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Thread: Did you finance your Delorean?

  1. #1
    Junior Member
    Join Date:  Mar 2013

    Location:  Hendersonville, NC

    Posts:    10

    Did you finance your Delorean?

    I am looking at options for financing classic cars. I have good credit and could get a new car loan easily, I have just noticed that most lenders won't lend for older vehicles. I have some money saved towards purchasing a D, I am just getting antsy Any advice to this novice would be greatly appreciated!

    thanks!

    Zach

  2. #2
    My friends think I'm nuts jawn101's Avatar
    Join Date:  May 2011

    Location:  Sacramento-ish

    Posts:    4,334

    My VIN:    02100

    Club(s):   (NCDMC) (DCUK)

    Please don't take what I'm about to say in the wrong way, but if you only have "some" money saved towards it, then you probably can't afford the car. This is not a criticism of your financial situation or you as a person, but these cars take some serious cash to keep running.

    Think of it this way: if it is going to come down to deciding between making payments or keeping it on the road (even if you get a great runner, big expensive things will crop up), do you really want to be stuck making monthly payments on a car that's now crippled in the garage?

    So no, I did not finance my car. I saved my entire adult life for it, did TONS of research and went into the purchase with my eyes (and wallet) open. I bought a beautiful, well-maintained, all original and frequently driven example that was about as good as anyone could expect, and then proceeded to dump many thousands into it in the first two years anyway.

    Read this thread... it may change your life.
    http://dmctalk.org/showthread.php?37...ted%94-threads

    Ultimately it is not anyone's place but your own to decide what your financial situation is and what you can and cannot do, but we've seen many people with good intentions settle for a cheaper car because they rushed into it without the proper funds. Those cars almost always get flipped once the new owner realizes just what they've gotten themselves into. We hate to see that happen to the cars AND the owners.

    Keep the dream alive. There will still be plenty of cars when you're ready. And if you decide you're ready now, then welcome aboard. Show us any car you're considering first, we can help you make an informed decision.
    Last edited by jawn101; 08-08-2013 at 10:53 PM. Reason: clarity
    Jon
    1981 DMC-12 #02100. July 1981. 5-speed, black, grooved w/flap.
    restoration log, April 2012 to present
    restoration log, March 2011 to April 2012
    full and detailed photo restoration log

  3. #3
    Junior Member TheSmokingMan's Avatar
    Join Date:  May 2011

    Location:  Southern Maryland

    Posts:    17

    My VIN:    10842

    When I was 19, I took out a loan against my daily driver (which was paid off) to purchase the DeLorean. Paid it off again in less than 2 years. Had I to do it over again, I would just wait until I had saved up enough money to buy a REALLY nice car instead of the fixer upper I got. I was young and impatient and really should have listened to the advice of the more experienced people around me.

    If purchasing the car leaves you tapped out, you won't have any money left over for maintenance (which these cars demand). It's a bad cycle that will end in you being in the poor house and stuck with a car that is unreliable and possibly undrivable.

  4. #4
    Senior Member Dangermouse's Avatar
    Join Date:  May 2011

    Location:  Atlanta OTP GA

    Posts:    7,151

    My VIN:    2743

    Club(s):   (SEDOC) (DCH) (DCUK) (DOC-UK)

    The big question is "Will the D be your daily driver?"

    With a few notable exceptions, the general consensus is that it shouldn't be, no matter how it is paid for.
    Dermot
    VIN 2743, B/A, Frame 2227, engine 2320

    I don't always drive cars, but when I do, I prefer DeLoreans

    http://www.will-to-live.org

    No-one is to stone anyone, even, and I want to make this absolutely clear, even if they do say "carburetor"

  5. #5
    Senior Member DMC81's Avatar
    Join Date:  Jul 2012

    Location:  Dayton, Ohio

    Posts:    267

    Quote Originally Posted by jawn101 View Post
    Please don't take what I'm about to say in the wrong way, but if you only have "some" money saved towards it, then you probably can't afford the car. This is not a criticism of your financial situation or you as a person, but these cars take some serious cash to keep running.

    Think of it this way: if it is going to come down to deciding between making payments or keeping it on the road (even if you get a great runner, big expensive things will crop up), do you really want to be stuck making monthly payments on a car that's now crippled in the garage?

    So no, I did not finance my car. I saved my entire adult life for it, did TONS of research and went into the purchase with my eyes (and wallet) open. I bought a beautiful, well-maintained, all original and frequently driven example that was about as good as anyone could expect, and then proceeded to dump many thousands into it in the first two years anyway.

    Read this thread... it may change your life.
    http://dmctalk.org/showthread.php?37...ted%94-threads

    Ultimately it is not anyone's place but your own to decide what your financial situation is and what you can and cannot do, but we've seen many people with good intentions settle for a cheaper car because they rushed into it without the proper funds. Those cars almost always get flipped once the new owner realizes just what they've gotten themselves into. We hate to see that happen to the cars AND the owners.

    Keep the dream alive. There will still be plenty of cars when you're ready. And if you decide you're ready now, then welcome aboard. Show us any car you're considering first, we can help you make an informed decision.

    I will have to disagree with you on this or at least to a certain point and please dont take it as disrespect. I just got my car last summer for less than $10,000 It did run when I got it but yes it needs some love..electrical work, basic engine work from what I have seen so far, brakes, shocks ect. I my self can not pour large amounts into this car all at once but I think if you are a true full blood Delorean fan you can make it work doing it a little at a time, you just got to do it in a smart way so that your not back pedaling and causing a bigger problem. I'm still a new guy to all this I may be wrong here but I know that if I didnt buy my car when I had the chance that I may never have gotten it. I do think I got a really good deal on it tho. Like I said though this is just my opinion, not being rude by any means.
    Mike Lowrey VIN# 3830

  6. #6
    Senior Member aipri's Avatar
    Join Date:  Jul 2013

    Location:  FL

    Posts:    163

    My VIN:    16823

    Club(s):   (DMA)

    I am financing the D that I am in the process of purchasing. I went through JJ Banc. The process was pretty easy and they were very helpful. Interest rates aren't quite as low as a normal loan but as you know options are limited. Nothing wrong with financing guys!
    Anthony

    1983 DMC-12 VIN 16823
    2014 BMW M5

  7. #7
    Not a DeLorean Guru
    Join Date:  May 2011

    Location:  Rochester, NY

    Posts:    2,395

    My VIN:    01049

    I'm with the previous poster. I financed my car as well. I really disagree with the 'if you can't buy it out right you can't afford it' mentality. The ONLY difference between financing a modern car and a DeLorean is that the DeLorean is probably going to need more work more frequently. So one needs to evaluate if the payments can be afforded comfortably, and a 'fix me' stash can be set aside at the same time.
    -Mike

    My engine twists my frame.

    1981 DeLorean, Carb LS4 swap completed
    1999 Corvette, cam/headers/intake manifold, 400 rwhp
    2005 Elise, stock
    2016 Chevy Cruze

  8. #8
    Loves Quesadillas DashEight's Avatar
    Join Date:  Apr 2012

    Location:  Seattle

    Posts:    167

    My VIN:    1374

    I financed a part of my DeLorean to have another reporting account on my credit history. The money I save on the better loan rate (due to a higher credit score) when buying a warehouse is what I am after. I have a microscopic a.p.r. on the car and after the purposefully large down payment; my payments are $60.00 a month for 36 months. The Loan requires full coverage insurance. It is a couple hundred dollars a year from a classic car insurance company. So it is very cost effective compared to a new car’s standard insurance rate. I would have the same agreed value coverage regardless of the loan. So if you finance it for the same reason I have it’s a good deal. This is one of 8 cars I own so it is a pure luxury item for me. Unless it is your 2rd (or higher) car, I wouldn't finance it.

    Wanted to add that the car is financed by BECU. Boeing Employees Credit Union.
    Last edited by DashEight; 08-09-2013 at 12:24 AM. Reason: add credit union info
    A can of worms doesn't open itself.

    Patrick Maruska Seattle WA USA.

  9. #9
    Senior Member
    Join Date:  May 2013

    Location:  Seattle, WA

    Posts:    305

    My VIN:    3060

    I went with USAA. They gave me no trouble with financing. It's not simple to become a member, but if you can, it's totally worth it.

  10. #10
    Senior Member Kenny_Z's Avatar
    Join Date:  Jun 2011

    Location:  Gulf Shores, Al

    Posts:    1,781

    My VIN:    4534

    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.
    Red
    VIN 4534
    Born - October 1981
    Brought back to life - July 2011

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