Car loan
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Joined: Dec 2010
Posts: 55
Likes: 0
From: LAFAYETTE LA
usually, Big cities and smaller cities have hometown banks. Try and find a bank in Phoenix that deals locally with there customers. Let them know you will open up checking and savings and move all your business with them. I assure you if there is a small town bank in Phoenix, you will not have a problem. Good Luck!!!
Racer
Joined: Apr 2006
Posts: 262
Likes: 3
From: Philly Suburbs (Pa.)
Thread Starter
Instructor
Joined: Jun 2006
Posts: 141
Likes: 0
This is just going to by my fun car, if something breaks or needs replacing I can just wait until I have the cash or the time to fix it myself. That is half the fun in owning a classic car. My 85 was easy to work on, I don't see why a car 15 years older will hard to work on?
Race Director
Joined: Aug 2004
Posts: 10,628
Likes: 132
From: Duvall, WA
I hate car loans with a passion. When we paid off my wife's Porsche, I vowed I would never get one again, and we've since paid cash for all of our cars. Having said this, the one good thing about buying a C3 is that it should never really depreciate. If you want to get out of the loan you shouldn't ever be upside down on it. I was approved for a personal loan from a credit union when I bought my '71 Roadster in 1996. It was 8.9% interest. I was fortunate, however, and my Christmas bonus was far more than I expected, so I was able to pay cash for that car. If you have to finance it, I would recommend a credit union.
Thread Starter
Instructor
Joined: Jun 2006
Posts: 141
Likes: 0
I am looking at this as an investment right now. Get something that I can drive and every Christmas and birthday have the wife just buy something for the vette that I will enjoy. I found a nice 71 454 that I am really wanting. There are so many banks and credit unions in Phoenix, this stinks looking for one.
Burning Brakes
Joined: Sep 2009
Posts: 1,124
Likes: 140
From: Western New York
I'd say that if you are looking at this as an investment, then you need to save up the money to pay cash for a Vette. Borrowing money to make an investment is not very good business sense. And if you're looking at this as an investment, you don't know a whole lot about Corvettes. At 20K, it's not something that will appreciate much. If the price was 120K then maybe it would be a car that has investment potential.
I know this all sounds very negative, but the father in me comes out whenever I hear someone making an unwise financial decision. I've learned through a lot of experience and grey hair. Good luck with your decision.
Merry Christmas to all!!!!!!
Duane
I know this all sounds very negative, but the father in me comes out whenever I hear someone making an unwise financial decision. I've learned through a lot of experience and grey hair. Good luck with your decision.
Merry Christmas to all!!!!!!
Duane
Racer
Joined: Nov 2000
Posts: 449
Likes: 0
From: Greensboro, nc usa NC
Drifting
Joined: Aug 2006
Posts: 1,694
Likes: 0
From: Oregon
I called a couple of local credit unions here in Phoenix and they told me that most likely I would have to get a personal loan. Of course, the person I talked to said that they don't have the book value on cars that old. It shows you that they have no idea what they are talking about. I only have 2k in cash to put down and the 71 vette is 20k. I don't want a personal loan because the interest rate is at least double. I have the car picked out already, I was hoping to be able to find somewhere that will give a car loan on it.
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