Financing

[John M.]

Hello,

I am a new member. I am interested in buying a C2 within the next few months. In several of the auto magazines I have seen advertisements for companies specializing in classic car financing. Some of the ones mentioned were J.J. Best Banc; Woodside Credit; Hagerty; Capital One; and several other.

Has anyone had any experience dealing with any of these companies or similar ones? Any finance companies that you particularly recommend? Anyone one had a particularly bad experience with financing?

Thanks,

John Meyer

[Wayne W.]

Re: Financing

A question for Dave Ramsey.

[Mark E.]

Re: Financing

A question for Dave Ramsey.

Exactly. A classic car is a luxury. And it's usually best to pay for luxuries with cash that's budgeted for discretionary spending. I'm sure it's possible to secure a loan with a classic car, and in today's economy, probably get a decent rate. But is that financially prudent?

[Timothy I.]

Re: Financing

Not all of us have the cash kicking around to buy the car we want. I financed my '57 Corvette when I bought it in 1984, and I've never regretted it for a moment. Had I waited until I could have afforded to pay cash... Well, I probably never would have afforded it, as it would have continued to gain value and stay just out of my reach. Get the car you want. Life is short. As for which financing, just go with the best rate and the shortest term you can afford. It's not like classic car insurance, where there's a customer service component to worry about. Good luck in your search!

[Dan D.]

Re: Financing

You know...after I read this thread, my first impulse was to"butt-out". But, the more I thought about it; the more I felt compelled to say something. Here's the situation...A man asks a question pertaining to something regarding our common hobby. Who knows? Maybe somebody out there has some constructive input for him to consider. Come to think about it...I thought that was what this forum was all about. What he gets is an unsolicited lecture on his personal economics. Sorry..."gotta" throw the flag here.

[Mark D.]

Re: Financing

...A man asks a question pertaining to something regarding our common hobby...What he gets is an unsolicited lecture on his personal economics. Sorry..."gotta" throw the flag here.

Exactly...know it alls.

[Mike E.]

Re: Financing

Not all of us have the cash kicking around to buy the car we want. I financed my '57 Corvette when I bought it in 1984, and I've never regretted it for a moment. Had I waited until I could have afforded to pay cash... Well, I probably never would have afforded it, as it would have continued to gain value and stay just out of my reach. Get the car you want. Life is short. As for which financing, just go with the best rate and the shortest term you can afford. It's not like classic car insurance, where there's a customer service component to worry about. Good luck in your search!

I agree with you. Had I not had financing available to me in 1977 when I bought my '65 I wouldn't be here today. I give John credit for having the nads to ask a reasonable question.


Mike

[Don H.]

Re: Financing

We'll leave this open for info on classic car financing companies.
Let's skip the personal financial advice.
Does any one have any insight into Mr. Meyer's inquiry?

[Jonathan S.]

Re: Financing

Consider LightStream, a Division of SunTrust Bank.

[Bill M.]

Re: Financing

I bought a vette from Corvette Mike 10 or more years and I was going to finance it until we got the rate. It was around 8% which was very high compared to the going rate. My credit score was high. We ended up scraping up half the money in cash and I took a personal loan for the rest .

[Kenneth B.]

Re: Financing

I would talk to the people you bank with. Most will loan on collector cars with a appraisal. They will hold the title like any other car loan. If you have good credit it shouldn't be a problem.

[Tim T.]

Re: Financing

John,
Think about a 2nd mortgage. Probably the best rate and can be tax deductible.
SWC Tim

[Tom B.]

Re: Financing

I think you can find rates and terms on the sites of the companies you mentioned. You can possible get 10 years or more depending on the car. The goal should be to get a car that would potentially increase in value close to what the loan would cost you over the term of the contract. The car should need very little, if any, restoration or financing my not be financially smart. This would require you to do some research and maybe even change your mind on the car you want but an appreciating asset could wipe out a lot of the finance charge. I'd check multiple sources before jumping in.

I financed a '67 big block coupe several years ago at my bank. Life changed and I sold the car before the loan was paid off. The good news is that I made money over the cost of the loan.

Tom

[Matthew D.]

Re: Financing

Good day to all. My first post here. Regarding the original question about collector car financing. I don't see a problem with it. I have a good job (locomotive engineer) and decided to finance the purchase of a 1970 l-46, 4 speed convertible. By financing the car I didn't have to go into my savings and allowed me to actually get a recently frame on restored car that I can drive and enjoy. I've had multiple year long projects and it's nice not to have a garage queen up on stands for once. For what I paid for the Vette I could not have restored the car for. It's a Vette so I still had to do some little things, but any car that has recently been restored/rebuilt will have a few gremlins to work out. I used Woodside Credit and they were great. Hope this helps. Matt

[Don H.]

Re: Financing

Matt
you get the award for most useful first post on the TDB.
welcome to the club, to you, and to OP John.
Great to have you both on board.