Collector Car financing??
Thread Starter
Race Director
Joined: Jul 2002
Posts: 10,153
Likes: 15
From: Texas
Collector Car financing??
I'm about to buy my first Corvette. I've found the car, and plan to buy it after I close on my new house next month. I have most of the money, but will need to finance the rest. My question is this: has anyone used one of the many Collector Car financing outfits out there? They appear to have pretty good rates, but I am not sure if I want to attach a lien to a 33 year old car, or if I would be better off with a signature loan from my credit union. The rate might be higher since it's unsecured, but I could sell my car or trade it easier if I have a clear title. Any help is appreciated.
Race Director
Joined: Mar 2001
Posts: 11,322
Likes: 1
From: Living in the Hartland
Re: Collector Car financing?? (Jeff 6T9)
How quickly you plan on paying it off? Get a cash advance on a credit that is giving promotional rates on any type of balance transfer or cash advance. Sometimes they have a $50 dollar fee or something but the interest rate can be as low as 0% for six months or a year. Transfer that balance at the end of the period and get another 0% special and do it again. I have been doing that for a few years. Credit card debt sucks but it is no different than any other debt if managed properly. Set a time period then calculate how much you afford to pay and always have enought to make your predefined minimum not the card company's, and pay more if you can. If you do not have the descipline to pay your preset minimum than don't finance this way. BUT It can make it a few thousand dollars cheaper if you have the discipline.
BTW Did I mention you have to have the discipline. Now saving money to fix up your house, well now I can't speak on that. :bb
[Modified by Fevre, 9:20 PM 7/23/2002]
[Modified by Fevre, 9:22 PM 7/23/2002]
[Modified by Fevre, 7:13 AM 7/24/2002]
BTW Did I mention you have to have the discipline. Now saving money to fix up your house, well now I can't speak on that. :bb
[Modified by Fevre, 9:20 PM 7/23/2002]
[Modified by Fevre, 9:22 PM 7/23/2002]
[Modified by Fevre, 7:13 AM 7/24/2002]
Melting Slicks
Joined: Jul 2001
Posts: 2,609
Likes: 12
From: Massapequa Park NY
Re: Collector Car financing?? (bn7035)
I used peoplefirst last year also. Took a total of two days to get approved & have check in hand. got a good rate & my bank forwards the monthly payment electronically. I wouldn't worry about the lein - take the lowest rate you can get. Money is cheap right now.
Thread Starter
Race Director
Joined: Jul 2002
Posts: 10,153
Likes: 15
From: Texas
Re: Collector Car financing?? (70BBvert)
Thanks for the advice everybody. I'll look into the peoplefirst site. I had already started looking at insurance, too. I think it the quote was around $180 a year. :cheers:
Drifting
Joined: May 2001
Posts: 1,651
Likes: 13
From: Holly MI
Re: Collector Car financing?? (Jeff 6T9)
I used PeopleFirst and so did a buddy of mine just a few weeks ago. I have been very happy with them; which means I never hear from them. The payment is direct from my account. It was the easiest loan I have ever gotten. The only drawback is that if you are buying from a private seller, you have to meet at the local Mailbox Etc to have all the paperwork notarized and faxed to PeopleFirst. This has to be done while they are open.
