1996 Viper GTS Auto loan and insurance

[pigcorn]

Hey folks I had my eye on a 1996 GTS B\W listed for 54k. I wanted to put half down and finance the rest but finding it hard to get an auto loan since many banks allow used car financing for used cars that are no more then 7 years old!!

Also on the insurance front went to my insurance company and told them I would only drive the viper under 500 miles a year and they quoted me the same insurance rate as my 2005 Porsche Cayenne S I drive everyday which is around $1250 a year...when I inquired about "classic" car insurance they said classic is considered 15 years or more....

Anyone solve either the financing or insurance issues? I can avoid financing and pay in cash but that would mean I have to wait a while....and I am itching to have a Viper this summer.

Thank You

 

[V10SpeedLuvr]

I used MidSouth Federal Credit Union in 2005 and they gladly financed my 96' for 5 years and even offered 6 years but they said the interest rate would really increase if I went that long, so I stayed with 5 years as I had planned on anyway. I can get you a phone number for them if you'd like

 

[Danny Ocean]

CapitalOne's "Blank Check" auto loan & Hagerty Collectors Insurance are the answer!

 

[pigcorn]

Thanks the Capital One Blank Check seems neat, wish I knew about that before I went through a long process with another major bank.


The Hagerty insurance came out to $1031 for me a year based off a quote. Does save me around $200 a year but I was hoping for a significant discount since I will only drive the car a few times a year. Oh well the Viper seems worth it anyway.

Thank you

 

[RobZ]

I financed my '97 through Wells Fargo for 5 years with no issues. I pay Allstate $1440 per year for a 3000 mile limited use policy.

Oh and I am 25.


Rob

 

[OVERBOOST]

25 also.

Statefarm-- 852 year on my 97'GTS

 

[Danny Ocean]

The Hagerty insurance came out to $1031 for me a year based off a quote. Does save me around $200 a year but I was hoping for a significant discount since I will only drive the car a few times a year. Oh well the Viper seems worth it anyway.

You can give them a call and ask for a quote via telephone. Sometimes that works out better as they can ask more specific questions as to mileage, usage, etc..

DO NOT base your decision by prices that others spout out here on the forum. Insurance costs in NY vary significantly from locations such as WI, CA and FLA, etc.

My daily-driver insurance jumped from $550/yr. to $1200/yr. just because I moved from Calif. to FLA. Nothing else changed except my zip code.

 

[viperbob]

Call Grundy Worldwide for insurance. I wrecked my 2005 in January and all was handled well. And I simply just had to give them the new Viper's VIN# and the policy continued as if nothing happened, not even a change in rates.

 

[ryan94rt10]

I used the capital one blank check to buy my rt10 almost 3 years ago...very easy and they will help you with every step...you must finance at least 7500 dollars though.

i use grange insurance for my viper...no milage limit, $680 for the year...only stipulation is that i have a daily driver, other than the viper. i am 31 and in ohio.

 

[ViperJames]

I financed my '97 through Wells Fargo for 5 years with no issues. I pay Allstate $1440 per year for a 3000 mile limited use policy.

Oh and I am 25.


Rob

That actually seems really high. I am 28 and I have had my insurance on my 95 for 2 years at $650.00 with the same 3000 mile limited use policy fully covered with Farmers.

 

[RobZ]

Maybe it has something to do with my location as Danny Ocean pointed out. Oh well I'm happy anyway.

 

[Danny Ocean]

Maybe it has something to do with my location as Danny Ocean pointed out.

Yes...like comparing apples to kumquats. There can be significant rate differences between zip codes in neighboring cities.

 

[Kmrumedy]

If you own property you can open a credt line on the property or refinance it depending on how long you want to pay it back. Lowest interest you can find.

 

[viperbob]

Maybe not. My credit unions (Navy Federal & Pentagon Federal) are 5.0-5.89% with fairly long terms...doubt you could get an equity line of credit for that albeit you can deduct that interest. Regardless, lots of options to consider and if there is a will there is a way!

 

[Compensating]

you vets should check out USAA... I'm sure you've already heard of it...

$550 a year full coverage... 3000 mile policy as well

 

[RayC]

I financed my '97 through Wells Fargo for 5 years with no issues. I pay Allstate $1440 per year for a 3000 mile limited use policy.

Oh and I am 25.


Rob

I have had a terrible time with Wells Fargo. May not be an issue for AZ but they will require that you maintain collision coverage even when car is stored. That is full coverage on the car (fire, theft, etc.) while in storage is not enough. I have argued with them several times about this being stupid in Michigan during the winter. They always agree with me that it makes no sense but nobody can do anything to change it. Removing collision from the policy during the 5 months of storage saves me about 600.00 year on each of our Vipers. Gets Ins. for the year just under 1000.00 for each Viper. Wells Fargo is the only lender I have ever had this issue with! Others have been satisfied with full coverage and no collision while in storage. Good Luck!

----------------------------------------------------

1997 GTS B/W
2004 SRT10 White Mamba
2006 SRT10 VCA Coupe

 

[Bill Pemberton Woodhouse]

Good idea about being able to carry only comprehensive over the Winter, but the reality is most Banks do require full coverage while there is a loan. Obviously this is not the case with a home equity loan or if they do not check ( which is the likely case ). With computers, more and more Insurance Companies are notifying Banks of changes immediately , and therefore the Bank is calling and letting you know that full coverage is required. Check with the Insurance Company insuring the car, as well as the Bank, but I think you will find full coverage while there is an auto note on the car is a requirement.

 

[RobZ]

Lucky for me I don't have to store my Viper, it gets to go out whenever it wants.

 

[ViperJoe]

Home equity line of credit.......watch the rates if it is not fixed and I have Geico (500 per year full coverage)had Nationwide for 20+ and no one could vere beat them until this year, and Geico hammered them on all of my vehicles

 

[banton]

Used Capital One Blank Check for my '97 B/W Viper. It was a pretty simple process, just submitted my application online and within an hour the phone rang and I was pre-approved. I belive is was even on a Sunday. There may be a couple of steps that a seller may find a little less advantageous than for a cash transaction, but my seller liked the process and then used the process to purchase his Ford GT. At the same time, the buyer for the car I was selling to buy the Viper was also Capital One For insurance, State Farm, 7,500 annual limit and full coverage with 100Comp/500Collison deductibles for under $700 annually. As others have mentioned, the insurance rating for the area you live in can certainly impact the rates quoted.

 

[PatentLaw]

Capital One Blank Check is easy. I will say, however, that if you pay off your load quickly with Capital One, and then want to use the Blank Check again, they will try to charge you a whole bunch more interest the second time around. Just be aware of that.

 

[Zan186]

I just bought a 2002 FE. I used the Capital One Blank Check and was very impressed with how easy it was to use. The rate is a bit high at 9.0% but I plan to pay off the 28k I financed in the next 6 months so it will only cost me about a grand to borrow the cash.
I just insured it with Haggerty for $70,000 and my rate was a little bit over $1250 for the year. I am 35 with a clean license. You must have proof of a daily driver vehicle. But what I liked about Haggerty is that you determine the value of your car. Some of the other insurance policies will insure your vehicle and then when you get into an accident they have their own little chart of what your car is worth. For me I want to know that if I total my car, I am getting 70k, not 35k not 45k or whatever number they can think of. Rather pay a little bit more to know that my car is totally insured!