Finance Question...
Team Owner
Joined: Aug 2006
Posts: 24,125
Likes: 15
From: Columbia Missouri
I bought mine with cash on hand. It was only $5500 so it really didn't break the bank.
Financing would be easiest through your personal bank. Otherwise, get a secured personal loan, and bargain for a low interest rate.
Financing would be easiest through your personal bank. Otherwise, get a secured personal loan, and bargain for a low interest rate.
Racer
Joined: Apr 2006
Posts: 417
Likes: 0
From: Tacoma Washington
you can finance it like any other used car. Most credit unions will do it with a decent interest rate. The blue book value has to be more than what you're gonna pay for it. A good experienced loan officer will be more inclined to "look" at the car and make a judgement call if the seller's price is more than blue book. They realize it's a collector car and not the average 1978 Toyota Tercel...if one lender turns you down, don't get discouraged, try another. If the car is in great shape, someone will finance it.
Pro
Joined: Oct 2004
Posts: 624
Likes: 24
From: Shoreline WA
homework
I'd recommend getting any and all paperwork together on the car before loan application. I had a nice bundle of papers (recent appraisal, photograph, something showing current market values, etc.) and it made things easier.
Alaska Federal Credit Union, 6 years at 4% interest rate. My investments are returning more than 4%
so it made sense to me.
For me the hard part was finding a good Corvette at a reasonable price! Good luck.
Alaska Federal Credit Union, 6 years at 4% interest rate. My investments are returning more than 4%
so it made sense to me.For me the hard part was finding a good Corvette at a reasonable price! Good luck.
Racer
Joined: Jul 2003
Posts: 455
Likes: 0
From: Buffalo New York
I'd recommend getting any and all paperwork together on the car before loan application. I had a nice bundle of papers (recent appraisal, photograph, something showing current market values, etc.) and it made things easier.
Alaska Federal Credit Union, 6 years at 4% interest rate. My investments are returning more than 4% so it made sense to me.
For me the hard part was finding a good Corvette at a reasonable price! Good luck.
Alaska Federal Credit Union, 6 years at 4% interest rate. My investments are returning more than 4%
so it made sense to me.For me the hard part was finding a good Corvette at a reasonable price! Good luck.
I took out a five year loan at 5% so I still had cash on hand to do repairs and improvements. I then paid off the loan after 2 1/2 years.
Good Luck!!!
Le Mans Master
Joined: Jun 2002
Posts: 8,339
Likes: 24
From: I can walk to MA
Came up with the 4k on my own.
Recommend lookign at credit union used car and personal loans.
My credit union often has seasonal specials on some loans.
Got my wife's used Chevy Tahoe loan at 4.9%.
Recommend lookign at credit union used car and personal loans.
My credit union often has seasonal specials on some loans.
Got my wife's used Chevy Tahoe loan at 4.9%.
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Melting Slicks
Joined: Feb 2004
Posts: 2,039
Likes: 105
From: State of Confusion!!!
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Racer
Joined: Mar 2006
Posts: 313
Likes: 0
From: Fairfield PA
Yes, I used Capital One. They were very easy to work with and have had no problems so far. I got a rate of 6%. I did not have a specific Vette in mind and they sent me a blank check for a max buy of $20,000. I only used $12,000 for my Vette and the loan will be paid off in two months. I would definitely recommend them if you going to finance the car.
Drifting
Joined: May 2006
Posts: 1,425
Likes: 0
From: Seattle Wash.
Yes, I used Capital One. They were very easy to work with and have had no problems so far. I got a rate of 6%. I did not have a specific Vette in mind and they sent me a blank check for a max buy of $20,000. I only used $12,000 for my Vette and the loan will be paid off in two months. I would definitely recommend them if you going to finance the car.
Le Mans Master
Joined: Nov 2001
Posts: 8,655
Likes: 1,875
From: LONG ISLAND
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HAGERTY
Sucking money out of your home to buy a toy is insane, the rate is high & you have a loan against your home.........to write off interest ???
the interest is NOT 100% deductible.........
i'd do a conventional finance at a lower rate then home equity, pass on the lien against my home & take a short term. If it's an investment car, rare, #'s matching type it should appreciate at a higher rate then what your paying out on a conventional loan @ 5%
if it's an ordinary, non appreciating fun type driver, i dont suggest financing it at all, it's a toy, not a necessity, so if you dont have the cash PASS, untill you can afford it .
Pro
Joined: Feb 2005
Posts: 627
Likes: 5
From: Frisco TX
I also used Capital One. You can apply online. About a 5 minute deal. They'll fedex you a blank check for next day delivery. Whatever you write the check for (up to their limit they've set for you) is your loan amount. Easy deal.
Team Owner
Joined: Aug 2006
Posts: 24,125
Likes: 15
From: Columbia Missouri
HAGERTY
Sucking money out of your home to buy a toy is insane, the rate is high & you have a loan against your home.........to write off interest ???
the interest is NOT 100% deductible.........
i'd do a conventional finance at a lower rate then home equity, pass on the lien against my home & take a short term. If it's an investment car, rare, #'s matching type it should appreciate at a higher rate then waht your paying out on a conventional loan @ 5%
if it's an ordinary, non appreciating fun type driver, i dont suggest financing it at all, it's a toy, not a necessity, so if you dont have the cash PASS, untill you can afford it .
Dude, you are totally wise beyond your years man. Well said.
Le Mans Master
Joined: Dec 2006
Posts: 8,837
Likes: 1,027
HAGERTY
Sucking money out of your home to buy a toy is insane, the rate is high & you have a loan against your home.........to write off interest ???
the interest is NOT 100% deductible.........
i'd do a conventional finance at a lower rate then home equity, pass on the lien against my home & take a short term. If it's an investment car, rare, #'s matching type it should appreciate at a higher rate then what your paying out on a conventional loan @ 5%
if it's an ordinary, non appreciating fun type driver, i dont suggest financing it at all, it's a toy, not a necessity, so if you dont have the cash PASS, untill you can afford it .
I would never mess with the mortgage for toys.