lane_viper

Second these guys. They didn't even flinch when I talked to them about financing a 97 Viper.

Everyone keep in mind that the question is "who to use" not "should I". Everyone is responsible for their own financial well being, and can make their own choices.

70RT440

Not sure about where you are, but around here, a trip to any Cars & Coffee would change your mind. The majority of people there are in their late teens and twenties and they have built some very cool hot rods. I see one kid (late teens) there all the time in a C5 with racing seats and harnesses, another (late twenties) driving a fairly modified Z06. One young guy with a VW Beetle rat rod he built himself with a big ol' electric motor (painted in bright red wrinkle finish paint...very cool) sticking out of the engine compartment. A few guys with Gen1 VW rabbits with later VW engine transplants in 'em. One guy who can't be older than twenty brings a GORGEOUS Alfa GTV6.

In fact...most of the REALLY cool, unusually modded cars belong to people under the age of 30. The old farts are sitting around their trailer queen, over-restored musclecars and exotics in folding chairs making sure no one get too close.

Hot rod culture is still alive and well, it just looks different now.

Down

Very similar terms to what I financed an 02 Z06 for recently at a Credit Union. Very easy process and they were wide open to loaning on this old of a car from the get go, so I was going to suggest OP keep looking into credit unions..
BUT
Then I saw something about financing $30k and I'm not confident at all. It's one thing to finance a 15 year old car, it's an entirely different thing to finance a 15 year old car for 165% of its value, since mods don't typically affect a car's loan value.

I'll be real curious if OP can find anyone willing to make that loan so please do keep us updated and best of luck!

friou

Give Lightstream a try. Easy to deal with for folks with excellent credit. They will finance 100% over an extended period. very good interest rates. They will finance older cars that most banks and credit unions will not. They give it as a personal loan and do not require that they hold the title. I know a number of folks who have used them and haven't heard a bad word about them. Actually, quite the contrary. Best wishes!

SelfCo

Most banks/credit unions will loan up to 125% of value. A 2004 z06 has a loan value of around $20K depending on mileage. It could have $50K worth of upgrades and loan value would still be $20K. Mods do not add to a vehicles value. My CU will finance just about anything below 100K miles.

GroundFlyer

I just paid off a loan to LightStream for my 2001. Interest was an unbelievable 1.99% ! Took the loan out for 60 mos and paid in 28 mos. I held the title all the while. My CU wanted 9.99% on a personal loan. I’d go LightStream again.

DavidandJoansVette

Non supporting dealer IN Atlanta financed my 77 with Northwest bank in PA for 5 years. Interest about 8% but my down payment was small and I can use my cash for home stuff.

vettefordays

HORIBBLE rates on old cars, regardless of credit. I was pulled at 785 and quoted at nothing less than 7% for 3 different credit unions.

ts11469

I financed because I didn't want to withdraw $25k in cash that was doing well where it was. I got financed through Wells Fargo Dealer Services for 5% for a 2002 z06 with 19k miles. Bought the car 45 days ago

Jackie N

Hope that cash is earning you more than 5%

JeffNReg

Lightstream...2.99% on ‘03 Z06. I’ll never understand when someone posts asking for financing (not financial) advice, the Dave Ramsey’s come out of the woodwork.

mister2

1. Unless the "something else" happens to be another C5, or even older car Corvette, borrow on that one instead.
2. The market value on a C5 could go underwater anytime, given the state of the factory electronics support (none).
then you'll have to eat not only the principal, but also the interest.
3. Leave a back door open. Get an idea of what your car might sell for in case of #2, or when you get tired of it, either in whole or as parts (!). The last thing anybody wants is a debt that needs to be paid, and no car.

I wouldn't do it, but maybe you know something I don't.
Good luck!

Jackie N

There are angles to financing which many people don't consider before getting a loan. Nothing wrong with offering advice on the matter. It's a discussion forum.

K-Spaz

I think he's talking more about the people who were saying how bad a idea it is to finance a Corvette.

Yea... whatever...

And full disclosure, I'm a Dave Ramsey type on steroids!

Nabcoinc

I’m not a fan of borrowing to buy a 20 year old car either, or any car for that matter but based on your statement you should never borrow to even buy a new car that depreciates a ton just driving off the lot.

MikeyMcFly

Gimme a yell when you find a 5k Supra Turbo, I'll buy 3 tomorrow. I missed my window on those when I graduated college.

Well said. I'm starting to cross into "the olds" but a lot of my friends are car guys and they have tons of interesting projects. I like old muscle cars as much as the next guy, but the Dodge Omni GLH and a huge is way more interesting to me than another 68 Camaro with a small block, no disrespect to the Camaro, of course.

70RT440

Funny. I had a N.A. GLH in college. Twin Webers, a header witb 2.5 inch exhaust, and a cam and it was time to go Mustang hunting! That little 2.2 was a beast....especially in a 2,500 pound car.

MikeyMcFly

That was the great thing about the Honda world circa 2002ish. The Mustang GT with the 4.6 wasn't making a ton of power at the time, so doing a Prelude H22 swap into an Accord would create a grocery getter that could hang with / surprise some more interesting cars. Same thing with the B swaps in Civics. If you didn't cheap on the exhaust they could even sound decent. I used to love the noise my Accord made when I got on it. My Accord had no power, but with adjustable struts and strut braces front and rear, it could hang with much, much faster cars in the corners.

Vetteman Jack

You are just going to have to call around and see what the financial institution's policies on a 15 year old car. Some may make a loan, but the interest rate may be high.