Ultimate Guide to Luxury and Exotic Car Loans

Everything you need to know about loans for exotic and luxury cars

Whether you’re a collector or enthusiast, or you’re fulfilling a lifelong dream, buying an exotic car doesn’t have to require a briefcase full of cash. While there are specialized lenders that offer exotic car loans, it’s important to look at all your options to make sure you’re getting the best deal on your dream car.

What are exotic car loans?

Exotic car loans differ from conventional auto loans in that they typically offer longer repayment terms. For example, some lenders offer up to 144 months or 12 years to pay off your exotic car.

In contrast, conventional auto lenders typically offer up to 84 months, and some credit unions offer repayment terms as long as 96 months.

Since these loans have such a long repayment period and the loan amounts are typically high, the lender is taking a big risk over a long period. As a result, it may be difficult to get qualify for exotic car loans with poor or fair credit.

Also, the longer your repayment period, the higher interest rate you’ll get, even if you have stellar credit.

The benefits of exotic car loans

Exotic cars differ from regular cars in that some can appreciate over time rather than lose value. So, even if you have the cash to pay for an exotic car, using a loan can offer some extra leverage, especially if you plan to sell the car as an investment.

Taking on an exotic car loan also frees up your money to use for other financial goals. Even with high payments, you’re not parting with a large chunk of cash up front.

Working with a lender that offers exotic car loans can be nice because they understand the market, more so than a conventional auto lender. As such, you may get some advice or support, which can be especially helpful if it’s your first exotic car.

The drawbacks of exotic car loans

Although exotic car loans have their pros, they’re not for everyone. For example, some specialized lenders may have restrictions on which cars they’ll finance. This is typically the case if it’s a high-production model.

Also, since exotic car loans can be considered commodities, if your particular model depreciates quickly enough, you could be underwater on your loan before you know it.

Lastly, working with a specialized lender to get an exotic car loan can mean higher interest rates. There aren’t a lot of lenders that offer exotic car loans, so you’re limited when shopping around for the best deal.

Seeking out conventional auto lenders that offer long repayment plans could open up more options for you.

“I wish I had looked around a little more when I got my loan,” says Bill Shepard, a New York-based car enthusiast. “I figured at the time that my options were limited, so I didn’t bother to check.”

Where you can get exotic car loans

If you’re interested in getting an exotic car loan, here are two lenders to consider:


LightStream is the online consumer loan division of the Sun Trust Bank. With LightStream you can purchase any collector car from any seller with no limitations of make, model, year, mileage or loan-to-value. Apply online to find out what rates you qualify for and can have the money in your account in as little as one day.

Woodside Credit

Founded in 2003, Woodside Credit offers specialized loans for exotic cars, classic cars, collector cars, and antiques. The lender requires a high credit score, and you can get a quote for Woodside credit rates through their website. You can apply for a loan online or by calling 1-800-717-5180.

J.J. Best Banc & Co.

J.J. Best Banc & Co. has been in the business since 1993 and finances a large range of collector cars, including antiques, hot rods, exotic cars, sports cars, and muscle cars. It also finances boats and aircrafts.

To avoid getting denied for not qualifying credit-wise, J.J. Best Banc & Co. allows you to get pre-qualified for your loan before officially applying. Pre-qualification tools typically don’t run a hard credit check, so it won’t hurt your score. If you’re interested in applying, you can do so online or by calling 1-800-872-1965.

Should you get an exotic car loan?

Before choosing to go with a specialized lender that offers exotic car loans, do your due diligence to make sure you get the best terms available.

To see what conventional auto lenders have to offer, check out SuperMoney’s auto loan engine to get pre-qualified with several lenders at once. You’ll receive several offers from lenders based on your creditworthiness.

As you shop around and compare several interest rates, you’ll be in a better position to save money over a long repayment period.

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