22 Year Old Porsche Loan Options???

[Kevin Taylor]

My Credit union says no. What's best way to get a loan on
an old porsche? It's an 1982 Targa with over 100 on the clock.

Thanks K.T.
1973 911E 2.4 MFI
1965 Devin "D" - 1967 912 Power Plant

[KCPSG]

Capitol One finance here is the link good rates too.


http://www.capitaloneautofinance.com/Public/RatesTerms/Automobiles.aspx

BTW where in PV do you live? I used to live @ 75th and Nall I usually make it back home 2 - 3 times a year

[Kevin Taylor]

Thanks. I'm two blocks from the Village Mall.
Near Prairie Elemantry School.

K.T.
1973 911E 2.4 MFI
1967 Devin "D" - 1967 912 Power Plant

[89turbocabmike]

I can second capitol one. Used them on a couple "old" cars.

[SalazarS2K]

Another for capital one here. They didn't care that my car was older than me, they just want your money. As long as your credit history is good, they have no problem with what type of car you are getting.

[David]

Call your grandmother . I'm only half kidding. With savings acounts paying as little interest as they are, tell her you'll give her 5 or 6%.

[PorscheGuy79]

Hey, Im 19 and my parents tried tried to cosign on about 7 loans (they have perfect credit as well as I do) and I didnt get a single one. But check with your local banks or banks in your area to see if they have a Classic car loan program as well as try Capital one. Capital one didnt work for me and I even talked to someone on the phone and they said that they would only loan to cars 97 or newer even though I have talked to several ppl who have gotta their P-car loans through them.

[cbeers]

I used Capital One in June for my '87 Carrera. No money down, they didn't care what the price was or anything. Just some basic paperwork and it was all mine


-Chris

[TerryBPP]

I just used captial one last week. Filled out the online application and within 3 hrs I was approved for $13,000 with no money down.

[Porschefile]

I second that. I recently used Capital One to finance my '86 951. The rates are cheap, and they approved me the same day! I'm 21y/o and have a halfway decent driving record (lots of speeding tickets, though no accidents). I'd go with them.

[KCPSG]

Just to add to the capitol one stories:

I had filled out the online aplication, and after hitting the submit button w/in 5 seconds I had an approval for 35K, and I don't have a perfect credit rating either. I was amazed @ how easy purchasing a car was (makes me want to go buy another) . And it gave me total freedom and power to buy what I was looking for cause I already had the money in hand. just my .02 worth.

Good luck

[IROC]

Another option is a home equity loan (at least the interest might be deductible) and also many company savings plan allow you to take out a loan from yourself. The wife and I bought a 4Runner this year and loaned ourselves the money from company savings, so we pay ourselves back the interest....

Credit unions also seem willing to loan money on anything. That's how I financed my 911....

Mike

[tc-sacto]

DON'T DO THE 401K LOAN!!!!
This is a bad idea the money you put in a 401k goes in pre-tax. The re-payments go in after tax. If you are in the 28% tax bracket it takes a $1.28 to pay back a $1.00 loan. NOT a very good interest rate. Add on top of that the lost opportunity cost of the investment + the interest you have to pay and it becomse very expensive.

The best alternative is the HELOC, see if your parents will do this for you and you could make the payments. They get a tax break. Second best option auto loan from Capital one or whoever.

[Eric Schaeffer]

Borrowing money for a third Porsche, I admire your passion.

[Trash Smasher]

I was going to use J.J. Best Banc, but you have to put down 20% of the sales price and split the cost of a $100 PPI to determine the car isn't a roller. I think the rate was around 9%, not great. I bought the car w/ cash and haven't financed it yet. When I find an investment and want my money out of the car I'll finance it.

Looks like I might try Capital 1 though!

[cbeers]

Capital One gave me about 6% for a private party sale


-Chris

[Kevin Taylor]

The other three vehicles I have are paid for. I'm forty three years young....................... and single. Both my parents are deceased.
I will be selling the seventy three if I buy the Targa.
You guy's are giving me lots of good information.
I'm going to look at the car on Saturday. I've seen it only one time before. Like I said in my earlier post I saw this car over a year ago at a garage sale. Went back there last weekend and it's still sitting in the garage. It is very nice and he has all service records. He says he hardly drives it any more and his two kids are eyeballing it.
I just paid my truck off.
Thanks again. K.T.
1973 911E 2.4 MFI
1965 Devin - 1967 912 Power Plant
1997 GMC 4X4 Z-71

[tc-sacto]

Sorry,
Kevin I should have read your post a little better. I thought you were 22 years old looking for a car loan. Not looking for a loan on a 22 year old car. The rest of my reply stands though.

regards,
tc

[caliber60]

"Hey, Im 19 and my parents tried tried to cosign on about 7 loans (they have perfect credit as well as I do) and I didnt get a single one."

7 loans? They will never get out of their debts. You are lucky you can not qualify for any loans. Don't. Only loan you want to get is the student loan and house loan. Those 2 loans will get you maximum return on your investment. Live a cash lifestyle is the way to go. If you have to get a loan to buy it, you can't afford it.

[rick conrath]

I have bought two Porsches through J.J.Best & Co. The first was a '79 SC followed by a '78 930 They were extremely easy to deal with and had very good rates.
Rick
'78 930