"witchdoctor11" (witchdoctor11)
01/23/2014 at 14:16 • Filed to: None
1
8|
"witchdoctor11" (witchdoctor11)
01/23/2014 at 14:16 • Filed to: None | 1
| 8 |
Anyone know anything about classic car loans? There are a few classic and custom cars that are not that expensive necessarily when compared to a new car but without a payment structure how does one afford them? Obviously without having many tens of thousands in the bank to blow on something like that?
I also realize that a loan on a classic car may not be the most prudent financial decision but...let me dream.
MontegoMan562 is a Capri RS Owner
> witchdoctor11
01/23/2014 at 14:22 |
|
I didn't technically get one on the Montego....but i did. (Paid off now!)
OK, so they weren't too keen on a 2500 loan for a 68 Mercury. Sooo we were planning on refinancing my wife's Jeep with the same credit union anyhow. the large amount of equity we had in the Jeep allowed us to just roll it in to the Jeep loan. We actually balance transferred some credit card debt onto their too lol.
Worked out well, I didn't call anyone else for strictly a classic car loan though. It all worked out and that jeep is even gone and replaced now. They were pretty happy to do the deal.
dogisbadob
> witchdoctor11
01/23/2014 at 14:23 |
|
Get a personal loan
jariten1781
> witchdoctor11
01/23/2014 at 14:31 |
|
Paypal yourself with Credit Card #1. Use cash to buy car. Open Card #2 with a low APR deal on balance transfers. Transfer balance from Card #1 to Card #2. Pay Card #2.
Bird
> witchdoctor11
01/23/2014 at 14:33 |
|
Save for it!
I'm a horrible saver...but between the two of us, my girlfriend and I managed to save enough cash to take this trip and buy this car for it. It took us a year to do it.
I'll admit, the Lada was cheap, but taking a 30+ day European road trip, then shipping the Lada home gets to be pretty pricey. Definitely expensive enough to buy some pretty nice cars...
We're going to post about our budget and saving strategies soon. Follow us on Facebook to get updates.
Viking03
> witchdoctor11
01/23/2014 at 14:52 |
|
There a a couple of companies that lend for classic cars only. It's pretty easy to get approved, but the interest rates are quite high (5-8%). Personal loans are options as well, but you are looking at the same high interest rates. Personally I don't think getting a loan for a classic car is a good idea. On top of the payment, you are looking at higher than normal maintenance costs so its like having two car payments. Best to save up for a purchase like that. Good luck.
Casper
> witchdoctor11
01/23/2014 at 15:00 |
|
Don't take a loan, get more than enough cash saved up. You certainly can get a loan, but the car better truly be a classic (and valued as such according to whoever the lender is using for valuation). Beyond getting a value that they can actually agree secures it's loan and write up, you have problems with stipulations of less than x miles per year, specific condition requirements, etc, etc. At the end of the day if it's a car loan, it will have all the basic requirements of value plus extra demands if they are doing it specifically for collectors purposes.
After everything, if you can get it, you probably can't afford to keep it. A classic car that is valuable enough to get a loan for and rare enough to collect will be hard to find parts for, somewhat demanding for storage, etc.... and it will deserve the pampering, after all, it's a collectors item at that point, not a car.
TwoFortified
> Viking03
01/23/2014 at 18:40 |
|
5-8% sounds better than Jarlten's "Rob Peter to pay Paul" Credit Card/Paypal scheme
Manuél Ferrari
> witchdoctor11
01/23/2014 at 20:45 |
|
I didn't know there was such a thing
Wow this could get me in trouble!!!