Categories: Automotive

Collector Car Loans – Why Most Lenders Won’t Touch Them!

Most conventional lenders are reluctant to make an antique car loan, even though buying an antique or collector car is a smarter financial decision than buying a new car. The biggest reason many lenders do not offer collector car financing is that a collector car is very difficult to place an accurate and reliable value on. With a new car or one that is less than 20 years old, it is much easier to nail down an accurate market value. With an antique or collector car, there are way too many variables for many lenders to deal with.

For instance, is the car all original or has it been restored? If it has been restored, what is the quality of the restoration like? Is it unique or rare in any way? Is it a popular car with a wide fan base such as a first generation Camaro, early Mustang, or Mopar E-Body, or is it a more obscure (but rare) model that would only be worth a considerable amount of money to a relatively small group of collectors? Has it been modified, and if so, how do the modifications affect the value of the car? Is it really a Chevelle Super Sport, or a mundane Malibu that someone has swapped engines in and added emblems to? Did the car once belong to a celebrity, or is it a vintage race car that won some famous races? These kinds of questions will make a normal loan officer’s head spin, but all of these factors will come into play when you are applying for classic auto financing.

The bottom line for the classic car finance provider is, “If the borrower defaults on the loan, how easy will it be for us to sell the vehicle and get our money back for it?” With a new (or late model used) car, there are enough “data points’ for a lender to get a relatively accurate and reliable picture of what they are up against if the borrower defaults on the loan. With a 1957 Desoto Adventurer coupe, there aren’t a lot of data points to compare to. Even for a more common classic car, such as the ubiquitous 1969 Camaro, the values vary so greatly due to the options, condition, and modifications that a typical lender just isn’t well-enough informed to make a good decision. So they bump up the interest rates to cover their losses in case they overestimate the value of the car, or they just don’t offer collector car financing at all.

When looking for collector car financing or classic auto financing, it is best to seek out lenders that specialize in classic car finance, or at least have an antique car loan program. These lenders will most likely be able to give you a better interest rate and/or a longer loan term than you will get with lenders who concentrate on newer car loans. These lenders are familiar with the classic car market, and will understand why a 50 year old car could be worth $50,000 or even much more.

To learn more about collector car financing, go to Classic Car Financing. To get more information on the “nuts and bolts” of getting an antique car loan, take a look at Classic Car Loans.

Tags: antique auto loan, antique car financing, antique car loan, Classic Car Financing, classic car loan, collector car financing, collector car loan
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Muscle Car Insurance Companies – Top 4 Points to Consider
April 5th, 2010
Owning and driving a classic muscle car can be a very enjoyable (although expensive!) hobby. If you own and drive a vintage or collector car, then specialty muscle car insurance is one thing that you really need to consider. If you are insuring your muscle car with the same company that provides you with the insurance for your “everyday driver”, you may be paying too much for coverage that is woefully inadequate should you need to file a claim. It is best to get your muscle car insurance from a specialty provider. They can offer insurance that is tailored to your needs and most likely save you a considerable amount of money, too.

Most standard car insurance policies are written for “Stated Amount” or “Stated Value”. These policies don’t take into account the value of your car as a collector vehicle, and actually will assume that the vehicle depreciates with time. If you own a muscle car, you need to make sure you get an “Agreed Value” policy. With an Agreed Value policy, you and your insurance provider come to an agreement on your car’s value when you begin the policy. The insurance company will then reimburse you the Agreed Value of your car in the event of a complete loss, and give you much more reasonable options in the event of repairable damage.

When choosing a specialty insurance provider, you also want to make sure they are underwritten by a company that is financially solid. A.M. Best is the leading provider of ratings for insurance companies, and assigns each insurance company a “grade”. You want to use a muscle car insurance provider that has an A.M. Best rating of “A-” or higher. Ask who the underwriter will be for your policy, and then look up their rating on the A.M. Best website.

Many insurance policies don’t allow for the cost of OEM parts for collision repair. Using aftermarket replacement parts could detract from the value of your classic car. Most specialty insurance providers cover the cost of using OE (or OE-licensed) repair parts. Make sure that the insurance policy you choose will cover this cost.

If your 1964 Impala Super Sport gets damaged, do you want “Quick-O Paint and Body” to do the repairs, or do you want to take your car to a shop that specializes in antique car restoration? A “normal” insurance policy may only cover the cost that “Quick-O Paint and Body” charges, and you would be responsible for the cost difference if you choose to use a specialist that charges more. Find out if the insurance policy you are considering allows you to take your car to the repair shop of your choice.

Those are the first four things to consider when choosing a muscle car insurance company: 1) Agreed Value policy, 2) A.M Best rating of A- or better, 3). Coverage for cost of OE parts, and 4) Coverage for repair shop of choice. There are a number of companies out there vying for your insurance business. Using these four criteria will help you narrow down the list of possible providers for your muscle car insurance policy.

Once you have the four criteria above covered, it is time to get into the details! Take a look at American Classic Car Insurance for a complete list of all the points you need to consider when getting insurance quotes for your classic muscle car. For a directory of the most popular classic car insurance providers, go to Classic Car Insurance Companies.

Categories: Audi, Automotive, Car Dealer, Ferrari, Porsche Dealer, Porsche Macan

German Vehicles Comparison: BMW Vs. Mercedes

German Vehicles Comparison: BMW Versus. Mercedes

German cars have lengthy been acknowledged as the best engineered and many luxurious cars on the planet. Two manufacturers, BMW and Mercedes, rule the roost with choices from Audi, Porsche, as well as Volkswagen benefiting from attention. Let’s check out some current choices from all of these Bavarian giants and find out the way they are impacting the car industry.

BMW – Give BMW credit for moving outdoors from the box because they build a plant in Sc. Opened up in 1994, the Spartanburg, SC plant has created the Z3 – now Z4 – roadster along with the X5 SAV. Trying to be of the world player, BMW has additionally purchased controlling curiosity about other automakers including Rolls-Royce and Rover throughout the 1990s. Later, BMW offered from the Rover and MG servings of Rover, but has stored the Small brand.

BMW vehicles are very well symbolized in america. Coupes, sedans, convertibles, roadsters, and SUVs from the American fleet with new cars at various stages of development being ready for release.

Mercedes Benz – Included in the Daimler Chrysler fold, Mercedes Benz continues to be producing top quality automobiles for more than a hundred years. In 1998, trying to expand its achieve, Daimler Chrysler [DCX] purchased the Chrysler Corporation. Names for example Chrysler, Dodge, Plymouth, Jeep, and Mopar grew to become area of the DCX fold, although Plymouth was stopped a couple of years later.

The Mercedes Benz name is symbolic of luxury vehicles and in america the organization is well symbolized by a number of sedans, coupes, convertibles, tall wagons, SUVs, roadsters, along with other fine vehicles.

Proprietors of BMWs and Mercedes Benz will have several things in keeping: vehicle maintenance. As high finish vehicles, the automakers are recognized for equipping their cars with simply the best OEM parts. Well symbolized manufacturers utilized by both companies include: Bosch, Hella, Mahle, Textar, Brembo, Bilstein, Febi, SKF, yet others. The majority are In german and bred and therefore are recognized around the world for creating the greatest quality parts for auto manufacturers.

Substitute auto parts purchased through dealer parts departments cost reasonably limited. Whenever you consider any tariffs, import charges, and 3rd party mark ups, consumers can count on paying a mint for every part. The growing internet wholesale market continues to be altering the paradigm recently as companies for example Vehicle Parts Stuff can sell direct to consumers. The greater online wholesalers have decreased costs considerably as overhead is low plus they buy direct from leading manufacturers. This means real savings for you personally, the customer.

When choosing any parts for the luxury vehicle, always determine the parts you order meet or exceed OEM specifications. There are plenty of counterfeit parts available on the market shop wisely and you’ll get premium parts at affordable prices.

Categories: Automotive, Car Dealer, Porsche Dealer

Save Thousands on Any New Car by Using the Internet

Save Thousands on Any New Vehicle using the Internet

Failure to research your options will prove pricey when you buy the next new vehicle. The web makes all the essential information available for free, so turn on your pc and prepare to save cash.

If you’re unlucky enough to become buying and selling inside your old vehicle, brace yourself because it will be ugly. The cost dealers offer to pay for is definitely shateringly low. Don’t be misled by minimum trade promotions, they’ll just ask you for more for that new vehicle to pay for their losses. The only method to obtain a fair cost for the trade would be to market it yourself. Listed here are a couple of good internet sites to market your car for a small charge.

traderonline.com

dealsonwheels.com

autotrader.com

ebay.com

Should you must exchange your old vehicle, you could locate an independent evaluation online with free streaming. I suggest searching up a couple of to be able to estimate a cost range before you decide to mind out to help make the trade. Additionally to appraising your exchange, these websites provide estimates of methods much you will probably have to get should you finish up selling yourself to it.

nadaguides.com

kbb.com

edmunds.com

A reasonably new susceptible to address while preparing to buy your next new automobile may be the rebate, incentive, bonus cash, special or anything they are calling the purchase now. The rebates really are a popular tool used most often by American auto makers. For that consumer, the advantage of the incentives could be that banks are prepared to loan retail cost or even a a bit more. The purchase cost frequently winds up 1000s of dollars under the retail cost. If you owe a little more than your vehicle may be worth, you might be able to roll that negative equity over right into a shiny new vehicle. I’ve come across rebates up to $7000 on GM trucks and $5500 on GM cars. Regardless if you are upside lower inside your current vehicle or otherwise, the rebate can help you save money. Don’t hold back until you’re able to the local vehicle dealer to check out it. I discovered dealers unwilling to admit how large the rebate should have been receiving my last truck. Probably the most accurate and current rebate information are available around the manufacturer internet sites.

GM.com

Chevrolet.com

Pontiac.com

Buick.com

Oldsmobile.com

Saturn.com

Cadillac.com

Hummer.com

Ford.com

Lincoln subsequently.com

Mercuryvehicles.com

Acura.com

worldwide.chryslercorp.com

Mercedes-benz.com

Jeep.com

Jaguar.com

Volkswagen.com

Porsche.com

Audi.com

Toyota.com

Lexus.com

Nissanusa.com

Infinity.com

Volvocars.com

LandRover.com

Bmw.com

Ferrari.com

Lamborghini.com

Lotuscars.com

Suzuki.com

Kia.com

Hyundai.com

After researching available rebates, discover the distinction between the retail and invoice cost. Unless of course you are attempting to purchase a restricted production vehicle, you are able to usually negotiate a cost of the couple of 1000 dollars underneath the window sticker. The invoice cost provides you with a concept of just how much the dealership compensated for that vehicle. It’s my job to push for any cost that’s a approximately 200 dollars over invoice, since i be aware of dealer may have expenses to pay for. The main difference between retail and invoice prices could be near $5000. You might want to go to a couple of different dealerships, but it’s worthwhile. Info on invoice prices are available in the following internet sites.

nadaguides.com

kbb.com

consumerguide.com

edmunds.com

Now you understand how much to cover your brand-new vehicle, it’s time to address financing. Most buyers need to acquire a loan so if you’re not careful, the dealership will squeeze a couple of 1000 dollars from you because well. With higher credit, the best offer can most likely be located at the local bank. Stay in and speak with financing officer prior to going towards the vehicle dealer. Should you let it rest to the dealership, they’ll attempt to push you in to the loan that actually works out perfect for them. That always means a greater rate of interest and payment for that consumer. For those who have under perfect credit along with a current car loan up to date give them a call first and get to obtain pre-approved for any new vehicle. Using the internet, you’ll find banks which are a bit more forgiving than your average local bank. Listed here are a couple of which i found throughout a recent search.

Americredit.com

wfsfinancial.com

householdauto.com

It’s not hard to fight the cost and win when you are aware where you can look. Best of luck and revel in your brand-new vehicle!