Anyone have any experience dealing with J.J. Best or other "classic car" financing?

I hope it's okay to ask this question here. General discussion seems about right...

I'm not asking for advice about whether to finance a "toy" or not. I understand the pros and cons of doing so, but sometimes it is a good move for me and I think this is one of those times. A fellow H.A.M.B.'er has a bitchin hot rod that I want and don't have the ready funds to buy it outright.

My question is this; has anyone had any dealings with J.J. Best or other financing companies? I've got good credit, two houses (one free and clear and the other with significant equity) a '32 Fordor (again free and clear) and only one credit card with a small balance and spot on payment history, yet I was denied. WTF? Any feedback or shared experiences would be appreciated. Thanks.

 

I don't know anything about J J Best and You know the pitfalls of borrowing money to finance a hot rod but if you are going to do it anyway..

Your house is paid for you can always get a line of equity and use the house for collateral.HRP

 

Thanks HRP. My plan is to finish it (it's very close), drive it for the summer and have some fun and then sell it. There's room for me to make a few bucks but I would never put my domicile in hock to finance a toy. I may be treading onto shaky ground, but I do have my limits. I'm just wondering how difficult these folks are to deal with. Can't figure out why I would have been denied. Maybe it's a sign...

 

I found that J.J. Best was more than willing to loan me money on a classic car last year. Their APR was over twice as high as my local credit union. My credit union would only loan money on vehicles over 15 years old with an appraisal that met their requirements. I ended up buying a late model vehicle (not HAMB friendly), because it just wasn't worth the aggravation, or the APR.

 

It may be because the car is unfinished.

Posted using the Full Custom H.A.M.B. App!

 

Good points guys. I sure miss the days when my hometown bank had a VP who was a hot rodder. Things were way easier then!

 

Did you ask THEM why the loan was not approved? We could guess all day.

 

https://www.penfed.org/

They will finance a car of any age as long as it has a NADA classic car value.

 

find a better bank,you will be happier dealing with a bank sadsack

 

Even though they are OPEN today, I can't find out the why until Monday. Getting a little impatient I guess.

PapaVolume, I am a member of Penfed, and had no idea they would finance something like that. I'll check it out. Thanks!

 

same boat, kinda, anyhow was looking to finance a 57 silverhawk and they denied the application also,,,said MY credit was bad..715 is bad? wanted me to take a waayyy higher interest rate....I went through my own credit union..JJ was the dealers recommended financier and I can see why..I wouldn't even let them run a credit check anymore...hell you can even get a loan through state farm

 

I just picked up my 57 Pontiac through Penfed, I have 700+ credit as well and they have a 1.99% rate right now.

 

Now in our days I think it will be better to have a credit instead

 

Could hook you up with a couple guys. They don't run credit checks or check payment history. Only drawback is, YOU are the 'significant equity'...

 

Given your stated position, the home equity line is the BEST option. You will pay less interest and you're responsible for the balance of the loan either way. Why pay a loan shark?

 

Old car finance companies like 750 or higher credit ratings.

 

I'd say he's gotten it figured out over the last 6 years lmao

 

I always wonder how some old threads get dug up? Was someone doing a thread search on credit checks? And then didn’t notice the thread is 6 years old?

 

Why did my post get deleted

 

Digging up old threads seems to be a favorite thing to do tonight.


Sent from my iPhone using The H.A.M.B. mobile app

 

Newbies , what can you do.

 

Yeah, and you know what burns my ass? A fire about 3 feet tall tag! You're it

 

<blush> Damn, I usually notice the dates.

 

In these COVID-19 times, taking out a loan on a depreciating asset is the last thing I'd do. The drop in the NYSE Dow Jones Industrial Average the last 3-4 weeks, my portfolio was down just over 100 K. Fortunately after this past week (the largest Dow one week rise in history) I've recouped over half of it. Not holding my breath waiting to get the remaining back. This country has a long way to go until the economy returns to normal.

If anyone doesn't think the hot rod market is in the toilet, go to www.carsonline.com and just check out the the number of 32 Fords that are for sale. There are hundreds to choose from. That ought to tell you where the current rod market is at. Bet you'd have to have a FICA score of over 800 to even qualify for a hot rod loan along with a hefty down payment. kyvetteman, may have been denied the loan due to not a high enough FICA Score.
Good luck to anyone taking out a loan towards the puchase of a toy. Your going to need it.
If I were to invest in anything right now real estate might be the way to go. It sure won't be on old cars.

 

Since it’s an old thread why don’t we just ask how did the loan work out for you? Did you finishing the car and enjoy it in the summer? Did you sell it right after that?

 

The OP hasn’t been on this site for 2 years

 

maybe he missed his payment to one of RJP's "loan officers".

 

Classic car loan companies are conservative and want bulletproof loans..... for them, not for you. They want cars that they can repossess today and sell tomorrow, not unfinished projects. They want a big enough down payment or loan to value ratio that they can cover all possible legal costs and sell for wholesale prices or below and never feel a pinch. They don't do "No Down Payment, No Payments For 60 Day Loans" the way a car manufacturer can.
The economy is very sketchy at this time. People with jobs today may not have a job tomorrow so the ability to repay isn't as assured as it was historically a short time ago. This means that their already strict requirements are less flexible than normal. They charge higher interest than bank loans because they cater to higher risk clients.

EDIT: I just noticed, as someone pointed out, the OP posted a few years ago. My first paragraph still stands but the second is more valid for today and less so for then.

 

Be aware that the laws for deducting the interest on a Home Equity Loan have changed.
Car loan interest is no longer deductible.
https://www.discover.com/home-equity-loans/blog/how-new-tax-bill-affects-home-equity-loan-borrowers/

 

I want to say some Spam Ass came on here last night with 10 or more posts joined only like yesterday trying to drum up business not the well being of anyone here...

This is not to discredit the original post but an observation of several Threads that popped up within minutes of each other with similar offers of financial help...with a link of course...

That seems to be a New form of Spam Invasion...participating in threads as a member...be careful...sad but not at all surprising scams are always evolving but generally they smell the same...