MikeP

I have never purchased an old/Classic car before, upon checking with my bank they don't finance anything older the 15 years. I'm looking at a restored 69 coupe in TX. Which finance institution/ bank would you recommend? The classic car shop in TX has one recommended on it's web site but I would like to shop around to ensure I'm getting the best rate for my purchase/loan. Do these financing companies have any weird stipulation because these vehicles are old/classics that I should be aware of? Any Pro's/Con's or experiences you have and want to share would be greatly appreciated.

v/r
Mike

hornetball

In general, banks will be nervous if they can't determine the value of collateral with certainty. Value of classic cars is completely dependent upon condition, and "skilled" sellers can hide a lot. I would never consider financing a classic car as I don't want my hobby to be a burden.

Crimson Thunder

My son just financed a 73 Camaro thru our local Credit Union. They just needed an certified appraisal to confirm the value for the loan. His rate was just over 6% for 60 months.

Golfobsessed

Woodside credit, dealt with them years ago and they were fantastic, now they send me a line of credit every year for Barrett Jackson

Lightstream credit also

Woodside will schedule and do their own appraisal, Lightstream will lend unsecured if you have good credit.

Wrencher

Yep, pretty much need a reputable appraisal, then some credit unions will do it. I bought my '69 on a CU manager' say so, but it was in 1999. Good thing about that appraisal, Hagerty or similar insurance folks are gonna need that as well.

Hans

Finally173

I used lightStream as well. Went with an unsecured personal loan instead of a traditional auto loan. I think the rate was a little higher than an auto loan. Don't remember the specifics but it was quick & easy. I didn't like using financing, but it was a short term deal for me.

Mdbirk

Credit union

yovenim

I'm looking to buy a classic mustang. I owned one for years and was dumb enough to sell it, and I am trying to fix that mistake. If an interesting one were for sale near me, I could have my mechanic check it out pre-sale, but I don't know what to do about ones states away?

427SIXPACK

NONE:
I don't recommend financing a "TOY" especially at the current, extremely high rates !!!
P.S don't borrow from your 401k or hock your house either ...........

Mdbirk

Get a Sugar mama? Oh it's a lazy man who can't find his wife a second or third job.... Got both kidneys? Sell one!

REDONBLACK69

Do the lenders mentioned have a minimum loan amount? $25K, $50K, $100K ?

C3 Stroker

Never finance a "TOY'. If you don't have the discretionary income, you can't afford it.

C3Highway

Absolutely true and wise. To many, such words of wisdom are viewed as intolerably disappointing. I too had to learn that from hard experience.

vette68

I’m so glad I didn’t take your advice. I financed my 1968 through Key Bank. They just kept the title until I paid it off. But this was back in 1999. And I couldn’t be happier that nobody tried to talk me out of financing my toy. I would have missed out on this fun if they had.

4-vettes

Bottom line is, a lot of people finance toys. Cars, boats and Motorcycles to name just a few.
I work in the Motorcycle industry. If people didn't finance them, there would be a lot fewer Motorcycles on the road. And likely I would have found other work years ago.
When I purchased my C3 manys years ago, it certainly wasn't a classic at that time. Just a nice used car. But I had a family and lived in northern Wisconsin. It was clearly a toy. And yes I borrowed money to buy it.
One has to factor in the rather high costs of maintanince on a old car like this of course.
But it's not the end of the world to finance a toy.

C3 Stroker

Glad it worked out for you, and continue to enjoy your car. I understand people will finance what is worth it to them. You only live once. I just feel nobody ever buys a Corvette out of necessity and to me no "toy" is worth going into debt for.

vette68

There’s some truth to this:


Of course, everyone has to determine their own level of financial responsibility. I’m going to assume since the OP is only asking for financing options, that he’s not interested in getting lectured on whether or not he SHOULD finance a classic Corvette. Because there are plenty of us that know how to make a car payment work within our budget, and don’t have tens of thousands in cash laying around to blow on a toy.

So like I said, Key Bank financed my 68. It was just a used car loan. I don’t remember it being messy at all to apply for. But maybe times have changed, lending practices are tighter or the amount financed is going way up.