[DCTepper]

I have found a 968 that I really like, but none of my financial institutions want to accept the risk because it is a 1994 (12 years old) and has 145,000 miles. Does anyone know of any specialty companies that are known for financing older cars? I understand that the milage is higher than they'd like, but they won't touch a car with more than 100,000 miles on it.

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[jpk]

Just see if they'll do an unsecured or signiture loan, not a conventinal car loan. If your credit is good, it shouldn't be a problem to get 10k at about 5.5-6%. Another option would be to do it as a home equity loan.

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[rhudeboye]

I wouldn't have been able to buy my 68 had it not been for our small personal loan from our credit union, which was initially for our kitchen remodeling project. But a good stock tip landed 15K in the stock market and after about 2 months I was able to take the profits off the table for my Porsche.

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[flash]

credit unions are more lenient than banks too - try that

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[josephsc]

Those Capital One 'Blank Check' auto finance loans also seem to be very lenient. Have you looked there?

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[PorscheDude]

[quote name='josephsc' date='Jul 31 2006, 10:33 PM']Those Capital One 'Blank Check' auto finance loans also seem to be very lenient.  Have you looked there?

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I used capitol one for my 968. Got a blank check. I was going to buy a 951,

But later found I could only use the check at a franchise dealer. So I found my

968 at a porsche dealer. Only stipulation was the selling price had to be within 110% of book value.

I think they may have a seperate loan for private deals.

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[josephsc]

[quote name='smokiemon968' date='Aug 1 2006, 04:06 AM']I think they may have a seperate loan for private deals.[/quote]The do -- and it requires you consummate the transaction at a notary and making Capital One the lienholder.

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[chris]

I second the Credit Union idea, they shouldn't have any problems helping you out

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[csc71]

[quote name='chris' date='Aug 1 2006, 11:36 AM']I second the Credit Union idea, they shouldn't have any problems helping you out

[right][post="24866"]<{POST_SNAPBACK}>[/post][/right][/quote]





I borrowed the money from myself via 401K, got the check in less than a week.

It is taken automatically from my check at 8.5%, but like I said, I am paying myself back. Might not be the smartest thing to do, but I just had to have the car.



I spoke to Classic Car Finiancial and they told me you cannot get a loan from any bank if it is older than 1999 and has more than 50,000 miles. A friend told me about the 401K option and I have no regrets.



Steve

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[csc71]

[quote name='csc71' date='Aug 1 2006, 09:27 PM']I borrowed the money from myself via 401K, got the check in less than a week.

It is taken automatically from my check at 8.5%, but like I said, I am paying myself back. Might not be the smartest thing to do, but I just had to have the car.



I spoke to Classic Car Finiancial and they told me you cannot get a loan from any bank if it is older than 1999 and has more than 50,000 miles. A friend told me about the 401K option and I have no regrets.



Steve

[right][post="24887"]<{POST_SNAPBACK}>[/post][/right][/quote]



One more thing..personal loans tend to be much higher rates!

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[whakiewes]

Go to your local State Farm agency. They fully financed everything I wanted for my 968 with 160k miles, 92. I could have got up to $20,000 for my 968, but of course I didn't. I went in, applied, walked out that afternoon with a check. The highest credit I had at the time was my CC with a $500 balance, and my Belks card with an $800 balance. With my limited credit and kind of an odd car, they gave me 4yrs, nothing down, 8.2% interest. They have an 11 day grace period which is nice as well. Other friends loans only have 5-day grace periods. They also give a discount on full insurance for loan applicants. I pay like $900/year for full insurance, $500 deductible...I mean every box was checked.



www.statefarmbank.com



Wes

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