Despite finding a low-mileage C4 that I would like to buy as my daily driver, I have found out that finding proper financing for a car over 6-8 years old can be quite difficult. My company has a credit union which does not limit a car's age, but does have some goofy rules / strings attached.

My question is: are there any Corvette, sports cars, etc. companies out there that anyone is aware of? I've heard of such things but have not been able to find one, specifically...

I figured this was a good place to start asking...

 

I wouldn't finance an old Corvette, I always try to pay cash, especially in this economy. You can get upside down real quick.

 

If I cant pay cash for something I don't need it

 

I didn't have any trouble financing mine. What strange rules are you talking about? I didn't get as good of a rate as a late model car, but not bad. It's only a few grand to finance. Not that the interest rate makes that much difference. It's not like a house where 1/10th of a percent is big.
If you do finance, put down as much as you can. At least 50%.

 

If this is what you want to do, I would try to get a signature loan. If you get the auto loan, that is going to require full coverage ins. How much is this vette anyway?

 

Where did you find a 6-8 year old C4?

 

Apply for some TARP money.

 

Now that everyone has told you what a rotten idea financing any car is today....especially an old one (which I happen to agree with), I will try to answer your original question.

Try Capital One auto finance. They will generally give you a signature loan if your credit is good, and may not even ask what kind of car you're buying.

Try Hagerty Insurance as well. I have my 84 insured as a collector with them, and I believe they finance classic cars as well. If their lending standards are the same as their insuring standards, it will have to be at least 20 years old. You might give them a call and find out the details.

You can also borrow against your 401(k). This is preferable, since you are essentially borrowing from yourself and thus paying back yourself.

The ideal scenario is just to take the money out of savings and discipline yourself to pay it back (I call it 1st National Bank of Friz). You can even charge yourself interest and make it a profitable affair...but no gouging, that's just not nice.

Now that I've tried to give you a couple of options and stay on topic for the sake of thread continuity, I proudly offer a bonus....a little unsolicited advice. Remember, advice is worth what you pay for it, and this is free: Stay out of debt. Debt makes you a slave to your job. Put the money you would be paying on a payment aside, make some interest on it, and pay cash for your toys. They will taste even sweeter after you've managed to stave off instant gratification. Friz-ism. You're welcome.

 

Mmmm.....I don't think he did.

Just sayin'.....

 

 

That old man above is right.

Wait until you can afford to buy it for cash. I bought mine 4 years ago with 35K it now has 95K and I use it as a daily driver and my daily fun car. These cars are not inexpensive to maintain unless you've got the tools the time and the ability. You put 10 - 15k miles on these cars year after year and it adds up and you've got to be able to pay for that too.

If you need to use it as a dd .. you really should pay cash for it particularly these days

 

Yup! I paid cash for mine, No payments & no bull !!!

 

In 2000 I got a 60mo loan on my '88 Vette through JJ Best.

 

I just took out a loan against a CD I had at the bank. I really didn't want to use my own money and the CD still gets interest, I just can't cash it in till I pay off the loan. I also got a real low rate..WW

 

C4 and financing should not appear in the same sentence.

 

Excellent advice!

 

I get so sick and tired of people saying this. Do you own your home out right? Bet not. Not everybody has the means to save up for 5 years to be able to afford the car of their dreams. I for one, have made payments on plenty of cars and enjoyed the ever loving hell out of them while some old man sat in the corner and waited for his pennies to add up to dollars in hopes of one day being able to afford his car...you can't take it with you, and as far I know, you don't know when that day will come.

You pay to play, but it doesn't have to be with your own cash all at once.

If you can afford the payment, buy the damned thing. If you get in trouble, sell it.

The credit union is the best way to go.

 

With most of this but also Frizzle was right too. Capital One offered me what ever I wanted to borrow when I was looking at an older C5. They didn't care what year the car was they were going to loan me the money. I paid cash for my C4 instead but could have gotten a loan if I needed it.

 

Just get a home equity loan, or refinace the house or borrow from your 401K. I mean, that's what a house's and/or 401k's are for.
For the clueless, I am being sarcastic; you don't buy toy's with barrowed $.

 

I half agree with you.
First: Using your house to buy a toy is stupid. Never risk your home on something less than essential.
Second: Using the 401k, only if your employer allows loans, seems like a good idea, but it's not. If you get laid off, that loan from the 401k becomes due, in full. If you don't pay the full amount back, you get banged for income tax, and a 10% penalty.

As for borrowing for a toy, I did it. I don't see it as a sin. I wanted it now, and didn't want to impact family finaces, so I took a loan that I could pay back with "my money", (I allocate myself a certain amount every month, once all other obligations are met). The car is paid for now, and I'd do it again.

GMAC will finance an old car.