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

Discussion in 'The Hokey Ass Message Board' started by kyvetteman, Mar 1, 2014.

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  1. kyvetteman
    Joined: May 13, 2012
    Posts: 760

    kyvetteman
    Member

    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.
     
  2. 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
     
    Budget36 and wraymen like this.
  3. kyvetteman
    Joined: May 13, 2012
    Posts: 760

    kyvetteman
    Member

    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... :confused:
     
  4. djbamber
    Joined: Jan 2, 2011
    Posts: 29

    djbamber
    Member
    from bandon,or

    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.
     

  5. arkiehotrods
    Joined: Mar 9, 2006
    Posts: 5,911

    arkiehotrods
    Member

    It may be because the car is unfinished.

    Posted using the Full Custom H.A.M.B. App!
     
    wraymen likes this.
  6. kyvetteman
    Joined: May 13, 2012
    Posts: 760

    kyvetteman
    Member

    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!
     
    fred farmer likes this.
  7. Did you ask THEM why the loan was not approved? We could guess all day.
     
  8. sadsack
    Joined: Jan 29, 2014
    Posts: 72

    sadsack
    Member

    find a better bank,you will be happier dealing with a bank sadsack
     
  9. kyvetteman
    Joined: May 13, 2012
    Posts: 760

    kyvetteman
    Member

    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!
     
  10. 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
     
  11. I just picked up my 57 Pontiac through Penfed, I have 700+ credit as well and they have a 1.99% rate right now.
     
  12. webbmichael
    Joined: Apr 8, 2020
    Posts: 3

    webbmichael

    Now in our days I think it will be better to have a credit instead
     
  13. RJP
    Joined: Oct 5, 2005
    Posts: 1,626

    RJP
    Member
    from PNW

    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'...
     
  14. rockable
    Joined: Dec 21, 2009
    Posts: 2,986

    rockable
    ALLIANCE MEMBER

    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?
     
    nochop likes this.
  15. fred farmer
    Joined: Apr 9, 2020
    Posts: 10

    fred farmer
    Member
    from earth

    Old car finance companies like 750 or higher credit ratings.
     
  16. Lloyd's paint & glass
    Joined: Nov 16, 2019
    Posts: 2,482

    Lloyd's paint & glass
    ALLIANCE MEMBER

    I'd say he's gotten it figured out over the last 6 years lmao
     
  17. 67drake
    Joined: Aug 8, 2008
    Posts: 82

    67drake
    ALLIANCE MEMBER
    from Avoca WI

    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?
     
  18. blazedogs
    Joined: Sep 22, 2014
    Posts: 452

    blazedogs
    Member

    Why did my post get deleted
     
  19. 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
     
    bobss396 likes this.
  20. fastcar1953
    Joined: Oct 23, 2009
    Posts: 2,162

    fastcar1953
    Member

    Newbies , what can you do.
     
  21. Lloyd's paint & glass
    Joined: Nov 16, 2019
    Posts: 2,482

    Lloyd's paint & glass
    ALLIANCE MEMBER

    Yeah, and you know what burns my ass? A fire about 3 feet tall :D tag! You're it :p
     
  22. rockable
    Joined: Dec 21, 2009
    Posts: 2,986

    rockable
    ALLIANCE MEMBER

    <blush> Damn, I usually notice the dates.
     
  23. Gman0046
    Joined: Jul 24, 2005
    Posts: 6,253

    Gman0046
    Member

    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.
     
    Last edited: Apr 11, 2020
    olscrounger likes this.
  24. abe lugo
    Joined: Nov 8, 2002
    Posts: 2,250

    abe lugo
    ALLIANCE MEMBER

    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?
     
  25. 67drake
    Joined: Aug 8, 2008
    Posts: 82

    67drake
    ALLIANCE MEMBER
    from Avoca WI

    The OP hasn’t been on this site for 2 years
     
    lothiandon1940 likes this.
  26. maybe he missed his payment to one of RJP's "loan officers".
     
  27. The Shift Wizard
    Joined: Jan 10, 2017
    Posts: 2,055

    The Shift Wizard
    ALLIANCE MEMBER

    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.
     
    olscrounger and Stogy like this.
  28. 19Fordy
    Joined: May 17, 2003
    Posts: 6,901

    19Fordy
    Member

    Stogy likes this.
  29. Stogy
    Joined: Feb 10, 2007
    Posts: 16,687

    Stogy
    ALLIANCE MEMBER

    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...;)
     
    Last edited: Apr 11, 2020
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