Has anyone ever used one of these
institutions?
I was curious, I found a 66 442 vert
that I would like to try to buy.
I was hoping to find some feedback
from any of the members that had.

I wasn't sure how much of a down
they would need, or points, etc.
Thanks for any help on this guys.

 

I've never financed one myself but I do know alot of credit unions finance classic cars.

 

The only issue is you will definitely have to carry full coverage insurance as there will be a note on the car. It's like financing any other auto I would assume.

 

Good to know Chad.
I know of one I can contact.
As far as full coverage, I knew
that woud be a give us.

However, on that note,
Haggertys, and some of the others,
depending on how many miles you
want to put on one, have some deals.

I use Farmers for my work truck, and my
agent told me he has it for the antiques as well.
then again, mileage is the factor as well as being
garaged.

 

Lots of the places they were doing it went out of business in the downturn in the economy.

I have used Woodside Credit twice including the 69 Camaro we have now. As long as you have excellent credit it should be no big deal. You will end up having to put 2-5K down depending on how expensive the car is. You can really stretch the length out like a boat to have a really small payment. I have the Camaro on 8 years but pay extra each month and hope to have it paid off in 3 more years.

http://woodsidecredit.com/

 

Hagerty has a program. Where a classic car loan will differ from a regular car loan is that many starts won't have a title so a lien can't be directly attached to it, making it much harder for them to repossess. If you have access to a home equity line you can save quite a bit on interest.

 

Hargerty no longer finances cars. They now refer people to Woodside.

 

I went to my credit union for a classic car loan for my 71, and they told me a 1971 car was too old! What do they consider a classic car? A 1998 Ironically, on their web sight for their classic car loans is a picture of a guy in a 72 cutlass convertible! Beat that! Lol.

Anyway, I applied at JJ Best and they approved me. For 8.5%, ripoff! No thanks.

So my credit union had a special going for used car loans at 1.5% but I had to put my wife's minivan tittle down for collateral. Plus if you opened a debit car with them, they knocked off another percent. Basically I got my car loan for .5%. I was happy we have the car half payed off in 6 months.

 

A .05% loan? Holy crap!

 

I used my credit union for my '68 and JJ Best for my '87. I didn't have either of them for more than a month or two before I paid them off so I didn't really care about the interest rate. Both were easy and smooth to get.

 

Yeah! I was like, let's borrow more money! But the wife said no

 

0.5%, not 0.05% There's a big difference.

 

Yes there is, I meant .5%, however why would a lender even lend at that rate.

 

They pay interest at a 0.1% rate. Lending it at even just 0.5% is still quite a margin for them.

Heck, the financing arms of the automakers often lend money at 0% interest. The idea is to get you into a new car!

 

There is rebate cash that is negated in lieu of 0%, so the lender still gets what would normally be interest in a lump sum. The manufacturer is basically buying down the note. The interest on a 36 month loan for $20000 @ .5% is around $150. why lend the money.