Financing for a Rod or Custom, help needed.

If anyone could point me in the right direction I'd very much appreciate it.

The daily driver laid down on me today, forcing my hand with buying another daily. It was just a 95 lincoln that was past it's service life and I refuse to blow another dime on a car that I dislike. Anyway, I'd really like some vintage steel to drive daily but I have no clue who to go to for financing. Or even what the requirements for said financing. I see lots of different companies, but would rather deal with one that you guys have used or know something about.

Some help from you all on this could keep me out of another late model bucket.

Thanks
J

 

Well, the Lincoln will get you like $600 for scrap, that's a start.

That I know of no bank is going to finance you for some old car like they do on a new car. Or if they will, you'd have to have perfect credit and plenty of collateral.


The way to do it on a shoestring is to keep on driving beaters and do something like buy two cars cheap, sell one and turn a profit, then when you buy more parts for said car you either buy extra pieces you can sell to come out at least even on your total money spent, or buy another car you can part out and make a profit on while keeping whatever pieces you need for your car.

For instance, I did the math the other day and my one car I'm still up about $600 on when I figure what I paid, what I spent, and what profit I made from cars I parted out for bits and pieces along the line.

 

Don't finance a damn thing; even if you could get someone to finance a 'build' you'd be paying triple what you'd have into it. Bite the bullet, buy some funky, good mileage driver, and save every dime you can and/or do what rusty says . . . . buy low, improve some, and sell to make some profit. Keep doing that until you're into something you want to keep. Thirty five plus years ago I was the only two-striper on 'post' who was driving a brand new paid for Vette; I did it by building and swapping into cars that could make a profit. It can still be done today.

 

I think Grundy or Hagerty does old car financing along with insurance.

 

Financing? What the hell is that. Buy what you have money for

 

Biggest problem with financing a rod or custom for daily driving is going to be getting insurance. I don't think your going to find any insurer that will cover an old car as a daily driver with the coverage the loan company will want on a financed car. Classic car insurance won't cover a hot rod if you do not have a daily driver insured someplace, and won't cover a hot rod or custom that is daily driven.

On top of that, financing a custom or hot rod requires very good credit and much collateral, like said before. If you can get financing, it will go away if they find out you intend to drive it daily.

Outside of the financing and insurance issues, daily driving a hot rod or custom has its own set of issues.

If driving a classic, hot rod, or custom is what you want to do, start out with an inexpensive 50s pickup or old 50s or early 60s classic and get it into good, reliable condition. You need to keep it inexpensive because likely you will only be able to put liability insurance on it and any crash damage repair will come out of your pocket.

A better idea would be to buy a beater for the daily then buy your hot rod/custom. Got to have something to pick up the hot rod parts with anyway.

Just for the record, my daily driver is a 50 Dodge pickup. If I get into an accident, I'm going to be out a lot of money because I can only buy liability insurance for it. We also have the wife's car, and I'm working on a hot rod. Gene

 

Try a Credit Union or tqake out an equity line of credit on your house. State farm will insure a stated value, daily driver without any problems.

 

I used Capitol One and paid it off within a month, boy, were they pissed.

 

Just make sure it's period correct financing.

 

I think i just ruined my phone cause i spewed my drink all over it when i read this. I will be sending you a bill

 

In a former life I was involved in racing a '59 AH sprite. About half the cars we raced agianst were financed with home improvement loans, I know ours was. Just food for thought!

Toolroomer

 

What's that, go to a loan shark?

 

Never saw the logic to financing any race stuff. When boat racing it wasn't unusual to see a financed boat nothing but wood splinters on the water. Later when racing cars I took that attitude that the car was a throw away if totaled. No owing any body anything and walk away. Financing toys never seemed like a good idea.
Your situation is, however, different and some worthwhile ideas and caveats are in the posts above.

 

I Never finance a toy! It is a recipe for disaster in my book! I know a lot of people do, I just don't do it.

 

Houston, isn't it like a 100% humidity all the time down there?

 

pay cash for a beater.

 

In spite of what you convince yourself you can do to pay it off, it never works...financing is a money pit -worse than a car itself. Don't do it. Find another beater, they're out there...

R-

 

Never finance a hobby. HAt least that´s what worked for me: When I had 1000 bucks, I spent 300 for a project car, 300 to fix it and sold it for 1500. I put 1000 aside, spent 500 on the next project 250 to fix it and sold it for 2000. Within two years I had the money for my 62 Impala, that was back in 96. It´s ok to get in debt for a business investment or a home.

 

Well about the time that hot rods became acceptable in society middle aged men going through a mid-life crisis were taking out a second mortgage on the home that they nearly had paid off.

I wouldn't do that. I know when you are young the urge to drive it today is tough to fight but you are miles ahead of the game to get yourself a beater of some sort that you can finance and take what you get out of your laid down Lincoln to buy a project and whittle away at it a little at a time.

When I was young I took a year to build a hawg from pieces. I used all sorts of creative financing, originally got a personal note from the bank against a Sansui stereo that I had, some other stuff that I cannot suggest to you. You can buy and sell stuff trade stuff or services for what you need.

We used to say live like a pig and ride a nice bike. Basically there are lots of corners that you can cut and the same saying could indeed be applied to a hot rod.

 

If you dont have the money to buy it, you can not afford it.

 

I would buy a beater pickup and start saving (and looking) for the right project. How are you going to find the right car at a moment's notice? Unless you aren't picky I guess....but most of us know EXACTLY what we want in a hot rod or custom and it can take a long time to find it in the right condition and at the right price.

 

I've been shopping for the "perfect" rod for years. I would have money saved up for one but have put most of my extra cash away for retirement. The wife and I spend alot maintaining our home and paying all the normal bills of being 30yr old parents. The car guy in me is desperately impatient for something fun. The practical side always wins though. I already have a project car and have no room/time for another. You guys are right, I should just wait until I can lay down cash for the right vehicle.
However I do believe I'll buy a late model gto or ctsv to satiate my screaming desire for fun while satisfying my need for dependable transportation.
I'm a technician so working on cars 50-65 hrs a week makes me want something dependable. Let's face it I probably don't have time for a rod at this time anyway.

 

http://www.daveramsey.com/new/baby-steps/

I'm not connected in any way with this website but I have benefited greatly by it.

I would argue that saving for a car would allow you buy 3 of them compared to only financing 1. The extra comes from insurance and interest.

The advantage to financing is that you get it now. The disadvantage is you will miss out on 2 more later - and later is coming. It always does. When it gets here, You'll still be riding around in your hot rod you got immediately, but now it will be worn out and you'll only have it 1/3 paid off. You'll say, "Why is life so hard and unfair?"

Then when you examine the cause of it all, maybe you can help someone else out, if they'll listen.

 

Did you ever think about using one of those zero percent credit card offers that I get 10 a week of, most of them are between 6 months to a year before the interest jumps. just pay the 3 percent fee & get it paid off before the introductary rate is over

 

NEVER finance toys! EVER!!!

 

if you own a home and take out an equity loan , making it your only car makes a lot sense

 

Profile says you are a Mercedes mechanic,work some overtime,take out some of your retirement savings and pay for what you want.

 

mechanics are flat rate - no o/t

 

As somebody drowning in debt up to my eyeballs from student loans, I'm all too aware of how interest accrues and can really cramp your lifestyle. If you can't afford it, don't buy it.

I just sold my girlfriend's dad a very rusty, but very reliable 63 Fairlane 4 door for $1500. It has a little 289/C4 combo that is tired and burns oil, but is seldom in need of work and handled 600 miles of driving a week. I've seen plenty of expensive, pro-built classics break down an awful lot. Cost and reliability are not always connected.

 

www.daveramsey.com

Sounds like you need some financial sence...

Good Luck.