Found my Grand National......best way to finance?

at7we2 said:
I've purchased two GN's through JJ Best. They sold both loans to Sovereign Bank, but I have not had any problems or complaints with JJ Best or Sovereign. The approval process was very easy.

J. J. Best Banc & Co. - Classic Car Financing

nice to see I'm not the only one paying interest on a 20 year old Buick! :p

Rob
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YES! That is the bank they sold mine to also! Maybe you can just call them directly and cut out the middle man?? It might save you .25% or something?
 
Why not use the HELOC? The interest rate is somewhat competitive 8.5% and it's tax deductible. (Try that with a regular loan)
 
helocs are very smart if you actually pay more than the monthly amount. also the payment is very low and like this gentleman said its tax deductible. the advantage is that some months you might not be able to make a "full" payment but you just can't make it a habit of doing that.
 
sorry but if things are tight because of the house maybe you should wait :confused: don't put yourself in a jamb for a car :rolleyes: :p Dan's words of wisdom for the day :biggrin: CASH rules :cool:
 
acoen said:
Not that bad if you know what you are doing. Let your equity work for you.
1. tax deductible
2. more payment flexibility
3. you will have title in hand
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I'm sorry, can't agree on that pholosopy!! NO car is worth the possibility of loosing my house for!! :rolleyes:

I haven't made it to my advanced years, with a perfect credit rating doing stupid things like putting my house up for a car!!
 
Home Equity

How much equity do you have on your house. I do agree with Turbo Dave unless you have "alot" of equity, I wouldn't even consider or think about risking your mortgage.Now If you have PLENTY of EQUITY why not take out a home equity loan as though you were going to remodel and pay it back at a lower rate . I don't know what rates are doing right now.. Now another thing is borrowing from your own 401K and you pay yourself back at a low rate.

Now if finances are tight, I'd go with Turbo Dave's and Grumpy's words of wisdom. I'd rather have a roof over my head then 4 tires under my a$$ and living out of the trunk.
 
TurboDave said:
I'm sorry, can't agree on that pholosopy!! NO car is worth the possibility of loosing my house for!! :rolleyes:

I haven't made it to my advanced years, with a perfect credit rating doing stupid things like putting my house up for a car!!
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To each his own, but I have worked and kept my wife home with the kids for the past 10 years and also have an 815+ credit score. I wouldn't recommend anyone going out and purchasing a Hyundai on a home equity line of credit, but a car that is appreciating in value like a GN/TR wouldn't be a bad idea...I don't think it is stupid :rolleyes: by any means....But only if you can afford it, you will be sorry if it makes you too tight financially.

Just be sure to check out all avenues before you make a purchase....Don't make things too tight for your self and your family. Mortages are getting up there these days....
 
this thread is getting away from the original question, but it's also getting interesting.

Christophah - has your question been answered?

Even though I financed my Buick I would have to agree with some of the other posters, cash is always the best way to buy just about anything. That said, I wouldn't borrow more than 50 bucks from friends or family - ever! But that's just me.

When I look at the bills my wife and I pay every month I do feel foolish sometimes for having to make payments on my Buick. But, we're slowly getting out of debt and I assure you, if times got tough, I'd sell the Buick as quickly as necessary to help the financial situation.

I have to admit, it IS tough keeping the credit cards locked away when I see all the parts out there for my GN. I'm going to wait until it's PAID OFF before I start doing any significant modifications. :cool:
 
Yeah, dont use your equity in your home. I was a loan officer for a bank for 2.5 years and I saw way too many people get themselves in trouble.

Besides you would have to over pay like crazy and get that thing paid off.
Helocs are interest only (when you make the minimum payment) for the first 10 years too, which means all that money is just interest.

Plus you are taking out a 30 year loan on a car!

Unless you are a savvy investor that would already have enough money to just buy the car outright, I dont think the Heloc is the way to go.
 
NothinYet said:
Yeah, dont use your equity in your home. I was a loan officer for a bank for 2.5 years and I saw way too many people get themselves in trouble.

Besides you would have to over pay like crazy and get that thing paid off.
Helocs are interest only (when you make the minimum payment) for the first 10 years too, which means all that money is just interest.

Plus you are taking out a 30 year loan on a car!

Unless you are a savvy investor that would already have enough money to just buy the car outright, I dont think the Heloc is the way to go.
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Correct, But you can lock the loan (3,5,10,15 at least at our loan institution) and use it just like you would a car loan...Look Helocs aren't for everyone. First you have to have good equity, good credit and good judgement. I like the idea of being able to write off interest on the loan and having the title in hand. Sure you can pay interest only but that would be crazy. Our situation is different than most here in Central CA. we have seen our home go from being purchased to 85k and now being worth 275k...so equity isn't a problem....
 
thanks for all the replys guys. I don't want to do anything that toys with my home or the equity that I have in it. I want to leave the equity alone so that when I do sell my house (it's my first house....) I can use the equity to get a BETTER BIGGER house. Times are not "tough", the money I have dumped into my house in the last year I will get back at sale time. It is just not realistic for me to be able to save an extra 13-15k while dumping 20k into my house at the same time :D . Anyway, the GN I was looking at got sold, so it's back to the damn drawing board. I think I'm gonna wait till August - October to grab a GN at this point, and at that time I think I will just do a JJ Best finance or Capital one. Thanks guys.
 
acoen said:
Correct, But you can lock the loan (3,5,10,15 at least at our loan institution) and use it just like you would a car loan...Look Helocs aren't for everyone. First you have to have good equity, good credit and good judgement. I like the idea of being able to write off interest on the loan and having the title in hand. Sure you can pay interest only but that would be crazy.
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I agree. It works for some people, but for many it doesn't. I am pretty financial responsible always making extra payments when I can afford them, but situations come up jobs loss, health issue, family, etc. I personally just don't feel comfortable with potential putting a car over 30 years. IMO The equity in my home is to upgrade the house to add value or for emergencies.

I have a friend who has done it with two cars on HELOC, one ended up being refinance into his house 5 years ago, but he is really good about making a regular $400 extra payment to cover his cars. The first one was paid off, before he bought the second one. On the flip side i have friend it took out his car on HELOC, he paid very little principals payment, it got refinace into his mortgage, and he traded the first one in and put another one on his HELOC. Yes the equity in his condo soared, but his first car is being paid over 30 years and he doesn't even own it anymore.
 
TurboDave said:
I'm sorry, can't agree on that pholosopy!! NO car is worth the possibility of loosing my house for!! :rolleyes:

I haven't made it to my advanced years, with a perfect credit rating doing stupid things like putting my house up for a car!!
Click to expand...



I'll have to agree with turbodave. No vehicle is worth the possiablity of losing your house.

If you can't make the car payment-- you lose the car.

If you can't make the house payment + the 2nd morgage you lose the house and have now where to live.


I too have recently just bought a house 2 yrs ago and i have already gained 20k of equity already.

I want a syclone so bad i can taste it MMM 4.3 turbo ;) but keeping the house payments up is way more important too me.
 
The idea of using the HELOC was premised on a few aforementioned factors.

1. A fair amount of equity in proportion to the debt service you already carry on the current note.

2. Good financial aptitude

3. Financial discipline

4. Common sense

The whole concept of "equity" is a bit misconstrued. Some people believe that the equity they have in a home can't go down. Sure it can. Just look at how the markets rise and fall or fluctuate. That said, why have all of this "money" (ie: equity) just sitting there and not doing anything for you? The proper usage would allow you to access the money and use it Now instead of later (besides it's worth more today than tomorrow), and if you pay interest you can write it off, and you can secure the "deal" that you might otherwise miss.

On the other hand I am by no means telling you that "risking" your home for a car is a wise decision as it obviously is not. However, if done right, you won't really be "risking" anything, just assuming a bigger payment. (either way, you're gonna pay)

Juts my 2 cents
 
J.J. Best, I know a few people have listed them... Easy to deal with, fast transaction, good communication. Almost all the paperwork can be done through fax, save the signed contract.:cool:
 
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