Classic car loans grrrrrr....

T

tysongross

Mississippi Mayhem
Joined
Apr 13, 2011
:mad: Makes me so mad I have great credit and when I go to the bank they dont have a clue to why I would want a 87 t-type. The lady loan officer wants both of my other cars as collateral even with 40% down payment on a loan.

She doesnt have clue. Even the NADA classic guide deducts -10% on the car if its a V6?!?!? :mad: :confused:
 
Can a toy not also be a daily driver? Why do I have to get a dependable 4 cyl import? I think there are some who would like a turbo Buick as a DD. Some of us don't have 7-10k cash for a toy. I think of the 04 Cobra I'd also want would be a toy, but I could drive it every day.
As far as a toy is concerned, I don't think I'd want a car to sit and only be driven on the weekend or longer in between.
Besides, with the experience on this site, any problems the guy runs into could probably be answered, and quickly.
 
Theres no reason not to finance a toy. Do whatever you want man, it's your money! don't let anyone tell you what to do with your own money.
 
If you want a 25 year old car as a daily driver, that's fine. I can think of no better candidate than a TR.

That being said....

If one does not have liquid cash to outright purchase a "toy" than that person should not incur an additional monthly payment that accrues interest.

It is not financially responsible. You get a loan on a $15k classic car, and something catastrophic goes wrong. There's a $4k-$5k engine, a $1,500- $2300 transmission, a $750-$1800 turbo, you get the picture.

You need (assuming this is why one gets a loan to begin with) an additional $5k for a motor, where's that going to come from? Now you could possibly have a $15k paperweight in your driveway. (that you must still pay for)

Others are right, it's your money do what you want to. Just remember a big chunk of that money is not yours.
 
An additional bit of advice.

Borrow money only when it is necessary.

Finance if it can be written off as a business expense. That way your tax credit cancels out the interest.

If I could go back and change things I did in the past, I would.
 
Never finance something that is a non-essential. Get in the habit of saving and paying cash for everything. People that I know who use credit to get everything are always buried in revolving debt payments. I pay cash for everything these days. Even bought another house last year with cash. Once you have the habit of saving for things, your money goes a lot further. No interest payments! Best of luck!
 
tommyguns said:
Can a toy not also be a daily driver? Why do I have to get a dependable 4 cyl import? I think there are some who would like a turbo Buick as a DD. Some of us don't have 7-10k cash for a toy. I think of the 04 Cobra I'd also want would be a toy, but I could drive it every day.
As far as a toy is concerned, I don't think I'd want a car to sit and only be driven on the weekend or longer in between.
Besides, with the experience on this site, any problems the guy runs into could probably be answered, and quickly.
Click to expand...

You are right about the wealth of info from this board....but after they show you what's wrong, they aren't paying for the repair.

And remember this little tid bit of advice is also part of the experience of this board.
 
Notacarlo is right. (IMO) Living within your means today will pay HUGE dividends tomorrow. I don't want to discourage you from getting a GN but financing it as a daily driver isn't the best move. (again, IMO) I did it and THANK GOD I can work on cars. For two years I spent every weekend fixing it! I also had the ability to bum rides to work which was absolutely required. To be fair I bought one that had been ridden hard and put away wet but it's still something to think about. You never know when something is going to give out and you're going to want to lean on it sooner than later. And before you say you're not going to want to go faster I'll leave you with this. If you don't want a fast car you'll buy a corrolla or a festiva.
 
Having a GN as a daily driver if it is your only transportation is very risky and will be very costly!! Then there is the whole thing with I want to do this to it, wanting to go faster and so on... When I bought my "T" I had to sacrifice my 4x4 pickup truck and go to a 4 cylinder Escort to be able to have it!! Can only swing one payment when the wife has to have a dependable daily driver in addition to the vechicles mentioned....Now that the "T" is paid for instead of going out and creating another payment I still drive the 4cylinder that has been bought and paid for since day one...If you purchase that GN as your only form of transportation check back in a year from now and let us know how that's workin for ya!!!
 
then the parking paranoia sets in .... some one will try to steal it for sure. never underestimate another mans greed.
 
what's wrong with financing a toy? How's it any different than borrowing money to buy a fully loaded luxury car or a truck with a bunch of aftermarket ad ons? Back when I was REAL broke I was taking loans out for 20+ year old cars. Seemed to work out fine. I took a loan out for my truck that has a bunch of add ons. I've put a little money into it AND I drive it every day. As far as spending thousands of dollars on a repair, people do it every day in this country while they're still paying a monthly payment. Repair shops don't do work for free and not everybody does transmission swaps and engine swaps in their own vehicle.

Who cares about interest on a personal loan. 12% doesn't amount to crap. Look at all the interest you pay on your home. I will agree it wouldn't be very fun paying on a car that you can't drive. I did it with mine for years. I expected it so it isn't like I was pissed off about it. But if you take out a loan to buy this car, knowing you will have NO extra money at all to set aside for anything, why would you buy it? What makes a TR less reliable than any other car? It isn't like they're exploding pintos.
 
I had to finance mine years ago when I got it, I have great credit also. When I walked into the bank and told my guy what I wanted he looked at me like I was crazy. I laid a page on his desk that I had printed off NADA for the older cars with its worth. He looked it up on the net and I walked out with a check. Most of them have no idea what these cars are worth now so you have to enlighten them and they will go along with you long as your credit is good.
 
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