realgren

Hi Everyone,
my first post of many I'm sure.

I've done my research on the board, and I can't find any advise on car loans for older used cars.

A general web search revealed that JJ Best and Hagerty's are the best plan for a "classic" car loan.

Any advise?

Thanks
Jerome - future 911 owner

aadrew10

I advise not to buy one until you have the cash in hand. That is the fiscally responsible thing to do.

- Andrew

ivangene

what year are you looking at buying?

targajoe

I was in a similar situation a while back, when I was looking to finance my 1970 911. I checked out all of the classic car players including the two you mention. Turns out I got MUCH better terms from my local credit union than any other place could offer. You might want to explore that route as well.

Joe

No HTwo O

This is spot-on advice! Plus, have an additional $5-10K in reserve for the unplanned sorting out process and slippery slope of mods.

ron mcatee

My suggestion is to contact the President of the LA Region of the Porsche Club of America (PCA). His name & number is David Altemus, 310-478-7728. Tell him what you are trying to do (finance an older Porsche) and see if he knows of any member(s) in his region that may know a banker(s) or credit unions that will talk to you. Hermosa Beach may not be in the LA Region, but it is a good place to start.

realgren

aandrew10 - totally agree. I'm looking for a loan to bridge the sale of my current car, and then quickly repay.
thanks tagejoe and ron for the insight. Ron, Hermosa is in LA County, so it shouldn't be a problem. I'll get in touch with David. Do you have his email? I feel a little weird calling him out of the blue and not knowing him at all. You can PM it to me.

What I am looking for? The best and newst car the money can buy right...

I'm looking for a car to use on weekends, and some commuting. I only live 13 miles from my office (35 minutes). I mostly use my motorcycle, a Triumph Sprint RS for commuting, so it will not be the Porsche's #1 job.

What car am I specifically looking for? I've only driven SC's so far. I love them. I'm going to check out a 3.2 this weekend to see/feel the difference. Not asking the noob question: which is best... i've already read the forum

blake

I'd drive as many different variants as you can, and decide based on "feel" and what you can afford. Personally, I prefer the SC over the 3.2s because they are a bit more raw, though definitely lack in horsepower.

No matter what direction you choose, be certain to get a PPI. On those cars, I'd always look for the necessary upgrades (for SCs - airbox pop-off valve, carrera chain tensioners, etc.) and I recommend a leak-down test on the cylinders. Many say a compression test is good enough, but I personally like seeing the leak-down percentages on each cyclinder...

Good luck!

-Blake

realgren

Bought and read Zimmerman's book cover to cover twice. Probably the best Pre Purchase read I've done. I found his book very educational and eye opening.

Thanks for the tip Blake.

ivangene

I know if you actually talk to the person at the credit union than makes the decisions, right after they say "we dont loan on old cars" you can ask "under what circumstances they would" and you might find that with a little effort you can get it done...

In my case I ran the money thru Alaska Credit Union and all I had to do was provide photos of the car and get an apraisal, then they only loan 70% so I just told my apraiser what I needed it to apraise for and he said the car was easily worth what I was after, wrote the letter and off it went...

do re-pay quickly though

ron mcatee

Realgren, David's e-mail is davidaltemus@aol.com.

Carrera3.2LG50

While that is certainly the best financial advice, it's not always practical for everyone.

Take a look at Pentagon Federal Credit Union. You do not have to be in the military to join up and last year they were willing to write a loan against a 22 year old car at a very low rate. I also needed to provide photographs and they used the NADA "classic car" numbers for the appraisal.

Good luck with your search!

yumyum1667

I am a member of Pentagon Federal Credit Union and I noticed they are running 2.99% on old car loans. Age does not matter but mileage does. I believe if they car has less than 120k they will write the loan with excellent credit. To be a member all you need is to open a savings account.

https://www.penfed.org/productsAndRa...dAutoLoans.asp

dshepp806

I agree. The financing portion is a personal call,..based upon needs over a specific time. Nuttin' wrong with it, at all.

Find the lowest interest rate, simply.

Best,

Doyle

realgren

Thanks everyone for all of the information. I really appreciate your help. I've been looking at a few cars on the Porsche lists and Craiglist. It's often hard to weed out the good and the bad.