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Financing a classic car
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#1
10-22-2018, 05:31 AM
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Financing a classic car
Anyone ever financed a classic car or even a race car?
Is this a good idea, thoughts? Before you say not possible: https://www.lightstream.com https://www.jjbest.com/auto-finance/...financing.aspx https://www.woodsidecredit.com
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Karl Lucky owner of a couple 911s  1963 LeMans Convertible 336 HO V8 with a manual 3 speed  1965 Honda Sport 50 
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#2
10-22-2018, 07:03 AM
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"Is this a good idea" comes down to everyone's take on personal finance and risk concerns. While race cars can be insured, I often think of them as being disposable, and having money that can be ill afforded to be "lost" is a personal issue I guess.
Classic cars carry less risk, imho, assuming they aren't bought as an "investment".. essentially bought on speculation that their value will increase.. but again, this a more a personal concern/approach than per se a "good idea". If you have access to capital and a way to pay off incurred debts, whether its a car/boat/home etc may not matter in the end.
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Dave - 1970 914-6 Past - 2000 Boxster - 1987 944 - 1987 924S - 1978 911 Euro SC - 1976 914 2.0 - 1970 914 1.7 / 2056cc
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#3
10-22-2018, 08:45 AM
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If it has a VIN just about any bank will give you a used car loan. No need to go somewhere special. Penfed will do up to 60mo, $100k, any age as an example.
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Stephen www.salazar-racing.com 1970 914/6 - 3.0L GT 1983 911SC - 3.32L IROC 1984 930 - 3.6L dirt bikes (some gas, some electric), Sherco trials bike Sold: 2001 Boxster (hers), 2003 996tt x50  , SpecE30, 1996 E36M3 GTS2 racecar, 2015 Mustang GT, 2008 S2R1000
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#4
10-22-2018, 09:17 AM
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I financed my CPO Tesla with Lightstream and I've been completely pleased. They're owned by Suntrust and the rates are highly competitive if you have excellent credit. I got 1.99% for 60 months to buy my Model S. (This was in September of 2016 when rates were lower.) And it's an unsecured loan; the Title is 100% mine.
For a Classic, I would highly recommend agreed-value insurance if you finance; don't want to be stuck holding the bag if something happens while you have an outstanding balance.
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1974 914 2.0 2013 Model S 60
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#5
10-22-2018, 10:57 AM
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My take is if you have to finance a “ fun” car you can’t afford it.
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http://vimeo.com/29896988 “Those that can make you believe in absurdities can make you commit atrocities.” Voltaire. "There is grandeur in this view of life...." Darwin. The mountains are calling and I must go. “The earth has music for those who listen” Shakespeare. You Matter. (Until you multiply yourself times the speed of light squared. Then you Energy) “We’ve got lots of theories, we just don’t have the evidence’.
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#6
10-22-2018, 11:49 AM
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Or you think you can earn more on/with your $$ than you pay to finance. Its 2008/9 all over again
 I got similar good #'s from my credit union, they didnt seem to care what year the car was.
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78 SC, the 'Red Car'
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#7
10-22-2018, 01:09 PM
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Quote:
I've never paid other than cash for a fun car or motorcycle. Probably kept me from getting some really great investment grade cars over the years, but that's just how it goes.
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'64 356 SC '73 914 2.0 (2.8/6 conversion in progress) '65 Ducati Falcon 80 '67 Ducati Cadet 100 4-speed ‘19 SQ5 Gone but not forgotten: '02 S6 Avant - trans blew, but rebuilt as a 6-speed by new owner '99.5 A4 2.8QT - tree fell on it after 20 years ‘74 MB 280C - traded for paint/rust repair/6-conversion mods on the 914
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#8
10-22-2018, 08:41 PM
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Well this is an interesting thread. I know a great car for sale that an investment loan would be great for, not to mention I have seen this beauty up close and she's a looker...
https://dorkiphus.net/porsche/showthread.php?t=38988 Just saying....
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“When I was born I was so ugly the doctor slapped my mother.” – Rodney Dangerfield Bill C "aka" Catdaddy - The Catfather - Current: 1980 911sc 2019 Ford Raptor 1987 Mercedes 560sl ------------ Sold: 2011 BMW M3 2000 996 C2-IMS 2 Row, RMS Update 1986.5 928s 1987 944 16v 1973 911t 1969 911t "My first car"!! 1969 Westfalia Bus 1973 Volks Superbeetle
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#9
10-22-2018, 09:37 PM
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Quote:
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Karl Lucky owner of a couple 911s 1963 LeMans Convertible 336 HO V8 with a manual 3 speed 1965 Honda Sport 50
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