Financing a privately sold classic vehicle??

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Kylemcs

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Hoping someone has the answer to this...

I am selling a 25 yr old classic car (registered and valued by the respective club)

The potential buyer has had all bank and vehicle finance applications decline based on the fact the car is older than 20 years and He is also not willing to go the personal loan route as the rates are horrifying!

Has anyone financed a classic vehicle or knows a way to do this?

Cheers
 
One of these little buggers. Really sad to let her go:cry:
 

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Classic?

The banks won't finance it as he can just buy a newer Mx5 :p

Edit:

It's like asking a bank to Finance a Golf II GTi... They will just ask you to buy a newer one.
 
Pitbull said:
Classic?

The banks won't finance it as he can just buy a newer Mx5 :p

Edit:

It's like asking a bank to Finance a Golf II GTi... They will just ask you to buy a newer one.
Click to expand...

Lets call her a modern classic.

The question at hand is who does finance on older vehicles? Surely there must be a finance house who does this?
 
Thats not a classic, no bank will touch it, and no classic finance place will touch it either.

Plus, you say its 25yrs old? that puts it at 1990... If you're asking anymore than R40k for that you're ripping the guy off.
 
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Kylemcs said:
Lets call her a modern classic.

The question at hand is who does finance on older vehicles? Surely there must be a finance house who does this?
Click to expand...

I highly doubt a bank will touch it.

Remember when it comes to true classics the price of the vehicle actually appreciate instead of depreciate so banks are ok with taking a chance. The problem with a car like this is that there are newer versions of it so it will never appreciate just depreciate. Banks need to make money in the end. They will not take a risk on such a vehicle because of the buyer defaults they will lose and lose HARD.

Best would be to borrow the money from someone that has it and make some kind of repayment agreement with them. Either that or personal loan unfortunately. Btw, how much is it being sold for?
 
ToxicBunny said:
Thats not a classic, no bank will touch it, and no classic finance place will touch it either.

Plus, you say its 25yrs old? that puts it at 1990... If you're asking anymore than R40k for that you're ripping the guy off.
Click to expand...

An official MX5 valuation is that? Lol. Go home you're drunk.
 
Kylemcs said:
An official MX5 valuation is that? Lol. Go home you're drunk.
Click to expand...

Ahhh, is this going to go the way of the infamous COTY thread I wonder....

Ok, had a look around a bit... R40k was too low it seems.. R50k seems to be a fair figure.
 
Pitbull said:
I highly doubt a bank will touch it.

Remember when it comes to true classics the price of the vehicle actually appreciate instead of depreciate so banks are ok with taking a chance. The problem with a car like this is that there are newer versions of it so it will never appreciate just depreciate. Banks need to make money in the end. They will not take a risk on such a vehicle because of the buyer defaults they will lose and lose HARD.

Best would be to borrow the money from someone that has it and make some kind of repayment agreement with them. Either that or personal loan unfortunately. Btw, how much is it being sold for?
Click to expand...

On the contrary. Mx5's have been appreciating in line with collectors demand for a few years now. They are recognized as classics by insurance (yes, I get the benefit of classic insurance...)
 
So is the answer then: No, there are no finance houses who finance cars older than 20yrs?:confused:
 
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ToxicBunny said:
Not unless it is a real classic, and even then you will struggle.
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A real shame as there are some really brilliant 'almost classics' worth getting into. W123's, 924 Porsches, E30 BMWs that all appreciate but would not be considered true classics
 
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Kylemcs said:
A real shame as there are some really brilliant 'almost classics' worth getting into. W123's, 924 Porsches, E30 BMWs that all appreciate but would not be considered true classics
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Also the reason the re-sale prices on those vehicles being so low. Once it's classified as a classic and finance can be had on it... Prices increase.

Rock and a hard place unfortunately. Good luck with the sale.
 
Kylemcs said:
A real shame as there are some really brilliant 'almost classics' worth getting into. W123's, 924 Porsches, E30 BMWs that all appreciate but would not be considered true classics
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Wouldn't touch 95% of the E30's out there these days....

They've been hammered, abused, and worked on by retards for too long.

And the 924?!?! Really? That thing is rubbish.
 
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ToxicBunny said:
Wouldn't touch 95% of the E30's out there these days....

They've been hammered, abused, and worked on by retards for too long.
Click to expand...

I have first hand experience on that sad fact. Driven plenty, never found one worth buying.

Mx5s are exactly the same. Virtually impossible to find an unmolested one. When they are bad they are diabolical. I got lucky when I found mine. I wont give away what the club has valued her at but you'll fall off your chair.
 
Kylemcs said:
Mx5s are exactly the same. Virtually impossible to find an unmolested one. When they are bad they are diabolical. I got lucky when I found mine. I wont give away what the club has valued her at but you'll fall off your chair.
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Why not try Burchmores for a more realistic opinion? - http://www.burchmores.co.za/sell-your-car

... I'd recommend getting a good grip on your chair though :)
 
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