Re: Classic Truck/Car Loans Question
I the past before I discovered Dave Ramsey I financed 2 classic cars. This was before the housing bubble popped so I am not sure if they are still doing it but I went through Hagarty Insurance Co finance division. They didn't do unfinished cars only nice completed cars and you still had to put about 20% cash down and pay for a professional appraisal.
That being said I was making a lot more money at the time had 2 new cars in the driveway financed , classic car financed, maxed out credit cards and so forth. One day a light went off and I looked down and I was on a hamster wheel going nowhere. I sold my new truck and started driving a beater. Sold the wifes car and bought a much less expensive cash van and then started dumping the payments I was paying on cars toward CC debt and other loan payments. I kept saving and built up the classic car in to a nice protouring car and sold it. I used that money and some savings to build a new 42 x 50 shop in my yard. I am broke again because of all the money I put in the shop but I am a so much better position than when I was in debt up to my eyeballs.
Last edited by gearheads78; 08-30-2011 at 06:38 PM.
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