inancing a classic car purchase is recommended for individuals who want to purchase their dream vintage car and don't have enough cash on hand or savings to pay for the car. If you are applying for a car loan, below are requirements that make you eligible for car financing:
Strong credit. The credit score needed to qualify will depend on the auto lender you apply with. You are more likely to get approved with a minimum credit score of 670.
Regular income. You need to prove that your income can support the monthly loan repayments. During the credit application, the lender may require you to show proof of income documents, including the W-2 form, most recent tax return, or most recent pay stub.
Low Debt-to-Income ratio. Most lenders look for a DTI ratio below 43%.
A reasonable down payment of around 15%-20% of the total cost.
A favorable previous auto history.