classic car loans

-
lamont 71duster

lamont 71duster

Well-Known Member
Joined
Oct 29, 2007
Messages
113
Reaction score
4
Location
ohio
I was wondering if anyone has used any of these banks that do classic car loans and if so which banks have u had good luck with and how hard is it to do.i have never tried to buy a old car that I have needed to take a loan out to do but I have always wanted to buy a turn key show car that ive have done nothing to except buy it
 
I already have cars in my garage that ive done but this is something I have always wanted to do.and I know when I go to a car show or cruise and im talking to someone about there car and what they did to it and they say they just bought it.i kinda laugh about it but in the same hand they saved way more money cause they don't have there own hours in it
 
I don't think it is wise to take out a loan for something like that unless you have enough
cash to pay it off. In which case why would you need to borrow?
A classic car is not a necessity.
Anyway, what are you going to do with it...take it to car shows and tell people that you bought it all done...that you didn't do anything yourself?
 
Just sell one of your cars that you've done that are in your garage. I wouldn't get a loan to buy an unnecessary item. I would assume interest is high!!!
 
If you don't have the cash...DONT BUY IT!!! Plain and simple.

Only exception is mortgage...and don't borrow from it!
 
I have bought "done" cars. but always knowing I could later sell it at a profit. I get a lot of pleasure working on my cars. I also have gotten great pleasure buying a done car at a very fair price. No, I don't have an ego that compels me to be able to say, " I did this!" just me,,,,
I would not buy it, unless I knew it was wholesale. I have restored to perfect, I've restored to really ugly driver types, parted, bought, sold, etc. call me what you like.
I was raised poor, and was always a risk taker. I had good country bankers. they loaded money on an annual note, not monthly pay. when the note came due, I had sold something to be able to pay it off. I have sold off lots of things I had rather kept. but I kept the banker paid OFF.
i'm also conservative. if you are buying that car as a toy to keep and not sell at a profit ( which, by the way, we all know is hard to do), then I say treat that idea of a classic car notion like you would if you were borrowing money to buy a say, a ski boat, a shotgun, any type toy. better be able to afford it!!!!!
kinda of like the guy that said he would never take out a mortgage to buy a home!!!!! he saved all he could every month of every year. but the cost of a home kept going up and at age 80 he died still paying rent!!! LOL
 
Well for one, not everybody can write a check and more importantly definately not everybody can build a very nice car, wrenches are dangerous in some people's hands, lol.
 
Whats wrong with someone buying a classic car? With a loan or not? I see no problem with it. Unless they claim the work as there own. Its aggravating if your a car show person and those guys win. However on that note, Classic cars rarely depreciate. They usualy make you a few bucks if you wanted to sell it later. Dont make it an investment though.
 
There's a local Meritrust that I used to get a loan to cover what I couldn't cover on mine. 2.69% APR on the classic car loan, which to me, was pretty good. The car was practically "done" so I didn't have much to finish it, so I thought. Now almost 3 years later, after a complete tear down and rebuild, I've doubled into the car what I paid for it. :violent1: I'm not going to jump on the boat and say if you don't have the cash, don't buy it. Some of us just can't seem to save like that without spending it before the time comes. Yes ideally it would be nice to have the cash to drop on a car but it doesn't always work that way. My only advice is to make sure you know what you are buying. Thoroughly thoroughly thoroughly go through the car before purchase! And take a KNOWLEDGED person with you. I buddy that likes cars but doesn't really have the technical knowledge isn't going to be of any help. He'll just help trip you into buying a car that may have a cool factor, but is in need of some serious underlying issues that neither of you are finding. Don't ask me how I know.
 
I don't see an issue with it. If you can afford it buy it! I wouldn't care. I got a loan from my credit union for one. If you don't have collateral the percentage rate is a little higher. Shop around
 
dodge71demon said:
What fun would that be not to be rude but anybody can write a check
Click to expand...

Not everybody has the time, place, or resources to tackle a restoration project. Some of us have had our project cars for many many years and they're still not finished.

To the OP, if you're going to buy a complete car, you can likely save yourself quite a bit of money if you are patient. You could never build a car for what some of them are going for. Just be ready with your finances when the car comes available. Do your homework. Watch the classifieds, watch craigslist, get familiar with how much these cars are going for. When the right deal comes along, you'll know with confidence that you bought it "right"
 
People take out loans for boats and Rv's which are not necessities but toys. If you can take out a loan and make the payments on a classic car without busting your budget I say why not.
 
72dart said:
People take out loans for boats and Rv's which are not necessities but toys. If you can take out a loan and make the payments on a classic car without busting your budget I say why not.
Click to expand...

"People" need to learn to live within their means.....
 
whats the difference between getting a loan to buy a new car verses an old car? people take out loans to buy dinner at taco bell. its kind of humorous to hear all about that factory 383 six pack super bee the guy just bought.

I pay cash for my junk and then I build them.
 
Who are we to judge anyone. As been said here, not everyone has the time place or knowledge to restore a car. I don't see were he's not living within his means if he can afford to make the payments. Just my opinion, but people borrow money for things like TV's and other none essentials so what's the difference.
 
Why is everyone judging what the OP does with his credit, he asked for a few banks that have been fair with an interest rate for a loan. He didn't ask people to judge his entire decision making process. If you don't agree with his decision move on, if you know of some banks help him out, it's really that simple.
 
dale_brennon said:
Why is everyone judging what the OP does with his credit, he asked for a few banks that have been fair with an interest rate for a loan. He didn't ask people to judge his entire decision making process. If you don't agree with his decision move on, if you know of some banks help him out, it's really that simple.
Click to expand...

yep
 
The original poster also said he has never needed to take out a loan to get a vehicle...so why start now?!?!

I understand that a restored car is big bucks. But what e ver happend to saving for what you want? Loans are not the way to go in my books. Not a wise decision for a none necessity.

Never said OP wasn't living within his means...someone said other people take out loans for boats...RV's...dirt bikes...why not a classic car? I was commenting to MOST of those " other people"

Did anyone learn from the recession we went through somewhat recently?

I am just a firm believer of cash for everything. I think this would be a poor choice.
 
It all depends on how much interest you want to waste on a toy that you really do not need to survive. Do you NEED it or WANT it ?? Thats where you weigh out how much you are willing to lose on it via interest from the loan
 
Look I'm not saying you aren't offering the guy sound financial advice, but the guy isn't asking if it's a good choice, he's asking for companies to make that choice on his own. Who's to say he talks to a few banks and decides it's not in his best interest? Of the now 22 post in the thread there is only one post that give him a place to look. This site is supposed to be a place to seek help from fellow car enthusiast, not get lectured about smart financial decisions. I'd just like to see more positive responses...it's just my $0.02 in the matter take it with a grain of salt I guess.
 
Also to the OP, I have found that if you have a local credit union in your home town they are usually a bit friendly on the terms of the loan and their interest rates are usually very competative. That's been my experience in the past, hopefully it's useful to what you're trying to accomplish.
 
You are correct. But is it also true that sound advice could come in the form of a different answer all together?

Reminds me about this one time at the bar, a guy said" if you accidentally put gas in a diesel truck, put some tranny fluid in the fuel tank befor you start it and you can still get to a shop"

It was an awkward pause between the several of us, and we tried to tell him, no...don't start it and get it towed to a shop.

He was confident by his answer being ok if you were in a bind. And as much as we tried to say otherwise, he said he heard it would be ok.

Now I agree this isn't an exact example, but he asked for advice on loan rates and only got one response re that. And has had a couple responses not to do it....he knows what's right for him...but for 99% of the people...it's a poor decision to consider and more and more people are getting sucked into unessasary debt.

Period, end of story. I wish the best to the OP.

Phil
 
Kinda hard for me to wrap my head around this one, as when I bought both my Dusters they were just hi-perf. cars, and not "Classic Cars".
This whole classic cars scene seems weird, with cars like my Duster (I paid $500.00 for my first one, $900.00 for the second one, which I still own) going for $10-20,000.00. Back then they were toys to tinker with, Nowadays...not so much.
I agree on several points. I've been restoring my present Duster for over ten years with a long way to go. Why not plunk down the cash and drive to the Mopar Nats, if that's your dream, or if you suck at restoring cars? Yeah, it's better to do it all yourself, but if that's Just Not You, well who are we to judge? I would never do it that way, but I'm not you. If it works, do it. Just make darn sure you have it professionally appraised and a proper pre-purchase inspection done by a professional. No point shelling out good money for an amateur hack bondo-mobile. Collectible car prices are not going down any time in the near future. To the OP...if it feels like the thing to do and you can afford it; do it.
 
You must log in or register to reply here.
-

Back
Top