Car loan
Burning Brakes
Joined: Jan 2007
Posts: 1,164
Likes: 1
From: Port Clinton Ohio
St. Jude Donor '08-'09-'10-'11-'12-'13
I got loans for a Vette and Gran Torino through State Farm. That was quite a few years ago. I don't know if they still do it or not. My first car loan was for a VW bug through the local Credit Union.
Racer
Joined: Nov 2009
Posts: 332
Likes: 1
From: Watkins Glen New York
Take out a personal loan, tell them what you're buying and they'll assess the viability of the loan from a risk standpoint.
The good news is that the market for these cars is down, and someone forgot to tell the folks at Kelly Blue Book, so it's seems logical that if you're trying to borrow say 9 grand for a car that they might see as worth 12 (by their means), they'll like that equation.
Maybe for once the lousy market might exhibit a silver lining.
What's the worst that they can do, decline you?
2 summers ago I did this to buy a boat that was worth a bit more in the books than I was borrowing and it was it's own collateral. I was wet inside of a week.
The good news is that the market for these cars is down, and someone forgot to tell the folks at Kelly Blue Book, so it's seems logical that if you're trying to borrow say 9 grand for a car that they might see as worth 12 (by their means), they'll like that equation.
Maybe for once the lousy market might exhibit a silver lining.
What's the worst that they can do, decline you?
2 summers ago I did this to buy a boat that was worth a bit more in the books than I was borrowing and it was it's own collateral. I was wet inside of a week.
Melting Slicks
Joined: Aug 2008
Posts: 2,456
Likes: 10
From: Somerdale NJ
St. Jude Donor '11-'12-'13-'14-'15-'16-‘17-‘18
You may want to check Credit Unions as they have reasonable rates and terms and some permit immediate family members to join. Also, as others have said personal loan is possible - especially in light of the equity (or perceived equity) due to Kelly Blue Book and NADA figures. Sent you a PM with more info.
Instructor
Joined: Aug 2009
Posts: 147
Likes: 2
From: Colorado Springs Colorado
check with your banks loan dept... it can't hurt, just don't fill any forms out until they say "yes, we could do a loan for that"
however if you plan to get an auto loan, the vehicle usually has to be running, if not (perhaps someones project that didn't get done) you'd have to do a personal loan, at which point you may or may not want to tell them what you will do with the loan or if you do, you may want to lie about it.
I was lucky, i found a 75 C3 for around 8k, it ran and everything "looked ok", being former military, I used the bank I've been with for years USAA and they financed my vehicle with no issue.
however if you plan to get an auto loan, the vehicle usually has to be running, if not (perhaps someones project that didn't get done) you'd have to do a personal loan, at which point you may or may not want to tell them what you will do with the loan or if you do, you may want to lie about it.
I was lucky, i found a 75 C3 for around 8k, it ran and everything "looked ok", being former military, I used the bank I've been with for years USAA and they financed my vehicle with no issue.
Racer
Joined: Nov 2005
Posts: 409
Likes: 5
From: Orange County CA
I have a 3.9 % rate (36 months) through my credit union on my 71 Coupe..
They treated it like a regular used car loan.
I know another credit union that I have used in the past is no longer doing classic car loans.
They treated it like a regular used car loan.
I know another credit union that I have used in the past is no longer doing classic car loans.
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Drifting
Joined: Aug 2009
Posts: 1,635
Likes: 8
From: Enid Oklahoma
Melting Slicks
Joined: Aug 2008
Posts: 2,456
Likes: 10
From: Somerdale NJ
St. Jude Donor '11-'12-'13-'14-'15-'16-‘17-‘18
Thread Starter
Instructor
Joined: Jun 2006
Posts: 141
Likes: 0
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.
