SAN DIEGO — USA Federal doesn't fund a remarkable number of classic car loans…about one or two a month…but what makes the product interesting is the underwriting.
While most credit unions will lend money for classic cars, they don't really offer a product specifically for that purpose. Instead, members apply for a signature loan, or a similar unsecured loan, and assign a higher rate to account for the increased risk.
The $704 million USA Federal, on the other hand, offers a full-fledged classic car loan, assigning the same rates as a used car loan, determining and certifying a value for the vehicle, and keeping the title on property as collateral until the loan is paid off.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
