peyano

Hi Guys,

Do any finance companies loan to people that are not from the US?

the finance rates over there in the US are fantastic compared to Aus.

I wasn't even going to consider finance because of our terms here but thought id ask the question anyhow.

Kind Regards

Peter

Nowhere Man

Im sure most owners of old cars would advise not to finance a play toy. its a lot of financial risk.

Frankie the Fink

JJBest.com does - they advertise on the Velocity cable TV channel.
But, as stated, financing a big ticket "toy" should be carefully evaluated.

dplotkin

I cannot imagine a lender in the states would be interested in loaning against collateral in Australia. I generally recommend folks in the states use a home equity loan to finance classic cars or even regular use cars. The rates are usually better and the interest is deductible. Not sure how that works in your country, but I'd look into it.

Dan

C-1 Generation 2

I would suggest never financing any classic car. Be realistic, if you can't afford it don't buy one.
The last time I financed a new car was 1970.

jasonsamara

I went to my credit union to finance my 66. I used my cash reserve to pay my house off instead of the car. I would rather have the risk on one of my cars than my house.

dplotkin

It would be wonderful if no one ever had to finance anything, but the fact is that not everyone has the cash to participate. I'd rather finance a non-depreciating asset such as an antique car than a new F-350.

If a fellow can comfortably service the debt, and the interest rate is reasonable, I see no reason why a classic car shouldn't be financed. I don't need to, you may not need to, but others may. Why go to your grave without having enjoyed a vintage Corvette because one was advised not to borrow the money? Without credit the world would grind to a halt.

I see plenty of knuckleheads financing water craft and snow mobiles, all depreciating acquisitions. To me, financing a vintage Corvette is not much different than financing ones house-which is why I recommended a home equity loan.

Dan

Easy Rhino

Not intending to contribute to taking this thread off-track, but I did finance my '65 when I bought it last year, although my original intention was to pay cash for it.

One of my credit unions wanted around 8% and a documented appraisal with photos, so I was going to give up on this idea and pay cash, but another wanted 1.4883% (since I was a customer in good and long standing) and would have financed far more than I was willing pay for it, nearly twice as much. Further, the terms was surprisingly lengthy for that low of a rate. Since 1.5% is far less than than I make on other investment monies, I went with it.

Sorry, no idea about out of country loans, but as has been said, be very careful financing a car that might lose value.

Frankie the Fink

Makes no less sense than financing a pleasure boat; and you prob will use it more and it will depreciate less and require less maintenance. Personally, I would never do either...

big block ken

I'm not a fan of ANY bank. But I used Capitol One twice to finance classic Corvettes. And if you know you bought right, the value of the car will more than exceed the finance charges. I can't remember the last time I kept any car the full term of a loan anyway. So they were always paid off early.

In 2005 I bought a '78 Pace Car that had been sitting in the original dealers showroom since it had been delivered new. 63 miles on the odometer (for oil changes over 27 years), and never titled. I got a "new car" loan rate from Capitol One! Nobody at the dealership could believe it. And 2 years later I sold it for a profit of $10,500 (after Top Flighting it).

MikeM

I assume you were looking for solid financial advice instead of a finance company to loan money on a car?

DRM500RUBYZR-1