Hey, I'm dreaming of classic Minis. Anyone have a recomendation for a good place for a classic car loan? I have seen a few places online but I don't know which ones should be trusted.
TIA for any ideas.

 

if you can't buy a classic out of the pocket and have PLENTY of bucks left over you are making a BIG mistake buying one.

a classic needs a big tool box, a garage, several good parts catalogs/sources, and a primary vehicle cuz counting on one to get you anywhere is a BIG mistake

 

I agree with the Captain, I probably wouldn't take a loan out on a Classic Mini either. Eventually you'll be paying both a payment AND the cost of parts, surely driving you insane and questioning your decision. However, the days that your Mini is not acting up, will drive you back into sanity and love the car that much more.

With that being said, if you're really set on taking out a loan you have a few options... The biggest problem on taking out a loan on these cars is they are a "grey market" car to a bank. They loan on a car's NADA or KBB value. When they access either one of these systems, your future Mini WONT exist because it never was produced or imported into the states (Minis were for a couple years in the beginning). With that being said, most loans won't touch the car because they don't know what its worth. Some banks MIGHT loan on the car if it is appraised before hand by someone legit with a license to protect their interest.

I know hagerty.com offers insurance but classic car loans as well. I used to have them for insurance for my classic and they are great.

If you know someone in the military in your family, I would encourage you to check out USAA.com. They do everything, home, vehicle loans, insurance, checking, etc. You have to be a member of the military or have a family member that is. I looked into getting a loan for my current Mini but after some thought, just paid for it up front and am very happy I did so.

You can probably google "classic car loans" and some will come up. I encourage you to pay cash but if you can't and are drolling, I can't say I blame you.