In a message dated 9/2/02 3:48:50 AM Eastern Daylight Time,
ksmith40@earthlink.net writes:
> Are there institutions
> that loan money for classics as quickly as for new cars (other than the
> shady guys in pin-striped suits)?
Given that the value of classic vehicles can fluctuate so greatly, and the
bamk would never be certain as to true value, and can't see them readily
advertising these loans. There'd be additional costs such as appraisals by
an independnet professional, etc.
With that said, I have seen a few advertise at the Hemmings site. There was
a bank somewhere in Illinois that said they specialized in antiques (whether
they were referring to a 67 B or a 1929 Chrysler Imperial Phateon...????).
Check out the Hemmings site (www.hmn.com) by doing a search under the
products/services page.
Also, if you do a google search using classic+car+loans, you'll get dozens of
sites.
Now, while these guys will loan you money for a classic, I doubt you'll ever
find a deal like GMAC financing or FordCredit gives (0.9% for 48 months,
etc.) I would expect that most interest rates will be in the low 10% range.
About 2 years ago when I was looking at a used Mustang GT (only 2 years old)
the "used car loan rate at the dealer was 12.9% and at my bank was 9.9% (so I
ended up buying new and taking Ford's 1.9%)
Which would bring to mind another option,...if you own your home, a home
equity loan or line of credit can usually be had for 4 or 5% (or more, or
less, depending on how badly Wall St. has been treating people on that
particular day). And depending on how you structure it, it may be tax
deductible.
Steve in NJ
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