Trying to sell my 2004 GPW S2000 and I have a very interested buyer BUT he needs to finance it and he can't get a loan from a bank or credit union because the car is older than 10 years. So he went to "collectible car" lenders (there's a list on the Haggerty website) and they won't finance it because it's not "collectible"!

Anyone else had this sort of problem and if you did, were you able to solve it?

 

That's weird that it's not considered "collectible". Haggerty insures my s2000 (as well as my '66 Mustang) for that exact reason, because they deem that it is.

 

i got my s2k financed at a local credit union. they couldnt do it as a traditional car loan because it was over both the age and mileage limits so they said they got manager approval after doing some marke research as a recreational vehicle loan. same they would do for collector(muscle) cars, rv's boats, atv's, etc. the intrest rate was a hair higher around 4% but was well worth the extra couple % to get me a s2k. tell the buyer to shop smaller local credit unions, 100% he can find someone willing to lend him the money

 

Tell the guy to go get a personal loan at his bank.

 

Yeah try a local credit union, that's how I got my loan.

Personal loan as well but interest is higher.

 

There are credit unions out there without age restrictions on cars, Penfed is one of them, im sure there are others as well. I personally had a loan with Penfed, never had an issue would definitely recommend them.

 

Try LightStream. They are through SunTrust Bank so they are a major bank and not some shady online lender. I have done two loans through them both of which have been unsecured, title in hand, due to my good credit. One was for a 2016 new 4runner purchase that I got at 1.49% (yes you read that right) and I got $10k for my S2000 purchase at like 4% I think. Easy, fast, no prepayment penalties, and unsecured makes things easier if your credit is good enough. Good luck.

 

I have my S2k being financed through Meriwest Credit Union. I would urge you to let the user try them or to try Credit Unions in general. A lot of them will make exceptions.

 

Pentagon Federal is more lenient on used, higher mileage cars. Look into their stipulations.

 

My regular bank told me the same thing. Told them to pound sand. Credit union I went to (Anoka Hennepin Credit Union) had no issue at all with it. They didnt care if it was 100 years old as long as they could find a blue book value and it was worth that much. Doesnt help you unless you lived in Minnesota though since it is a local credit union. But most other car friends I know say that credit unions are where they always go because most will loan on an older car. I have now purchased two cars through them. Great rates, traditional car loan, and super cheap Gap insurance which also gives me $1000 down towards a car if something happened to the current one