Quote:
Originally Posted by David Borden
I would love to learn of some of those options. While my experience is limited, as a dealer that provides financing, what I find is people with thin credit(low number of trade lines) lack of paid auto loans, revolving credit, short time on the job, existing debt... You are not going to get a good rate on a used car, especially something over 10 years old and definitely not on a 30 year old sports car with 100k+ miles. If they will provide financing on something like this, a person will need significant money down with strong credit and or a solid co-signer.
At least that has been my experience. Seriously, if you know of banks that will provide loans on 20-30 year old specialty cars to those without a great deal of credit history and existing debt, I would love to hear who they are. It would definitely help sell more cars...
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My comment was directed towards classic cars, typically defined as 25 years or older, there are several lenders for that. Just google it. Here’s one advertising at a 3.99% rate, I’d call that very competitive. You can’t do much better than that on new car financing.
https://www.lightstream.com/classic-car-financing