Re: [DML] Where to finance a car

[Soma576@xxxx]

In a message dated 2/26/01 9:10:39 PM Central Standard Time, 
delorean@xxxx writes:


> I was looking for places to finance buying my Delorean. I have found only a
> place called JJ Best that specializes in Classic Auto Loans. They offer 5
> year loans, with 20% down, and 10.99% fixed rate.
> 
> 


man, don't even try those places. here's what i did, and many others:

try every single bank and credit union you can find in town until someone 
will finance for you. that's all there is to it. every bank has a different 
policy with loans for something like this, and eventually you'll find one 
that's right. i found a credit union that made me put as much down as i felt 
like doing and gave me 9.25% interest on it. they treated it just like any 
other car loan. oh yeah, i also had to open an account with them, but i just 
keep the minimum balance in my 'savings account'. which is kinda funny 
because i had an inquiry with my billing and the lady there looked up my loan 
and noticed i have $50 in assets at the bank. she said, 'how did you ever 
get this loan approved with only $50 in savings?'. i told them i have more 
than one bank, and that surprised her even more for some reason!

the trick is simple. you have to dress well, present yourself well, have 
pictures, lots of info on the D you are trying to buy, present printouts of 
proof of serviceability, and know the car inside and out. that way they know 
you are serious about buying it and you are serious about paying THEM back 
(which all they really care about anyway). this is what i did and within 
three days i had two places all ready for me to sign the papers. you have to 
make them feel like they HAVE to give you the loan!

and get this - i'm a college student with less than $7500 in assets, i'm 
living at home, and i work as a manager at a fast food restraurant and i sell 
guitars downtown. getting financing for a D was simple once you make the 
banks think you can easily handle it.

however, don't be stupid and try to buy a D if you really can't afford it. i 
make 3x the money i need to keep my D paid for each month, and i've spent an 
average of $300 a month for misc upgrades on the car. i can handle it, but a 
lot of my friends couldn't if they wanted to.....

Andy

Soma576@xxxx
1982 DeLorean DMC-12 VIN#11596
Fargo, ND 58102


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