FAQ

Our team receives your application and reviews your credit file thoroughly. We contact you directly to discuss options available based on credit history, collateral, and dollar amount requested. Once an approval is secured from the appropriate underwriting department and any items needed have been collected, we can produce loan documents. The documents are sent to you to be completed and returned. Every deal is unique, but we’re typically able to release funds within 24-48 hours.

Instead of obtaining a “pre-approval”, our team works with the appropriate underwriting department to secure a final approval for your request. This locks in rates for 45-60 days, depending on the program. If you find yourself needing to request a change of collateral or a change in the dollar amount, we can make the request to the lender for consideration as needed.

The programs we have access to will allow scores from 600+ to be considered, depending on the payment history reporting to your credit bureau.

If your score is below 600, please review details on adding a co-applicant.

The prime lender we work with reviews an Equifax report while the Subprime lender we work with reviews an Experian report. If your credit files are frozen, please contact the bureau to lift the freeze before submitting your application.

The subprime lender that we work with will consider applicants who have filed bankruptcy in the past. The bankruptcy must be closed, the lender will not consider an applicant with an open bankruptcy. Any reported bankruptcy is reviewed on a case by case basis and underwriting will have the final decision for the loan request.

The minimum down payment requirement ranges from 10-20% of the purchase price, depending on credit score and payment history. The down payment is paid directly to the dealer/seller and must be paid in full before funds can be released at the close of the loan.

The lenders we work with do not issue rates based solely on your credit score. Instead, they review your total credit risk and determine the available rate.

Collector Car Lending works with two lenders to provide a variety of options for your loan request. To determine which rate you'll qualify for, we suggest submitting an application.

Terms available vary per program and currently range from 60-144 months. The maximum term allowed is offered based on the dollar amount of the loan after a down payment is considered. The offered term will ultimately be determined by the underwriting department.

Collector Car Lending works with two lenders to provide a variety of options for your loan request.

The lenders we work with require comparable installment history to qualify for this type of recreational loan. An applicant must have a minimum of 18 installment (auto or real estate) payments reporting to the bureau. The installment loan must be an equal or greater value to the requested loan amount.

For example, if you are requesting a loan for $20,000, your credit file must show at least 18 payments on an auto or a real estate loan of at least $20,000.

In some cases the underwriting department will allow a co-applicant to be added to the application for consideration. Once your credit file is reviewed by a loan officer, if adding a co-applicant will allow us to reconsider the loan request they will provide this option to you.

For example; if you do not have the necessary payment history, or your debt to income ratio is too high, the lenders will allow us to consider a spouse or an immediate family member as a co-applicant. In some cases the co-applicant may be required to reside in the same household.

Collector Car Lending should not be listed as your lien holder, we are a service provider for the lenders we work with. Once your Loan Officer has an approval for your request they will provide you with the appropriate lien holder details. The lien holder must be listed on your insurance (see insurance details for additional information).

The lien holder is the appropriate contact for any payment information.

An insurance policy binder or declarations page will be required to submit a loan packet for funding. The policy must be guaranteed or agreed value.

Guaranteed/agreed value policies are specifically designed for collectible vehicles and will properly cover the value of the vehicle you’re purchasing. The lenders will require deductibles be no greater than $500 and the lien holder must be listed exactly as provided.

If you’re unfamiliar with this type of insurance coverage, or you’re interested in shopping options to replace your current policy, we suggest reaching out to our friends at Gingerbread Insurance Agency. They offer top notch customer service, and can secure policies for the top collector car insurance providers in the country.

Contact Details:
Phone: 844-335-9095
E-mail customerservice@gingerbreadinsurance.com

Or you may submit a request for a quote here.

Once your loan has closed, a member of our title department will reach out to hold your hand through the registration/titling process. If you opted to have sales tax included, the check will be mailed to you at this time and a member of our team will assist in any way possible. If you are purchasing from a dealership in state, the dealership may handle this for you directly.

There are no upfront fees with Collector Car Lending. There is no cost to apply or see what rates/terms we have available for your purchase. Specific fees vary per program and per state, and are disclosed by the loan officer once the approval is secured for your loan request.

We are happy to help with your purchase from a private seller. You’ll need to submit your application, www.collectorcarlending.com/credit. Once your application is processed a loan officer will contact you to review options available and the private party process in further detail. We’ll collect all contact information from you and work directly with the seller to schedule the required collateral verification reports. Please be aware, the collateral verification is not the same as a pre-purchase inspection. Once that’s done we can proceed with loan documents. With proof of down payment, funds are released directly to the seller allowing you to schedule your delivery!

The lenders that we work with do not allow us to facilitate any refinancing or title loans. The programs we have access to are designed specifically for purchases either through a licensed dealer or a private party.

We are happy to help with your purchase from an auction, as long as funds are not required when your bid is accepted. Funding can take 24-48 hours and all paperwork must be completed, including proof of insurance.

You’ll want to go submit your application.

Once your application is processed a loan officer will contact you to review the process in further detail.

If you are purchasing a vehicle from a licensed dealer, an inspection/appraisal will not typically be needed but in some cases may be required.

If you are purchasing a vehicle from a private seller, a collateral verification and appraisal will be required. We facilitate this process and can provide you copies of both reports for your records upon request. The fee associated is subject to vary depending on the location of the vehicle, and will be reviewed in detail by your loan officer. The cost will be charged by credit card.

Becoming an affiliated dealer is simple!

Give us a call, or shoot us an email and we’ll send you our dealer affiliation packet to fill out and return. Once received a member of our dealer development team will contact you to complete a quick verification step. When that’s been submitted, we’ll send you all the tips, tricks, and tools you need to make our working relationship as successful as possible!