Can I get a loan for a car that isn't running or is disassembled?

Absolutely. Because these are unsecured personal loans, the lender's decision is based on your personal creditworthiness, not the current condition of the vehicle. The car itself is not used as collateral, so it doesn't matter if it's a non-running project car in your garage.

Is this different from a classic car loan for purchasing a vehicle?

Yes, they are fundamentally different. A classic car loan for purchase is a secured auto loan where the vehicle title serves as collateral. A personal loan for restoration is unsecured, meaning no collateral is required. The funds are versatile and can be used for any repair, parts, or labor costs associated with the project.

Can I use the loan funds to buy parts myself and do some of the work?

Yes. This is a major benefit of using a personal loan. The money is deposited into your bank account, giving you complete control. You can use it to pay a professional restoration shop, buy parts directly from suppliers, or purchase tools and materials to do the work yourself.

Will checking my rate for a restoration loan affect my credit score?

No, checking your rate through our platform involves a soft credit inquiry, which does not impact your credit score. You can see potential loan options without any commitment or negative effect. A hard credit inquiry is only performed by the lender if you choose to move forward with a specific loan offer.

What if my restoration costs more than the initial estimate?

This is a common scenario in classic car restoration. It's wise to apply for a loan amount that includes a 15-20% contingency buffer to cover unforeseen expenses. If costs still exceed your budget, you may have the option to apply for a second personal loan, though approval would depend on your financial situation at that time.

Can I finance a partial restoration, like just an engine rebuild or paint job?

Of course. Personal loans are ideal for both full, frame-off restorations and smaller, targeted projects. Whether you need $5,000 for a new transmission or $25,000 for a complete overhaul, you can request the specific amount you need to get the job done.

Classic Car Restoration & Repair Loans

Secure a personal loan to fund the specialized work your vintage, antique, or muscle car deserves, from engine rebuilds to concours-quality paint.

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Traditional Lenders Don't Understand a 'Project Car'

Your '67 Mustang isn't just an 'old car' to be valued by a book; it's an investment and a passion.
We partner with lenders who understand that classic car restoration is a serious undertaking and can provide appropriate financing.
Secured auto loans require a clean title and a running vehicle, but your project is still in pieces.
Our unsecured personal loans are based on your creditworthiness, not the car's current condition or value.
High-end restoration shops often require substantial payments upfront to source parts and book their time.
Get the full loan amount funded directly to your bank account, giving you the cash on hand to pay artisans and suppliers on your own terms.

Why Use a Personal Loan for Classic Car Restoration?

When you're searching for classic car financing, you'll find options for purchasing a vehicle. But what about funding the actual restoration work? That's where a personal loan offers a distinct advantage. Unlike a traditional classic auto loan used for a purchase, which is secured by the car's title, a personal loan for restoration is typically unsecured. This means you don't need to put your project car—or any other asset—up as collateral. The lender makes a decision based on your financial profile, not the current state of your vehicle. This is crucial when your prized possession is mid-restoration and not yet roadworthy.

The flexibility of an unsecured personal loan is its greatest strength for any project car enthusiast. Once the funds are deposited into your account, you can use them for any expense related to your vintage car repair or restoration. There are no restrictions. You can hire that specialist for the engine rebuild, pay the body shop for that perfect paint job, order rare parts from overseas, or upgrade the interior upholstery. This freedom allows you to manage your project and your budget without being tied to a specific vendor, giving you the power to choose the best craftsman for the job.

A Simple Process to Fund Your Project

1
Complete a Quick Form
Tell us about your financing needs in about two minutes. This initial step is a soft inquiry and won't affect your credit score.
2
Compare Loan Offers
If you qualify, you'll see potential offers from our network of lenders. Compare APRs, terms, and monthly payments to find the best fit.
3
Get Funded
Once you select an offer and complete the final application with the lender, funds are typically deposited into your bank account in as little as one business day.

Estimating Your Classic Car Restoration Costs

Engine & Drivetrain Rebuild Varies by complexity	$5,000 - $15,000+
Bodywork & Show-Quality Paint Depends on condition	$10,000 - $25,000+
Interior & Upholstery Materials & labor	$3,000 - $8,000
Chrome & Brightwork Restoration Per piece/hour	$2,000 - $7,000

Estimated monthly

$466/mo

Example based on a $20,000 loan with a 5-year term at 14% APR.

A full, frame-off restoration can be a significant financial undertaking, with costs varying wildly based on your car's make, model, and initial condition. The figures above are common ranges for professional work. A personal loan allows you to consolidate these large, unpredictable expenses into a single, structured financial plan with predictable monthly payments. This helps you manage cash flow and ensures you have the capital to see the project through to completion without cutting corners.

What will your project cost? See what you could borrow.

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Typical Loan Terms for Restoration Financing

Loan amount: $2,000 – $50,000
APR: 7.99% – 35.99%
Term: 24 mo – 84 mo

Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%-8.99% of your loan amount, which will be deducted from any loan proceeds you receive.

Comparing Your Financing Options

A personal loan is a powerful tool, but it's wise to understand how it stacks up against other potential funding methods for your vintage car repair. Each has its own set of pros and cons depending on your financial situation and the scope of your project.

Personal Loan vs. Other Restoration Funding

	Personal Loan	HELOC	Shop Financing
Collateral Required	None (Unsecured)	Your Home	Varies (Mechanic's Lien)
Funding Speed	1-3 Business Days	Several Weeks or Months	Varies by Shop
Use of Funds	Any restoration cost	Any purpose	Only at that specific shop
Best For	Flexibility, speed, and no collateral	Large projects if you have home equity	Smaller, single-vendor repairs

Qualifying for a Classic Car Repair Loan

What Lenders Generally Look For

Credit Score: Most lending partners prefer applicants with a credit score of 620 or higher. A better score often leads to a lower APR.
Verifiable Income: You'll need to show a steady source of income from employment, self-employment, or other verifiable sources to demonstrate you can repay the loan.
Debt-to-Income (DTI) Ratio: Lenders assess your DTI ratio to ensure your new loan payment won't overextend your monthly budget.
Credit History: A positive credit history with a record of on-time payments shows financial responsibility and can strengthen your application.

If your credit profile is on the borderline, you may be able to strengthen your application by first checking your credit report for any errors, paying down high-balance credit cards to lower your credit utilization, or consolidating other debts.

Find out what you qualify for.

It takes just a few minutes and won't harm your credit score.

See Your Options

Common Pitfalls in Financing a Project Car (And How to Avoid Them)

Financing a restoration is as much a part of the project as choosing the right paint color. Here are some common mistakes to avoid:

Underestimating the Total Cost: Always build a 15-20% contingency into your budget. Unexpected rust, a hard-to-find part, or extra labor hours can quickly inflate your initial estimate. Securing a loan that covers this buffer can prevent stalls in your project.
Choosing the Wrong Shop: Don't just go with the first quote or the shop that offers in-house financing. A personal loan gives you the freedom to choose the best artisan for your vehicle. Get multiple quotes, check references, and review their past work.
Focusing Only on the Monthly Payment: While an affordable monthly payment is important, always compare the Annual Percentage Rate (APR) and the total cost of the loan. A longer term might lower your payment but could cost you more in interest over time.

Example scenario

I finally got my dad's old pickup running better than new. The loan process was straightforward and let me hire the best engine guy in the state without waiting years to save up.

Mark R.·Classic Truck Enthusiast

Classic Car Restoration Loan FAQs

Can I get a loan for a car that isn't running or is disassembled?
Absolutely. Because these are unsecured personal loans, the lender's decision is based on your personal creditworthiness, not the current condition of the vehicle. The car itself is not used as collateral, so it doesn't matter if it's a non-running project car in your garage.
Is this different from a classic car loan for purchasing a vehicle?
Yes, they are fundamentally different. A classic car loan for purchase is a secured auto loan where the vehicle title serves as collateral. A personal loan for restoration is unsecured, meaning no collateral is required. The funds are versatile and can be used for any repair, parts, or labor costs associated with the project.
Can I use the loan funds to buy parts myself and do some of the work?
Yes. This is a major benefit of using a personal loan. The money is deposited into your bank account, giving you complete control. You can use it to pay a professional restoration shop, buy parts directly from suppliers, or purchase tools and materials to do the work yourself.
Will checking my rate for a restoration loan affect my credit score?
No, checking your rate through our platform involves a soft credit inquiry, which does not impact your credit score. You can see potential loan options without any commitment or negative effect. A hard credit inquiry is only performed by the lender if you choose to move forward with a specific loan offer.
What if my restoration costs more than the initial estimate?
This is a common scenario in classic car restoration. It's wise to apply for a loan amount that includes a 15-20% contingency buffer to cover unforeseen expenses. If costs still exceed your budget, you may have the option to apply for a second personal loan, though approval would depend on your financial situation at that time.
Can I finance a partial restoration, like just an engine rebuild or paint job?
Of course. Personal loans are ideal for both full, frame-off restorations and smaller, targeted projects. Whether you need $5,000 for a new transmission or $25,000 for a complete overhaul, you can request the specific amount you need to get the job done.

Ready to Start Your Restoration Journey?

Get a clear view of your financing options in minutes. There's no obligation and no impact on your credit score.

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Personal loan disclosure

Money Savvy is not a lender. We are a marketing service that connects consumers with participating lenders. Rates, amounts, and terms vary by lender, your credit history, and other factors.

Loan amounts: $1,000 – $100,000
Repayment terms: 3 – 84 months
Min APR: 5.99%
Max APR: 35.99%
Origination fees: 0% – 10% of the loan amount
Late fees: May apply; vary by lender

Representative example: A $10,000 loan with a 36-month term at an 18.99% APR would have an approximate monthly payment of $366.39 and a total cost of $13,190.04, including interest and a $500 origination fee.

Your actual APR depends on your credit score, income, and other factors. Only borrow what you can afford to repay.

California residents: California Financing Law disclosures available upon request.