Classic car loans - whose done it recently?? Considering it for a Mopar purchase

[gts95]

I hadn't considered it before but I know its an option....has anyone taken a loan out to purchase their classic car (Mopar I hope!  ) If so, who did you use and what kind of interest rate did you get? Did you have to get the car appraised, or how did you (and the bank) determine a value? I'm looking for a loan in the neighborhood of $13,000 on a '70 R/T if that matters. Running and driving car.

[41husk]

I have bought classic cars, securing a loan through my local credit union, they would only go for 3 years and I had to show value estimate through a publication, I used old car price guide. 

[Back N Black]

Get a line of credit from your bank, it is usually better interest rate than a car loan.

[Old Moparz]

I was tempted several years ago & had checked into what needed to be done. I don't recall the details, but I do recall that the interest rate was substantially higher than other types of loans & decided not to do it. After giving it even more thought, I decided I am not going to go into debt over a hobby at all, it's expensive enough.

[Anders]

It's probably not the smartest thing to take a bank loan to finance your hobby. Although, I have to admit, I had to take a small loan when I bought my charger. I took loan for "kitchen renovation" and got much better interest rate than normal car loan.

[gts95]

I have bought classic cars, securing a loan through my local credit union, they would only go for 3 years and I had to show value estimate through a publication, I used old car price guide. 

Have you done that recently? What kind of interest rate did you get?

I'm kind of looking at this as someone would buying a new/used car off a dealers lot. My wife and I both drive '05 Durango's and they are both paid for, so I don't have any car payments. This would be my only "car payment", so to speak.   

[41husk]

It has been about 2 years and it was 5.75% and was taken out of my paycheck every 2 weeks $120 every two weeks.

[69pistolgripRT]

I have used JJ Best Banc & Co. classic car financing on more than one occassion. You can find them online. I always dealt with a guy named Lenny (they are out of Mass. and I live in Georgia) and was pleased everytime. My rate was always good and is based on credit score. Monthly payment like a conventional car loan and no penalties for paying off early. I wouldn't hesitate to use them again.

[1969chargerrtse]

I'm a big supporter of taking a loan.  I took a home equity loan for my Charger and have no regrets.  In fact I feel the car is free.  We just refinanced at 5 1/4% and saved 180,000 overall in the loan because we went from 30 years to 15 years, so the car is free as far as I see it?   I've always borrowed money for my cars and they have always been a great investment.  Look at people that go boating or have horses, I can imagine the 10's of thousands they spend in the long run, and then the horse dies    After the food, shelter, equipment, boarding, trucks , trailer etc....   If the car is a  classic, and it goes up in value, I say do it.  I've done it and have no regrets but happy memories.   You only live once, enjoy your life and get the car of your dreams, just buy smart and borrow smart. 



                                                                                                                                           

[bzabodyn]

Hagerty now has an arm of the company (Hagerty Finance) that finances classic cars - haven't looked into them though (I'm one of the proponents of Home Equity or HELOC's because of the tax-deductible feature)...

BZ