Loan to Purchase Musclecar

[owners2]

Does anyone know a Lender to help with Financing for a Musclecar.

[COPO]

Never used them, but I recall they were an advertiser in Hemmings for many years.

https://www.jjbest.com/auto-finance/...ssic-Cars.aspx

[RPOLS3]

Mecum advertises this group on their website


https://www.lightstream.com/mecum?ci...sredirect=True

[tom406]

JJ Best has been around forever, but the people I’ve seen use them were never sure if the money was a”go” until the last minute. Putnam Leasing could be an option for you. Best bets are credit unions you have access to. Any lender is mostly concerned about over lending (like loaning $200k against a fake L88) and how hard it is to liquidate if they have to repossess (towing and wholesaling 3 year old Camrys is easy- grabbing your 409 Bel Air and marketing it, not so much.) Bringing a good third party appraisal that authenticates the cars pedigree and explains the market a bit might help a lender make a decision to say yes. When in doubt, they say no.

[Sean]

Originally Posted by RPOLS3

Mecum advertises this group on their website


https://www.lightstream.com/mecum?ci...sredirect=True

I used them several years ago very easy to deal with good business.

[Canuck]

There is a few guys in New Jersey that handle loans. There names are Tony and Big Phil,they hang out at the Badda Bing!

[olredalert]

----If you don't already have a home equity loan it may be a good choice. The interest is deductible still (I think) and generally all you have to do is pay the interest monthly. I have done this in the past when I wanted to buy a car to sell or knew that cash was coming in soon......Bill S

[YENKO DEUCE REGISTRY]

Originally Posted by olredalert

----If you don't already have a home equity loan it may be a good choice. The interest is deductible still (I think) and generally all you have to do is pay the interest monthly. I have done this in the past when I wanted to buy a car to sell or knew that cash was coming in soon......Bill S

HELOC % is no longer deductible if used for a car purchase, only if used for the purchase of a home or home repairs - how they plan to enforce this is unclear. I'd find a car being sold by a home construction contractor...... but that's just the view from a CPA!

"HELOCs and second mortgages will no longer be deductible if the loan proceeds are used to pay for personal items, including college tuition, vacations, credit card debt, student loan debt, a vehicle or clothing; the interest paid on that amount will not be deductible."

[DW31S]

Originally Posted by Canuck

There is a few guys in New Jersey that handle loans. There names are Tony and Big Phil,they hang out at the Badda Bing!

How YOU doin'?

[the427king]

If you have a 401K use the loan feature and pay yourself back the interest and you can do it at around 4% right now. best of both worlds. Can only boorrow 50K or half of your balance,which ever is lower ...