Anyone get one? My bank wont do anything older than a 99 and I'm looking at a 54. It isn't that much but I just spent all my cash on a roof, a deck, a swing set for the kids and a new back door. It would only be for maybe $5000.
If you have a history with the bank, try asking for a personal loan. Some times they'll go for it if they know you and they won't ask too much about what you're using it for.
Thats what I did in the past. Now I dont plan on having a car payment for the rest of my life so I refuse to buy until I have cash.
i have to agree with this...my father always told me that toys should be paid for , and you only borrow money to buy stuff that will make you money
I had a guy that was worth millions tell me to go to the bank and borrow money to buy classics. He said to buy a car and make payments for five years and just keep turning the payments into cars. When the first five years passes it will suprise you and then the ten and then fifteen. If you buy a car with the money you'll have it when your done but if not you'll just spend the money. And you'll always say that next year you'll by a car!! Kinda like the sign at Joe's Crab Shack--Free Crabs Tomorrow!! Try a home-equity loan. The guy that gave me that advice still borrows to buy cars and he's in his high 60's>>>>.
Already tried the personal loan thing. Never again. Interest rate is tto high at almost 11%. As an educator and 2 kids with medical issues, I will never have toys if I have to pay cash. I can do payments, otherwise forget it. $3000 medical bill here, $150,000 medical bill there, never happen. I'm getting the car so I can take my girls places in it like the local cruise nights, parade, show, that sort of thing. If they weren't sick, I would have a car done by now.
If you want to see the light go here www.daveramsey.com It isnt a silver bullet, it is just a sensible way to live without debt like our grandparents did.
Just bought my '57 New Yorker with a loan through Wells Fargo. Any kind of "unsecured" loan will have a higher interest rate versus a "secured" loan where you put up some collateral. Most banks won't do "auto" loans for old cars, so you have to do either a "line of credit" loan or "signature" loan, etc. My goal was to sell my 1954 Chevy before my first payment on the New Yorker came due but I've had it up on the HAMB classifieds for about a month now and no bites
I've thought about getting the Dave Ramsey stuff. My wife would have to be on board and she isn't yet.
I pay my credit card balance in full every month and don't have a car payment for my daily driver, and I am debt-free except for a mortgage. However, the pink/white 1957 New Yorker I bought (with a loan) was a good deal and it was a single-family-owned car with 48,000 original miles! Sometimes you can't let stuff like that pass you by. If you take out a loan but don't like the interest rate then try to make double payments. If you shave off time you will shave off interest. If you think your happiness quotient will increase by owning this car and it will be a fun family affair to take it out on cruise nights...you can't put a price tag on that stuff! I say go for it as long as it won't affect the household budget for necessities.
i really don't see a problem with someone borrowing money to buy a classic car that will go up in value , and of course borrowing for a house that will increase someday. i just wouldn't do it for myself but when i see guys take money out of their house to buy a bass boat or snowmobile that WILL only go down in value...i just shake my head in disbelief i've been doing the Dave Ramsey stuff before i even knew there was a Dave Ramsey
Shoows how smart you are then! The thing is, once your overhead is whittled down to nothing, taxes and insurance are unavoidable, then 5K will be nothing, you will always have fun money laying around!
Shop around, that's all I can say. If you're not finding lending on your terms, you just haven't asked enough people.
I thought I'd go this route a few years ago...I think it was a capital one Blank Check loan kinda deal, they give you a check you write it out for up to what your limit is...they had different programs for older cars or newer cars Or you could just HELOC if you have a house, that's probably the easiest way to go. I paid cash for my car but it took me years to save up, in retrospect i wish I'd gotten a loan sooner, but that presents its own problems.
To each his own I say...what works for some people doesn't work for others. At one time I was over 1 mil in debt with real estate....made almost that much when I sold it all too.....so how could I have been ahead by staying out of debt??? Anyway...life's short might as well enjoy it if you can!
I am an auto dealer and we deal with all types of auto loans. If you are looking to finance only $5,000.00 I would suggest getting a personal loan. But in todays market and economy I suggest maybe taking the option to not drain or stretch your cash flow and finance the whole car making a minimum payment. I know that sounds silly but there is a lot of cheap money for loans right now. You can get a great finance rate and term currently with JJ Best at www.jjbest.com. They specialize in classic car loans. I currently do loans with them and the process is very easy. You will have to provide them with a credit app, pictures and book value of the vehicle. This can all be done by email and Fedex. They will approve your loan and then send you the docs to sign. They offer up to 180 month terms and rates in the 6% range. This might be your best play to keep that cash in your pocket if you quailfy with your credit score. If you need a value on the car you are purchasing go to www.nada.com and click consumer, then click classic cars and follow the instructions. I hope this helps. thesneakytiki
If I remember correctly JJ Best won't write a loan for $5K. They might have changed this but check into it before you let them pull your report. Are you a member of USAA? If so, they will write the loan as well. Quick and easy over the phone if you have the VIN or serial number. The interest rate depends on your credit.
I'm currently working on a loan with J.J. Best. You do have to have a down payment. When I was looking at a '55 Chevy they wanted 10% down. Then I decided to get a '31 Ford Hot Rod, and they wanted 20% down. They've been easy to work with, though, and sellers seem more comfortable knowing the check comes from a third party.
In general I agree with this.... But...if you really need the cash and since you're only talking about $5000 clams, have you ever considered borrowing against your 401K? You pay interest to your 401K's service bureau, but you're paying the loan back to yourself of sorts...I'm sure many people on here well give you very good and sound reasons why not to do this, but using your 401K money does several things well for you such as: No credit check No open credit line reduction You set the repayment schedule, not the lender You set the amount you borrow, no being told by a bank how much you're 'approved' for... Although to play Devil's Advocate against the words above, I quote an old friend who is very wise with money " If you can't afford to total the car, you can't afford the car..." ...and it will be taxed as income, so that's a big drawback, but if you really need the cash...
...line of credit ? Pull down 5 g's and pay back ASAP ?? You only live once .... can't drive yer hotrod in Heaven .....
Agreed on Dave Ramsey, I'm about 6 months from being debt-free except for the house. Yeah. all my cars are beaters, but when it's all said and done, I'll be way better off and able to afford whatever I want. Live for today if you want, tomorrow WILL be here...
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