Anyone finance their 914? |
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Anyone finance their 914? |
iwanta914-6 |
Aug 13 2015, 05:53 PM
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#1
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Senior Member Group: Members Posts: 718 Joined: 26-June 09 From: Minnesota Member No.: 10,510 Region Association: None |
Is it crazy to think about financing a 914? Since I don't have the cash available at the moment, I'm considering financing one. Anyone use JJ Best, Woodside Credit or other means of financing a "classic" car. I know a lot of banks don't want to finance older cars so I'm not sure exactly what all the options are and what the restrictions or rates would be on something like a 914.
I'm curious because I came across a 914 that I like and if financing is an option, I might want to look into it further. EDIT: Here's a link to some pictures of the car I'm considering paying interest on, I realize important pictures of the longs are not included and the hell hole area isn't the best picture. 1974 2.0L L96B |
Mark Henry |
Aug 14 2015, 05:12 AM
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that's what I do! Group: Members Posts: 20,065 Joined: 27-December 02 From: Port Hope, Ontario Member No.: 26 Region Association: Canada |
Although I'm very much in the debt free camp, IMHO it would make more sense to get a loan for a well sorted pristine 914 and drive it now, then to get a project and spend the next 2 to 10 years on jackstands.
Factor in all the costs of a resto, including any tools you must buy, as opposed to the interest on the loan. A full PPI would be a must before forking out the cash. In the the end I'd bet the loan car will cost the same if not less than a full blown resto. Then add the fact you have been driving it that whole time. I had a buddy/customer in the late 90's who spent 4-5 years restoring a 1964 bug, once he factored in the space he rented (He lived in downtown Toronto), tools bought, parts, etc., he spent almost $40K for a bug that wasn't worth more than $10K. |
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