Financing

OK, I've searched thru the forums and cannot find a thread on How to Finance a Speedster. However, I couldn't find a SEARCH function, so maybe I missed it?

I"m still working on persuading my wife that a speedster is a wise purchase (with four kids and moving every 2-3 years...military life you know!), however, when/if I get her persuaded, I'd love to be able to finance it with my bank.

But how the hell do you guys do that? Or do you all pay "cash"?? Does it depend upon the manufacturer???

I appreciate your help. And thanks everyone for the great site and pix!

--Mike

Michael:

I got financing via Captial One. They were great and at the end financed 90% of the car. Low Interest rate and very cooperative. They are aware of the kit car status and do not have a problem. Just in case the next question is insurance I went with Hagerty. They did the job for full value and have low restricts in comparison to other insurance companies.

Good Luck !

Andres

personal opinion: work,work,work or rob a casino,...
I don't think that a hobby anex fun car ought to be financed,others may think otherwise

How do you justify a speedster with 4 kids and a wife.....
You don't...........With 4 kids you don't have time for a speedster.
but if you think you do, Just tell her your getting one and that's it....Financing a speedster is like anything else, as long as you have colateral, someone will give you money....

Iron "Mike Tyson" - Hagerty is financing collectable cars now. You may want to see if this includes replicas (I am sure it does since they insure the damn things).

http://www.hagerty.com/

Andres:

Those pictures at JOnes Beach?
Nice ride.

Search works great --- go to opening Forum page and scroll about 7 buttons up from the bottom.

I put mine on my credit card.I have the title.

Me too.....

Stuart:

Yes I took them this Saturday at Jones Beach. The weather was just too nice on Saturday to pass up the opportunity to take it out for a little cruise. Thanks for the compliment on the car. I had three guys hovering over the car asking questions. I thought I would get some interest but it has been more than I expected. I actually had a guy with a blue Boxter asking me questions. He seemed disappointed that it was not real. I actually test drove a 05' Boxter last year. I figured I will wait until I can afford the twin turbo ! I had a 69 911 and it drove great but never got the attention this car gets. At the end of the day I am not an attention hound, but it is a nice feeling when you get the thumbs up !

Andres

Wolfgang wrote: "Search works great --- go to opening Forum page and scroll about 7 buttons up from the bottom."

Damn...I knew it...as soon as I asked I would find it. Same thing happens when I call the IT guy at work. All I really need is for him to stand near my computer then the problem I had goes away!

Thanks Wolfgang, and thanks all for your replies!
--Mike

Another way you can purchase the car is if you own your home and have equity borrow against your home!!!You can do it.

Thanks Esther, but doesn't work when you're in the military and move every 2 years! (But great idea for when I'm retired!)

Michael; try Pentagon Federal Credit Union; you are entitled to it because you're in the service and you get great rates. If you can't get financing on the car (don't know if they finance Speedster replicas), get their credit card; sometimes they have offers like 3.99% or 4.99% for the life of the loan which is way better than a regular auto loan.

Michael,
Justin is right, Hagerty will finance Replica speedsters. They have a specific line of insurance for replica cars, though they won't do Cobras (the lady there said they are too dangerous).

www.hagerty.com

-Bob Saville
Exclusive Motors, Inc.

FYI, Haggerty doesn't insure replicas/kit cars. Just went through the app. process and received an email stating the abvoe.

Here's the email reply. I called her to clarify and it's a no go.

Thank you for your interest in our classic car financing program. Unfortunately, we

Mike, I went through Navy Federal Credit Union more than five years ago with decent credit behind me on the heels of a divorce. They gave me a used car rate and financed my CMC by the CMC-supplied build number and later adjusted it with my Volkswagen VIN as a special interest, recreational vehicle for $16,000.
I was an E-6 at the time. And you had darned well better look into USAA, since you're eligible. I'm not advertising here -- you're specifically a candidate for the best insurance there is going outside of collector car insurance since you're a G.I.
You want details and such, send me an E. It's very doable.

"Haggerty doesn't insure replicas/kit cars"
Hmmmm, I just insured my VS with Haggerty about 3 months ago. Went thru Allstate who handles all my other insurance needs. The guy (on the phone ) seemed pretty familiar with VS. He told me to buy a fire extinguisher to lower my rate by 50 bucks................

www.capitaloneautofinance.com

Credit based financing, the car is virtually a non issue.

Hooyah MJTyson!

...ditto what Cory says about the G.I. financing available to you!

Also, my hat is off to you for:

1. Serving our country honorably
2. Having 4 kids (and still sounding reasonable sane!).
3. Having the where-with-all to recognize your need for SPEED(ster)!

Good Luck and keep us posted of your progress!

Peace - Out!!

Hey Mike, I know what it means when the wife and family is concerned and how sometimes they stand between you and your dreams. I found myself in the same boat and finally said to my wife that for years I've worked for her and the family, keeping food on the table and a roof over our heads without asking for anything of substance. I never felt that I was being used but did feel secondary in regards to the family always putting them first. I let it out that I wanted to build a kit car and thought that I should be able to spend some of the money I earned or was going to earn on something I really wanted. To my amazement she agreed and we we able to take out a small home equity loan to cover the purchase. I bought a CMC Gazelle and though it took me over a year to build, it carried me through my midlife crisis. Since then, I was fortunate to land a pretty good paying job (after retiring from the USAF and Post Office) I built a 550 Spyder which I sold for the down payment on a Subaru powered 356 Cabriolet. Don't lose your dream and try to include your family in it and you will find a way to make it come true. Beside, a Speedster is safer than a motorcycle!

Haggerty may not finance a speedster, but they sure do insure them. My policy even says "Speedster Replica"
-=theron

HAGERTY does insure the Cobra Replicas.
However they do require said policy holder to have attended a professional driving school. (Per my wife the Insurance Agent)

I tried insuring through Hagarty and they told me I didn't fit the profile they covered. I have a clean driving record and I'm over 50 (although I do have 21 year old daughter still in college that is a dependent). The only thing I can think of that would have soured their decision is that I told them that I'd be driving no more than 7,000 miles per year - with NO work or commuting and NO racing. In any event they said, "sorry". I asked if the mileage was too high and they declined to comment. Interesting to hear that some folks get Hagarty without any issues.....

Reg:

You are stating that Hagerty does not insure speedster replicas due to the email you received however the email relates to financing and not insurance. They do indeed provide insurance.

Cal, try State Farm.

pay cash, state farm will nsure it