Any good advice on financing a Pantera?

Try Capital One. I used them when I bought my Pantera and was thoroughly pleased with the process. However, I don't know what their minimum credit requirements are or what kind of credit history they require.

Just tried Capital One now and they too rejected my application.

So much for the land of opportunity - I guess I will have to continue to buy everything cash as usually......

How about a home equity loan?


John

Hal, where are you from? And who is the seller of the GT5?

Ok. I just caught up on the previous posts and answered my questions above. Now I have a few more:

a) Are you selling the Cobra or planning to keep both?
b) Is the red GT5 you're looking at really $60k+?
c) How did your investment with the Cobra turn out so far?

quote:

So much for the land of opportunity

Perhaps you should seek financing from the country you came from???

Thats how I bought mine. Home equity loan.

I did the Home Equity thing too ( at about 8%) then dumped it onto a credit card using one of those so-called "convienience checks". Due to good timing I got a 1.99% interest rate until the balance is paid off!
A word of caution though, if you use one of those "convienience checks" be certain you've got a ZERO balance to start with because the credit card folks will allocate all your payments to the low rate promotionals first leaving any standard rate purchases accruing at 15% or whatever until the low rate promo balance is paid off. Found that one out the hard way. Don't be late or miss a payment either or that promo rate will change to the 20+% default rate instantly.

The home equity loan (in UK) is a good idea except for the prepay penalty of $18,000 I have for another 2,5 years.

I can get a personal loan with 13-18% interest so that is a high price to pay as well even if i can deduct the interests at tax time.

Interesting tactic you mention Larry, maybe I should be out shopping for a new credit card with an low introduction rate on balances carried over.

I will keep you posted!

Answers to your questions Deeb:

a) Are you selling the Cobra or planning to keep both?
-> I had to sell my Cobra when moving from UK to the US. That car funded getting here and getting settled.

b) Is the red GT5 you're looking at really $60k+?
-> This is the car http://www.qv500.com/detomasoregistrypangt59340.php it would be interesting to hear what you and others think it is worth. It has a lot of service history with Pantera Performance (I spoke with Dennis there about the upgrade and service history). Current owner/seller claims it has 16,000 miles on the clock but I am not sure if that is true or "adjusted-from-last-engine-job" miles......


c) How did your investment with the Cobra turn out so far?
Well let's see ..... negative return on "investment"
After I got the Cobra (replica) I upgraded it with ss side pipes, rewired/painted the engine bay, added blue silicon hoses and more shiny works on the V8.
The cobra came with an auto gearbox with quick shifter that died on me so I ripped it out and replaced with a 6 speed Dodge Viper/Camaro gearbox and performance clutch asetup (don't ever want to do that again as it is a money pit).
I would say I got about 75% of the parts and labor upgrade costs back again, which I was happy about at the time.

Hal,

The credit card route is how we purchased our first (everyday) vehicle when we arrived from the UK in '97. The company even had to go garantor on the credit card as we had zero credit history and came in on a temporary worker visa, so the finance companies see it as a higher risk.

I recommend you get a couple credit cards and finance as many of your purchases as possible, even the small ones. If you pay timely you will soon establish a reasonable credit history and the 'Land of Opportunity' (read: 'Land of Credit') will open up for you.

You know you've arrived when the junk mail starts arriving with all your pre-approved credit!

Thanks Joules,

We have been here just over a year now and the junk mail credit card offers have been streaming in for 6 months but when auto loan companies are looking for 5 years credit score/payment history they can forget about my attention span.

The Pantera fever will kill me if I don't have P wheels this summer season so I have decided to fund the car 50% credit card and 50% cash.

I am looking at booking flights this weekend to California as we speak.

As a mortgage broker let give you some tips about credit and increasing you FICO score. Two credit cards work well, never keep a balance over 50% of the credit line. Try to never close a credit card. Just cut it up and leave it open. This will show you have had credit for a longer time. Never transfer a balance from one card to another. Never be 30 days late on a payment. Credit cards held with companys like big department stores will cut you no slack if your late and charge lots of interest. Home equity lines are the way to go in most cases. You can deduct the interest. Sorry if I got carried away, I'm at my office working....well sort of..

I hear you Terry,

Just opened my 2nd credit card this morning with Bank of America.

The Home Equity Line is a great idea ..... but it assumes you own a home which again means you have a mortgage that you got approved for because you had a FICO credit score ....

And sufficient payment history....

(I can't believe I left out the punch line)

I went to a local credit union for my Pantera purchase. They treated it like any other car.

Credit unions are often more flexible.

R.

How about a friendly withdrawl from your neighborhood bank?

Right on Cowboy. Who has time for all the paperwork and beaurocracy?

If you want something fast, just steal it!

Deeb,

You better keep that white beast locked up......I've always wanted a GT5! I have a sister who lives in Montreal.. When I go visit, I just might buy a one-way ticket so I can drive home!

You have an awesome car. REALLY awesome.


John

Hey John,

Tell me about your sister? Where does she live? I'll drive my GT5 over to visit her and say hello while you get someone to steal it. I have great insurance and could probably buy two for what mine is insured for. In fact I have two picked out right now.

Make sure you tell me when you're coming. There are 7 Pantera owners who hang out here in Montreal.

David

Funny thing is, John, MY sister lives in Seattle!!