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Old 08-04-2016, 04:16 PM   #1
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Loan for classic and older cars?

I've been shopping around for a 996 carrera to enjoy along with my boxster. I found a very clean 1 owner 1999 that was traded in at a Volkswagen dealership. Unfortunately I cannot just pay cash for it, and would need to get a loan. They are asking 17,500 for the car and because of the age of the car, will not finance it. I checked with my credit union, they also will not finance vehicles over 10 years old. They offered a personal loan but at a much higher interest rate, no thanks. My question is, are there any companies online that offer financing for such a car? I'd be able to pay it back rather aggressively, so the monthly payment wouldn't be an issue at all. I would need something done quickly hopefully before the car sells.

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Old 08-04-2016, 04:28 PM   #2
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Suntrust's Light Stream loan products offer the lowest rates for what you are seeking. They are unsecured loans to purchase or refinance car loans. They start at 1.74%.
If you're going to be paying back the loan within 12 months I've been getting tons of 0% transfer offers in the mail again, but these usually have a 2% or 3% fee.
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Old 08-04-2016, 04:32 PM   #3
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Ok thanks. I did see something about light stream. They finance people
At the mecum auctions, I'll check it out. My plan is to pay it off within 18 months.
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Old 08-04-2016, 04:39 PM   #4
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ON Velocity channel, a company called JJ Best https://www.jjbest.com/auto-finance/collector-car-financing.aspx?id=2320&utm_campaign=Branding+%2b+Competition&utm_source=google&utm_medium=ppc&utm_term=j.j.+best&utm_content=1384644x601277448942322422 advertises that they have low loan rates for classic and collectible cars
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Old 08-04-2016, 05:31 PM   #5
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Did online approval with jj best. Very quick and easy. Someone is going to call me tomorrow to finish it up I guess. It said I was approved but didn't say it was for the amount I requested.
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Old 08-04-2016, 06:22 PM   #6
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Penfed.org, I financed a 1999 Miata and my Boxster through them 1.9%, I had to pay $25 to join some military group ba ck in the day to join. Has been a few years but maybe it will still qualify.
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Old 08-04-2016, 07:22 PM   #7
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Wells Fargo dealer services is really quick and easy but you can pay up to 9 percent. My credit union didn't bat an eye at my 02 Box.
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Old 08-04-2016, 07:37 PM   #8
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Old 08-04-2016, 08:49 PM   #9
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Home Equity Line of Credit

Some say you should never put up your house as collateral for a car but my line has served me well over the years. Low interest and you can typically write the interest off on your taxes. Used it to purchase 3 cars this year.
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Old 08-05-2016, 03:54 AM   #10
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I belong to a credit union. They gave me a 2.5% loan on my 2001 Boxster.
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Old 08-05-2016, 07:42 AM   #11
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Quote:
Originally Posted by oc-boxster View Post
Did online approval with jj best. Very quick and easy. Someone is going to call me tomorrow to finish it up I guess. It said I was approved but didn't say it was for the amount I requested.
Just don't pay any upfront fees to secure the loan, a classic bait and switch. You pay an application or other fee and then they tell you the rate is going to be higher because they didn't know x, y and z (the age or mileage of your car, your credit rating, whatever). Good Luck!
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Old 08-05-2016, 09:56 AM   #12
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From what I read the want a 10 percent down payment on the loan to secure a lower rate I'll ask about it when they call
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Old 08-05-2016, 01:21 PM   #13
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Penfed.org, I financed a 1999 Miata and my Boxster through them 1.9%, I had to pay $25 to join some military group ba ck in the day to join. Has been a few years but maybe it will still qualify.
X2 on penfed. Great rates. Financed my boxster with a rebuilt title through them. Will finance my 911 with them when I get that. Lots of term options, flexible financing. Yes you pay to join and have to have 15 bucks in a checking account to be a member but we'll worth it.
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Old 08-05-2016, 07:24 PM   #14
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X2 on penfed. Great rates. Financed my boxster with a rebuilt title through them. Will finance my 911 with them when I get that. Lots of term options, flexible financing. Yes you pay to join and have to have 15 bucks in a checking account to be a member but we'll worth it.
I have their rewards card too and buy amazon gift cards with the points, and they buy car things and tell myself they are free
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Old 08-06-2016, 04:39 PM   #15
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X2 on penfed. Great rates. Financed my boxster with a rebuilt title through them. Will finance my 911 with them when I get that. Lots of term options, flexible financing. Yes you pay to join and have to have 15 bucks in a checking account to be a member but we'll worth it.
How do I join if I didn't serve or work for a Government affiliated contractor?

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