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

State Farm did mine at an astounding rate. No issues with the classic issue.

Also insured it for $15k no questions.

Sort of.....making $200 a month payments on a $2000 new to me 914.

I've known the previous owner for a while now and I work with him so it is.in.my best interest to make the payments

I went thru a credit union years ago for a 911,...Once appraised,..no problem...

As my Daddy used to say, "don't let an opportunity to help a fellow in need pass you by" so what terms and collateral are you thinking of. I may be interested and having been in and out of 914's since the early 70's (and nothing better to do..) , I know the risk and the reward. PM if you have specifics and in any case, get back in the driver's seat.

I'm not a big fan of making payments on a 914. More like 50% for the car, 50% for the other car when the 914 is on jackstands.

I looked for about 2 years for mine -well seriously looked for about a year
I had to sell a house first I looked into conventional and specialty auto financing a bit but really just for sh!ts & giggles no way would my wife have signed off on another loan with two houses and a car payment
house sold and I had my car 3 months later! 73 2.0

I feel your pain tho a car in simular (that word looks funny to me but iphone sez it's right) condition to mine I probably coulda gotten for 3-4k less than I paid had I jumped 2 years prior
guess I shoulda pm'd forest

they keep going up -sucks when you're looking good when you're owning


cjl

I would never borrow money to buy a toy that will surely need more money thrown at it.
But I do take loans from my 401k and then pay it back quickly.

Hmm... I didn't think that was an option.

I didn't borrow to get my 914 but I've been paying for it for the last 11 years.

I've used Woodside in the past. Easy transaction, their representative stayed on top of the paperwork from start to finish, I had no complaints.

As for financing a 914, I'd only do it if it's well sorted and not in need of anything beyond personal touches or a few routine maintenance items. Otherwise it's a slippery slope.

If I ever even uttered those words to my wife you would never hear from me again. If I can't pay for it I don't buy it. In today's world, I just try to be as debt free as possible. Also, I am not a young guy like a lot of you.

That's not very American of you.

Hmm...I already use State Farm for all of my insurance needs...

Never even thought about financing a fun/classics car.
I hate debt too, sucks even having to pay interest on a mortgage, but at least that's low rate.

Not "financing", and not a 914, but I am making payments on a classic. I bought a 1975 corvette from a car lot a couple weeks ago and put it on my credit card.

Guess it depends on the loan. 2% makes sense, 10% doesn't.

Then I'd have to ask myself, is the car that good and worth paying extra for, and am I going to use it enough that the smiles are worth the $xx.

I've had loans on them before. My credit union gives me great rates. So done some debt consolidation before using my car for collateral. Current rate is like 2.9% & will do 75% of value. My old v8 car appraise at 25k like 5 years ago. I'm sure my current suby will appraise for more. Not a bad way to go if the need arrises

That is how we bought our 964, but the cars wasn't that old at the time.

I could see getting a $30K loan for the green 2.7 /6 conversion in the classifieds!

Worth the interest for sure!

If you can make good use of the money and the terms are good for you, then it doesn't really matter what collateral you use: new car, old car, real estate or other.
I think that now is a very good time to loan money for as long as possible. In 5 years from now you'll get more interest from the bank than you pay on your loan. Cash printing machine.

Jesus.... I think I have to agree with Mueller on that specific car. I really like it and think the price is very fair.

Buying the car is the cheap part, maintaining and fixing is $$$.

Making payments on something sitting on jackstands is a quick way to resentment.

That being said, several years ago I financed a portion of my 930 for 3 months. Was looking for years, one popped up I couldn't pass up & my savings were not liquid. I took out a chase auto loan overnight. 60 mos, paid off when $$$ became liquid again.

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.

I'm not sure if this counts, but I asked my boss for an advance on my Christmas bonus to buy my 914. I guess it was technically a loan until the Christmas party rolled around.

Added a link to the bottom of my OP to show pics of the car that has caught my attention.

I guess my biggest "fear" is that if I take the next 3-4 years to save up to buy something that is well sorted then the prices will be double what they are today thanks to all of the articles being written to buy NOW, lol.

I'm looking to buy something that I will own for the rest of my life and drive as long as I am able. Unless of course the opportunity to obtain an original /6 falls in my lap, haha.

Another reason is my dad is 77 and it would be a blast to attend PCA events with my parents in my own car and his 991 cabriolet.

All my current 20+ cars are paid for. That being said, the only way I would borrow money to buy a car would be to purchase a fully restored car that needs nothing.....

Otherwise, why would you make payments on a car that may wind up sitting on jack stands for a while? You'll wind up being pissed off every time you walk by it.

Those are the best reasons to pay interest instead of cash...
1- the asset is financially appreciating, not depreciating. Hence you actually should finance a used car that is done depreciating, and now appreciating, instead of a new car that loses 20% of its value after it leaves the dealership.
2- the asset loses some of its intrinsic value later, so you need it now. What good is a Porsche 914 if the people you want to enjoy it with are no longer around to enjoy it with?

Hey, just sayin! Life is short, so eat dessert first, even it you have to charge it!

They won't double in the next few years. Depending on what type of loan you're looking at, you'd be better off paying yourself what you'd otherwise be paying the bank until you have enough to buy the car you want.

There is no perfect answer to finance or not. Some are in the situation not to have to finance toys, others are not so fortunate but can afford payments. For us we financed a 31 foot sailboat when our kids were pre-school and early elementary ages. Our kids grew up sailing both cruising and racing on a frequent basis. Awesome lifelong memories that were made possible via a loan - to save enough to buy outright in cash would have put us off many years resulting in fewer memories and hitting an age where the kids might not take an interest. Well worth it.

My only advice is if you are willing to finance, be willing to borrow more to buy a better car as it will likely be money saved in the long run since you typically pay pennies on the dollar between your purchase price and PO's investment.

But I also agree that 914 prices probably won't skyrocket anytime soon - slow upward progression is likely the case over the next few years.

That is basically what I ask myself every time I think of buying a RV or Trailer. Maybe use it 2 times a year.

Thank you for sharing! I would love for my 6 y/o twin girls to take an interest in P-Cars. I remember going to PCA events with my dad starting when I was 10 and making new friends with other kids in the club. Good times!

As a follow up to my post, look at this one and others like it:

Delphi Green 914

Yes, I've had my eye on that one as well.

You got that right. If I wasn't full up with one in the driveway...that car is a great deal. We all say you don't get your money back but the guy has $116k in receipts. It's so nice! Look at that thing!

Sounds like you have good reasons to jump into it sooner rather than later.

My CU is 5 years @ 3%, so I'd go for it if I was in your shoes. Just buy a good driver, and keep $500 handy for random failures like fuel pump, clutch cable, tires, etc.