Please Help, questions about financing a C3
Thread Starter
Safety Car
Joined: Jun 2002
Posts: 3,865
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From: Memphis
Please Help, questions about financing a C3
I've had my 2002 coupe for almost 5 months now and have gone off the deep end. I was at the OctoberVettes show this weekend and was fascinated by all of the C3s. I want one. Bad.
I've only got about $5k of excess cash on hand, so I'm considering maybe a 2yr loan. Has anyone recently financed an early 70s Corvette? I'd like to find a '70, since that was when I was born, but I'm pretty flexible. Will local banks hold a note on something 30yrs old or did you have to go through a specialty loan company? Any suggestions or links would be greatly appreciated.
Tim
I've only got about $5k of excess cash on hand, so I'm considering maybe a 2yr loan. Has anyone recently financed an early 70s Corvette? I'd like to find a '70, since that was when I was born, but I'm pretty flexible. Will local banks hold a note on something 30yrs old or did you have to go through a specialty loan company? Any suggestions or links would be greatly appreciated.
Tim
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Joined: Mar 2001
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From: Living in the Hartland
Re: Please Help, questions about financing a C3 (tbrewing)
If you got the credit and discipline you could get a cash advance on a credit card. A lot of companies are offering very low rates, as low as 0%, for 6 months and even more. Some offer a direct check to you so you just deposit it. Have been shuffling my credit card debit for years and have not paid more that 2.9% for the last 3 years. Will be credit card debt free at years end. Jut make sure you can pay on time and a set amount each month. When the special rate is up, transfer it to another card.
Melting Slicks
Joined: Mar 1999
Posts: 2,845
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From: Apex NC
Re: Please Help, questions about financing a C3 (tbrewing)
Home equity line of credit. If you don't own your own home and have enough equity to borrow against, what are you doing buying a second Corvette anyway?! :jester :cheers:
Pro
Joined: Jul 2002
Posts: 605
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From: Orlando Fl
Re: Please Help, questions about financing a C3 (Brettmc)
Fevre...glad to see someone else that had the same idea! I have been doing exactly the same thing with the a 0% interest card. It's much better to pay 0% than say a 7 or 8% loan. But like you said...you need to have good credit.
Team Owner
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From: Florida
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Re: Please Help, questions about financing a C3 (Brettmc)
Two Corvettes? Sounds like you are going overboard. :rolleyes:
Thread Starter
Safety Car
Joined: Jun 2002
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From: Memphis
Re: Please Help, questions about financing a C3 (OHSIXX)
Two Corvettes? Sounds like you are going overboard. :rolleyes:
I've already put 10k miles on my 2002 coupe in 4 months and i'm leaving this week on a 3k road trip. i figured the best way to slow down on racking up the miles, is to have another corvette to drive :cheers:
[Modified by tbrewing, 6:47 PM 10/15/2002]
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Joined: Mar 2001
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From: Living in the Hartland
Re: Please Help, questions about financing a C3 (Fasteighty)
Fevre...glad to see someone else that had the same idea! I have been doing exactly the same thing with the a 0% interest card. It's much better to pay 0% than say a 7 or 8% loan. But like you said...you need to have good credit.
Just be careful if going this route, it can get out of hand fast if you are not disciplined.
Safety Car
Joined: Jan 2001
Posts: 4,660
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From: South Central Louisiana
St. Jude Contributor
Re: Please Help, questions about financing a C3 (tbrewing)
What I did was started out with a used car loan from a local bank. Then, as others have mentioned, the 0% on bal transfers started rolling in, I ditched that high interest bank loan and started playing the credit card game. Its been three years, the vette is long payed for and I even used all that 0% money for a down payment on the new house. As mentioned above, read the rules, remember the date when the 0% ends, never make a late payment. Its been a great thing, and soon all will be payed out. Good thing, I have had them all. :)
Instructor
Joined: Sep 2002
Posts: 116
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From: Toledo Ohio
Re: Please Help, questions about financing a C3 (tbrewing)
Wait... I've got it!!!
Sell your 2002, and get two C3's. Then you'll have plenty of cash to spare when you have to constantly put $$ into the vettes. Plus with any luck, one of them will always be running. :lol: :lol: :lol:
Mine's not running right now.... haven't had the time to get to it. So, I'm stuck with my Suburban.....
(Some of us do have wives and kids Fevre)
Sell your 2002, and get two C3's. Then you'll have plenty of cash to spare when you have to constantly put $$ into the vettes. Plus with any luck, one of them will always be running. :lol: :lol: :lol:
Mine's not running right now.... haven't had the time to get to it. So, I'm stuck with my Suburban.....
(Some of us do have wives and kids Fevre)
Team Owner
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From: All in!
Cruise-In IV Veteran
St. Jude Donor '03-'10
Re: Please Help, questions about financing a C3 (tbrewing)
I was able to finance my '80 through my credit union for 4 years without them causing me any problems.
I asked about their feelings on financing such an old car and they told me that as long as I was financing less than blue book value I had no problems.
I asked about their feelings on financing such an old car and they told me that as long as I was financing less than blue book value I had no problems.
Race Director
Joined: Jul 2002
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From: Texas
Re: Please Help, questions about financing a C3 (Chris Fowler '80)
it's easy - go to www.peoplefirst.com , fill out the online application. they mail you a check real quick and you go buy the C3 or whatever car you want, no problem. That's how I bought my '69. pretty good rates, too.
Melting Slicks
Joined: Mar 2002
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From: The cure for the blues is eight cylinders roaring
Re: Please Help, questions about financing a C3 (Jeff 6T9)
A bank will give a loan on an old car. For me they wanted the car appraised.
I just paid mine off. :D She's all mine!!!! :D :D :D
I just paid mine off. :D She's all mine!!!! :D :D :D
Race Director
Joined: Apr 1999
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From: NM
Re: Please Help, questions about financing a C3 (OHSIXX)
Two Corvettes? Sounds like you are going overboard. :rolleyes:
tom...
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From: San Diego - Deep Within The State of CONFUSION!
Re: Please Help, questions about financing a C3 (tbrewing)
I used some of these 2.9 APR :mad Visa checks to buy mine. So I doooo have a monthly payment ... but soon enough it will be pd :cheers: off! :cheers:
Race Director
Joined: Mar 2001
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From: Living in the Hartland
Re: Please Help, questions about financing a C3 (SanDiegoPaul)
I used some of these 2.9 APR :mad Visa checks to buy mine. So I doooo have a monthly payment ... but soon enough it will be pd :cheers: off! :cheers:
Le Mans Master
Joined: Apr 2001
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From: Houston Tx
St. Jude Donor '09
Re: Please Help, questions about financing a C3 (Jeff 6T9)
it's easy - go to www.peoplefirst.com , fill out the online application. they mail you a check real quick and you go buy the C3 or whatever car you want, no problem. That's how I bought my '69. pretty good rates, too.
That's how I bought my 74.
Le Mans Master
Joined: Jan 2001
Posts: 6,938
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From: San Diego CA
Re: Please Help, questions about financing a C3 (Mr Hole)
I own my three cars outright. I pay cash or nothing at all, screw making the banks richer with crazy intrests rates. Hopefully I can come up with 45K for a 58-60 Fuelie someday, 3/4 the way there.
David
David
Drifting
Joined: Sep 2002
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From: Lawrenceville GA
Re: Please Help, questions about financing a C3 (Cali,77,L-82)
Creidt unions are the way to go. Crazy low financing and they're very reasonable on what they'll loan, if your creidt is decent.
Gotta love having cash in hand when you're ready to buy a steel bumper C3.
Gotta love having cash in hand when you're ready to buy a steel bumper C3.