Did you finance your Delorean?

[Lenny]

Is that a "Car Loan" where they hold the title, or a Home equity loan, or just a unsecured loan?

If you are talking about mine it was a Used Car Loan

[Silverbullet]

If you are talking about mine it was a Used Car Loan

Credit Unions are great... That is a GREAT rate for a used car loan.... Sweet!

Craig

[howlingwind13]

I bought mine 11 years ago...financed it for 14k...took advice from other owners rule of thumb back then, that if you paid under 25k expect to pay at least that much to bring it up to par...and then some. Of course that really doesn't apply now a days when people try to sell you a $30k because they think it's worth it and it's really a mechanical nightmare on top of being 30 years old.
So knowing that I would eventually have to sink probably 10k or more into it...I bought it anyway.
Then "life got in the way" and the car had a major meltdown...needless to say after I paid the car off (that was sitting undriveable for years) I used the car as collateral to get another loan to fix it. Not the best way to go about things but, now it's running and driving, only took 10 years.
If I had to do it over again...I probably would...just because if I didn't buy the car when I did...I never would have been able to.


mike

[Jonathan]

Nice story

Naaah... He's blowin' smoke!!

Thanks! Hahaha... thankfully the only smoke is that ocassionally eminating from my wallet after the next PO-DMC surprise appears!

Be VERY glad you quit... and 1/2 pack a day is not a lot... My Dad smoked 3 packs a day... and died of lung cancer in 1994, before he turned 67 years old... I still miss him... I did everything I could to convince him to stop... Then he did after stage 3 lung cancer was found... gone 14 months later... The Delorean is a WAY better place to put your money...

Craig

You got that right, Craig. There are two or three decisions I made in the past decade or two and think of them being "the best decisions I ever made." Quitting smoking is very high on the list.

Strange how as a young person, you "know what you are doing" and have all the answers. Yet, quitting before it gets ingrained in you doesn't register the same way it does when you're 30, 40, 50, ... So many things we all have to learn the hard way as kids or young adults because we can't seem to take the good advice offered to us by our elders. To me, spending time with your grandparents is probably the best example. Doing it before it is too late and then you can't. And that there, if quitting smoking isn't number one, would be my best decision ever made, on Remembrance Day in November 2006... Grandparents don't live forever.

[Kane]

I got the loan last month at 2.75% through USAA.

[Silverbullet]

Thanks! Hahaha... thankfully the only smoke is that ocassionally eminating from my wallet after the next PO-DMC surprise appears!



You got that right, Craig. There are two or three decisions I made in the past decade or two and think of them being "the best decisions I ever made." Quitting smoking is very high on the list.

Strange how as a young person, you "know what you are doing" and have all the answers. Yet, quitting before it gets ingrained in you doesn't register the same way it does when you're 30, 40, 50, ... So many things we all have to learn the hard way as kids or young adults because we can't seem to take the good advice offered to us by our elders. To me, spending time with your grandparents is probably the best example. Doing it before it is too late and then you can't. And that there, if quitting smoking isn't number one, would be my best decision ever made, on Remembrance Day in November 2006... Grandparents don't live forever.

I don't preach, but I will add encouragement to people who quit... Smoking is just stupid, because people think it will never happin to them...but just when you want to live, do things and have money in the bank... you die...

As for payments on loans... it costs way less than playing Golf, and if your hobby is WORKING on the car and being able to take it places and have fun, there is nothing wrong with making payments.

Craig

[Mike Z]

My credit union has car loans for 2.25% if you have excellent credit which I do. Hopefully it will still be that low when I'm ready to get my DeLorean

[aotmfilms]

Well said Sir.

I financed mine. The bank had no issues with setting up a loan on the car. The interest is a little higher for used vs new. I wanted her, was within my means to buy her, and have no qualms about letting her sit undriven for extended periods. I just didn't have all the cash to purchase her outright. I wanted a fixer-upper and was willing to take the risk on a painted D for a good price. It paid off for me.

Driving or not she's my project. I could spend the monthly payment paying for a gym membership I'll never use or on some other stupid hobby to occupy my time. Instead I spend it paying for my car and buying parts if needed. In the end I have zero regrets.

<clap> <clap> I feel the same way, financing mine via USAA. I have money budgeted for fixing things as well. In my situation I would rather have a mechanically sound car with dings here and there than a nice looking car that craps a trans. Panels for me are easier to fix.

[aotmfilms]

ABSOLUTELY! It's the only way I could ever get it. I won't technically "own" the car until about 2018, but the important thing is that I'm driving it NOW My parents co-signed, as my credit is (was?) terrible, but the bank didn't seem to care about the age or type of car or anything like that, they just want to make money off me.

Yeah, I am financing 30 to 37k. 5k I plan to put down. I make very good money and single with no kids. I am currently looking at a couple at DMCMW. I won't "own" the car until 2021 . For me it is a good investment as how the car will hold around 25 to 29k value based on my research vs. the depreciation of a new car. I've been studying D's since June 2014, and have liked them since I was 12 (1982), but I still am bracing myself for a couple surprises so I bought the:

The Illustrated Buyer's Guide to DeLorean Automobiles

http://www.amazon.com/Illustrated-Bu...by+James+Espey

To round things out.

[aotmfilms]

My credit union has car loans for 2.25% if you have excellent credit which I do. Hopefully it will still be that low when I'm ready to get my DeLorean

It would be nice. My pre-approval with good credit is 5%. Very good credit (720 and above), will get you 4% from what USAA tells me. I just went back yesterday and re-requested an approval since my earlier one expired. Every 45 to 90 days you have to do this unfortunately but this is necessary when shopping for a D as how it takes time to travel, take time off from work etc. Off topic, something to factor in as well: Every time I go somewhere it costs me a MINIMUM of $200 dollars if I drive (Hotel and Gas), so factor that in as well. Being old school, I am not comfortable with just looking at pictures. I have to go see the car. Flying to Texas or Florida in September, from Michigan will cost me more obviously so factor that in with the cost of the car #projectdelorean.