Anyone borrow the money for a nice Chevelle from the bank? I went to get pre-approved for a loan today and now I'm in waiting to see if they're going to loan me the loot. I told the lady at the bank what I was wanting the money for and she gave me the deer in the headlights look when I told her I was wanting 15K for a 1970 Chevelle SS. Then she asked what the guys name was. She thought I was making up a whopper. I know my credit is great and my income to debt ratio isn't out of line, so hopefully it goes okay.
Borrow From Bank
TRANNY SMOKE
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Anyone borrow the money for a nice Chevelle from the bank? I went to get pre-approved for a loan today and now I'm in waiting to see if they're going to loan me the loot. I told the lady at the bank what I was wanting the money for and she gave me the deer in the headlights look when I told her I was wanting 15K for a 1970 Chevelle SS. Then she asked what the guys name was. She thought I was making up a whopper. I know my credit is great and my income to debt ratio isn't out of line, so hopefully it goes okay.
Unfortunately, if you don't deal with a financial institution that specifically has a classic car loan program, you're not likely to succeed. Most regular used car loans are ONLY for 5 years old or newer. I've had loans through J.J. Best and even my local (Florida) credit union who happened to have a classic car loan program. An internet search will have lots of places that specialize in low interest (usually around 6%), long term (some up to 10 years) classic car loans. Good luck.
I guess you decided to buy your buddys' car. Good luck with the bank, I hope it works out for you. If they balk, try some other places that specialize in collector car loans. They may be a little easier to work with. Where's our pictures you promised????:yes:
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Good advice Mike, coming from a banker
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Can't get the rain to go away so we can get the car out and give it a good look over. Looks like it will be Wed. before it clears up here. When we get it out I'll be sure to take lots of pics.
Bad time for loans. Banks are being tight. Credit Unions are the best bet.
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Never borrow for your toys I say!! :noway:
Agreed. Cash is king and debt is dumb..... (Dave Ramsey). :yes:
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You can always borrow from a loan shark- bookmaker!!!!!!!!!!!!!!!1
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Normally I would agree, but I paid off my truck ('02 Chevy) two months ago and I'm now debt free besides my mortgage. I look at it this way, I paid 27.5K for my truck new and made payments on it for 5 1/2 years. It is now worth some where between 10K and 12K and that's if I sold it out right and not traded it in. I pay 15K for the Chevelle, in five years I'm pretty sure it will be worth more than 1/3 of the borrowed amount. I'm pretty sure it will be worth more than the borrowed amount plus the interest I paid. Maybe not, but I'm looking for a beautiful car That I like, plus a good investment at the same time. Maybe I'm looking at it wrong. I'm 37, so maybe it's a mid life crisis or something.
Hey John, I like your theory on your return possibilities. Every year we try to invest for our retirement, but it does'nt grow very fast, infact it's been losing value and not worth the original balance lately. I wish I could talk my wife into a 'Muscle Car Growth Fund'
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Well a friend of mine bought a 66 corvette convertible five or six years ago for 18K (nom drive line). He turned down 30K within the last six months. Now that being said, every car and it's possiblities are different and maybe I'm throwing the money to the wind, but I'm going to take a chance on it I believe. He claims it's the best investment he's made in that period of time, so I think I'll give it a try. Plus I've loved the '70 Chevelles look for years and it was born the same year as me, so it's got to be worth going in the hole for. HAHA
You don't have to worry about it depreciating so I say go for it.
Heck,write a check from your credit card if you have a low rate.
Heck,write a check from your credit card if you have a low rate.
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That's the only way I'd roll. Credit cards LOVE to give out money at low rates if you have good credit. Watch the fees though. I prefer CASH to buy hobby items.
John Many years ago when I was really agressive and owned several cars at a time my wife and I had the inevitable conversation about money and these cars. Hear is what she told me with "that look."
" I do not care what you buy,how much it cost or how much you spend as long as it does not interfere or have an effect on this family or its finances."
I think if you keep your project within those boundaries, how you fund it is not a problem.
" I do not care what you buy,how much it cost or how much you spend as long as it does not interfere or have an effect on this family or its finances."
I think if you keep your project within those boundaries, how you fund it is not a problem.
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I borrowed money from Capital One to finance my 68. Everyone thought I was crazy until I brought it home and within 6 hours had an offer for 6 grand more than I paid for it. With Capital one, I paid a little more but I had a no hassle experience.
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