Financing Options

Just wondering what type of financing others have used to purchase a speedster. I've seen a few options out there for purchasing a new or used speedster but would love to hear some real options people have used. Specifically what companies and what amount financed and at what rate. Thanks in advance!

Adam

Cash works.......sorry!

It all depends on how much interest you want to pay. Local banks and credit unions will usually loan for any new or used car. A running driving turn key replica you can likely get financing on but a "kit" might be a bit more difficult.

Good luck. Got your eye on something specific?

I used a home equity line of credit for that part that I couldn't write a check for. Will be paid on in the spring.

Talk with Kirk, Henry, Carey or John.
With the proper credit score, financing can be obtained through J.J. Best Banc & Co. 1-800-USA-1965 www.jjbest.com

At the risk of being branded elitist and out of touch, I'd respectfully submit to you that borrowing money for something that is clearly a luxury you don't need is pretty much a sure-fire way to make certain that you'll never have enough to afford the stuff you'd like to have outright. Collecting interest beats the heck out of paying it.

If you can't afford the stuff you really want- either wait until you can, or curb your expectations.

if i dont have the cash i dont buy it, never know what may befall you in the future.

Cash is King

I bought the car outright, but financed the motor. I had most of the cash, but not quite all of it. I used a really low interest credit card, this was back in 2002 when you could get them, like less than 5%. Paid the motor off a couple years later, no sweat.I have seen people use a home equity line also. Just make sure you have several thousand extra for transport and any tuning/parts you may need to get it running sweetly. ALL cars need sorting, unless they are old enough and the owner was dedicated enough(talented?) to get it done right.

My good rule of thumb (and good business) is to always use someone else's money keeping what you have on hand for a rainy day. Paying a reasonable rate of interest is, cheap insurance.
If, you are sure that you will keep it for a good long while, then financing is do-able.
Financing it owning it for a year or so only to get bored with it and sell the car, you'll be paying on something you "use" to own. ~Alan

Alan-

Your "rule of thumb" (use other people's money when you can) IS sometimes good business- if the money is cheap enough, and the ROI is high enough. However, it's also like playing with a loaded gun- bad stuff can happen pretty quickly if you aren't very, very careful. There's a time an place to borrow money, but the less you can do it (and retain enough liquidity), the better off you'll be in the long run. Having an open line of credit and using it are two completely different things.

Additionally, I still contend that buying a plastic toy car has nothing to do with business (for most of us)- it's consumption, pure and simple. Business produces revenue and income, and it takes a certain amount of capitol to keep the wheels turning. Borrowing money for stuff we don't need and will depreciate is paying twice for the pleasure.

I still say: if you can't afford the stuff you want now, either wait or curb your expectations.

Capital One blank check program. They know what a replica is. If you have A+ Credit they have good rates. That said, Stan is a wise man and makes a great point. I no longer finance Toys. In the "New Economy" why borrow and pay 5% when you can only get 1.5% on fixed money. This may change when inflation comes, but that can be many years ahead.

Stan Galat for President and Bob Baumer for treasurer!!!!

Truth is that if our stupid government was run on the principles that Stan and Bob posted about, we wouldn't now have an economy in shambles.

I'm just sayin'.

Jack, I second that nomination! As long as we also have Vince as Sec. of Defense.

Or maybe Vince could be "President of Vice"...

I think he might like that.

I'm jus' sayin'.......

Hi Adams Carey at Beck Speedster let me Pay it while he was building it> He just took longer, and by the time he was done ,I was paid up . Advice call him Peter

J.J. Best. I wanted to jump on the IM I bought when I found it so I paid half and financed half while I wrapped up my Dad's small estate (passed in June). T

J.J. Best. I wanted to jump on the IM I bought when I found it so I paid half and financed half while I wrapped up my Dad's small estate (passed in June).

Thanks for all the advice. My reasoning for potentially financing a speedster is that I would definitely plan to keep it for many years, confounded by the fact that I have a completely paid off Acura with only 32k miles and no car payment. I'm debating purchasing a new car (obviously financed) next spring, or just keep the super reliable Acura and purchase a speedster and make the payments over a 4-5 year period while only using it for pleasure rides etc. In my mind a car payment is a car payment, whether it is a new car or a new/used speedster! Thanks again guys for all the advice and humor. No that there is a Beck dealership in the Denver area, I know the speedster dream is closer to reality.

Adam

Marty - Did you actually use the Capitol One Blank Check? It seems with their terms and conditions that you can only use the check at "approved" dealers. Is that the case? You made reference that they know what a replica is. Thanks.

Adam

Just for diversion - here is the flip side of auto financing:

In 1967 I had a brand new, paid for, big block Corvette. Also had a house with a first trust deed and an owner financed 2nd trust deed. Former owner decides he needs instant cash and is willing to discount his 2nd trust deed by 30%. I have no money! Went to bank, re-financed the Corvette and paid off the 2nd trust deed. Hell of a deal!

My home equity loan turned the trick for me. The money is always there (just in case) although I rarely use it.

David-

That is not the typical car financing story- that's using debt as a tool to make money. That's using your head. That's one of the tools that enriched the masses before the average consumer decided that they wanted their cake now, and they'd pay for it later.

I'm with Stan. I don't finance toys, period. But, I don't want much at this point either. I've been through the boat, bike and exotic car phases and financed some stuff I shouldn't have but got away with out losing my butt. Looking back though, if the economic winds had blown the wrong way during a couple of time frames I would have been going through other peoples discarded upholstered furniture looking for lost change.

I've been blessed.