re-financing classic car loans

[joflaig]

My local bank, through which I've had my checking account for years, had an ad for re-financing auto loans at 4.74%. Of course, I called and asked about classic cars and they said their underwriter says no friggin way.

Has any found a bank that will refinance classic car loans?

[Troy]

I have found that J.J. Best, Hagerty (Woodside Credit), and Capital One are your best bets. Since classic cars are luxury items and the values are much harder to determine accurately you aren't likely to get the best rates. I think the current rates are around 7-9%. You also need to have "Good" credit (score above 600) to even qualify - although Capital One seems more lenient in this regard. I believe that Hagerty gives discounts on their insurance if you finance through them.

Troy

[hutch]

I think you just want to get a standard secured loan backed by the value of the car maybe?  You could use a home equity line. rates are low as crap right now with home loans.

www.capcenter.com

[Troy]

Something about using your home as collateral for your car just doesn't sit well with me. I don't care what the interest rate is.

Troy

[68charger383]

If you can become a member, try a credit union...call and talk to their loan department directly since it is a less common loan, the front line branch person might not be aware that they lend for the classics.

[BigBlockSam]

Something about using your home as collateral for your car just doesn't sit well with me

yea that sounds a little scary

[Troy]

None of the three credit unions that I belong to will loan money on an older/classic car. Some might though so it's worth a shot. I can get unsecured loans or personal lines of credit through them although the interest rates are typically higher.

Troy

[bzabodyn]

Actually, a home equity loan or HELOC isn't a bad alternative if you can't find traditional financing with acceptable rate/terms... interest rate is generally cheaper and tax-deductible also... and you don't have to worry about clouding up the title of the car if you don't have it paid off if it comes time to sell...

BZ

(I'm actually a banker - don't hold it against me - and I've financed a couple restorations and lots of purchases -- and only had to repo one so far!)

[1969chargerrtse]

Actually, a home equity loan or HELOC isn't a bad alternative if you can't find traditional financing with acceptable rate/terms... interest rate is generally cheaper and tax-deductible also... and you don't have to worry about clouding up the title of the car if you don't have it paid off if it comes time to sell...

BZ

(I'm actually a banker - don't hold it against me - and I've financed a couple restorations and lots of purchases -- and only had to repo one so far!)

That's what I did and have no issue with it?  Anytime the wife mentions bills etc, I just say don't forget there's 35 grand insured sitting in the garage.