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Antique Auto Loan question

Discussion in 'The Hokey Ass Message Board' started by jonspinup, Jun 8, 2010.

  1. jonspinup
    Joined: Apr 22, 2010
    Posts: 25


    I found my car!! A 1962 American Rambler Cross Country Classic, it's beautiful! However I need to get a loan to buy it :(

    My bank(s), yes I do business with 3, don't like to extend loans for antique autos. Anyone have a suggestion as to where or whom I can go to for such a thing?

    Any help is appreciated. I know it's not H.A.M.B material...yet....but it's a start and you guys and gals :) are the pro's in the auto world and making your dreams happen!

    Thanks, Gabby

    Attached Files:

  2. mojomax
    Joined: May 28, 2010
    Posts: 10


    could try getting a line of credit from a bank--loan wouldnt be tied to car then---probabely secured against mortgage--or other assets--but then you can have more money than car is valued at--for upgrades or what ever
  3. Mazooma1
    Joined: Jun 5, 2007
    Posts: 13,598


    don't borrow for a hobby
  4. 49ratfink
    Joined: Feb 8, 2004
    Posts: 18,753

    from California

    how much is it? put it on a credit card. get a cash advance or pay him with paypal.

  5. thepolecat
    Joined: Mar 24, 2009
    Posts: 687

    1. S.F.C.C.

    i agree- no loans on a hobby. i have to save up for all my toys.
  6. dirty old man
    Joined: Feb 2, 2008
    Posts: 8,910

    dirty old man
    Member Emeritus

  7. jonspinup
    Joined: Apr 22, 2010
    Posts: 25


    It actaullly will become my daily driver :) for 3 seasons anyway, putting it away when the snow flies. So hobby yes, but functional and necessary as well.

    $5000 and it's registered and inspected, all original including the paint, from Kansas, has had new carpet, headliner and basics taken care of (brakes, exhaust, belts, general up keep) I can just get in a drive away!

    Is that too much money?
  8. May try raising some of the money by selling extra stuff.
  9. brad chevy
    Joined: Nov 22, 2009
    Posts: 2,627

    brad chevy

    I would say thats kinda high for the car I found a 2-door Rambler Wagon on craigslist in Orlando for $2500 ,running,driver,car is nice original car .5 grand is alot to put in a 4-door Rambler wagon,but if thats what you want,only you can decide,but don"t be borrowing money on something that is never going to go up in value or you can"t get out of in case of bad times .
  10. jonspinup
    Joined: Apr 22, 2010
    Posts: 25


    Thanks Brad that's good to know.

    Thank you everyone for your thoughts on the matter, I'm taking your advice and going to look for other ways to come up with the funds.
  11. 49coupe
    Joined: Nov 4, 2005
    Posts: 569


    For $5K, I'd try family and friends, but offer to go the extra step to draft up a real contract, offer to insure the car for $5K, and have it notorized. (i.e. contractual interest rate, repayment terms and security) to show you are serious about paying it back. Chose a reasonable interest rate, say 10%. If they trust you, it's hard to get a 10% after tax return these days that's secured by an asset.

    Do NOT use a cash advance on your credit card. Read the fine print. I would not want to borrow money to buy a car at 14-18%. Failing that, try an unsecured line of credit. Again, higher interest rate, but if you pay it off quickly it should be OK.

    Personally, I think you'd be better off buying a "late model" beater for $1-2K first, then buying a hobby car later as funds permit. Less pressure on you.
  12. hotrod40coupe
    Joined: Apr 8, 2007
    Posts: 2,561


    Look for another car. Just because it's almost 50 years old, doesn't make it cool.
    Last edited: Jun 8, 2010
  13. Labold
    Joined: Nov 1, 2007
    Posts: 1,219


    I would go the line-of-credit route. If nothing else, I would tell each loan officer that you are having to use another bank but would really like to give them your business. Believe it or not, some people will still work hard to keep your business. It is at least worth trying anyway.

    I agree with saving up for hobbies but I also agree with working hard to pay things off and then using them as assets.

    As far as the price of the car goes, you will have to be the judge of that. If it is truely a jump in and drive ride with nice body, paint, interior etc- it is worth paying a little extra imho.
    Best of luck!
  14. 33 5 window coupe
    Joined: Mar 29, 2009
    Posts: 121

    33 5 window coupe

    just get a personal loan,but for me ,i would never get a lone for a toy.i've always saved and bought.
  15. looking
    Joined: Feb 7, 2006
    Posts: 73


    Toys are cash only here.
  16. GassersGarage
    Joined: Jul 1, 2007
    Posts: 4,727


  17. wvenfield
    Joined: Nov 23, 2006
    Posts: 5,562


    How long ago did you lose it?

    Sure it's HAMB material. I for one think those are really cool. It's tough to answer not knowing your situation. I always try to pay cash for the toys also BUT that wasn't always the case.

    My first car was too old for a conventional auto loan (back in 1979) so luckily my old man signed on for a personal loan.

    If you have good credit, there are sources that will loan the money. If you don't, it's likely going to be tough to get a loan on this on your own. (or if you don't have much credit).

    How about this jon guy? Hit him up for a few bucks. If he doesn't have any, I wouldn't waste my time being his pin-up.

    Anyway, I like the car.
  18. 4dFord/SC
    Joined: Sep 12, 2004
    Posts: 837


  19. Randy in Oklahoma
    Joined: Sep 18, 2008
    Posts: 301

    Randy in Oklahoma
    from Oklahoma

    If you have to borrow money to buy a Rambler somethings wrong!
  20. Brahm
    Joined: Oct 4, 2001
    Posts: 487


    Try a federal credit union, but it's a hassle. I was trying to get a loan to pickup a 30 coupe from another hamb member on here, but they have alot of stipulations. In the end it didn't work out for me as the car was out of registration and they wouldn't loan unless it had a current title, reg, ect..

    In terms of borrowing, just be careful make sure it's something you can pay off quickly. A 5k rambler may be a good deal to you, but a 8k rambler after interest and finance charges may not be the best deal. While it would be nice to be able to buy everything straight cash, some of us don't always have that luxury. If I waited and saved up for everything I wanted I would have missed out on a lot of good times in my life.
  21. pasadenahotrod
    Joined: Feb 13, 2007
    Posts: 11,775

    from Texas

    Holy Cow, is there any Rambler besides an AMX that would require a loan to own?
  22. oldwood
    Joined: Mar 13, 2010
    Posts: 1,056

    from arkansas

    Thats a great looking S.W. I am rebuilding a Black Classic '62 wagon. Be sure and look for rust as Ramblers have those type of problems. The areas to look at are the wiper mtr. area, heater cowl area, floor pans. There was a clean '62 S.W. on ebay a while back that got bids up @ 9k.
  23. try and get a PEL loan from one of your banks. interest rate on them are usually low. don't tell them it's for the antique car. you can usually get one for as much as you want and you only pay on what you use. tell them it's for home improvement-it can be used for anything. if you take out say, 10k, you can buy the car and only pay on the 5k spent. if you don't use the remamining money, it just sits there for you, no useage, no interest or payment.
  24. jonspinup
    Joined: Apr 22, 2010
    Posts: 25


    Thanks for all the input everybody! I appreciate all the options and suggestions, including the more comical and life lesson comments :)

    At this point I am going to take a step back and wait for the time and finances to be right. I LOVE this car as odd as that is to some but it just isn't meant to be right now I guess and if it is, well then my $5 spent on scratch tickets was well worth it when I win big!
  25. imnezrider
    Joined: Apr 27, 2010
    Posts: 199


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