so I've been saving for a new cl***ic to replace my DD as it get a new motor. Well the daily is starting to leak bad, and not sure how much longer its going to hold so I was thinking of getting a loan. anyone have a good suggestion of who I should try?
I got an auto loan through wells fargo for an OLD car. They didn't care the year of the car as long as they could find similar cars to compare the price to. I didn't have to put up collateral or anything. Of course this was a little while back.
Your local bank or the bank that knows you/your financial history the best place to start. I've done personal loans, car loans, credit cards, home equity lines, 2nd mortgages - you name it, I've done it to buy my old iron....it all works. No different than anything else, shop for rates and service first and negotiate for the terms you can afford.
Dont do it. You will feel better paying for it. It will drive better. Check this guy out. www.daveramsey.com I not on a soapbox here. I just wish someone showed me this years ago. Good luck.
My uncle Guido gives nice people loans. He's always in an office in the back of Alfredo's Deli down on 9th. You can't miss him. He's the heavy guy with lot's of gold chains.
I'll check those out. I've bought the all of my cars with cash excluding my current dd, and really would like to pay for it all upfront too but I gotta be able to get to work!
racer756....you took the words right out of my mouth....Im a big believer in only buying things I can afford. Everything I own, I bought in cash and I never finance anything. ---- My take on things - especially on this board is: why Buy when you can build? Thats the fun of it anyway.....
I will - I'm not shy. Has no one been paying attention to the world? Buy what you can afford. If you can't pay cash for something then just wait. And I liked your Dave Ramsey link.
AMEN!!!! IF YOU CAN'T PAY FOR IT, BE A MAN, DON'T ****ING BUY IT.....Grandpa wouldn't... Our USA government is doing a good job wih borrowed money.....yours and mine I mean......oh boy......
Only CASH for your fun stuff. Never finance unnecessary items. You'll take the fun out of your hobby and you will, in turn, become a slave to it.
Mazooma1 is right...Dave Ramsay is right on as well...we all need to learn those lessons...myself included
I disagree. If he is buying a daily, finance. Toy, don't finance. You would finance a new work truck right? Or do you have to walk to work dragging your tools behind you until you can pay cash? Daily folks, not toy.
He stated he wants to finance a cl***ic to drive while replacing the engine in his daily if I read it correctly. I also disagree with financing a daily. If you do it correctly you do not need to finance a car - work, daily or toy. Period.
I'm gonna leave my editorial comments aside and just stick to the question. I previously was going to use a 'blank check' loan from capital one, but now I read that they have a *TON* of restrictions including no cars older than 7 years 70,000 miles. Previously it was no problem getting a loan for a cl***ic. Man this is probably one of the worst times in a generation to get a loan for a cl***ic car. The pendulum is swinging to extremely conservative lending. Good luck.
There's nothing wrong with getting a loan, financing is a tool that can be used to make money. I have borrowed money several times to take advantage of an opportunity. A couple I have turned for a good profit. I do business with several banks and know most of the people personally. I guess that is an advantage of living in a small town.
I got a loan for $1500 from a bank back in 1986 for a 1961 Cadillac, amazingly enough I got it, the payments were $80 a month, it actually established my credit.
I'm trying to follow the Ramsey principles myself. It's tough, but I have never felt better. Less debt = less stress. Period. Eric
Might be tough to find a loan in this market. Consider this - is your job secure? If your employer's taxes go up and they can't do as much of whatever it is they do, will they lay you off? Now.. do you have enough money or insurance to handle any other unforseen expense that comes along? Say a car accident, an injury where you have to pay part of your medical bills, things like that? If you think your job is secure and you have a reasonable amount of money, then try a loan. You'll need to have excellent credit to get one right now - you could probably try offering to agree to a higher interest rate, or putting 20% down, but who knows if a bank will gamble like that now. You might be better off to just hit the local auctions and round up a beater, an old cop car, whatever, that will last 10,000 miles or so without dying. Then save your money and see what happens to prices in 6 or 12 months. Just uh, save it in coffee cans in the yard so that the gov't doesn't decide you're rich or anything.
I'm no financial advisor, but depending on how much you want to borrow, maybe check into a line of credit with a floating interest rate. The interest rate might be very low, and it is very easy to put payments down each month depending on what you can afford. Pay it off as fast as you can, so that you minimize your cost due to interest.
I'm not sure what the restrictions are, but they aren't that bad. I bought a 10-year old BMW M3 with 80,000+ miles using a blank check a couple of years ago so that I could take my time finding a buyer for my other car and then pay the loan off. I hate trying to sell one car to buy another, you end up selling for less than you want to rush the deal along or having the car you're trying to buy sold before you can get to it. So, I found the car I wanted first, borrowed the money, then took a little time and sold the other car for what it was worth and payed the loan off.
I am ***uming you are planning to buy a cl***ic as your DD. If so the a loan is not so bad. Of course don't go overboard, but at least cl***ics don't depreciate like most any late model driver would. There is nothing wrong with getting a loan. BTW, I do agree with Dave Ramsey on most everything but buying cl***ics has been very good to me.
I just paid off my J.J.Best loan. Wells Fargo wouldn't give me a personal loan for it. Interest was 8.9%, which I didn't think was too bad. We paid a little extra every month and paid it off a year and a half early. That being said, we are now debt free for the first time in our adult lives, and it's pretty sweet. I always save up for the upgrades and don't put any sweet parts on credit.
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