Motorcars Financial??????

[hotrod05]

Has anyone ever used this company to finance or do you prefer JJBest??? Thanks

[Ghoste]

Never heard of the first one, the other typically have a booth at any of the concours events and many of the higher end collector car auctions for whatever that is worth.

[RECHRGD]

Not to bust your chops or anything, but why would you want to go into debt for a collector/hobby car?  Save up the money and pay cash.  These things will continue to pick your pocket every month anyway.  Just my

[1974dodgecharger]

Not to bust your chops or anything, but why would you want to go into debt for a collector/hobby car?  Save up the money and pay cash.  These things will continue to pick your pocket every month anyway.  Just my

I agree unless he finances one that is totally redone ie rotissierie, upgraded everything, modern parts, etc..that can cost 60k plus for one that has gone through all that. Other than that save up 15k to 30k and then get one.

[hotrod05]

I have 20k saved, looking to borrow 20k that's 40k for a restored 69 R/T. That's the only way I think I can make it happen. I could part with to 20k in the bank but writing a check for 40k would be tough. I think??. I just would have thought that most of you would have financed some part of your car. I will take me another 2 years to save the other 20k. That seems a long time to wait. I can get 8.9% on a loan that does not seem so bad. I lost more than that in my 401k thats why I stopped that and thought I would buy the car of my dreams and enjoy in the spring of 2013 which is when I will have the 20k saved. I'm hoping that if I get one restored it will not kill me on repairs every month. Ive been on this site for about a year now and I think 40k is a very good price for a great looking car. Thanks for the comments.

[1974dodgecharger]

I have 20k saved, looking to borrow 20k that's 40k for a restored 69 R/T. That's the only way I think I can make it happen. I could part with to 20k in the bank but writing a check for 40k would be tough. I think??. I just would have thought that most of you would have financed some part of your car. I will take me another 2 years to save the other 20k. That seems a long time to wait. I can get 8.9% on a loan that does not seem so bad. I lost more than that in my 401k thats why I stopped that and thought I would buy the car of my dreams and enjoy in the spring of 2013 which is when I will have the 20k saved. I'm hoping that if I get one restored it will not kill me on repairs every month. Ive been on this site for about a year now and I think 40k is a very good price for a great looking car. Thanks for the comments.

buy one now for 20k look around and then casually save up the 20k you plan on the next 2 years in upgrades slowly...its funnier that way also.

thats my goal at least....

[Brock Lee]

It isn't a bad idea. Having one restored would end up costing more and then you have to wait to enjoy it. This way you can start enjoying it now.

[Chippa]

^^ + 1 Anyone who has been down the track of selling a worked car knows that they will more than likely lose some coin as i know all too well myself many times over....or at least try to break even  enjoy what you are doing....One life, One ride .....make the most of it 

[Ghoste]

On the other hand, if you found your dream car and didn't have that amount of cash saved and you knew you could swing the payments, why wouldn't you borrow it?   Putting yourself in position to lose it all or having payments that leave you skipping meals is clearly stupid but manageable debt is possible.

[RECHRGD]

Well, I guess I've seen the damage too much in my lifetime that instant gratification debt can bring to condone borrowing for non-essentials.  If you can easily make the payments, then you can easily save the cash.  I saw my parents in the '50's and '60's always spending more than they made.  New cars every year, always refinancing the house as values increased and borrowing from their parents.  They had it all for awhile, then the bank took the house, they moved to a rental and eventually died broke.  I don't owe anyone a dime.  Maybe I'm too anal about, but if I can't pay cash for a toy, then I wait until I can.....

[Ghoste]

Agreed, those would all be good examples of unmanageable debt imo and would certainly form your thoughts on all debt for life.  Balance and moderation are difficult to find in all human endeavours aren't they?

[Daytona R/T SE]

I take out a loan for two things:

House.

New pickup truck every few years.

That's it.

[1974dodgecharger]

On the other hand, if you found your dream car and didn't have that amount of cash saved and you knew you could swing the payments, why wouldn't you borrow it?   Putting yourself in position to lose it all or having payments that leave you skipping meals is clearly stupid but manageable debt is possible.

another good point if one saw one for 40k and he had 20k saved up he could tell the finance company Im putting down 20k. The thing is he wants a charger that has modern reliability alas no issues one bit, daily driver, etc...hard to predict what the previous owner did to it thats all vs buying one for 20k thats decent and then upgrading it slowly saving up 20k over 2 years.

[hotrod05]

Thanks for all the opinions. 1st, Most people have no problem purchasing a new car for 30k, making payments only to find out in 5 years your car only worth half of the purchase price. 2nd whatever I purchase is only a weekend driver,  I have a civic that gets 35 mpg that I use for work. One day the Charger will belong to my son.  Chippa,,,,,, One Life, One Ride ....That might just be the right answer for me. Just some insite. Im 53 and a 18 year survivor of cancer, not that that is important but I do live the day. There are other people on this site that are suvivors also as I have read in other posts. Hopefully in the spring of 2013 my dream will become reality. My son is off to college and  I do not think Im interested in saving for another 2 years, I would rather make the payments and enjoy the ride. Here's hoping I will be able to meet some of you in Carlise next summer. So keep your eyes open as I will be posting In the cars wanted section of this site in the spring. I'm not sure if everyone knows how much help and insite the people of this site are. Iv'e always wanted a 69 R/T and reading all of your post just makes it that much important to own one. Thanks Again..

[AirborneSilva]

Just because someone sees something they want and buy it on finance does not make them a poor money manager, if they can afford it and are not hurting their household funds then what is the problem - what they do with their money is their business, as long as they are not on the government dime that is 

[Troy]

I've never used Motorcars. I have used JJ Best three times. I am one of those people who hates to sell a car before buying another (in case I can't find another right away) so I "float" a loan to get the car I want and then sell something to repay it. The interest rates are so low right now that - if you're ever going to - now is a good time borrow money. Not to mention, prices are so cheap I can't imagine saving for another few years only to find out that the prices went up again. I also do the buy-a-cheap-project-that-takes-many-years-and-many-more-dollars-to-complete plan...

Troy

[lloyd3]

I'm of the mind that it is cheaper to buy them done anymore. I don't like borrowing money either (debt is cancer), but....interest rates are at an all-time low and restoration costs are at an all-time high these days (for competent people). Good parts are also both a challenge to find and then pay for.  Since this fellow has already saved a substantial portion of the investment, if (God forbid!) for some reason he has to liquidate he should at-least be able to recover enough of his investment to clear his note.  Do your homework first and make certain that you're really getting what you're paying for. Then, once you have satisfied all of your questions...pull the trigger.

Happy motoring!

[Troy]

Yeah, did that with the 2 year waiting lists for competent body shops, 3 years to have a motor built, 7 weeks for a transmission rebuild, 5 weeks for a single gauge repair, 3 months for seat cover installation, 17 months (and counting!) for steering component restoration, etc. Buy a finished car - if you trust that it was done right and it meets your needs. Don't buy a finished car just to be buying a finished car though because many of them require just as much work as a project. Just because the money is "easy" doesn't mean you can spend it thoughtlessly. It's real hard to get out of a car you have a lien on - especially if you overpaid!

Classic car loans will have a higher interest rate than a new car. They also require at least 15% down and good insurance. JJ Best will send an inspector to verify the car (at your expense) before giving you a dime. If there's anything fishy you're on your own. Be aware that some buyers are not comfortable receiving a check from an out of state bank and some banks are a complete PITA with it as well. JJ Best sends a two-party check so buyer and seller must both sign it - and, in some cases, be present - to cash it. It's a few more hoops than cash but it's really pretty painless. However, you could lose out on your dream car if the seller is leery. Be prepared.

Troy

[AirborneSilva]

I wanted to go to the desert (Afghanistan), so I could pay off some bills and pay cash for a fully restored 1968 Charger R/T but the wife said she'd divorce me if I went, so when I can find a Charger I will be financing it, I wish I have 35 - 40K laying around....

[1974dodgecharger]

I wanted to go to the desert (Afghanistan), so I could pay off some bills and pay cash for a fully restored 1968 Charger R/T but the wife said she'd divorce me if I went, so when I can find a Charger I will be financing it, I wish I have 35 - 40K laying around....

as a 'contractor' in Afg? Those guys make bucko bucks man.....200k plus per year and first 150k is tax free. come home once a month on weekends and fly back on contractors dime.

[1974dodgecharger]

3  years? 

Yeah, did that with the 2 year waiting lists for competent body shops, 3 years to have a motor built, 7 weeks for a transmission rebuild, 5 weeks for a single gauge repair, 3 months for seat cover installation, 17 months (and counting!) for steering component restoration, etc. Buy a finished car - if you trust that it was done right and it meets your needs. Don't buy a finished car just to be buying a finished car though because many of them require just as much work as a project. Just because the money is "easy" doesn't mean you can spend it thoughtlessly. It's real hard to get out of a car you have a lien on - especially if you overpaid!

Classic car loans will have a higher interest rate than a new car. They also require at least 15% down and good insurance. JJ Best will send an inspector to verify the car (at your expense) before giving you a dime. If there's anything fishy you're on your own. Be aware that some buyers are not comfortable receiving a check from an out of state bank and some banks are a complete PITA with it as well. JJ Best sends a two-party check so buyer and seller must both sign it - and, in some cases, be present - to cash it. It's a few more hoops than cash but it's really pretty painless. However, you could lose out on your dream car if the seller is leery. Be prepared.

Troy

[Troy]

3  years? 

Yeah, did that with the 2 year waiting lists for competent body shops, 3 years to have a motor built, 7 weeks for a transmission rebuild, 5 weeks for a single gauge repair, 3 months for seat cover installation, 17 months (and counting!) for steering component restoration, etc. Buy a finished car - if you trust that it was done right and it meets your needs. Don't buy a finished car just to be buying a finished car though because many of them require just as much work as a project. Just because the money is "easy" doesn't mean you can spend it thoughtlessly. It's real hard to get out of a car you have a lien on - especially if you overpaid!

Classic car loans will have a higher interest rate than a new car. They also require at least 15% down and good insurance. JJ Best will send an inspector to verify the car (at your expense) before giving you a dime. If there's anything fishy you're on your own. Be aware that some buyers are not comfortable receiving a check from an out of state bank and some banks are a complete PITA with it as well. JJ Best sends a two-party check so buyer and seller must both sign it - and, in some cases, be present - to cash it. It's a few more hoops than cash but it's really pretty painless. However, you could lose out on your dream car if the seller is leery. Be prepared.

Troy

Yes, and I paid up front. Never again!

Troy

[1974dodgecharger]

Wow troy I questioned 3 years because I have never heard of someone taking 3 years to build an engine. I take it though they took their sweet time on purpose because they knew they had your money. I can see 3 months max

-waiting for tear down
-cleaned block
-rebuild
-etc...

but wow 3 years.

3  years? 

Yeah, did that with the 2 year waiting lists for competent body shops, 3 years to have a motor built, 7 weeks for a transmission rebuild, 5 weeks for a single gauge repair, 3 months for seat cover installation, 17 months (and counting!) for steering component restoration, etc. Buy a finished car - if you trust that it was done right and it meets your needs. Don't buy a finished car just to be buying a finished car though because many of them require just as much work as a project. Just because the money is "easy" doesn't mean you can spend it thoughtlessly. It's real hard to get out of a car you have a lien on - especially if you overpaid!

Classic car loans will have a higher interest rate than a new car. They also require at least 15% down and good insurance. JJ Best will send an inspector to verify the car (at your expense) before giving you a dime. If there's anything fishy you're on your own. Be aware that some buyers are not comfortable receiving a check from an out of state bank and some banks are a complete PITA with it as well. JJ Best sends a two-party check so buyer and seller must both sign it - and, in some cases, be present - to cash it. It's a few more hoops than cash but it's really pretty painless. However, you could lose out on your dream car if the seller is leery. Be prepared.

Troy

Yes, and I paid up front. Never again!

Troy

[AirborneSilva]

I wanted to go to the desert (Afghanistan), so I could pay off some bills and pay cash for a fully restored 1968 Charger R/T but the wife said she'd divorce me if I went, so when I can find a Charger I will be financing it, I wish I have 35 - 40K laying around....

as a 'contractor' in Afg? Those guys make bucko bucks man.....200k plus per year and first 150k is tax free. come home once a month on weekends and fly back on contractors dime.

Nah, I'm government but would still make some good money.

[GT]

Well i certainly would never get a 8.9% loan... there are better options if you shop around.  All though not much smarter, you could take out equity on your home and probably have a lower interest rate than 8.9%...