I am having a hard time getting an FD financed. I've tried my own bank, credit unions and even the dealerships who are selling them won't finance them. The reason being is that the car is too old. I've owned an FC before and I want to get back in to a rotary driven car but this time I want to get that 3rd generation RX7 I always wanted. The only posibility I can see of me owning my dream car is just saving up my money and buying it cash.
I'm not sure if this is the place to post this but I figured I'd get responses from FD owners who maybe had the same situation I am going through.
Does anyone know of any other alternative to getting an FD financed despite it's age? Keep in mind I was told it had to be 20yrs or older to be concidered a classic.
Did most of you guys get it financed or buought it straight up?
I want to know what my chances are of finally obtaining my dream car. Thank you guys in advance.

 

Age requirements will get ya every time



I traded my Toyota Corolla for mine actually... haha so I didn't get it financed or buy it straight up. I wish I could help ya with that problem though, it sounds like your best bet is to save up some money for one

 

Its not a good idea to go into debt for a car like the FD. If you can't afford to buy it outright, you won't be able to afford to maintain it and fix all the quirks and age related issues that crop up.

 

Other considerations: A credit union is your best bet.

Find a good deal: I had the ability to pay cash but my bank was willing to finance me since it was 50% LTV (plus I put some cash into the deal). Which leads to...

...credit. Honestly in this economy if your credit isn't primo and you don't have a good net worth and/or debt to income ratio...good luck on getting a loan.

Save up the cash + another 2 or 3k.

 

^Agreed, my credit union would do it.....

 

I see what you guys are saying. So long story short, I'm going to need to save up money to either pay it up front or drop a nice down payment along with a loan. Did most of you buy it up front?

 

I bought mine about 2 months ago for 8k w/ rebuilt engine with less than 200 miles on it and a fantastic body and decent interior.

Went to my Credit Union...I have a personal and 2 business accounts with them...said I needed a loan and they gave me one on the spot.

From what they told me normally they don't do loans on cars that old but the LTV was 50% + I put $1000 down + I have excellent credit + 3 long term accounts with them.

Your best bet will most likely be a cash purchase and once again I'd advise to have several thousand dollars extra on top of that. Good luck...it will happen for you if you wait long enough.

 

You could try getting a personal loan from a bank or credit union. You put something else up as collateral and not the rx7. They really don't know what you are using the money for.

If you are a homeowner the other idea is use a home equity loan. They usually have decent interest rates too.

Just some other ideas, that may or may not help.

 

I see what you guys are saying. And judging from my situation at hand, I think it would be wiser not to get an FD at the moment if I cant buy it in full with cash. I think I'll get an FC for the moment atleast to scratch that rotary itch. I know I'll eventually get my dream car sooner or later when my financial situation improves and I have some money saved up.
Thank you guys for your responses. I really apreciate it. I'll still lurk around in this area!

 

I have little credit only some for paying off my Miata which was only financed for $2,400.
I am finacing my FD its a 1993 thats a touring model. When I was looking for a car I had to look for new car to replace my broken/rusty miata. I got it financed here in San Diego at my credit union. The problem is they dont really want a car that is 20 years old. They wanted a car that is 5 years or less. They would give me 100% of the KBB resale value of the car. So I loooked for a S2000. After finding them a little pricey. I went to for my dream car a RX-7. They told me that if its older then 5 years then they would only give me 80% of the wholesale value of the FD. It also has to be a clean title, no accidents, and under 100k miles. I found my current car for 9 grand 85k miles on it and even less on the turbos/engine/radiator. I am the second owner. Car was 100% stock.

I am a 20 year old. That makes 20k-25k a year, full time student. Got a loan around 5 percent.

I am doing reliability mods at the moment and working on fixing some of the bugs that sprouted up like a leaky turbo (Looking for one by the way). Well good luck.

P.S. I know a guy who is selling a 1994 Chaste White Touring model FD in San Clamente when I test drove it smoked on start up smelled like coolant. and there was something that was making rattling sounds near the UIM. Was like $10k and it had less then 100k miles. 2nd owner.

 

JJ Best Banc, I believe that is their name finances older cars. You will need a strong credit score and their APR is pretty good for the age of the car.

 

You could be like me, be in the military... Navy federal will give you a $50K loan for a pile of **** because they know they will get their money back from the goverment if you dont give it back...

 

but seriously I wouldnt finance this car, If i could go back and do it all again I would have waited for a nice bonus to by one out right. I still owe 7K on mine, and if you notice my sig.... rebuiliding the engine. Although I was well aware this was a possibility at the time, bought the car with 82K miles, blew at 93K... not to shabby

 

fixed.

 

I bought mine with a personal loan through Pasadena Fed Credit Union. Of course, I had to have some collateral, my other car which was 100% paid for.
If you have something else you own outright that is worth money see if you can do this.

They also have a loan where you borrow money at 3% but you have to have that all loan money in an account. Its a way to build credit but it could also work in your favor if you had a family member that had extra $$$ sitting in another account, and didn't mind doing this sort of loan for you. Credit unions seem to have many tricky ways to get you $$$ so just see if you can think of different angles to get it.

 

I would say buy it with cash. You probably will end up spending more on the car with mods, repairs then you paid for it. Parts are not cheap, yeah you could by used parts and hope for the best, but remember the used parts are just as old as the ones you would have. Good luck with what you do in the future.

 

I bought mine the old fashioned way. Saved my $.

 

I would finance the car either way. Try Get a personal loan or something.

There is not point putting the cash in a car where as you can use that money to invest and make money.

I was dumb buying the car outright..

 

you make no sence... buying the car cash is the best option anyone can do. so you was not dumb by buying it cash. you are dumb by thinking the opposite.

 

What would be the return be on the investment ?
Would it be more than 7-8% you are paying on the loan of the car?

 

You would lose more money on the interest you're going to pay + depreciation than you would with interest gained + depreciation.

otherwise with your theory no one would ever want to pay off loans.

 

Quite possibly the worst non-mechanical/technical advice EVER given on the forum.

 

if your investment is less than 20% a year...you are probably doing it wrong.

Think of it this way.
You get a loan and let's say interest is 7-8%.
You have cash and your investment makes 20-30% a year.

example, I am not going into compound interest..etc. I'll just make it simple.

You take out $10,000 loan and 8% interest.
so the end of the year, you've paid $10800.

ok, but then you have $10,000 for investment and yearly return is 20%.
so the end of the year, you've $12,000.

If you have a steady job, you can paid off the car in 1 year and you've spend $10800. But then, since you've also invested your money on somthing else, you have gain $12,000. And your net balance is now $1200 + you have a car.

The reason why not alot of people do this is because, first they do not know where to invest and are scared to lose the money.
Investing is not gambling.

I am just trying to give out opinion over my past experience.

 

+1

 

edit nevermind... I'n not getting in this one...