Anybody know anything about getting a loan for a classic car? I'm still wanting something different but I'm not sure what I want. I've been thinking about something old since insurance is so cheap, and there isn’t the depreciation, but I don't think the local banks will do a loan for a classic car.

It never hurts to ask. You might be surprised!

PS If you get a home equity loan you can use it for pretty much whatever you want and write off the interest.

Check out www.jjbest.com (http://www.jjbest.com)

I wonder what you can get for around $10,000? I've been wanting a nice driver Firebird 400 with an auto but I'm not sure I could afford one.

As a bank Loan officer, You will be very surprised that your bank will do a classic loan. Call and check, They usually require a title.Good Luck.

Chris,
Try Capital One Finance. The use to be People First Finance. They give loans for muscle cars etc. If you go to www.midwestcarexchange.com (http://www.midwestcarexchange.com) you will see there add on the bottom of the page. smile.gif

My banker used to own a '69 Camaro. Everytime I go in the bank now he wants to talk about old cars. If I ever needed a loan for a classic I know he wouldn't even blink an eye!
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I found a low intrest credit card and took out a cash advance. It was a Capitol One card with no intrest for 6 months and 7% after that. There may be some cheaper than that. But I financed less than 10K. At that rate, it was better than any car loan around here at least.

I don't recomend it but most classic car dealerships that sell on consignment have financing and I've seen up to 15 years... :eek:

I have had three loans from JJ Best over the last five years. They are an excellent company but I found that Capital One has a much better interest rate and an much faster application process. I currently have my 69 pace car financed there. I applied online and was approved the next day and they did not require a third party inspection of the car. I had my money in about two days. The cool thing is that you can apply for the loan, get your money, then go find the car you want. They give you plenty of time and your loan doesn't actually start until you find a car and cash the check. If you never find a car then you lose nothing.

http://www.capitaloneautofinance.com/Public/Home/Default.aspx

I took out a loan against my own 401K. Since the financial market hasn't been doing much for a while, I'm paying myself the interest which isn't a whole lot, but again my 401K isn't doing much anyway. I just make sure it's a short term loan in case the market takes off I don't want to lose the opportunity to make money on it. I have no regrets for doing the 401K loan and my car(s) have gone up in value a lot more than my 401K has in the last 3 years.

Hmm Larry I like that idea. Now how much and for how long should I go? And what do I want?