RPM, aka Bearing Bob wrote:

I've never had a loan for a classic car, and my last car loan was circa 1996, so I don't know much about them or what the rates are these days. Have you looked into a personal loan at your credit union?

 

Classic cars, like buying a boat or RV are considered luxury buys.  Not a lot of lender options just like insurance options are limited.  Unless you have a personal relationship with a bank, traditional banks don't give out loans on classics.

I'm trying to find a truck in the $30-40k range so this isn't a "save up" kind of purchase for me.

RPM, aka Bearing Bob wrote:

I've never had a loan for a classic car, and my last car loan was circa 1996, so I don't know much about them or what the rates are these days. Have you looked into a personal loan at your credit union?

  My last car loan was in 2011.  If I cant buy it with cash Im not buying it.  Dave Ramsey has worn off on me a bit...LOL   
 

TremendousWand wrote:

I'm hoping prices will come down to offset interest rates.

"Hope in one hand ............"  I think classic cars and trucks will only increase in value for the foreseeable future because unlike new cars/trucks  the classics.... ex..Mustangs/Hemis/FE stuff/ Cobras/Chevelles 
are impulse buys."
Like cookies and candy vs meat and potatoes.
Dave Ramsey is right-on with his advice.....just like Grandma usta say...only with their teeth in !
6sal6

On a $35K loan for 5 years your going to pay close to $10,000 in interest. Don't know if car prices will go up that much in 5 years. If you want something like that now have you considered other options? A home equity loan is usually tax deductible. Do you have a 401K, you can usually borrow from them and the interest you pay goes back in your account. Just a couple things to consider.

You'd have trouble getting a primary mortgage rate for 7.5% right now.  Car loans were always higher than mortgage rates.  You might have better luck taking out a HELOC to buy the vehicle.  Probably looking at 7-8% on that, but at least its not 10%.  Rates are higher than they've been in a long time right now because the FED keeps monkeying with the prime rate to try and lower inflation.  Most predictions are they will be up for at least the rest of this year, some think through 2024 and possibly beyond. 

Steve69 wrote:

Im on a 2015GT and newer FB group. A guy was going to buy a new Mustang GT for $60K.  He was putting down $6000 and making $1200 payments.   My advice to him is put that $6000 in a money market fund and put $1200 a month in the fund.   After 3 years if your still in love with the idea buy it used for about 2/3 the price or less.  
 

Now that's great advice! 👍