Classic Car Financing – Getting the Car of Your Dreams

Posted on กรกฎาคม 30, 2010
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If you are a devotee of custom or classic cars, you may want to think about how to go about financing one. Not everybody who collects classic cars has the cash to pay for it in one fell swoop. Though significantly different from conventional auto financing, this specialty is still something to consider if that perfect car has caught your eye. Just try to get a handle on the process and then make your vintage car dreams come true.

As almost all of the regular sources of auto loans stay away from loans for classic vehicles, a car lender that handles specialty cars will be likely your only option. Unlike other lenders, specialty car lenders don’t use any of the traditional price guides to assess the value of the car in question. They will make their own evaluation as to the cars value.

A good practice to get into is to get a credit report prior to any vehicle shopping. The lender is sure run a credit check, so you should be aware of any problems so that you will have time to address any issues that may be fixable. Remember, all negative activity in your credit history can affect your score and ultimately your ability to secure financing. Foreclosures, bankruptcies and an excessive amount of late payments can significantly damage you scores and hurt your chances of procuring a loan. Furthermore, classic car lenders usually have more rigorous lending rules than do traditional auto lenders.

You will also find that custom car loan terms can differ from those of the common everyday auto lender. It is not unheard of to have a 10-year loan, for example, on a classic auto. New car lenders typically offer loans for a maximum of 6 years.

Classic car financing differs in the amount of down payment required as well. With a new car it is fairly easy to procure a loan that finances the full value of the vehicle – that is, no down payment. Classic car lenders, in most cases, require at least 20 percent of the value as an initial payment. Because of the more subjective manner of estimating the value of a vintage automobile, the larger down payment offers a heftier collateral, in a sense, in the event of loan default.

Classic car lenders almost invariably require some kind of physical inspection of the vehicle before approval of financing. Approval for financing of a new or used car, on the other hand, can be arranged without even viewing the car. Basic information about the car is all that is needed.

There are definitely some challenges that are unique to the buyer trying to arrange financing for a classic car. As is often is the case, title questions can arise with classic vehicles. Make sure that a title does exist before you expend time and energy trying to get a loan. Without a title you are out of luck.

Before you take the steps to financing a classic car, you need to decide if it really makes sense in the long run. Is it for fun or is it an investment or both? Many of the classic vehicles continue to increase in value. Do your research and then determine if borrowing for a classic car is for you.

Define Classic Car

Posted on กรกฎาคม 29, 2010
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Defining a classic car might sound like something that is relatively simple but you would be mistaken on that assumption. The definition of a classic car will vary depending on who you ask. It is likely that every person will have a completely different answer or opinion for you. There are many common mistakes that people make when defining a classic car. What makes a car a classic is not the make or the model or features like the body style. There are plenty of other factors that are taken into consideration for this. It is best to make use of a lot of resources for your research.

Make it a point not to allow yourself to be misled by other people’s incorrect information. Even some dictionaries have certain definitions for classic car that are not actually correct. Of course, some sources simply use the Classic Car Club of America definition. Their definition states that a classic car is one that was built within the years 1925 to 1948. One common mistake most make is the referral to cars from the 1970s as classics. They are actually considered modern classics instead. This is one area where there is often some conflict. However, many car experts feel that cars from the 1960s and 70s are not yet old enough to be true classics.

There are many different reasons why one might need to know the actual legal definition of what makes a car classic. One of these reasons is if you plan to sell one, buy one or insure and register one. The definition for classic car is not the same in every country or even in every state. The best place to get started would be your local registry office. If they cannot provide you with the definition, they should be able to point you in the right direction.

It is extremely important to know if the car that you have is a true classic or not. For insurance purposes this kind of information is necessary. You certainly want to have the proper kind of insurance coverage on your vehicle. Specialty insurance is needed for classic vehicles. Regular car insurance is not appropriate for a classic car of incredible value. Do not take any unnecessary risks by leaving your classic car uninsured. This is just another reason to find out for certain if your car is a classic or not.

There are many different terms for older cars. Classic is just one term. There also vintage and antique cars. These are all very different types of cars which is why it is so important that you find out what yours really is. Seeking out a professional that knows their stuff is always a good idea. Joining a classic car club or reading up on one is also a great way to obtain the proper information. Defining a classic car can be a little bit confusing but it is not impossible. Go the distance to get the information that you need or just to appease a personal curiosity.

What Are the Best Cars for $1000?

Posted on กรกฎาคม 28, 2010
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When you’re on a budget, you may find that you’re going to have to settle for less when it comes to a car.  It’s okay to spend less if you only plan on using the car for 1 – 3 years.  If you plan on using it anymore than that, you’re going to want to save more money as an investment.  But, there is nothing wrong with a car that is only going to cost you around $1,000.

What kind of car can I get for under $1,000?

This made me wonder because at a point in my life, I needed a car that was relatively cheap.  To help you understand what kind of car that you’re going to get, here is a basic profile on what you can expect.  Now, keep in mind that this is the average car.  On occasions, you may find a car that is way better, or you may find one that is simply a big beater!

The year varies from 1980 to 1990 - On average, you’re going to find that the car is going to range from the early 80s to the early 90s.  Anything that is past the 90s, you’re generally going to find that the car is going to need some work.   I would advise that you’re careful with anything older than 1995.

Most need some type of work – Not all but many of the cars on the market need some sort of work.  Granted, many of them are going to run but what you’re going to find out is that a majority need body work.  If you don’t mind having a rusty car, or a dent in the side, it should get you from point A to point B just fine.

Majority are American - You’re going to find that since the foreign makers such as Honda, Toyota and others have a high resale value, it’s going to be very hard to find a car under $1000 made by this particular company.  Unless it has an insane amount of miles, you will more than likely be getting an American made car.

Greater than 100,000 miles - I would say that 85% of the cars that I looked at have more than 100k in miles.  Some cars will last another 50,000 miles but always do your due diligence when purchasing your car both offline, or online.

This is your typical profile when it comes down to a used car.  Be sure to to compare and see what you can get online.

The Tools You’ll Need To Restore Your Car

Posted on กรกฎาคม 28, 2010
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I’m going to talk a bit about the basic tools you’ll need to restore your car, remember I did say basic tools, depending on what kind of restoration you want to do on your car this small list of tools can change quite a bit, and it will, OK to start with let’s talk about a tool that I think pretty much everybody has used a least once in their life, and that is a wrench, you will need a set of wrenches, at least all the common American sizes from a 1/4″ – 21/4″ just to be safe, this is what I would say is the most tool you’ll own.

As we move on down the list the next in line is a set of good screw drivers, and by good I mean name brand, not the Taiwan crap that the handle breaks the first time you twist it, you will be using these a lot, and not always like they were intended to be used, sometimes to break a screw loose you’ll have to smack the top of your screw driver with a hammer, this is where the quality name brand screw drivers come in to play.

The next tool that I will talk about here is also a must, you will need a quality ratchet & socket set with a ¼” drive, a 3/8″ drive, and a 1/2″ drive ratchet, being as how you will be using these constantly, I suggest that you afford the quality tools here also, along with the ratchets that I mentioned here you’ll also need sockets to go with them, you’ll need a full set for each ratchet, and these can be costly, so plan on spending a little cash here.

Now let’s talk about the specialty tools for the job, the main specialty tools that you’ll need is a set of body hammers and dolly’s, this is pretty evident if your going to straighten out the body work you’ll need hammers and dolly’s to beat the dents back in to place, metal does have a memory an it will want to go back to it’s original shape, and that will work in your favor, I suggest that you pay the extra for these and buy a name brand also.

Now to pull the dents that you can’t get to with a hammer & dolly, you’ll need a dent puller, and there are two totally different options here, again this will depend on how much cash you want to spend on these items the first option in the cheapest and that is a standard slide hammer, if you use one of these it will make more work for you to do in the long run because you’ll have to drill holes in the dented area and screw the slid hammer in to the holes to pull the dent, and the you’ll need to weld the holes shut again and grind it off before you can lay the mud to it, option two is called a stinger, this toll will weld a nail to the dented area and the you’ll attach the slide hammer to those nails and pull the dent, this will eliminate drilling holes in the panel, but it does cost a lot more money.

Now the fun stuff, you’ll need hand sanding boards ranging in size from 6″ – 18 ” in length for the standard wooden sanding boards, and you’ll also need rubber sanding blocks in different shapes, so you can effectively sand rounded areas, square areas, and other odd shaped areas, you’ll find this to be very handy as you go through the processes of restoring your car.

Hand Wrenches
Sizes ¼” – 21/4″

Screw Drivers
Full Set of quality screw drivers

Ratchet & Socket Set
Full set of ratchets & sockets

Hammers & Dolly’s
Full set of quality hammers & dolly’s
Dent pullers
Slide hammer or stinger

Sanding blocks and boards
Sanding blocks and boards in various sizes

Hemi Charger

Auto Shop Locatoor

Where Can I Find Under $1000 Cars?

Posted on กรกฎาคม 27, 2010
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When you think of purchasing a car, you probably think of spending at least $10,000 for a decent car.  While this is pretty true, I’m surprised that most people don’t know that you can get a car for less than $1,000.  Sure, it isn’t going to be your ideal car, but I wanted to explain on why you should heavily consider one.

Why should I consider a $1000 or less car?

For starters, it’s going to be a great car for those looking to have a short term fix.  Let’s say that you’re tight on bills, but you need a car to get to work.  Instead of looking for money, why not consider something that is going to get you around and won’t break the bank?

The cool thing about these cars is that, yes, you can find one and the insurance won’t cost you that much either.  When I was younger, I had a very cheap car that set me back $3,000.  My insurance was only $55 a month.  This was very doable.  I was able to then save up tons of money for a newer car.

Trust me, you don’t need to travel in style from age 16.  The people that work hard early, are the ones that are going to get something great in the long haul.

Where can I find a car like this?

The best place to start is online.  You can see what is in your area, as well as what you’re going to get for your money.  You can go to places like eBay, Craigslist, or even your local hometown paper online.  Most of the times, they have classifieds and you can find some great information there.

If you do decide that you want to purchase the car online, you’re going to want to make sure that you won’t get scammed.  If you want to meet in person, that would be the best so that you can check out the car personally.  Also, make sure that the title is clean because the last thing that you want to do is have a stolen car on your hands.

If you don’t like the idea of purchasing them online, I can understand.  Try local auction houses, as well as police auctions and more.  These are great places to go.  You can also check out publications such as Auto Trader, your newspaper and more.

keep looking »