Do any companies give car loans for old cars?

[timk225]

I'm thinking about finding either a '71-'72 Duster or a '71-'72 Valiant 4 door or a '71-'72 Road Runner or Satellite to fix up and drive around. Looking for something that needs work and paint but hopefully not too much unibody metal work. I don't care about VIN codes or matching numbers. Slant 6 or V8, doesn't really matter to me.

I've found a couple potential candidates, and I could pay cash, but for credit score reasons I'd prefer to get a car loan for a few years and pay it off.

Do any companies do unsecured loans for old cars like this? I've gotten financing from Prosper and Best Egg in the past, but wanted to shop around first before applying with them.

 

[5.7 hemi]

Get a personal loan.

 

[davek]

I know of a 70 white valiant 4 door,318 with red interior for sale here in SC solid car and runs and complete. PM if you want info.

 

[1967coronet]

I'm sure that some of the dealers of classic cars do finance.
I've seen them advertising in Hemmings ect.
That is on finished cars though or what they call finished. ( buyer beware ) .
Prob going to need a pretty healthy down payment and take it in the shorts on interest rates.
I do not see a loan on a project car being a easy sell to your banker.
My 2 cents and this sucks but don't barrow money for a project car.
Next thing comes up is the $ to work on it.
I would hold off , grab a part time job and save up for one.

 

[gtx6970]

Classic Car Financing Options | Hagerty

 

[oldkimmer]

U would have a better chance to buy a done car. Figure out what it costs to do a project then double that price. Is it still less than a done car? Kim

 

[timk225]

I know of a 70 white valiant 4 door,318 with red interior for sale here in SC solid car and runs and complete. PM if you want info.

PM sent with an email to email to. Thanks.

 

[timk225]

U would have a better chance to buy a done car. Figure out what it costs to do a project then double that price. Is it still less than a done car? Kim

Although I would clean up any car I bought, it won't be a full restoration. Just a reasonably nice driver, put away for the winter. And a lot of the done cars I see for sale have mods I really hate. Big ugly wheels, hood scoops, coilover suspension, wheel tubs, tubular K frames, fancy stereos, nitrous / EFI conversions, etc. My guideline is simple. If the factory didn't build the car that way, then my finished car won't have it either.

 

[chargervert]

I tried to take out a loan to buy an orange 70 4 speed Superbird in 1983 for $4000.00! The douchebag loan officer said that old Plymouth will never be worth 4 grand! I hope he watches the auctions and knows how effing wrong he was! I effing knew!

 

[WileE]

If you need to take out a loan for a project car........ you don't need a project car.

 

[Mopar Hunter]

Finance a done car, you’ll be glad you did.

 

[68BabyBlue]

Harder to do now, but in the 80s and 90s I bought well maintained, unmodified, driver quality cars, financing a small percentage of the purchase price with personal loans. Never lost money on them.

 

[Scott Engelhardt]

Back when interest was low, I thought about borrowing against my rental property for a 71 Demon. Lots more to the story, but I figured the property owed me at least a Demon. As luck would have it the building needed more work so I just let the building eat more money

 

[SlingLow]

@timk225 an unsecured loan is not a car loan even if you use the money to buy a car. An unsecured loan is a loan on you. You'll need to show adequate cash flow, financial stability and/or assets to convince the bank to make the loan. When I got engaged in 1986, I realized that I had no credit, so I proceeded to go to every bank in town until I convinced one to loan me $1,500 unsecured, to buy a motorcycle (I was just out of college, making $1,500/month at the time). I did not want to put the title up so that I could leave it uninsured in the winter when I wasn't riding it. I convinced my bride that I was doing this to build for our future when the fact was that it was my last chance to buy a bike without a wife in the picture to say otherwise. On one level I agree with those who say pay cash for a project car, but sometimes there are factors involved where it could make sense to you to take out a loan. Best of luck!

I just sold that bike a couple of years ago, so I kept it for 36 years. The interest I paid was a drop in the bucket.

 

[dart4forte]

I’ve found that credit unions are pretty good at giving loans. If you can show them the value they would loan you the money that would be secured with the cars title.

 

[MarPar]

LightStream | Loans for Practically Anything

LightStream online lending offers loans for auto, home improvement and practically anything else, at low rates for those with good credit.

www.lightstream.com

 

[eldubb440]

 

[timk225]

I actually do know a loan shark, or "hard money lender", she lent me $70K a few years ago for a project. That loan is paid off now and she was charging me 10% interest, which bumped to 13.5% at the start of 2023 as interest rates had risen, it was in our agreement paperwork. I have a good history with her and could pretty much go and ask for the money and get it. Only problem it is wouldn't be a loan that shows on my credit history. The last one didn't either. That's why I'd prefer to get an "official" loan, so my credit history can benefit from it. I don't have any car payments now, I paid off my Tesla Model 3 last year.

I have plans to buy my families' original house back if it ever comes up for sale, so I've been paying attention to my credit history for years, so the banks won't say no to a mortgage application. Debt to income ratio, credit card utilization, cash for a down payment, etc. I've had a credit karma account for many years and watch it closely. I've got it all figured out. Only bad thing right now is it would be about 7% interest if I were able to buy the house today.

 

[cr8crshr]

Not a very wise choice just to have an old car...IMHO. If one cannot afford to buy outright, then financing a collector car makes little to no sense...cr8crshr/Bill

 

[gtx6970]

Is it best to finance a toy?
No.

But to be honest. Sometimes it's the only way. And we don't get to live forever.
So I say if you can afford the payment .
By all means go for it.

I have a couple times and never once did I regret it.

But no way would I finance a project car.
Buy done or nothing