I'm looking to buy my first corvette and have been looking at several 1984-1987 models with low mileage. The question I have is that I would need to Finance most of the costs and i'm having problems locating a bank that will do this due to the age of the car . Anyone know of a lender that finances older vettes ? I'm in New Jersey area

 

Local Credit Union. Google J J Best too.

 

Borrow from your 401K. Pay the interest back to yourself.

 

Old cars can be money pits. Will you be able to do the work yourself, or need to pay others? Can you afford the corvette tax?

 

And since you are financing, you might want to look at the 90's C4s. They are about the same money and are generally better cars if for no other reason, they are a lot newer. Don't fall into the low mileage trap.

 

I don't think any bank will loan you money on a car this old. I'd find myself a low interest credit card dedicated to the car only and pay on it like it was a loan.

 

Not only are they generally better, but they suffer a lot less from the maladies that affected many of the early C4's. I'm not painting all of the early C4's with this brush, but many of them have suffered from one of these problems at one time or another: Ignition, Starting Problems, Injectors, Driveability, Fuel Pumps, VATS and others. I know, we own both (1987) and a late C4 (1995).

Don't just rush off and buy a Corvette without knowing exactly what you're getting into. They can be difficult, complex and costly cars to repair. Do the research first!

 

This is a good option if you have it available to you. Also I had a customer that took out a Home Equity Line of Credit and purchased his "dream car". However I am not a big fan of putting your home on the line over a car but regardless it still helped him achieve his goal. You just have to watch and see what your lender will charge in closing costs, fees, etc. A few years back the lenders would pay these costs now, for the most part, the customer will be paying them and they add up quickly.

A credit union will typically lend easier on an older vehicle than what a bank would. A bank you are looking at roughly a 5 model year limit and much older than that will just not fly. Another thing with the banks is the older the vehicle the shorter the term of the loan. A credit union may but watch the rates I have seen as much as 18% with good credit on older vehicles. J J Best Bank is a good route as well I checked into this for a someone and the only downside I saw was a high origination fee for the loan. For example, not counting TT&L, title and plate fees a bank or credit union will charge 50 to 100 for origination/document fees. J J Best had a fee of 500 at the time I spoke with them. Just weigh your options and do what is best for you. On a car like this I will usually not finance but wait until I can just purchase with cash and save the extra $$ that would got to interest for other things.



Daniel

 

or at least the majority of it in cash

 

As a guy who just sold his 87 because he got tired of trying to keep it running. I would advise on a 94 to 96 model year.

Mine just got to the point where it was breaking down almost weekly and getting much more expensive to run .. Parts were becoming increasingly rare for it.

There are very few early C-4 I would want again. The only early C4 I would get would be an automatic Callaway.

Save up and buy with cash. You will need the money to keep it running eventually.

Like F22 mentioned.. Starting issues. That is what mine had. It would start for months, the battery be in good shape, everything check out and it just wouldnt start. For no apparent reason. One reason I got rid of mine. I was deathly afraid of going far and being stranded.

Dont get me wrong, the early C4 are great cars in their own rights, but far from being a cheap car to keep running. They would be more like a hobby car for me now.

 

Thanks for all the feed back , I've been doing alot of research and I'm taking my time, also I know a few friends of mine that have bought a early c4 vette and had no problems so I guess it comes down to finding the right car

 

X2

 

http://www.rapidcarloans.net/used_car_loan.html

 

I am also looking at C4's and have a few questions.
What is 'The low mileage trap?
Is there any year C4 that is leaps and bounds better than the previous year? I know this is a somewhat general question and I have been doing a lot of research so don't burn me at the stake..lol. Thanks.

 

The low mileage trap refers to a car that has ridiculously low miles. It's just as bad to have a car that isn't driven, as one that has a ton of miles on it. Complex mechanical objects don't do well sitting still for long periods of time. Fluids deteroriate, rubber hardens, batteries die, gaskets shrink and mechanical assemblies can sieze up.

The last C4's are probably the best. 94', 95 and 96' (93's had their own ECM for that year and that can complicate things). The late C4's 92-26 had the LT1, with considerably more horsepower and torque. If you have your heart set on an L98 or TPI engine, they can be fun, once they're sorted out. For the TPI, by 89,90 and especially 91, they had a lot of the bugs sorted out.

 

I'm also not falling for the " Low mileage trap" I'm interested in finding one with 70,000 to 90.000 I'm leary about buying one with 100.000 plus then your looking for problems

 

I wouldn't necessarily base my early C4 purchase on mileage. Our blue 87' at 80K was on it's way to being a POS by 100K. We threw a bunch of money and work at it. I did the top end at 132K, and rebuilt the starting system at 138K. New injectors soon after. Fix the numerous leaks just recently and at 145K, that car is a blast to drive.

If you're going to buy an early C4, look for one that the previous owner has done a lot to. Patience and careful research is the key. Knowing the early C4's is a plus. Unless you're a total C4 fanatic and know these cars inside and out and their related little and big problems, I'd highly recommend getting it inspected by a competent mechanic. Even better if it's a Corvette specialty shop. Last one I turned down cost me a $100 for the inspection. Saved me the four hour round trip.

Here's an example: 1990, rebuilt engine 22K ago, $7,200. Also, upscale area, 2nd owner and he has all the reciepts. It looks like a well-taken care of car, with a nice interior (many early C4's suffer from the drivers seat being torn or worn)

http://losangeles.craigslist.org/sfv...760105802.html

PS: These cars can go 200K plus, if taken care of. And if you're going to buy an early C4, count on it having problems at one time or another. Even with the late C4's, early C4's, etc, there is no such thing as a problem-free C4 Corvette. Count on throwing money and time at it, at one point or another. These are high performance, fun cars that demand resources regularly. I know, we own both an early and a late C4. If you're reluctant to commit to that, I'd recommend getting something else, but nothing else will scratch that itch for me, like a C4 Corvette!

 

The 100k mile ceiling is arbitrary and old fashioned, dates back prior to the 90's. Ironically, most problems then occured between 70k and 90k. Then if you bought a 100k mile car it probably already had a valve job, transmission, alternator , starter brakes etc. With the institution of emission requirements requiring manufactuers to certify their cars for 100k miles, foreign competition, and fuel injection and electronic controls, and corrsion controls, the new rule is around 200k miles. Another problem is that a lot of the pre90's cars have had their mileage "adjusted" due to their having mechanical odometers and schetchy car fax histories. Even the institution of 6 digit odometers attests to the new realities. Ask most people under 40, and they will remember people they know usually getting 200k out of their old truck, car etc., and that an old car is over 15 years old. Up untill the 80's, a vehicle over 6 years was old. There was a reason all you could get was a 4 year loan on a new car. Confition of an older car is everything , age is just as important as mileage. And that is the mileage trap.

 

Just as reference, here's what we've done to the 87' in the last three years:

Top End Engine Rebuild, including new valve springs. New water pump, new thermostat, new EGR, new fuel pressure regulator, new distributor cap, wires, ballast and plugs, new 02 sensor, rebuilt as new injectors from Jon at FIC, new radiator hoses, replaced all the vacuum lines with fresh lines, new starter, new battery cables, new ignition switch, new VATs, new keys, new interior, including seats, carpeting, console and door panels, new in-line fuel filter, new fuel pump (x2), new shocks, transmission serviced with full flush, new weatherstripping (to be installed), new tires and rims (just purchased last Saturday), new Alpine stereo and new Infinity speakers, new air conditioning lines (purchased two months ago and to be installed, with a fresh recharge this Spring). Next is a repaint of the Medium Metallic Blue ($3K - $4K).

I believe we've put at least $12K into a car that's worth $6K - $7K tops, with 145K miles, but we're too far into it, to get rid of it and it is one fun car to drive! It is finally problem free, with the exception of the rear main seal on the engine block, that has a slight leak and we ain't fixing that. It will be one of the rare early C4's that is actually somewhat restored.

I'll tell you what, I'd buy our blue 87' with 145K, over a stock, nothing-has-ever-been-done-to-it, 87 with half the miles!

 

Thanks for all the feedback. I looked at an 88 Anniversary model last weekend priced at 6K dollars. It had 111K miles on it, ran and shifted well, but you could tell it never received at lot of attention. It would take at least another 6-8 K dollars to make it respectable. Even though the 88 Anniversary model is my first choice, I walked away. The search and research goes on