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.
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