The Ford Barn

Dave in Boise · 07-15-2010, 10:22 PM

Hi All,

Am looking at a pretty little coupe that is a touch more than my current savings account balance. Has anyone financed an antique car before, and if so, what was your experience? Would you recommend your lender? Did you get a good rate? I have an excellent credit score, so am trying to find a good rate

.

Thanks for any feedback!

Dave in Boise

MCHinson · 07-15-2010, 10:30 PM

I have financed quite a few antique autos over the years. If you are a member of a Credit Union, I suggest that you go see your Credit Union. In my experience, they are easy to deal with, have reasonable rates, and using them is supporting a good local business. I have always used my Credit Union to finance my Antique Autos that I needed to finance. Good Luck!

antiquepa · 07-16-2010, 12:14 PM

CREDIT UNION.. usually they want an appraisel of the vehicle as any bank, but credit union usually have better rates!

sweetberlinetta · 07-16-2010, 02:06 PM

I just bought a 31 tudordeluxe through my credit union they didn't care about the model a's value for it's value to a bank is 0 so what the required of me was equal collateral and it's just an ordinary car loan.....not to terrible of interes I took out 5000 on the toatal of 7000 the car was I owe 239 a month for 24 months

'29wagon · 07-16-2010, 02:24 PM

my credit union allows me to borrow at least an equal amount to what i have in savings, and much more, then if needed to add to that i could pull from my savings as cash and or offer one or more vehicles as a lean then if i ever needed, i wouldn't want to get to that point unless as a business stand point, borrow as little as possible . pay it back right away. a thousand dollar car can get you ten thousand dollars if you can get rid of it within a year . is anyone on here doing that sorta business as a hobby. i'm not. i'd need to do at least four a year to get out from under the interest on a business loan.

Charlie Stephens · 07-16-2010, 02:38 PM

Sponsored Links (Register now to hide all advertisements)

How about a home equity loan that you can write off the interest on your taxes (check with your tax advisor, I think you can write off interest on loans up to $100k)?

Charlie Stephens

Keith True · 07-16-2010, 04:42 PM

My credit union won't touch anything old.They say they just don't know how to deal with it if something goes wrong.Same thing with equipment.With a modern car or motorcycle they call a towing service,have it picked up,and stored in an open lot.With an old car they have to deal with keeping it under cover,and can't just ship it to the weekly repo auction.I use a Harley for collateral,I have financed it three times now,as soon as it is paid for I buy something else.Right now it is busy being collateral for an excavator I bought.The equipment people wanted 10 or 12% to finance used machinery,my credit union gets 3.9 from me on the used motorcycle.It is the last time for me with that bike though,it has become too old for them to finance.Harleys can be financed through them up to 15 years of age,Japanese bikes,no more than 5 years old.

07-15-2010, 10:22 PM	#1
Dave in Boise Senior Member Join Date: May 2010 Posts: 330	Financing experience/recommendations? Hi All, Am looking at a pretty little coupe that is a touch more than my current savings account balance. Has anyone financed an antique car before, and if so, what was your experience? Would you recommend your lender? Did you get a good rate? I have an excellent credit score, so am trying to find a good rate . Thanks for any feedback! Dave in Boise

07-15-2010, 10:30 PM	#2
MCHinson Senior Member Join Date: Jul 2010 Location: Wilmington, NC Posts: 401	Re: Financing experience/recommendations? I have financed quite a few antique autos over the years. If you are a member of a Credit Union, I suggest that you go see your Credit Union. In my experience, they are easy to deal with, have reasonable rates, and using them is supporting a good local business. I have always used my Credit Union to finance my Antique Autos that I needed to finance. Good Luck!

07-16-2010, 12:14 PM	#3
antiquepa Senior Member Join Date: May 2010 Location: wheeling west virginia Posts: 231	Re: Financing experience/recommendations? CREDIT UNION.. usually they want an appraisel of the vehicle as any bank, but credit union usually have better rates!

07-16-2010, 02:06 PM	#4
sweetberlinetta Junior Member Join Date: Jul 2010 Posts: 5	Re: Financing experience/recommendations? I just bought a 31 tudordeluxe through my credit union they didn't care about the model a's value for it's value to a bank is 0 so what the required of me was equal collateral and it's just an ordinary car loan.....not to terrible of interes I took out 5000 on the toatal of 7000 the car was I owe 239 a month for 24 months

07-16-2010, 02:24 PM	#5
'29wagon Senior Member Join Date: May 2010 Location: H.B. California Posts: 451	Re: Financing experience/recommendations? my credit union allows me to borrow at least an equal amount to what i have in savings, and much more, then if needed to add to that i could pull from my savings as cash and or offer one or more vehicles as a lean then if i ever needed, i wouldn't want to get to that point unless as a business stand point, borrow as little as possible . pay it back right away. a thousand dollar car can get you ten thousand dollars if you can get rid of it within a year . is anyone on here doing that sorta business as a hobby. i'm not. i'd need to do at least four a year to get out from under the interest on a business loan.

07-16-2010, 02:38 PM	#6
Charlie Stephens Senior Member Join Date: May 2010 Location: Southern California Posts: 7,059	Re: Financing experience/recommendations? Sponsored Links (Register now to hide all advertisements) How about a home equity loan that you can write off the interest on your taxes (check with your tax advisor, I think you can write off interest on loans up to $100k)? Charlie Stephens

07-16-2010, 04:42 PM	#7
Keith True Senior Member Join Date: May 2010 Location: Epping N.H. Posts: 3,016	Re: Financing experience/recommendations? My credit union won't touch anything old.They say they just don't know how to deal with it if something goes wrong.Same thing with equipment.With a modern car or motorcycle they call a towing service,have it picked up,and stored in an open lot.With an old car they have to deal with keeping it under cover,and can't just ship it to the weekly repo auction.I use a Harley for collateral,I have financed it three times now,as soon as it is paid for I buy something else.Right now it is busy being collateral for an excavator I bought.The equipment people wanted 10 or 12% to finance used machinery,my credit union gets 3.9 from me on the used motorcycle.It is the last time for me with that bike though,it has become too old for them to finance.Harleys can be financed through them up to 15 years of age,Japanese bikes,no more than 5 years old.