Anyone seriously wanna loan me $200,000?

  • Thread starter Thread starter crimson_menace
  • 32 comments
  • 1,445 views
crimson_menace

crimson_menace

Messages
1,394
United States
Lost in thought.
Messages
GTP_crimson
you'll never see this again!

I've been looking for one, and I've finally found it.


But in all seriousness. Where would I find a loan that big? I don't think my credit union would make me a loan that large. Or should I find a 3rd party investor who's willing to loan me $200k?
 
Danoff
If you have to borrow money to pay for that, you shouldn't be driving one.
Click to expand...

Just because I wasn't born into money, doesn't mean I can't drive properly.
I'm looking for an answer pertaining to a loan, rather than the specific car.

Thanks for the input, tho.
 
Couldn't you just get a loan secured on your home or the item you are buying?

It's the price of a house after all (In UK comparisons, not much of a house.).
 
crimson_menace
Just because I wasn't born into money, doesn't mean I can't drive properly.
I'm looking for an answer pertaining to a loan, rather than the specific car.
Click to expand...

Just because you weren't born into money doesn't mean you can't earn enough to buy that car. If you want a loan for $200,000, try borrowing $100,000 from your house and another $100,000 for the car from a bank. Banks do make loans that big, they just require that you make enough money to pay for it, and they require collateral.

Seriously though, you're supposed to pay cash for a car like that and not have to think about it.
 
ExigeExcel
Couldn't you just get a loan secured on your home or the item you are buying?

It's the price of a house after all (In UK comparisons, not much of a house.).
Click to expand...

Good thinkin'. Now all I need is a house.....:scared:

Thanks. A homeloan it is.

EDIT:

Thanks, danoff.
 
...shouldn't this thread be in the comedy corner? You aren't serious now..............are you?
 
If they can't even type up the ad right, I wouldn't even bother. Notice, they call it a 1904! Sheesh, asking $198,000 for it, you would think they would take a little care in filling out the Ebay fields.

On to the loan, so...can't loan you that kind of money. Just putting together a ruff amortization schedule:

Tell me, can you afford the payments?
 

Attachments

Your profile age says you are as old as me.

Shouldn't you worry more about getting a girlfriend, finishing college, SAVING MONEY to MOVE OUT and BUY A HOUSE (or apartment or condo)

albeit the jaguar xj220 was my favorite childhood car...but keep in mind the things I said above...
 
Pako
If they can't even type up the ad right, I wouldn't even bother. Notice, they call it a 1904! Sheesh, asking $198,000 for it, you would think they would take a little care in filling out the Ebay fields.

On to the loan, so...can't loan you that kind of money. Just putting together a ruff amortization schedule:

Tell me, can you afford the payments?
Click to expand...

Hehe, $3500/month. I wonder what the insurance would be, or the repair costs.
 
@ Pako: heh, I wish. But the info is useful. Thanks.

@ Delirious: I've already achieved all of what you said. Now it's just working until I die. Got ma own place, done with school, had a gf since highschool and already "grown up" for the most part & had a job since I was 15. No kids are gonna happen, this car is the only thing I'm looking forward to. But it ain't gonna happen soon, sadly.
 
The interest rate is good, you can probably expect an ever higher rate given the 'risk' factor of this type of loan. Realistically, a 22 year old wanting a loan for a exotic, high performance car such as this, even with collateral, you could expect interest rates as high as 18% or 19% would be my guess.
 
Pako
The interest rate is good, you can probably expect an ever higher rate given the 'risk' factor of this type of loan. Realistically, a 22 year old wanting a loan for a exotic, high performance car such as this, even with collateral, you could expect interest rates as high as 18% or 19% would be my guess.
Click to expand...

That's aiming a little low, IMO. Even tho I've got no traffic infractions and a spotless record. Being young & dumb sucks.
 
Don't forget you'd need to find somewhere to keep it whilst you're paying off the loan, and you won't be able to afford to do anything with it until you've paid the loan back.
 
I remind you that these cars are nowhere NEAR as desirable as Jaguar had hoped. They raised a significant portion of their initial build capital by showing (and promising) the car with Jaguar's race-proven NA 6-liter V12 and all-wheel drive. Buyers ponied up $80-100K towards the half-million price to get on the list. Emissions difficulties ruled out the V12, so they went with a turbo V6, and for weight, the all-wheel drive was ditched. Investors and buyers packed up in droves when the turbo-6 showed up, demanding deposits back, or just giving them up. The V12 had a glorious sound (I know this to be true, having stood at the fence at Daytona during the 24 hours as the XJR-9 went by at nearly 190) but the turbo V6 sounded like a Civic with a fart-cannon, and had huge lag besides.

Does anybody remember the race "series" called "Fast Masters" that ran these cars at Indianopolis Raceway Park? That's not the Speedway, but a 5/8th mile oval. They put a chicane in turn 1, so you turned left, right, and back left to return to the oval, and called it a "road course." They'd run 4 (or was it just 2?) cars at a time, and usually they crashed all of them. It was disgusting.
 
Danoff
Hehe, $3500/month. I wonder what the insurance would be, or the repair costs.
Click to expand...
So, that'd be spending $42,000/year of post-tax income on a car (which is about $56,000/year in gross income). That sounds do-able...in childhood make-believe land. There must be a reason that more people don't own exotics, but I can't think of anything...
 
Crimson, if you don't mind me asking, why are you considering a 200k loan? Ask yourself, how is a loan going to benefit you in the long run.
 
Dave A
Crimson, if you don't mind me asking, why are you considering a 200k loan? Ask yourself, how is a loan going to benefit you in the long run.
Click to expand...

Heh. Well, the more I think about it, a loan isn't really something that's in the cards right now, but maybe in the future. This loan would prolly be the end of me financially. Which could suck. But this is more of a 'wishful thinking' issue than anything.

One can dream, right?

BTW: this is the second one I've seen on EBAY. Kinda sad, actually.

Maybe he'll trade for a kidney, or a gall bladder? Ha.
 
Think of it this way: you're buying a house, but instead of paying for it over 25 years, you have to pay it off in six. Only this particular house breaks down, and lacks a kitchen and bathroom.
 
crimson_menace
Heh. Well, the more I think about it, a loan isn't really something that's in the cards right now, but maybe in the future. This loan would prolly be the end of me financially. Which could suck. But this is more of a 'wishful thinking' issue than anything.

One can dream, right?

BTW: this is the second one I've seen on EBAY. Kinda sad, actually.

Maybe he'll trade for a kidney, or a gall bladder? Ha.
Click to expand...

In general, borrowing money to pay off a depreciating asset is lunacy. You have to factor in a return based on use (which is why it's not lunacy to borrow to pay off a daily driver), which you simply wouldn't get with a supercar. You'd have to pay at least $5,000 a year for insurance, and allot another $2,500 per year for maintenance.

I don't think that you could get what amounted to a 100% loan on the car because as soon as you took delivery, you'd take $30k off the value. You therefore have a $200k loan secured against a $170k asset. No bank will go for this.

Anyway, I suspect I'm treating the idle musing of a pipe dream with far too much seriousness. It's just that I'm working up the financing for a house move, so I'm a bit on top of credit issues at the minute.
 
On an equally theoretical note. $200k is probably a good price for an XJ220. In the past year or so, similar low mileage XJ220's have gone from an average price in the UK of £90k upto something around the £120k mark. Prices for 80's and 90's '200mph club' supercars are all on the up. In the past 2 years F40's are averaging a 40-50% increase. 288 GTO's are nearer 70% up!

I agree that using anything like this as a daily or even regular driver is going to cost you a small fortune a year just to run the thing.
 
I'll loan you the money for a XJ220 the day someone gives me $200,000 for a Diablo.

Oh wait, problem solved for me. :p
Good luck with the XJ. Sure someone will buy it sooner or later.
 
Delirious?
Shouldn't you worry more about getting a girlfriend, finishing college, SAVING MONEY to MOVE OUT and BUY A HOUSE (or apartment or condo)
Click to expand...
If I owned an XJ220 I would live in it. Like a creepy unemployed person who happens to look fantastically wealthy at the same time.
 
Make it a business. Figure out who would pay to have an XJ220 turn up (shopping malls, local events, advertising, museum) or rent it out as a wedding car, or find out where is your funkiest local place to eat and visit, and advertise a weekend with a supercar with a planned itinerary.

It would have to be insured, but that would be covered in the rental cost. If someone does pop it, you get to keep their deposit, they pay the excess on the insurance and you take it to the local specialist to get fixed. You could even let people trackday it, and what better place to advertise.

You could buy it with the idea of making a one way trip from coast to coast, find someone to buy it after you've put another 3,000 miles on it having the adventure of a lifetime. Do it for charity - take it to New York and visit Ground Zero, tell your local press, anything as long as it's wacky. People love that.

Talk to your bank, they may even sponsor you to do it!

Don't give up - just have a plan. And be prepared to be patient. ;)
 

Latest Posts

Back