Talk Morgan Forums Morgan Sports Cars Morgan Three Wheeler & Super 3 United States Financing Options

Hey US owners, any recommendations on US companies who may finance part of the M3W price? I'm looking at options, and wanted to look at low rate car loans to see if that made sense for part of the car value. Some of the other classic car financial companies like Woodside Credit or JJ Best won't finance the M3W. I know Hagerty, with whom I insure one of my other classics, also has ads for Lightstream, but it looks like those loans are more of a signature loan with higher rates.

Suggestions? I've heard USAA will also finance, and will follow up on that as well.

Thanks,
Craig

Get an unsecured loan from someone like Lightstream, and then re-finance through a credit union. Most of the traditional lenders would not finance it, but would definitely re-finance an existing loan.

Excellent idea. Thank you for the tip.

Be careful with a loan for a toy!

AGREED!

I'm simply looking at options. This is a lot of cash to plop down all at once. Some of these secured auto loans have very cheap interest, and as long as they allow early payoff, sometimes it is good to look at financing a portion of the cost for a shorter period rather than pull all that cash out of accounts and investments at once. Thanks for the feedback.

If it's any consolation, I funded my Mog entirely on credit cards. I have 5 and swap the balances around so I pay a one off 3% charge and the rest is zero interest. I've been paying them for the last two years, and have about three years left to go. It was the only way I was ever going to be able to purchase her.......

Dependent where your money is and in which investment accounts you could consider a Liquidity Loan against those accounts. The fixed interest rate is low and the term could be 1, 3 or 7 years, this way your investments continue to grow over the say 7 years before you pull the money out to pay the loan. With interest rates around 2% you are using money to make money.

TBM, certainly the most interesting way to fund a Morgan. I've certainly put my down payment on a credit card just to immediately pay it off and get some airline points, but never thought to fund the entire car with it.

Britmog, thanks for the tip. I'll certainly check that out as well.

When you have no savings, you get very inventive