I'm looking at purchasing a 98 vette that is located out of state from a private party and am running into problems with the local credit unions wanting to see the vehicle first before releasing funds. Are there any national companies that specialize in older collecter car loans? Any ideas would be appreciated. I'm trying to avoid paying completely out of pocket for the car. BTW I live on the Alabama gulf coast if anyone in this area knows of a local company.
Thanks

 

First off I am not so sure a 1998 Vette is a older collector car, If you have good credit you should have no trouble getting the money for the car, Check different places. when I bought mine a 2002 I didn't have to show them anything up front, I did however have to show it to the loan company after I got it home.

 

Suggest a google search on the topic.

 

I've used JJ Best Banc one time in the past. You should have no problem with a 1998. Here are the steps:

> Contact JJ Best to get qualified (based on the car, condition, credit rating, etc.). Do a google search and you'll find them.
> You get approved through them (they usually want 20% down but I think you can do 10% too, I don't remember exactly)
> You make a deal to buy your car
> JJ Best sends a representative to inspect the car (wherever it is)
> JJ Best cuts the check, payable to the seller, but they send the check to you
> You go pick up the car, and give the check + your down payment to the seller
> You register the car in your state, pay the tax, and list JJ Best as the lien-holder. Your state sends the newly-processed title to JJ Best
> You pay off the car (later) and JJ Best sends you the title

In my situation, the seller held the title until the JJ Best check cleared his account (I picked up the Corvette on a Sunday and banks were closed). But I was able to buy the car and take it home that day. Title came later.

I have no association with JJ Best whatsoever. I've just used them once and it was a good experience.

You're better off contacting the seller about these steps (JJ Best car inspection, transfer of the check, etc.) to make sure the seller is cool. A little communication goes a very long way.

Good luck

 

I got my loan from my credit union over the phone and it was out of state. They sent the money to his bank account and I flew in and drove it home. All they asked for was the VIN

 

I use USAA.. I bought my Z06 from Iraq..... My wife and brother picked the vette up for me. The Bank sent out a check to pay the Z off from the previous lender and a check for the remainder. They gave the guy the check and I was pretty much done!!! No one was sent out to inspect the car...

 

I just went through this myself. My situation wasnt out of state but was 300 miles away in the same state (Florida). The guy I bought it from was still financing through his bank. A lot of people dont realize that most banks dont want to finance cars over 7 yrs old. I found a credit union down here that would finance me. Once I was approved for the loan I faxed/emailed the guy I was purchasing the car from a bill of sale (that needed to be notarized), a 10 day pay off letter, 2 copies of power of attorney (that also needed to be notarized). He then overnighted those documents to me. My bank then cut a check to his bank and mailed it out. I'm not sure if your seller is still financing or not. That may make some things easier on you. Some states also have different laws. Call some banks or credit unions local to you. I was also going to use JJ Best as well but didnt know too much about them. Good luck.