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  #1  
Old November 10th, 2014, 07:13 PM
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Financing a Defender

So far it seems only classic car lending companies like Woodside or JJ Best that will finance a Defender. Are there any normal (not "classic car") lenders who will cover a 1988 Defender? It seems like most don't have old Land Rovers in their computer systems and thus can't approve a loan for them. How did you finance yours? My credit is not the best, is it possible to have a co-signer?

(If this is the wrong place to post this question please refer me to the proper place)

Thanks
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  #2  
Old November 10th, 2014, 07:36 PM
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i will be brutally honest dude...take it for what you want. If you have to finance one of these it is not for you. UNLESS - you are purchasing a $50-70K version that is warrantied. Simply put, buying a $20K truck and expecting to finance it, and not spend anymore money - you are kidding yourself. You will spend another $10-20K "sorting it out"...they are simply money pits...glorious, lovely, cool and unique ones - but money pits all the same.

Figure out how you can save money and pay cash for one - and then resolve yourself to never get back out of it what you put into it...and you will be a happy man, with one of the most iconic vehicles int he world in your stable.

Sorry if that comes across to blunt...just some ol man real world experience.
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  #3  
Old November 10th, 2014, 07:38 PM
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I hate to point out the obvious, but if you have bad credit you probably shouldn't be financing a 25+ year old vehicle.
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  #4  
Old November 10th, 2014, 07:49 PM
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Firstly yes this is in the wrong section however… This is like the guy that posts a question about how to install a/c in his truck… everyone tells him why they never use theirs and why he doesnt need it. Its his money and his credit... he wants to finance his defender its his business. he is asking for lending sources…not financial advice.

personally I happen to agree with you both and have only paid cash for my defenders but thats not the point of the question.
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Old November 10th, 2014, 07:58 PM
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If it's not an NAS model then it gets tricky. PenFed is willing to accept an appraisal by a third party if you can get it lined up. They typically have really nice rates as well.
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Old November 10th, 2014, 08:54 PM
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Quote:
Originally Posted by phoenix37 View Post
Firstly yes this is in the wrong section however… This is like the guy that posts a question about how to install a/c in his truck… everyone tells him why they never use theirs and why he doesnt need it. Its his money and his credit... he wants to finance his defender its his business. he is asking for lending sources…not financial advice.

personally I happen to agree with you both and have only paid cash for my defenders but thats not the point of the question.
Sorry should have explained further but it's complicated...long story short, I'm actually refinancing one I have already purchased...Already took the plunge last year and yes, had to pay a ton of repairs so here I am, moving forward. For various reasons, original loan was in NC but car is in NY and I don't want to take it down to NC for inspection, according to the NC loan company, my only option is to refinance in NY but it has to be through a different company. Credit is only an issue if it's a "classic" car lending company as they have more strict credit requirements and not sure if these companies will accept a cosign. Easily approved for an auto loan through my normal bank but they won't cover this specific vehicle.

Where is the right section to post?
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  #7  
Old November 10th, 2014, 09:04 PM
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Sounds like chit-chat to me!

Can you get a local smaller credit union to give you a signature loan using the truck as collateral? I understand it then isn't exactly a signature loan, but smaller banks have a bit more flexibility.
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  #8  
Old November 10th, 2014, 09:55 PM
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Actually, financing a Defender may not be a bad decision even if you could afford to pay cash. it's generally not a rapidly depreciating asset, and if the rate is good enough your money will do more for you generating a return even if it's just market average.
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  #9  
Old November 10th, 2014, 09:58 PM
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It would suck but you can borrow against a 401(k) with your current employer IF the plan allows it subject to plan rules if course. This may be a way to get out of a pickle.
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Old November 10th, 2014, 10:23 PM
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I would look at some local Credit Union offices. I financed my 97 and had a very low rate.
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  #11  
Old November 10th, 2014, 10:54 PM
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You have bad credit yet want to borrow more???? For a second Rover??
Please take a step back and stop digging your own credit grave.
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  #12  
Old November 11th, 2014, 01:48 AM
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USAA member? If so, they'll be happy to finance absolutely everything. I've done a '66 Corvette, a '60 Porsche, our '93 110 and many other easier vehicles...they're impossible to beat!
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  #13  
Old November 11th, 2014, 04:32 AM
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Quote:
Originally Posted by SonnyAK View Post
USAA member? If so, they'll be happy to finance absolutely everything. I've done a '66 Corvette, a '60 Porsche, our '93 110 and many other easier vehicles...they're impossible to beat!
X2 for USAA. They financed my '56 Series 1 107 when I needed the cash faster than my other options.
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  #14  
Old November 11th, 2014, 07:48 AM
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Why do you need to bring it to NC for inspection? Emissions/Registration inspection? Wouldn't it be exempt?
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  #15  
Old November 11th, 2014, 07:52 AM
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Pretty sure you can have it inspected out of state. I remember looking into it years ago when I was thinking about registering one of my cars down at my parents' NC house but keeping it up here.
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  #16  
Old November 11th, 2014, 07:54 AM
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Quote:
Originally Posted by rijosho View Post
Pretty sure you can have it inspected out of state. I remember looking into it years ago when I was thinking about registering one of my cars down at my parents' NC house but keeping it up here.
You can... thats is what I am getting at.

If you get a passing NYS inspection done, fax the form down to NC License & Theft Bureau they will release the inspection hold and you can renew online. Very simple.

Note: this is if you have a legitimate reason to have the vehicle out of state and can't make it back to NC to register... military, temporarily working out of state etc.
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