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Has anybody used Classic Car financing to buy your dream ride?

L78fanatic

L78fanatic

Well-Known Member
Senior Member
Currently, I am faced with a genuine opportunity to buy a 1967 Chevelle SS, numbers matching L34 (350hp) engine from a 33 year owner of the car, who restored it back in the early 1990's. including an engine rebuild. I won't go into the details, but this car isn't far from me and it may be the car for me to build my clone of my original '67 Chevelle SS L78! Having a garage full of collector cars already, I face a dilemma of selling one of my restored cars (I have vintage BMW's), or keep them and borrow about 50% of the asking price of the Chevelle. I just don't want to dig a hole into our savings right now to get this car. So, I am thinking why not just get a car loan for this one? I am retired, but I'd think the value of the Chevelle could easily cover a 50% loan, using cash for the balance.

Any suggestions or thoughts?

Thanks,

John
 
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I have not. But I would research the 'fine print'. Will the loan stipulate how many miles it can go a year? Will it dictate a super huge insurance policy? My thoughts. I would think if you are throwing down 50%, most any bank would finance you. Most regular banks will lend the money but you will have to have a certified appraiser do a write-up on it with pictures. which isnt a bad idea anyway if you are like me and pushing the 'agreed value' with the insurance company.
 
I've used Lightstream (was a division of SunTrust, now Truist), and a simple loan for a car is easy. Last one I got for buying my daughters used car in NC (never saw the car, just paid for it), and with good credit (my score is over 800) I got a signature loan for 40k with an interest rate at 5%.

Took out a 3 year loan and paid it in 1 year. No prepayment penalty. Easy to do and all online. If you have good credit you get a quick decision. When I applied, I pushed the submit button, and within 30 seconds the loan was approved, and for an extra $25 (I think at the time) they will deposit the money in your account the same day, otherwise they deposit the following day.
 
Thanks for the feedback! I actually like the Lightstream idea.....looks like a very easy loan process. My credit is very good as well, so I shouldn't have any trouble getting approved when the time comes, if that's the way I choose to go.

I did talk on the phone with the seller today....a fellow Pennsylvanian and very nice guy. I've decided to not bid on this one (and that REALLY pains me!) as I need to keep the peace in the family. If I pushed I know my wife would say go for it! But, it's really not a good time, especially with my oldest son's DeLorean hogging the lift in my garage....hopefully it will be back in one piece and on the road by this fall!

Plus, if it doesn't sell today, we have a gentleman's agreement that he will work with me later when it better suits me. This is sort of nice! I just know it will sell however, and it will likely sell for an amount that I could easily afford....damn timing!!! :-(

Oh well, sometimes being patient pays off so we'll see.
 
L78fanatic said:
Thanks for the feedback! I actually like the Lightstream idea.....looks like a very easy loan process. My credit is very good as well, so I shouldn't have any trouble getting approved when the time comes, if that's the way I choose to go.

I did talk on the phone with the seller today....a fellow Pennsylvanian and very nice guy. I've decided to not bid on this one (and that REALLY pains me!) as I need to keep the peace in the family. If I pushed I know my wife would say go for it! But, it's really not a good time, especially with my oldest son's DeLorean hogging the lift in my garage....hopefully it will be back in one piece and on the road by this fall!

Plus, if it doesn't sell today, we have a gentleman's agreement that he will work with me later when it better suits me. This is sort of nice! I just know it will sell however, and it will likely sell for an amount that I could easily afford....damn timing!!! :-(

Oh well, sometimes being patient pays off so we'll see.
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Yep, I know about timing. Pete (Pete67) is selling a 300 wagon that is just gorgeous, but I just bought the motorhome and am in the process of updating everything, but man if the timing had been different, I would have bought it yesterday. It's just a sweet ride.
 
kmakar said:
Yep, I know about timing. Pete (Pete67) is selling a 300 wagon that is just gorgeous, but I just bought the motorhome and am in the process of updating everything, but man if the timing had been different, I would have bought it yesterday. It's just a sweet ride.
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Well, we can cry on each others shoulder then! I feel better, and I hope you do as well! (y)
 
It sold for $56,000 (of course +5% buyer's fee)

bringatrailer.com

33-Years-Owned 1967 Chevrolet Chevelle SS396 4-Speed

Bid for the chance to own a 33-Years-Owned 1967 Chevrolet Chevelle SS396 4-Speed at auction with Bring a Trailer, the home of the best vintage and classic cars online. Lot #69,322.
bringatrailer.com bringatrailer.com

When the time is right, I'll snag a good one (hopefully). The seller was a good guy...I talked with him earlier today.
 
L78fanatic said:
It sold for $56,000 (of course +5% buyer's fee)

bringatrailer.com

33-Years-Owned 1967 Chevrolet Chevelle SS396 4-Speed

Bid for the chance to own a 33-Years-Owned 1967 Chevrolet Chevelle SS396 4-Speed at auction with Bring a Trailer, the home of the best vintage and classic cars online. Lot #69,322.
bringatrailer.com bringatrailer.com

When the time is right, I'll snag a good one (hopefully). The seller was a good guy...I talked with him earlier today.
Click to expand...

That sucks, I know you want a '67 bad.
 
L78fanatic said:
It sold for $56,000 (of course +5% buyer's fee)
Click to expand...
Wow, that's a lot. And it seems like well-done resto-mods bring even more.
If the economy takes a dip soon (very likely), maybe you can land a really good deal ?
What's the deal with the cowl tag ? It looks like small bolts replaced the rivets ?
1648680036454.png
 
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Nashville Cat said:
Wow, that's a lot. And it seems like well-done resto-mods bring even more.
If the economy takes a dip soon (very likely), maybe you can land a really good deal ?
What's the deal with the cowl tag ? It looks like small bolts replaced the rivets ?
View attachment 3885
Click to expand...
I was thinking the same thing about the market. I guess we will see. I noticed the trim tag but I didn’t ask about it. I have no doubt he’s had the car for 33 years though. It was pretty rusty when he bought it. Fortunately the front fenders came from GM back then. There were certain things about the car that were not correct but easily corrected. The seller is a body shop owner so he likely did all the work himself. Overall, a solid car I believe but I’m ok passing on it. But in the not too distant future I hope to snag something. I need to get my L78 engine built first! This car had the original L34 engine in it so I would have had to pull the matching numbers engine to put my L78 in there, which I sort of hate to do.
 
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