Classic Truck/Car Loans Question

[offlimts502]

I wasn't sure where to post this question but I was hoping someone could share some insight. A lot of credit unions or banks won't give out a loan on a classic vehicle. I'm looking to purchase a 67-72 Chevy truck but I will need some loan help. I have excellent credit so I'm not worried about getting approved. Can anyone give me any ideas or places to get loans with good interest rates for classic vehicles? Any suggestions would be appreciated.

Thanks

[leddzepp]

The only way I can think of is to get a personal loan from a bank or credit union. The interest rate will be higher than an auto loan, but it may be your only option.

[treveiger]

I got a personal loan from us bank
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[1970 CST Short Wide]

Why not save for a year or two and avoid all that interest. If you can make a payment you can save. Just pay yourself for a while.

[offlimts502]

I'm not looking to take out a crazy loan for 20K or anything like that. I also don't want to buy a truck that is constantly needing work and something that could break down at any moment. So for me I'd rather pay a little more and get something reliable with a payment that won't kill me. I've just heard of some financial institutions that specialize in classic car loans so I thought I'd ask if anyone knows of any or have used any before.

[Indian113]

I look at my cars and motorcycles as a investment,I try not to get attached to them. If you borrow money on a investment you lose some of the value of it by paying interest on the loan. You also would have to carry a agreed value insurance policy on said dept. Factoring in what a truck is worth in the condition you want depending on the year you decide on could cost you $10,000 to $20,000 to get a reliable and decent daily driver that is safe to drive anywhere you want.
No one can tell how to spend your money as we don't know your finacial situation,I think the warnings your gonna get are from us fatherly types.

[screwballl]

If you have the money and plenty backup then go for it... otherwise find a cheap roller chassis and buy parts as you get the cash on hand.

[68C15]

I don't know who said it but there is a saying I hold dearly

"happiness comes not from having what you want, happiness comes from wanting what you have".

maybe it rings such a loud bell for me because I have very limited funds and truly enjoy the spoils of my meager earnings. ($500 boat etc.) if you are the direct opposite of me then I am proud of you and wish you the best in your search for your next ride as long as you and yours are comfortably happy.

[gearheads78]

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.

[treveiger]

This truck I bought is going to be my daily driver so its like i bought a dd car. I paid mine off in a year an now I'm doing things i want to it. Of course I paid 4x more a month than I had to but I'm one of those people that hates owing money, a big reason I did it is to also build my credit up an now I could buy my truck twice over with all the credit the bank decided to give me. I hated it but its done now and my credit is better. It's really up to you in the end just make sure your not strapping yourself for cash.
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