Classic car financing
Thread Starter
Instructor
Joined: Apr 2014
Posts: 232
Likes: 11
From: Illinois
Classic car financing
Hey fellas, I found a restored 69 Stingray that I really want, however, I have been haveing trouble finding a low interest loan for an old car. There is a company I found online called Lightstream. Their interest rates are significantly lower than everyone else's, seems too good to be true. If anyone knows anything about them, I would appreciate feedback. Thanks.
Le Mans Master
Joined: Mar 2001
Posts: 5,738
Likes: 644
From: Lincoln, CA
I used http://www.woodsidecredit.com/.
Same rate my Credit union uses on cars older then 10 years but they wouldn't do a classics.
Same rate my Credit union uses on cars older then 10 years but they wouldn't do a classics.
Melting Slicks
Joined: Aug 2010
Posts: 2,207
Likes: 26
From: Ocean County NJ
I've seen a few banks advertised that offer special rates for collector cars. in addition to Woodside, there is JJ Best. I don't have any personal experience with them, but see their ads everywhere
Race Director
Joined: Jan 2000
Posts: 12,399
Likes: 247
From: San Jose CA
Financially speaking, an older car is less of a depreciating asset than a new one and the interest rates probably don't cover the gap in value loss (IE, new cars will be ~2.5% interest rate + 10% depreciation yearly or more, aka 12.5% value loss) vs a 4-6% interest rate on a classic car loan where the car will typically hold or gain value.
Of course - cash in hand is a WAY better bargaining chip than a promise from a bank - particularly when you're dealing with individual sellers.
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Burning Brakes
Joined: Dec 2003
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From: Boca Raton Florida
JJ Best is great . I've used them twice . Got 5.99 percent on my 1980 .
I have the cash but didn't want to dip into it . I only borrowed $7k and my payment is $109 a month for 84 months with no early payment penalty .
This might not make sense to some people but it works for me .
I highly recommend JJ Best , they are nice people .
...
I have the cash but didn't want to dip into it . I only borrowed $7k and my payment is $109 a month for 84 months with no early payment penalty .
This might not make sense to some people but it works for me .
I highly recommend JJ Best , they are nice people .
...
Pro
Joined: Nov 2007
Posts: 721
Likes: 105
From: hernando fl
as a general rule i don't recommend spending money you don't have. but in a few cases its not a bad idea. i wish i had taken a good chunk of my 401 k and bought anything , but i did the "right " thing and watched it lose over 50% of its value. how smart and responsible was that , same thing with my house and the big crash. a mid year coupe may not be a 401 k or a house but they never took a 50% hit that i know of. i also knew several people that missed a lot of living by squeezing a penny so hard lincoln screamed. they died very responsible and financially secure , but never got to enjoy much of what they spent years earning and protecting. don't be stupid but also don't be terrified to spend a few bucks on "toys" . if you are scared to enjoy your money whats the point of working your *** off for it ?
Drifting
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From: Wisconsin
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Check out volo, it's a museum and they sell and help finance there on the spot. https://www.volocars.com/auto-sales/...eq%5D=Corvette
