Getting A Loan For A Classic Car Priced > $30K ( How To?)

[slow&rusty]

Hey Gang - In the past I have used my home equity line of credit for these types of purchases and then paid it off in a year or two.

This is location based and here in the Houston area, this is not an option worsened after the downtown in the economy and the mortgage companies require that you have a substantial amount of equity in your home before qualifying for an equity line of credit.

I approached my bank (Chase) about a load to purchase a classic car and they would only qualify me for a new car under warranty (less than 5 years old).

So what are the other options if you do not have the cash on hand?
Just curious....
Yasin

[dennis in se pa]

jjbest.com

[PorscheGAL]

Originally Posted by dennis in se pa

jjbest.com

+1

I've used them in the past and they are easy to work with.

[slow&rusty]

Ah cool thanks!! Will check them out.

[Dan J]

My dad gave me good advice on this- Pay cash for toys

[Embraer]

pay cash...or look at state farm bank. no age or mileage restrictions on car purchases.

[Zeke]

Originally Posted by Dan J

My dad gave me good advice on this- Pay cash for toys

Toys, yes.

He might have a good deal going and lack the cash. Sometimes deals can be had that would produce a handsome profit at any point in ownership. This is called an investment, although cars are not typically good investments. There are, however, scores of classic car dealers around the country that would disagree.

I'm sure they don't use their personal money for the their entire inventory.

[intakexhaust]

Originally Posted by Zeke

Toys, yes.

He might have a good deal going and lack the cash. Sometimes deals can be had that would produce a handsome profit at any point in ownership. This is called an investment, although cars are not typically good investments. There are, however, scores of classic car dealers around the country that would disagree.

I'm sure they don't use their personal money for the their entire inventory.

Play it right and some classic cars (nothing new) are a superb investment today. Know whats hot and whats not. Don't want to hijack the thread but cash is king for the right cars and I know many fellows making a kill at it. The best deals are the ones you never thought you wanted and remember there's an @ss for every seat. Forget going for a full blown restoration or using a shop as you won't recoupe the investment. Buy completed cars that are from, sorry to say... on the downside, but thats life but just be fair. Also don't fall in love with any car.

Unless this 'classic car' is a steal and could be flipped with ease, I would stay away from any loan but if you have to, review some late auction results with a loan officer and negotiate a personal note. Other options: Can you borrow against any life insurance policy? Do you have any close family members who might work with you financially and have share of it? Good luck and have fun -

[Jrboulder]

Originally Posted by dan j

my dad gave me good advice on this- pay cash for toys

+1

[126coupe]

I was always taught pay cash for cars. I have never made a car payment in all of my 54 years. I was also taught by a very wise man an investment to be called an investment must create income. Women think diamonds are an investments, they are not, just a depreciating asset.

my.02

[dennis in se pa]

It is entirely possible to buy a car, enjoy it, then sell it without having had the cash to actually pay for it in the first place. I see nothing wrong with doing this. I never saw a car as an investment. Just a toy. If you only enjoy toys you can afford you are missing a lot.

[Zeke]

Originally Posted by 126coupe

I was always taught pay cash for cars. I have never made a car payment in all of my 54 years. I was also taught by a very wise man an investment to be called an investment must create income. Women think diamonds are an investments, they are not, just a depreciating asset.

my.02

Diamonds going down in price? News to me. Buy them retail and try to sell them, yes, you will lose money. Same with cars.

[PorscheGAL]

We used JJbest, not for lack of cash, but for their advice and efficiencies. You can alway pay the loan of early and we did on the 930 in 3 months. One benefit for using jjbest is their processing and advice on titles. They can see a problem and advise you how to fix it before it burns you. Also, they provide an auto inspector free. I believe this service saved me big money.

About 9 months ago, we almost bought a GT40. It was sharp and posted a est 550 hp. The car was also on the cover an auto magazine and had been written up as an excellent example of a GT40. The car was far from us and we had little time to go and see it. We contacted JJbest and they sent an inspector to see the car. The inspector reported the car was in excellent shape. The weird thing was the seller wouldn't start the car. The seller said the gas was "too expensive" to start the car. Yes, we thought the same; BS!

Also, JJbest also found the owner had not paid his taxes on the car. This raised the possibility of the car having some county lein on it. There were also many other problems with owners paperwork. All of this caused us to walk away. We never spent a dime and all the leg work was done by JJbest.

[Zeke]

Wow. PorscheGAL, that is good info.

[slow&rusty]

Originally Posted by 126coupe

I was always taught pay cash for cars.

If I had your money, definitely I would be doing so.

PorscheGal thanks for the info! I appreciate it.

[Noah930]

Originally Posted by dennis in se pa

If you only enjoy toys you can afford you are missing a lot.

Says the guy with bouncing boobs as his avatar.

[AdamWalker]

Hello, friend. I advise you to be very careful while taking loan, because it can cause you a lot of problems. Take loan only if you have a good financial education. It is very important to take a loan with the lowest interest, so you will save a lot of money. Also, always read the agreement, don't let them fool you. Take loans only from trusted companies, that you can find on https://foxycredit.com/dk/extracash-lan. Be very careful, good luck.

[Nickshu]

Woodside Credit does classic car loans.

[jhynesrockmtn]

My biggest disappointment with this thread is the lack of info about the car you are looking at.

[Dantilla]

Well, since this thread is from eight years ago, the car is paid off by now, maybe sold for another toy.