MR.LT1

I am sure alot of people here even if they have the money do not like the idea of dishing out 20-30k out of their account on a 15-20 year old car.....Just curious with those of you that have financed your car how do you get such an older vehicle financed??

ckulchar

E-Loan

1993 Zr-1, purchased the car about 3-4 years ago.

Paul Workman

No reason not to be sitting behind the wheel of a BEAST!

Give Capital One a shout. When the bank wouldn't go for anything more than 6 years old, Cap 1 allowed me to get my 18 year old Z that way. And, 4 years ago my wife bought her 69 C3 that way too. If you have the credit rating, they've got good rates and they're very easy to deal with, I found. No hassle and very fast (Fed Ex).

BTW, there are many good deals on nice ZR-1s that you could have for less than $20k right now (at least). Good luck!!

P.

VetteMed

Amen to that... I'm on my second ZR-1, one purchased under $15K, the other under 10K. They are out there if you're on a budget!

Todesengel

Outright.

My dad hammered it into my head early in life that if I couldn't pay cash for toys I didn't need them.

That is not a knock on anyone who doesn't, but if I financed all my toys I would be in trouble lol

VetteMed

Correct. I spent a lot of money on toys I couldn't afford, plus interest... No more of that for me.

pantera1683

Interest rates are ridiculously low right now. Do your part for America and help stimulate the economy by financing. A really good lender is Pentagon Federal Credit Union. I've been with them for over ten years and I love them. I always use them to buy my older cars. They have a 3.99% interest rate on new or used up to 60 months regardless of model year. Back when I joined you had to be in the military or a govt employee (I think) but now anyone can join. I don't remember what they want you to do to join but I know it wasn't anything major. Their website is www.penfed.org.

VetteMed

You mean, be like the morons in Congress, and spend above your means? That's what got us all into the mess we're in as a country.

Todesengel

The purchase of my vette allowed the seller to purchase a home (used the money for a downpayment).

I do my part for the economy, I spend DISPOSABLE income, and do not spend what I cannot afford to. being responsible is a much larger favor to the economy than reckless spending that results in defaulted loans, leaving everyone else to pay the price, and carry the burden.

C4ZR-1

Paid cash, $15K with the proceeds from selling another car. From what I have seen, most lender will give used car loans as long as they are in the Kelly bluebook and loan amount is at or under the value listed. I did purchase another vehicle with home equity loan and at least I am able to write off the interest with tax returns.

jmascharka

I paid cash for my 92 in Nov 07. I prefer to keep my money and not pay all the interest. The house I bought, I had no choice, had to finance that one.

locobob

I paid cash for the first one I bought. Did a home equity loan on my LPE car then paid it off when I sold my first Z.

xlr8nflorida

I don't believe in financing unless its a house. Never have, never will.

It's why this country is in the trouble it is currently in, people living over their means instead of under their means.

That being said, do whatever makes you most happy, as life is short and you could die tomorrow.

phrogs

I financed my first zr-1 and my second zr-1

I used my credit union navy federal credit union.

I paid cash for my third ZR-1 and my 4th one.

at one time I had 3 ZR-1s that was fun!

MR.LT1

Well other than my mortgage(and that in itself is low) I am debt free...I know what it is to live within my means always have..But at the same time I rather use someone else's money than my own (being the banks) especially since with my history I might only hold on to the car anywhere from 2-3 years sometimes less.....Living here in South Florida the Capital of home foreclosures I have seen many people lose their home and your right it is their own fault mainly because they purchased a $400,000 home intead of a $200,000 or less home that they could really afford....But if you are discipline and your monthly payment is something you don't really even acknowledge I myself don't see a problem with financing.....always a good idea to finance less than the car is worth in case of an emergency you can sell it fast even if it means taking a bit of a hit on it.......just my 2 cents..

rhipsher

Well the way I financed mine was totally different than you guys. My boss sold me the car for 22K. He said I don't know what the bank will lend you on a car that old. I told him we can't go through no bank for that car. I have a mortgage and two car payments already. The bank won't lend me anymore. And as bad as I want that car I'm going to have to pass for now. And to my suprise he said thats ok. We'll just work something out between me and you. So we made up a contract with eachother and I paid him $365 a month untill it was paid for. It's amazing how fast a car gets paid off with zero interst. But not everybody gets lucky like I did.

pantera1683

Exactly, credit is not like it used to be. With that being said, credit is still a tool to use wisely. Credit Unions give great interest rates because their standards for lending are usually higher. I have the money to pay cash for all my cars but since I usually don't keep them for longer than a few years and the cars I buy usually don't depreciate I prefer the convenience of financing. That way I stay liquid just in case. I can always sell my cars if things go bad and if they do my credit is the last thing I would care about anyway because it would tank eventually.

vettehardt

I went in to my bank to finance a 76 vette. They said if it was a 84 or newer, they could just look up the value and give me the loan if the loan value was less than the book value. Since it was older than that, they made me get an appraisal from a liscensed appraisor. Once I got that done, I was given the loan. And I just paid it off last Friday!!!

I wasn't living outside my means with the loan. I could afford the monthly payments, but couldnt afford to buy the vehicle outright. If getting a loan, you need to make sure you can afford the payments. If you can't afford the payments, then you can't afford the car.

cv67

Never financed a toy before but if youre comfortable enough then have at it if you gotta have the car. Way things are out there today Im not financing anything for a long time.

xlr8nflorida

I wasn't living outside my means with the loan. I could afford the monthly payments, but couldnt afford to buy the vehicle outright. If getting a loan, you need to make sure you can afford the payments. If you can't afford the payments, then you can't afford the car.[/QUOTE]

I guess it depends on your definition of living beyond your means.

In my opinion, its socking away $ for retirement, paying your mortgage down heavily etc. If you can't buy the car out right, you probably should not be buying it at all.

However that being said, many people do get a loan because they can't afford to pay for a car outright. In some very rare instances, it makes sense to lease or loan but in most cases, your best bet is always CASH.

I've been able to buy several new Corvettes for Cash but never do. I keep that money invested and working for me. I buy Corvettes when they are about half their original value but with <10,000 miles on them.

Over the course of a lifetime, and compounded $, the difference will be huge in retirement savings.

It's like people who trade their car in every few years. If you compare that to a guy who keeps his cars 8-10 years the difference in costs is amazing. The guy who keeps his cars 8-10 years is the millionaire next door.