Financing a C-2
Thread Starter
Racer
Joined: Dec 2004
Posts: 480
Likes: 12
From: St. Louis Mo.
Financing a C-2
I am WTB a C-2. I called a few places about loans. Of course some places want to run your credit before they give you any quotes on rates or terms. I know there are a few things that go into deciding what rate you get and all that. I have been told 5%-15% from a credit union. 7.99%-8.99% buy a "classic car lender" and 6.49% by another "classic car lender". Does anyone have any experience with any companies or banks they were happy with? Also looking for suggestion on insurance companies.
Drifting
Joined: Sep 2004
Posts: 1,390
Likes: 4
From: Richmond VA
I have seen advertisements in Hemmins motor and other collector car mags...I think even Corvette Trader. They have businesses that specialize in this and can have a longer term with competitive rates. Pick up one of those mags or go to a 7-11 and browse through one and mark down the numbers.
Tim
Tim
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Burning Brakes
Joined: Aug 2000
Posts: 883
Likes: 2
From: Hilton Head SC
I think Home Equity loan interest is deductable while car loan interest isn't. Borrowing against life insurance usually is the lowest interest around if you have enough cash value. Some 401k plans allow you to borrow from your account and you pay yourself the interest. In order for a 401k loan to make sense you have to decide how you think your investments will do over the term of the loan and compare that to the other available rates.
Burning Brakes
Joined: Mar 2001
Posts: 1,171
Likes: 0
From: Thornton Co
Originally Posted by Ryanc65
Do you own your home? Have you thought about a home equity loan?
We got a good rate, and we could pay it off early without a penalty.
Just a thought.
Ryan
We got a good rate, and we could pay it off early without a penalty.
Just a thought.
Ryan
Drifting
Joined: Sep 2004
Posts: 1,390
Likes: 4
From: Richmond VA
Home equity would probably be one of the best. I have seen loans in the 4 and 5% range...plus you have the benefit of a tax break. Equity line of credit is another route. Have to have the home and equity built up though.
Melting Slicks
Joined: Dec 2000
Posts: 2,130
Likes: 1
From: mesa,az
i used capital one for my 65, took about 10 minutes. i been meaning to transfer it to my credit union but to tell the truth the difference in intrest isn't worth the trouble. besides i always pay these things off way early so it hardley maters
Thread Starter
Racer
Joined: Dec 2004
Posts: 480
Likes: 12
From: St. Louis Mo.
I would like to thank everyone for there replies! I still have yet to choose a company to go with. But continue the hunt for a car. Man, it
is getting tough to find one at a resonable price! Not to bring up a sore
subject, but. If you are looking for a car all you see is Pro Team, CnV, and so on. It does seem there are a few dealers that are not extremly
high priced. But it sure seems hard to find a "for sale by owner" car.
I look on e-bay. But the prices there are getting a little high as well.
is getting tough to find one at a resonable price! Not to bring up a sore
subject, but. If you are looking for a car all you see is Pro Team, CnV, and so on. It does seem there are a few dealers that are not extremly
high priced. But it sure seems hard to find a "for sale by owner" car.
I look on e-bay. But the prices there are getting a little high as well.
Heel & Toe
Joined: Feb 2005
Posts: 20
Likes: 0
From: Walton KY
I might add .... home equity is a great way to go as long as you are not planning on moving during the loan period and need the equity for the next home purchase.
Also, my 401K requires repayment of a loan against it prior to retirement before I can access it.
As far as appreciation on these cars - the longer you wait the higher the prices will be. I'm sure you know this. Good luck in your search!!
Also, my 401K requires repayment of a loan against it prior to retirement before I can access it.
As far as appreciation on these cars - the longer you wait the higher the prices will be. I'm sure you know this. Good luck in your search!!