rate you qualify for through SuperMoney’s loan offer engine in minutes.
Once the car is restored and road-ready, protect your investment with classic car auto insurance.
Andrew is the Content Director for SuperMoney, a Certified Financial Planner®, and a Certified Personal Finance Counselor. He loves to geek out on financial data and translate it into actionable insights everyone can understand. His work is often cited by major publications and institutions, such as Forbes, U.S. News, Fox Business, SFGate, Realtor, Deloitte, and Business Insider.
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