Financing for antiques?

Hello all/ A few months ago I had a post on here that talked about daily driver antique autos, and financing to get them. A couple people noted some companies out there that offered purchase financing specifically aimed at antique cars. There was one company in particular that stood out, and of course I forgot to write it down or save the message. Can anyone help with what this company may be? It wasn't a bank, it was just a firm that offered financing for antique autos. Any help is appreciated! -JF in Minnesota looking for a decent late '20's Buick Standard 4Dr.

Was it JJBest?

If you have a good track record with your bank, they'll usually finance yer collector purchases. Maybe mine's different since it's locally owned and not part of a mega-bank, where somebody 500 miles away says yea or nay on loans.

OK, I have a question...do you think there is a way we can finance large jobs like engine rebuilds? The main problem is that anything over $1000 will cost a hefty interest fee.

Being on a fixed income, I try to do work on my cars a piece at a time where $400 is the highest I can go at any one time. I am beginning to think we should all consider creating and funding a local garage with tools where we can meet and work on our cars. It would afford those of us who know very little about working on cars to learn, and those who do, a chance to advance the causes of the hobby. It does not have to be anything large, just a place we can go locally.

I have been talking to my son about this. With the cost of mechanics it seeems if we worked together we could better afford this hobby, have more community involvement and make more friends!

Impossible? Probably.

1st to the question of financing. It's not as much black magic as many seem to feel. I have gone to my credit union and asked when I absolutely could not live without some vehicle. they have never asked to many questions at all. Banks are also beginning to realize that colatarol is colaterol (probably spelling it wrong but you know). With resonable care on their part, i.e. inspection, photos, possibly an apprasial, they shoudn't have too much of a problem either.

As for a commune gargae, who's is it really? How much garage liability insurance does he/she have? Who's tools and what if some come up missing? Who gets first use of special tools such as welders, torches, lifts? Who pays utilities, rent, supplies etc. It's been tried many times without too much success. I am in with a friend and his business. I rent an area of his shop, have my own tools etc., and we can share stuff one of us has and the other doesn't. More than two people and you have trouble.

Dave

I was kind of afraid you would say that. My ex is building a garage on new property she has in Denver. I think the idea is so my son and I will have a place to work on the cars. I just thought the club might, like a local chapter but with all the legal and insurance crap you have to deal with, not to mention egos, it was a pipe dream to start. <img src="http://www.aaca.org/ubbthreads/images/graemlins/smile.gif" alt="" />

Randall, see if your local community college has an auto-tech program and if they do any evening or summer session classes. The one here does and I take advantage of it for all my airconditioning and suspension work. At about $150 for ten work sessions, it's cheap enough considering I have access to all their equipement.

That's a great idea Randall. We have a similar thing here at the community college / tech school. Forgot all about it. In fact there are some good classes for basic mechanics all the up to rebuilding. Rocketraider using his head rather than being so negative like me!

Dave

On the topic of financing, as I recall the lender discussed was JJ Best Banc&Co., at www.jjbest.com. As a loan officer at a locally-owned bank, I can echo the comments made about establishing a good relationship with a small bank or credit union. Vehicles over ten years old are generally not considered acceptable bank collateral due to lack of liquidity. It's much easier for a bank to sell a late-model minivan or a pickup truck than an antique, simply because there are more potential buyers for the late-model vehicles. However, small banks will frequently make non-conforming loans to customers that have a good track record, while big banks are interested in cookie-cutter loans. The same applies to small loans, say under $1000. Most large banks will tell you to use a credit card, because the cost involved in servicing the loan exceeds the interest income. While some people dislike using credit cards, it might be cheaper than paying the origination fee and minimum finance charge associated with small loans.