JP Stanley

I am very eager to purchase my first 78-84 911SC or 85+ Carrera dream car. I have noticed when looking at auctions on ebay for example, that there is an option for financing. I was curious to see if anyone has been succesful in financing an "older" 911.

I know credit plays a major role, but lets assume a situation where a person has good enough/average credit to buy a new car, i.e. $20K-30K range. I can imagine how banks could be gun shy on financing a '78 911SC because of its age and repo value.

I'd appreciate any feedback from anyone who has been successful at this.

Thanks
JP

hoosierdaddy

Try Capitol One Auto Finance .

ChemMan

I assume your bank or credit union would provide you with financing. The interest would be kind of high. I assume in the 8% range. If you own your own home, home equity loan might work. I believe these run about 5%. There are also some institutions that offer a home equity line of credit, variable interest a bit higher than prime rate. Talk to a loan officer at your bank. I am sure they can provide you with options. After all, they want your business (interest payments)!

E-man930

Home Equity Line of Credit is going to be your best bet. You can write off the interest @ the end of the year... (Talk to your tax advisor to be sure) and banks are offering rates as low as Prime minus .5 for the life of the loan. A good deal should include the bank paying for all associated closing costs on the line, probably up to the $125K to 150K line size. Le tme know id you need any more specific info. Good luck looking for your P-car!
E-man

ChemMan

JP, also as a word of advice: Avoid ebay unless you can go look at the porsche and get a PPI done before you bid. If you dont, you may end up financing a money pit that spends more time parked in your garage than on the road.
Mike

RMA

this is a good question as Ive had a few potential buyers for my 86' get the 'NO' response from their banks due to the car having 115k on the clock ,,

home equity seems to be the best bet

out of curiousity i asked my banker and was told that a 20% down, used, 'specialty' car loan would fly almost always

KCPSG

Capitol one Auto finance is the way to go...once you get approved for the money, they don't care what you spend it on. They could've cared less what year and model car I was after. The whole loan process took less than a couple of minutes online, and had check in hand 2 days later.

BTW they also had the best rates @ the time too. I highly recommend them, by far the most painless car purchasing experience I've ever had

plymouthcolt

I financed my '88 911 with J.J. Best Banc

The rate was not too bad (8.50%) and it was pretty simple process. I would use them again if needed.

(Their specialty is financing classic cars)

bjzorn

I financed my 90 944S3 with a 135K(then) with a small local Credit union, and I think I got a great rate for having no credit and no Co-signer at 6.78%, but I did put 50% down though to so if you can try at least 25% down, I know thats what I am going to do in a few years when I have this car paid off and am looking for a 87-89 911 G50 coupe.

Brandon

E-man930

Home Equity lines are better than auto loans due to the tax deductions on the interest paid... and they don't have any closing costs so it's a free loan. Any other way to finance is a worse option. (Understandable if you do not own yor own home yet)
E-man

osu944

e-man930 is very correct in saying that a home equity line of credit is the best way to go. this is my profession and i come in contact with tons of people that would rather buy a car than another house. i say if you have equity in your home take the money and invest in something that is going to give you 12% return or more. but if you really must have the p-car now go for it. if you were in cali i could do the loan for you.
anybody in cali that wants to do the same send me a pm and we'll talk.