"classic car" finance

[cragswinter]

Looking at ways to purchase a 1995 Porsche 911.
Usually I like to keep a nice amount in cash in the bank (as cash flow for my business) so in the past I've always financed cars using a balloon repayment type of deal-keeps the monthly amounts down lower & usually doesn't penalise you for paying off early.
Just wondered if anyone knew of any good classic car deals going at the moment-I understand that lately good finance agreements in this sector were hard to come by?
Thanks in advance

[sidicks]

cragswinter said:

Looking at ways to purchase a 1995 Porsche 911.
Usually I like to keep a nice amount in cash in the bank (as cash flow for my business) so in the past I've always financed cars using a balloon repayment type of deal-keeps the monthly amounts down lower & usually doesn't penalise you for paying off early.
Just wondered if anyone knew of any good classic car deals going at the moment-I understand that lately good finance agreements in this sector were hard to come by?
Thanks in advance

Surely a 1995 911 is a long from being a 'classic car'..................

Sidicks

[cragswinter]

Classic car finance & insurance would appear to think otherwise

[P-Jay]

It can be gone, sadly all of the mainstream funders are so automated now that it'll come back 'computer says no' in most cases.

I do know of one or two that will do a HP+balloon on a Classic, biut they'll charge more and have no direct sales force so you'll need a broker, like me ;-)

[HereBeMonsters]

cragswinter said:

Classic car finance & insurance would appear to think otherwise

I recently tried to get finance on a 2005 Boxster, to be told it was too old...

[P-Jay]

HereBeMonsters said:

cragswinter said:

Classic car finance & insurance would appear to think otherwise

I recently tried to get finance on a 2005 Boxster, to be told it was too old...

WTF! it's hardly run in.

[HereBeMonsters]

P-Jay said:

HereBeMonsters said:

cragswinter said:

Classic car finance & insurance would appear to think otherwise

I recently tried to get finance on a 2005 Boxster, to be told it was too old...

WTF! it's hardly run in.

Seriously. This was a dedicated car finance company, I was told for any car group 15 or over it had to be 4 years old or newer AND be purchased from a major dealer. I tried pointing out that the reason I wanted said car was that it was likely to depreciate far less than anything else for that money, so it would be less risk to lend. But nope, rules is rules. No loan.

[mattviatura]

I'm losing established clients hand over fist at the moment because of the whole "Computer says no" mentality.

The majority is business finance and because 08/09 accounts were down (obviously) the number of rejections is scary.

[Manks]

I bought my classic cars in cash when I had them but on one occasion my bank asked if they could finance one - it was a 1989 Porsche 930. Their asset finance department said it was worth £7k. In reality the market value was >£22k.

Maybe an unsecured personal loan would be better OP.

Manks

[rfoster]

Classic car finance is still available (we do it) but is not as straightforward as it was pre-credit crunch; the finance companies want decent security in the asset, i.e. more substantial deposits and are reluctant to offer any form of 'balloon' payment at the end. Realistically you are tied to buying the car from a repuatbale dealer as well- the finance companies don't erally like taking an invoice from a private individual.

Not financing the 2005 Boxster is ridiculous, we do up to 12 years old on our standard agreements!