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Finally in the market...finance question?

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yeahiknowiam

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Discussion starter · #1 · (Edited)
What's up everyone. I've been following these forums for a while now and I've just taken the time to register. I love how everyone seems so nice and ready to help each other... It's great to be here. I've finally found myself in a financial position where I can jusitfy taking a loan out to buy the car of my dreams... a 1966-67 Chevelle.

Although I have mod experience on my different cars in the past, I've never had the pleasure of working on a musclecar. I can't even tell you how excited I am to get started. However, I don't want to rush into things and buy a rust bucket or make a bad investment. But before I start looking for a car, I need to be sure I have the cash to back up my purchase.

So I was wondering... Does anyone have experience in musclecar loans, or have any companies you recommend going with? I'm looking to take out $20,000 and spend roughly $10,000 - $15,000 on the car. The rest would be left over for instant repairs or upgrades. Of course, over time I will continue having fun.

Thanks in advance everyone.

P.S. Any advice for a new buyer would be great
 
#2 ·
Re: Finally in the market...

well, i have no idea about the rest of that stuff, but let me be the first to say "welcome!" :waving: as you found out, it's a great site on here.

good luck with the car. and we'll definitely need pictures when you find it.
 
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#3 ·
Re: Finally in the market...

Typically, with an auto loan, the value of the vehicle is the equity that secures the loan. So, if your example, your only going to get $20K loaned to you if the value of the vehicle securing that loan is $20K (or more). Therefore, If you only want to spend $15K on the car you are going to need to find one heck of a deal from someone willing to let his car go for about $5K less than it's worth.

Also, you'll typically need some cash down.

I can think of two options:
1.) Get a home equity loan (assuming you own your home). This loan is secured by your home, not the vehicle.
2.) Get an auto loan, but for the "extra" cash you need for modifications get a credit card with a low introductory rate. Use the card for your improvements and get the balance paid of before the rate goes up.
 
#4 ·
Re: Finally in the market...

I'll keep an eye out up this way. I'm straight up 575/515 in Jasper, about 4 miles from Jasper Jeep sales. If you need some one to assist you in looking at a car, email me, or call. I'm in the Jasper phone book. As far as the cash question, I can't help about that one. I'd get that figured out first, and then start the search.
 
#5 ·
Re: Finally in the market...

Don't buy a car "site unseen". Pictures over the internet have a wonderful way of making the car look way better than it is and the photographer can "hide" things that are wrong. With that kind of money being spent, I'd even fly to CA from your location to check out the car before a purchase. To some people, this "hobbie" is a dog eat dog world and they'll tell you anything for a sale. Do your research and again, go inspect the car.
 
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Discussion starter · #6 ·
Thanks for all the great responces... I really apprecaite it!

My next question is about insurance. I've found several places on the web that offer classic car insurance but I'm weary about how trustworthy they are. Are there any particular companies that you guys suggest going with? I am currently with Progressive for my normal insurance, but they said I need to contant a company that specializes in muscle cars.
 
#7 ·
well when i bought my car they were going to make me have it apraised, i was on a short time line, id known about the car but didnt think the guy was in a rush to sell it till it was for sale on here and he said if i wanted it i had a week cause he had people coming on sunday cash, so i didnt have time for an apraisal, so i told them they could get the book value on NADA under classic cars, they looked, saw i was looking for a lot less than the average retail and gave it too me, but they would only give me 80% of the book value. so if they say u need an apraisal tell them they can get a value on nada. they also would only let me have a 4 year loan because of the age of the vehicle, but i had the cash that day! and for insurance hagerty is supposed to be real good. hope this helps
 
#9 ·
First and foremost, you're gonna need to give us a name to call you. Or we'll just make one up. :D

Second, absolutly cheepest way, interest wise, to finance such a purchase is via home equity loan, or an equity line of credit. Both carry the same rate. Diff is with a loan you get the lump sum. With a line you have access to what you need - up to your line.

Third, insurance will depend on how you use the car. If you intend for it to be a daily driver then you'll likely need to go with a traditional carrier. If you are goint to register and use it as a antique/collector; seldom driven, always garaged, etc-etc then you can look into some of the collector car insurance companies. Hagerty's for example.

Finally, wisdom given here is spend as much as you can on the car to ensure you get a solid foundation from which to build. Your initial 20K should net you a pretty solid 66/67.

Dan
 
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#10 ·
ss3964spd said:
First and foremost, you're gonna need to give us a name to call you. Or we'll just make one up. :D

Second, absolutly cheepest way, interest wise, to finance such a purchase is via home equity loan, or an equity line of credit. Both carry the same rate. Diff is with a loan you get the lump sum. With a line you have access to what you need - up to your line.

Third, insurance will depend on how you use the car. If you intend for it to be a daily driver then you'll likely need to go with a traditional carrier. If you are goint to register and use it as a antique/collector; seldom driven, always garaged, etc-etc then you can look into some of the collector car insurance companies. Hagerty's for example.

Finally, wisdom given here is spend as much as you can on the car to ensure you get a solid foundation from which to build. Your initial 20K should net you a pretty solid 66/67.

Dan
Click to expand...
First wecome to the site. Very good advice from everyone. I would say don't rush, set your goal and plan around it. The cars are out there, My friend sold his 66ss two weeks ago. I never thought he would sell. Very nice car. Its just according to what you want. One to work on and do a frame off or one you can buy and drive and enjoy and then begin the process. Remember, they are never done! Good luck with your search. Oh and be careful on E-Bay........
 
#11 ·
Regardless of what you do to finance the car, I would advise against a HELOC. Housing values seem to be stagnating/falling, and subsequent (likely) rate hikes could put you at risk of a higher monthly payment. Just my opinion, good luck!
 
#12 ·
Lots of great advice here.

Definitely go look at the car. Don't let friends or relatives do it. Or you may quickly be on the outs with them. Your idea of a good paint job and theirs maybe miles apart.

Buy the best car you can. I have bought 2 fair cars and I easily have wrapped up more in them than If I'd have just bought a really nice one. And mine still are not that nice. I break things.

Get a car that has a strong trans, rear end, ect. I have been through lots of trannys and it isn't cheap to add a posi, gears or axles. Also if it is a 10 bolt don't expect it to last with much power infront of it.

My personal thing is I like the motor/suspension parts. Not for everybody. SOme people like the shinning/polishing detail oriented stuff. Find what you like and if its not engines have the numbers checked to see what it has and in what shape. Have a compression test and other things like oil pressure, over heating, issues checked if not by you have a shop look at if for you. It would be worht the 100 they might charge to catch something. A friend got burned on a very good running 396. The rings were trashed and bent broken it was pretty much a lost cause except for the heads.

I stuck with State Farm on my insurance but I did have them come take pictures and appraise it for 20K even though I probably couldn't sell it for that. Since its not my main car the premiums are not that bad even with little deductable. My agent has been very good to work with on my other vehicles.

A good friend from this site just sold his 67SS clone. it was a beautiful car with very few imperfections. He sold it for 22,500 to a car dealer then they sold it for more. It also had a stock 4sp, and 10 bolt rear. But it had a fresh 454, disc brakes, AC, a good radiator, buckets, power windows. super stereo.

Are you a numbers matching kind of person? Or are clones or plain old Malibus ok with you.

Welcom, welcome, Good choice on the 66-67 years. I'm biased.

Rob
 
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#14 ·
the answer to your question is no.......they will not give you $20,000 for a $10,000 car.....if you don't have a home the only thing you can do(there are some other options if you have cd's, 401k, or somting like that) is take out a personal loan, and the intrest is not so great...........this is my(yes i said my) opinion.........the car is a project dont go in the hole for it(get a loan for the car at least it is there)..........just do what you can
 
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