Posted by Paul Cook on July 30, 1999 at 21:29:31:
In Reply to: Financing an old truck posted by Brian in IN on July 30, 1999 at 19:46:59:
I do all my banking at a Federal Credit Union. My branch is small enough that I am known to everyone when I go in. They would not finance a high dollar sailboat for the 15 years offered by boat loan institutions. I sat down with the vice-Presdent who is also the senior loan officer and showed him the interest I paid somebody else on the sailboat. I showed him another loan I made elsewhere because they did not do tractors. Then I asked him to come out to the parking lot and look at my Power Wagon. I showed him Hemmings and Power Wagon Advertiser to show there was a real market place out there with an established range of prices. I had to educate him that buying old trucks was done by people of sound mind. He does not have final authority to make a loan secured only by the vehicle, but now that he understands, he will make me a secured loan based on a significant portion of the vehicle value with me coverning the rest by pledging my shares (savings account). I do have a good credit history and a guaranteed income. Not every loan officer knows the customer, and not every customer will get what I do. Still, if you will take the time to get your loan officer to understand about old trucks, you may be able to get some help on a truck purchase.
There are ads in Hemmings for outfits that make loans for antique vehicles. My understanding is that they generally cater only to cars sold through collector auctions or established antique vehicle businesses.