I have a chance to buy my very first car, I sold it 12 years ago. Same old story, laid off and didn't have the money to fix it or a place to store it.Pretty much gave it away, now it's going to cost 12000-13000 to get it back. How do you go about financing, a 30 year old car. It's a 68 RS SS Camaro. Thanks

You need to show it is worth that. Get it apraised by more than one dealer. Most banks will only give about 50% to 75% of the apraisal. Good luck

69 RS Z/28 96 IMAPLA SS 82C10 SWB 300HP 350

I just went through this a few months ago. I couldn't find any banks that would finance a collector car. I ended up using J. J. Best for financing, they seem to be just about the only company that will finance classic cars like Camaros. Check out their website at http://www.jjbest.com/. I ended up paying about 10.5% interest, and they sold my loan to First Essex Bank, in Maryland I think. You have to put a minimum of 20% down. The loan process was very slow, it took me about a week of faxing and mailing to get all the paperwork complete. Then I signed up to have my payments taken from my checking account instead of mailing a check every month. Well, the bank screwed that up and started sending me late notices and charging me late fees because I hadn't mailed a check. Several phone calls later, I finally got it all straightened out, no problems since. Not the greatest service so far, but unfortunately there aren't many other options.

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Ben - '67 RS/SS350 - Mustangs, meet your NemeSS (http://albums.photopoint.com/j/View?u=1325262&a=10254551&p=35263002)
"There's an 'e' in Ben, but there's NO 'E' IN CAMARO!!" (sorry, just a pet peeve of mine!)

Got a paid off car? Or anything of value? Get a loan on something other than the camaro. Try credit unions?

I have used my MasterCard for this things like this before. Just make sure you have one with the lowest interest rates. Ususally there are offers for 2-4% temporary rates and then just keep changing cards when the rates go up. Kind of a pain, but it can work.
Of course, you have to be careful not to keep using it!!
Plus you have the pink slip.
Just a thought.
Joe

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69 396 w/SS Trim, B&M TH400, 3.55 12 Bolt Posi, Blue w/White Z28 Stripes, Chrome Rally Wheels
Badboatdude@CS.com
69 Pics http://albums.photopoint.com/j/AlbumIndex?u=1506559&a=11674961

[This message has been edited by Joe G (edited 02-28-2001).]

Nogo - do you have any equity in your home (if you own your home) or do you have an investment account with stocks, bonds, etc? Using a home equity loan or a margin loan against your brokerage account are the two easiest, fastest ways to get money. AND, the interest is usually tax deductible. Another pretty easy source would be a 401K plan at work. Where I work, you can borrow against your plan. Check out the rules though and be careful to follow them. These are all easy sources because you are borrowing money from yourself.
A last thought would be to grab a Hemmings Motor News and look under "services." There are a number of places advertising loans for collector cars. One of those may work.

If you really get strapped find a classic car showroom... Most offer apraisals and longer term financing than a bank or CU...

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...Dennis
'69 RS Convertible w/SS trim (http://www.camaroslimited.com/memberscars/den.htm)
'96 Z28SS #1679 of 2410 (http://www.camaroslimited.com/graphics/memcars/96ss.jpg)
"The Club" (http://camaroslimited.com)

I just went to my bank back in Nov. and got a 10,000$ unsecured loan for my 71. I told them that I wanted to buy an old car at the turkey rod run in Daytona. Took about two days to get the money.Interest rate is 9%.

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70 z/28 4sp,71 camaro hugger orange/white stripes,2000 v8 Grand cherokee.(Former Know it All)

[This message has been edited by zgator (edited 02-28-2001).]

I have also used JJ Best. It also took about a week to send the paperwork back and forth,a little bit of a pain in the rear but it was worth it.

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69 Z/28 X77 D80 81000 original miles,DZ 302, M-21, BU 373 Rear End, ZL-2 Ducted Hood, Daytona Yellow, Black Deluxe, Tilt, Factory AM/FM, Console Gauges.

Take a look at this site www.peoplefirst.com (http://www.peoplefirst.com) . A friend of mine bought a used car without money down and got 17,000 loan for a high quality GTO. If you qualify, they approve you and give terms up to 60 mo.s I believe. His rate was 9.5% and nothing down. Filled out everything over the internet and phone. The paperwork comes with the check for the vehicle being blank(with ceiling amount). The loan is approved for 100% of the cost of the car---It sounds more like they go by your credit history and approved line of credit than the value of the item bought. He hasn't had any complaints. I asked him if there were any clauses about giving your firstborn if you're late once and he said he saw absolutely nothing suspicous. If I buy another car, I'll Look into this. Can't beat it if it's the real deal.

Don't ask me any more details cause I don't know. I would call this lender direct and research them.

good luck
Lance

Just talked to my friend on the phone. Direct account debit works like a champ. He has had absolutely no complaints after 8 months.

[This message has been edited by backfire (edited 03-02-2001).]

Hey Nogo,

I know this has nothing to do with your question, but just wanted to say that I'm glad to see someone else on here from area.
Good luck!! Hope you get your car back.

See if you can find a local independent bank. they seem to work with you better. i borrowed 17,500 on a 66 ss chevelle with 500 down. and a month later borrowed 12k more with nothing down on a 68ss camaro.