Car loans for older vehicles

[sjh]

Hello!

I have been lurking the forum for a few months now and its been great. I have been soaking in all the knowledge. I know there are a couple threads about this topic however there has been a great deal of economic change in the past year or so and I thought it useful for myself and maybe for others to bring it up again.

I have had my eyes on a couple Porsche 911sc's lately and I am ready to purchase my first one. I considered taking out a loan on the mortgage but due to the uncertainty in the market, I decided against it. My credit is excellent so I figure a $10-$20k loan wont be too difficult to secure.

In the past, others have mentioned J.J. Best Banc & Co., Eloans, and Capital One(no longer financing older models). Have any of you had any experiences with any of these(good or bad)? Also, are there better financing options/institutions out there that I should consider? Thanks!

[Oh Haha]

Go speak to your bank/financial institution. I got my 911 loan at my bank without much problem about 10 years ago.

If they baulk, go to a credit union.

[Crowbob]

Try getting a secured loan from a Credit Union. It'll be pricey so pay it off ASAP. And welcome to Pelican!

[PorscheGAL]

JJ Best. I have used them for a 911 and a 930 (bought sight unseen) and they are currently working on a loan for me for a GT-40. They are great to work with. They send inspectors out to look at the car, check VIN numbers. I cannot say enough good things.

[Porsche-O-Phile]

Most credit unions will limit car loans to 10 years or newer. As said however you can get a personal credit line (at a higher rate) and use it for whatever you want.

Capital one auto isn't too bad... I've used them in the past.

[Rikao4]

USAA has a department dedicated to this..

Rika

[pavulon]

For this situation, I'd be amazed if you could get a better rate than a line on your mortgage. That alone is worth a fair bit. Please let us know what you find.

[murphyjp]

Try pentagon federal credit union. They are down around 3.25% for used loans. You will have a small fee to become a member, but it is the best option I've seen.

[pavulon]

3.25% on a 25-30 yr old car??? No kidding? Wow!!

[Ferrariguyma]

I would use either one again. Both were very easy to deal with.

Good luck!

[willtel]

I used JJ Best for my BMW and don't have any complaints. I do wish they had online accounting but I really shouldn't need it for such a short term.

[teenerted1]

for my 911 i got a capitol one loan for $10k. was only a part of the cost of the car since i had the rest. when the 914 sold a few months later paid off the loan early...like three years early.

they didnt ask any info about what the loan was for when i applied . i dont remember if they made the check out to me or just had some forms that we filled out with the cars info when the sale was finished. they were very easy to deal with.

might have been called a personal loan not a car loan. i think i started the process through Costco.

[Embraer]

state farm bank. no age or mileage limitations. decent rates. you dont have to have SF insurance to get the loan. super easy.

[sjh]

Wow, thank you all for your suggestions. I didn't expect so many helpful replies in such a short amount of time. Looks like I have my work cut out. I will go through the due diligence process with JJ Best, USAA, Pentagon Federal, and Statefarm. Pentagon Federal is looking mighty attractive at 3.25% if that still holds true. I will post my findings in the next couple days. THANKS AGAIN!

[Rick V]

Just me but if you are buying a car for pleasure, should you borrow money for it? I saved my money to pay cash for mine. It only took me 2 years, faster than taking a loan to term. I also made a little interest on it while it sat in the bank waiting to be spent.