Problems with financing a Defender purchase. - Defender Source
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  #1  
Old August 4th, 2016, 11:28 PM
SARTech
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P. Barber
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Problems with financing a Defender purchase.

Hello all.
Im having difficulties with my bank while trying to finance the purchase of a used Defender. My bank can't find value information of the D90 from the computer program that is uses to calculate their loan. Since they can get its value in their system they are asking me to provide them a certified appraisal value. Which is kinda hard for me to provide since I'm not in the same area as the Rover.
Anyone else run into this problem? Anyone know of a lender that is easy to work with for such a vehicle?
Thanks in advance for any help.
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  #2  
Old August 4th, 2016, 11:42 PM
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Andrew
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Pay cash.
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  #3  
Old August 5th, 2016, 05:18 AM
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A couple of thoughts...

You'll find this site full of enthusiasts willing to go out of their way for a fellow Rover owner - or, especially an aspiring one. Many of us got into this with the help of some strangers. In my case, before the advent of the internet, I'd leave my phone number on a sheet of paper underneath the wipers. Always got a call back and through those early conversations, met many of the people I rely on heavily to this day for parts and advice.

So - I'd start by telling us where the Defender is. Maybe someone on the site knows it. Maybe someone will speak up and say, "hey! Mr. Smith at 555-1212 is a local appraiser." You may feel that this is a leap of faith - as perhaps you'd be wary of telling similarly situated people about a particular Rover/deal. Can't help you with that, except to suggest if it's one you really do want and do plan to buy, a deposit should secure it. Have yet to hear of someone on this site buying one out from under anyone that posts a question here.

I've also seen plenty of people offer to inspect a Rover on behalf of a buyer... this is something I'd highly recommend at least asking. If nothing else, someone may say, "hey! Mr. Jones at 555-1111 is a reputable inspector."

The other thought is PenFed.Credit Union for financing. I'm told they ask few questions, but have good rates.

Last thought: while I can't encourage you enough to get into a Defender, I can't DISCOURAGE you enough from financing a sight-unseen Defender. It's bad enough to be saddled with a misrepresented vehicle - but to have to make payments on it would only add insult to injury.

Good luck!
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  #4  
Old August 5th, 2016, 05:35 AM
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Chris
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Home equity loan.
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  #5  
Old August 5th, 2016, 05:47 AM
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David Krongard
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JJ Best has always been super easy in financing misfit toys.
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  #6  
Old August 5th, 2016, 06:31 AM
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Quote:
Originally Posted by MisterSHO View Post
JJ Best has always been super easy in financing misfit toys.
I am an approved appraiser for JJ Best Bank, but headed to the mtns until late Tues.
Would need several pics of problem areas and profiles, interior, engine bay, etc if you go that route- glad to help. But as said above, a financed project can be tough to accept- definitely worth a plane ticket, especially being your first...
If you initiate the process with Best, let me know.
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  #7  
Old August 5th, 2016, 06:51 AM
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I and many others on here have used Lightstream with good results. Helps if you have good credit. I doubt they will care what car you buy with the funds.
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Present:
1960 SII 109"- "Red Square"
1984 90 Tdi- "Yamelo"
1988 RRC- "Chewbacca"
1987 RRC- "Chewy 2"
2008 RRS SC- "The Supersofa"

Past:
1959 SII 88"- "The Little Green Beastie" last seen in NY
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  #8  
Old August 5th, 2016, 07:03 AM
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Lightstream x2. They don't even ask what kind of car you are buying.
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  #9  
Old August 5th, 2016, 08:05 AM
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I did the research but didn't end up using them.
JJ Best offered 58% LTV @ 6.25% for 72 months
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  #10  
Old August 5th, 2016, 08:11 AM
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Try a credit union and don't overpay for the vehicle. Prices can be all over the place.
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  #11  
Old August 5th, 2016, 09:11 AM
Naplm00
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Matthew
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After some wrangling I got USAA about 7-8 years ago. Was 2.25%
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  #12  
Old August 5th, 2016, 09:31 AM
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Quote:
Originally Posted by galen216 View Post
Lightstream x2. They don't even ask what kind of car you are buying.

X3 on Lightstream electronic funds in a few hours after approval and they DO NOT care what kind of car you are financing. Lower interest rates than at my local credit union and my bank who really wanted the business. I just got 2.24% interest rate from them 45 days ago
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  #13  
Old August 5th, 2016, 10:57 AM
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Quote:
Originally Posted by Chip View Post
Pay cash.
this is better advice than it appears ... if you don't have the liquid funds to pay for a defender make sure you've got the liquid funds to pay for all the things that will break while you own it. I'd hate to see anyone stretch to buy one and then have to sell it in a fire sale a month later when it demands 1000's spent on it.
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  #14  
Old August 5th, 2016, 11:01 AM
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I suggest trying another bank or credit union.
Penfed is one option, lightstream is another.
I went with my local credit union and took out a loan with 1.8% interest rate on 80% LTV.

I would also suggest finding a classic car forum/site to do finance research.
Those site typically have much larger user community all over U.S., compared to DS.
And you'll likely get more answers/options on finding local banks to finance older cars.

Good luck.
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  #15  
Old August 5th, 2016, 11:46 AM
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Jafir Elkurd
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Is this a NAS? Or are they having trouble finding it because it's UK or ROW and they cannot look up the foreign VIN?

It says "used Defender" but aren't they all these days?
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  #16  
Old August 5th, 2016, 11:59 AM
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Matthew Greenspan
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Quote:
Originally Posted by leastonce View Post
this is better advice than it appears ... if you don't have the liquid funds to pay for a defender make sure you've got the liquid funds to pay for all the things that will break while you own it. I'd hate to see anyone stretch to buy one and then have to sell it in a fire sale a month later when it demands 1000's spent on it.
X2. Financing is for vehicles with warranty coverage in my opinion. I could not imagine paying $300-500 a month to own and having the every other month $500 expense or worse.
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  #17  
Old August 5th, 2016, 12:54 PM
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Bill Larson
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Quote:
Originally Posted by mgreenspan View Post
X2. Financing is for vehicles with warranty coverage in my opinion. I could not imagine paying $300-500 a month to own and having the every other month $500 expense or worse.
X8...Pay Cash!
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  #18  
Old August 5th, 2016, 03:01 PM
PJambo
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Parker
1987 110
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Problems with financing a Defender purchase.

I ran into the same issues with financing. My bank's computers had no idea what a Defender was, so I ended up doing a personal unsecured loan. It was only one percent more, or a couple hundred more over the life of the loan.
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  #19  
Old August 5th, 2016, 03:47 PM
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Andrew
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I can actually see financing a Defender as a good option if you found a well maintained NAS and you just can’t free up enough cash to buy it outright because prices will mostly likely rise much higher than the few thousand you paid in interest with the loan by the time you were to save up enough. (But then again, most people who can afford a $900/month auto loan payment probably have enough money in the bank to buy one outright.) If you’re going to buy a ROW or UK truck you may as well just save for it because newer ones will be crossing the pond for years to come so there will continue to be a good supply at decent prices. If it takes you 5 or 6 years to save up enough, by that time you could import a Td5 or SA 2.8i.
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  #20  
Old August 5th, 2016, 06:12 PM
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Sonny
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Quote:
Originally Posted by Naplm00 View Post
After some wrangling I got USAA about 7-8 years ago. Was 2.25%
If you have a USAA account or the ability to get one, they're an awesome company to do business with! Once you're established with them, the only question they generally ask is how much do you want to borrow?
I've been with them for 27 years now and can only say positive things about their services.
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