Anyone have any info on how easy it is to get collector car loans? Did the ease at which getting a loan for an older "collector car" increase since the crash? Usually when prices go sky high, somewhere, someone is financing with easy terms. I guess what I am getting at is.... if everyone is financing these cars then perhaps there is a bubble. If people are sinking their own money into these cars, then the value is here to stay.

 

Not sure what crash your talking about. I know of a lot of cars still trading hands for good money and nobody seems to be financing.

 

I don't remember the name of the company, but I recall seeing an add in Pano from a company offering financing.

 

Since the crash of 08. So this isn't because of easy financing.

 

I thought you were talking an air cooled market crash that is why I questioned it. Most every car I have seen sell since 08 has been a cash buy.

 

As someone who recently got a loan, I can tell you that it seems banks are more strict with older 'collector' cars. I've even had some banks demand that the car be in my possession before allowing for the loan.. (which doesn't make sense since I'd need the loan to GET the car in my possession).

Nonetheless, it just takes finding someone who understands WHAT you are buying and willing to make it happen with just some pictures for proof.

 

Used USAA to buy my '88, process was exactly the same as a newer car.

 

crixer: Woodside Credit in California is a possibility. I spoke with them, seemed OK. I ended up taking another route.

 

If you have a local Credit Union, most are very good at this sort of thing. Just did a 63 month loan on a 38 year old 911SC, 2.99 fixed rate zero fees 1/3 down. The process was very easy.

 

I have used Pentagon Federal with great results.

 

Pentagon Fed rocks

 

if you need a loan to buy any old car, then....

 

I could never wrap my head around it either. But, many great deals come from people that get in over their heads and need to "get out asap", so......

 

Funding any hobby using debt never made sense to me but who knows. Markets such as these can be fickle. I don't consider my 964 an investment (and not just because it's a cabrio) but I do have investments that help fund the family hobbies. My closest friend wouldn't pay a dime for my 1990 964 and I wouldn't pay a dime for his 2007 corvette. Pay cash, enjoy the car, and hopefully you do well if you choose to sell. I would say that I am going to leave my car to my son but he doesn't turn a wrench and I'm not sure that he will even want to drive any car in the future. I wouldn't count on the next generation to drive up the value of your leveraged hobby. My 2 cents.

 

^ Good call on the next generation.