Financing Frequently Asked Questions - J.J. BEST BANC & CO.

Before Application

There are 5 different ways you can apply for a loan:

  1. Fill out a secure, online loan application at
  2. Call one of our classic car loan officer representatives at 1-800-USA-1965 to apply over the phone
  3. Print out the online application at home and fax it back to us at 1-508-991-8FAX
  4. E-mail the application to us at
  5. Mail the application to us at:
    J.J. BEST BANC & CO.
    60 North Water Street
    New Bedford, MA 02740

We can usually let you know in 2 – 5 minutes whether you qualify.

Your paperwork will be processed within 24 hours from the time you complete and sign all necessary original documents.

You can find out if you prequalify in as little as 2 minutes. Our general requirements include:

  • Good to excellent, established credit
  • At least 10% to put down towards your classic car purchase
  • Verifiable income
  • A good debt-to-income ratio
  • The vehicle you wish to purchase must be in good operating condition

You may still qualify even if you do not meet all these criteria. The best thing to do is call 1-800-USA-1965!

There are no fees or costs to apply with J.J. Best Bank & Co. It’s completely free.

Not necessarily, because these cars usually appreciate over time. The increase in the value of the car may far exceed interest rates, making this a much more attractive option. Many more will choose to finance their purchases if an option like this is available to them.

You should get approved for the maximum amount you are looking to borrow. If you have a specific car in mind, ask to be qualified for 80% or 90% of the purchase price. Otherwise tell your loan officer the general amount you are looking to spend. Remember that in most cases we can add in your state’s sales tax as part of the financing program.

The loan amount may be changed up until the time loan documents are completed, signed and we process your check.

On average we require a 10% to 20% down payment. Hot Rods, kit cars and modified vehicles may require a 30% down payment. In most states, we will be able to finance the state sales tax into the loan amount for you to help offset your down payment amount.

We offer terms from 60 to 84 months. You can reduce the length on the term of your loan yourself by making larger loan payments each month. In other words, by making a larger payment each month you will pay off the loan sooner.

You can expect the most competitive rates in our industry. We are able to offer such low, competitive rates because we are the largest company of our kind in the United States, specializing in Antique Cars, Classic Cars, Exotic Cars, Kit Cars, Muscle Cars, Hot Rods, and Sports Cars as well as Antique Motorcycles, R.V.’s, Boats and Aircraft loans. We understand the collateral whereas most other lenders do not.

Our minimum loan amount for cars is $6,000 with a maximum of $2,000,000. Our minimum loan amount for boats is $25,000 with a maximum of $25,000,000. Our minimum loan amount for airplanes is $25,000 with a maximum of $5,000,000. Exceptions can be made on a case by case basis.

You can usually include a J.J. BEST BANC & CO. supplied warranty in the cost of your loan. But neither shipping nor travel expenses are eligible to be added to the loan amount.

Keeping your information secure is one of our most important responsibilities. We safeguard your Social Security Number and other personal and financial information. You can feel confident using our services anywhere and anytime with J.J. BEST BANC & CO.’s comprehensive security protection.

We will finance almost all vehicles that are considered special interest between 1900 and 1985. However, we will finance some newer cars that are considered to be classic, sport and exotic. Please call us at 1-800-USA-1965 to find out more information. There are a variety of variables and other factors which we use determine if we can lend on that collateral.

J.J. BEST BANC & CO. does not finance vehicles that are used for business or commercial purposes.

Our loan policies don’t have any type of mileage restrictions.

Yes, you need to live in the United States.

Leasing is popular because it offers the borrower a low payment. However, extended-term financing also offers a low payment, sometimes even lower, with the added advantage of a purchase versus a “rental”. When you lease a car the leasing company owns the car, where as, when you finance your dream vehicle with J.J. BEST BANC & CO. you own the car. In most cases, there is a large residual that you will have to pay at the end of the lease for you to own the car outright. Additionally, financing is usually a tax deductible option, but you should always check with your tax advisor to be sure.

The borrower will still pay sales taxes with a lease; it will simply be spread out over the term of the lease. If a borrower finances the sales tax, the same is true.

In some cases this may be true, but unfortunately the rate will probably be a variable one. Our rates remain fixed for the duration of the term on your loan. There are other reasons you may want to reconsider getting a home equity loan. First, home equity loans are also much more difficult to obtain in today’s world. And by choosing a home equity loan you would then be using your home as security for your car loan.

Yes. J.J. BEST BANC & CO. provides pre-approvals for future purchases including collector car auctions. We also offer on-site auction and car corral financing at certain venues throughout the year. Please check our calendar of events for more information on what shows and auctions we’ll be attending.

After Application

Once your application is approved, you will receive an email prompting you to call a loan officer who will walk you through the loan terms and finalize your application. Depending on your credit history, you may be required to provide additional documents, such as proof of income.

To expedite the processing of your collectible automobile loan we need the following information from you before funding the loan:

  1. A copy of the back and front of the title from the seller on the car you are buying. You or the seller can fax or email this information to us or if you prefer we can contact the seller for you.
  2. A copy of the Purchase and Sales Agreement. You or the seller can fax or email this information to us or if you prefer we can contact the seller for you.
  3. Proof of insurance listing J.J. BEST BANC & CO. as Loss Payee with the address of BEST BANC BUILDING, 60 N Water St. New Bedford, MA 02740. Call J.J. BEST BANC & CO. Insurance Agency for a quote at 1-888-4BEST-IN or 1-888-423-7846.
  4. Proof of down payment, i.e. copy of cashier’s check, copy of wire, copy of paypal receipt, etc. You can fax or email this information.
  5. Proof of income, i.e. two recent pay stubs. If you are self-employed, we ask for two years of signed tax returns and signed personal financial statements. You can fax or email this information. In some cases, we can waive income verification based on your credit.
  6. Legible copy of driver’s license enlarged 2x . If there is a co-applicant the same would be required of them. You can fax or email this information. If the address on the application is different than the address on the license , please provide a utility bill in your name with the correct address listed.
  7. All ORIGINAL loan documents completed, signed and notarized. These documents must be sent to us overnight. We can supply you with our UPS account number if needed please contact your loan officer.

Collateral verification report. We will order this report after you have finalized the car that you will be buying and the price has been fully negotiated. This information will be provided to us by the collateral verification specialist.

Once you have received an approval with an interest rate and term, it is good for 30 days.

Some cars require an appraisal such as hot rods, kit cars, or modified cars. Most cars that we finance require only a physical verification of the vehicle to verify the engine starts, that the VIN number matches the title and the car is in good, working condition.

We order the collateral verification when you tell us that you are buying the car and you are moving ahead with the loan. We have 1500 independent inspectors throughout the United States and the verification is usually done within 48 hours. The loan will NOT fund until this verification is completed. Please have the seller’s information available including phone number and notify the seller that one of our agents will be contacting them to complete the verification. This verification does not guarantee the merchantability of the vehicle and is not an appraisal.

We calculate the book value of the car by taking the condition of the car into consideration and we use our years of knowledge and experience, as well as auction results, Black Book, Sports Car Market, Manheim Auctions, Gold Book, Old Cars Price Guide and our knowledgeable dealer network.

There are several reasons why an application may be declined. If your application is declined, a letter will be mailed to you stating the reason for declining the application. The letter will include a phone number for the credit agency that reported your credit information. The reporting agency played no part in J.J. BEST BANC & CO.’s decision and is unable to specify the reason(s) we have denied credit to you. You have a right under the Fair Credit Reporting Act to know all of the information contained in your credit file at the reporting agency. Within 60 days of your decline notice, you may obtain a copy of your credit report at no charge by contacting the consumer reporting agency listed, or any other credit reporting agency that maintains files on a national basis. You have the right to dispute the accuracy or the completeness of any information in your credit report by contacting the consumer reporting agency directly.

Yes, J.J. BEST BANC & CO. offers an automobile refinancing program that often offers a lower rate than your present rate. Because you are probably financing less money, the payments are usually substantially lower and can even compete with some home equity loans. We also offer loan refinancing programs that many times are much more competitive than leasing programs.


Yes, a coupon book will be mailed to you when the loan process has been completed.

When you receive your loan documentation, your payment date will be shown on the Security Agreement. It is generally due a month after the date the loan documents are signed.

The address is listed in the coupon book that you will receive after the loan process has been completed.

Your payment due date may be changed before the loan closes please ask your J.J. BEST BANC & CO. loan representative for assistance with this.

This option can be set up once you have received your payment booklet.

This depends on the agreement and is specific to your loan you can find the information stated on your signed security agreement.

Interest is calculated based on a simple interest calculation. Your payment is allocated to your principal balance, interest and any other fees or charges on your account. This is based on your interest rate, number of days since your last payment, the amount of your unpaid principal balance, and any other fees and charges that are applicable.

Call us at 1-800-USA-1965 and speak with one of our representatives who will be more than happy to assist you!

Credit Related

A bankruptcy must be discharged for a minimum of 4 years with excellent established credit since the discharge. We can make exceptions for poor credit depending on what kind of account or accounts have had issues in the past. We usually cannot approve someone if they have had late car or mortgage payments recently.

J.J. Best Bank & Co. welcomes both individual applications or joint applications from spouses. If both you and your spouse have income it will usually help the debt to income ratio and any insurance issues. Or if you both intend to be listed as owner on the title. Only the persons listed on the loan may be listed on the title.

Debt to income ratio is the percentage of a consumer’s monthly gross income, as reported by the credit reporting agency, that goes toward paying debts. The maximum amount that we allow is 45% of all debt including mortgage and installment debt, auto loans, student loans, etc.

About J.J. BEST BANC & CO.

Please call 1-800-USA-1965 or 1-508-991-8000 to reach an enthusiastic classic car loan representative at J.J. BEST BANC & CO., write to us by email at, Fax us at 508-991-8 FAX or mail your questions to J.J. BEST BANC & CO., BEST BANC BUILDING, 60 N Water St. New Bedford, MA 02740 and a representative will assist you.

Monday through Friday 9:00AM to 9:00PM, Saturday through Sunday 10:00AM to 4:00PM eastern standard time. We also accept internet questions at 24 hours a day.

J.J. BEST BANC & CO. is the largest and oldest premier lender of its kind in the country. We offer fast, efficient, convenient service, affordable low rates and long terms on automobiles that most banks, credit unions and financial institutions will not touch because they do not understand the collateral as we do. We know the value and meaning of owning these wonderful machines and we enjoy them as much as you do!

Yes, click here to view our Missouri License. For information on other licenses, contact the JJ Best compliance department or access JJ Best’s licensing information using NMLS.

Yes, they are the following:

  • JJ Best Maximum Fees
  • Overnight $45
  • VSI $99
  • Collateral Verification $125
  • Settlement Fee $289
  • Interest Rates 4.25%-9.99%*

*Rates may vary on numerous factors including but not limited to loan term, credit score, debt to income ratio, collateral, loan amount, loan to value etc.

Car Titles

Yes, we are happy to complete title work for a small fee. For more information please call our title department at 1-800-455-2378.

This varies from state to state. Please contact our title department and we will be more than happy to assist you with this process.

Yes, we require you to title the car within 10 days of purchase, listing J.J. BEST BANC & CO. as lien holder. If you are not planning on registering your vehicle, you are still required to obtain a “title only” from your state listing J.J. BEST BANC & CO. as lien holder. The state in which you reside may also charge late fees/penalty fees if the vehicle is not registered/titled in a timely manner.

Only the person listed on our loan documents can be listed as owner on the title. You cannot list anyone else on the title, such as a spouse, unless they are on the loan agreement. Do not make a mistake as it creates a lot of confusion for you, the borrower.

Yes, we can finance a dealer sale or a private party sale out of state.


Yes, call our J.J. Best Insurance Agent at 1-888-4BEST-IN or 1-888-423-7846 for a quote on our low cost collector car insurance and program information.

J.J. BEST BANC & CO. typically requires guaranteed value, full coverage, liability and collision insurance.

Yes, you do need to insure the vehicle before you receive your loan proceeds. Please provide J.J. BEST BANC & CO. with a binder or other proof of insurance listing J.J. BEST BANC & CO. – BEST BANC BUILDING 60 N. Water St. New Bedford, MA 02740 as Loss Payee. J.J. BEST BANC & CO. is also proud to offer classic car insurance that is available in most states.

An insurance binder is a document that states your insurance is temporarily in effect. Because of the coverage will expire by a specific date, a permanent policy must be obtained before the expiration date.

J.J. BEST BANC & CO. insures across the United States and offers guaranteed value as well as full coverage insurance. Most states have state-mandated insurance requirements. For this reason, we need a declaration sheet to mirror the liabilities that you carry on the cars that you drive every day.

J.J. Best Bank & CO. needs to ensure that each driver has a daily car available to them so the classic car is not being used as an additional daily driver.


J.J. BEST BANC & CO. offers a comprehensive warranty program that your loan officer will explain to you. Give them a call them at 1-800-USA-1965.