Credit Requirements

Given the unique nature of each individual’s credit situation, we believe there is no single definition for “good credit.” However, we find individuals with good credit usually share the following characteristics:

  • Several years of credit history.
  • A credit history with a variety of account types such as major credit cards (for example, Visa, MasterCard, Amex), installment debt (vehicle loans) and mortgage debt if applicable.
  • A good payment history with few, if any, delinquencies or other problems repaying debt obligations.
  • An ability to save evidenced by some or all of the following; liquid assets (stocks, bonds, bank deposits, etc.), cash down payments on real estate, retirement savings, and manageable revolving credit card debt.
  • Stable and sufficient income and assets to repay current debt obligations and any new loan with LightStream.

Finally, it should be noted again that each individual situation is different and that we make our credit judgment based on the specific facts of that situation. Ultimately our determination of good credit is based on whether we conclude that there is a high likelihood that our loan will be repaid in a full and timely manner.

Application and Approval Process

Specialty Car Solutions makes it easy for you to apply, and approval can be obtained in less than a week. Our easy to use application can be filled out online, or in person, at any of our participating shops or dealerships. Additional documentation may be required for approval, but we will request it in under 2 days of your application submission.

Terms and Products Available

Specialty Car Loan – this loan product is for borrowers purchasing Exotics, Classic Cars, Hot Rods, Completed Replica Cars and Customs. Terms can range from 36 to 84 months and can include interest only periods up to 24 months.

Specialty Construction Car Loan – this loan product is for borrower’s that want to restore, or modify, an existing car or buy one that requires restoration and have it professionally restored. The loan during the build process is interest only and is offered through our approved shops. After completion of the build, the loan will convert to terms similar to our “Specialty Car Loan” offering.

Specialty Credit Loan – this loan product is for the borrower’s who have had difficulty with obtaining auto financing due to credit or have a vehicle that may be hard to finance. Terms range from 36 to 60 months.

How It Works (Construction Car Financing)

The Specialty Construction Car loan operates similar to a home construction loan. Below is a high level overview of the steps;


1. Application Submitted/Approved – we will contact the applicant after the application is received and will likely request additional documentation on monthly expenses. This is to ensure debt levels with the new loan will be acceptable. If approved, a letter will be sent stating the loan amount approved and will give a list of shops to choose for the work.

2. Initial Meeting with Builder – the borrower, builder and lender will meet to discuss the proposed project. The initial budget will be set at 80% of the approved loan amount to account for unforeseen expenses that come with any automotive restoration.

3. Initial Specifications and Budget approved – the builder will submit a specification sheet, budget documentation and rendering (if needed) for final approval from the borrower and lender.

4. Loan Approved and Funded – after the loan is approved, the funds are deposited into a Custodial Account. The builder will submit invoices during the build to the lender and funds will be disbursed after completion of work is verified.

5. “Post DeConstruction” Meeting – there will be a meeting after the vehicle is “disassembled” to determine if the initial budget needs to be adjusted and if specifications need to change. If changes are required, the new specifications, and budget, must be approved by all parties.

6. Vehicle Completion and Loan Conversion – the vehicle completion must be approved by all parties and loan will convert to our standard “Specialty Car Loan”.