>From GREG_SCHUETT Thu Jun 23 09:45:44 0800 1994 remote from ccgate.fire.ca.gov
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Date: Thu, 23 Jun 1994 09:45:44 -0800
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From: GREG_SCHUETT@ccgate.fire.ca.gov (GREG SCHUETT)
To: british-cars@autox.team.net
Subject: Financing a 30 year old car...
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Ray Gibbons asks if banks loan $$$ for 30-year old cars....
Funny you should ask, Ray, as that was what I was thinking
as I was looking at my (or soon to be mine) TR4 last October
at Triumphfest. Lust in my heart, dust in my wallet....what
to do?
It turns out that my credit union didn't even blink an eye.
Me: Um, I wanna buy a car
Them: Ok, what kind?
Me: (gulp) uh, a thirty year old triumph TR4 *wince*
Them: Hey! I had a TR3!
Me: *whew*
They (she actually) went on to say that they routinely loan
$$$ for collector vehicles. All they require is a formal
appraisal from a professional appraiser. I had a local
collector car dealer do the appraisal for a $125 fee.
After that, it was treated as a normal car loan. I had the
option of 100% financing, borrowing the appraised amount
instead of the asking price (the asking price was 1K less
than the car appraised for, so it would have been a 7% cash
loan for the difference. Cheap money...), and 12, 24, 36,
48, 60, or 72 month payoff. Payroll deduction reduced the
interest rate by 1/2 percent.
Tying in to the True Cost (ala scott f):
So now, I figure that the $140 a month I pay (plus interest)
is actually *less* than I would be paying if I were
restoring it myself. I've done two, a TR4 and a TR6 and
truthfully, when done neither were as nice as this car
(ouch, self-flagellation on the information superhighway),
and both were significantly more expensive.
Greg "well, me and the bank..." Schuett
Citrus Heights, CA
'64 TR4 Surrey Top
schuett@forest.fire.ca.gov
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