Credit Score Helps When Financing Older Cars

Filed in archive Information About on February 1, 2010

Let's say you've never owned a vintage car but you're seriously thinking about it. And let's say your budget is pretty tight, which likely means you won't be buying a museum-quality classic. Let's take this a step further and suggest that you're probably (though not necessarily) young enough that you may have to finance the vehicle. Nothing wrong with that, except bank managers will probably scrutinise your loan application more intensely than they would if you're well established and/or the car is a newer model. So the first thing you should do is get an online credit score. Chances are the results will be positive but if they're not quite what you'd hoped you'll know enough to search for a less expensive vehicle.

Okay, with the financial parameters established let's take a look at a few cars that fit your budget and are interesting enough to own and maybe even restore. Most states and provinces now set the vintage age bar at 25 years, meaning the vehicle should be a 1985 model or earlier. And that's fine because cars from the late 70s and early 80s are currently very affordable. (I'll stick to sports-type cars here because they're more fun and offer a good in-point for the novice collector. Not in order of preference, by the way.)

Gone but not forgotten is the Pontiac Fiero (above). This 2-seater was rather unfairly criticised by the media because it didn't live up to its promise as a pure sports car and was based on mundane GM sedan mechanicals; the latter an absurd complaint, for many a fine sports car utilises off-the-shelf components. My only beef with the Fiero was its engine, dubbed the Iron Duke by Pontiac but renamed by yours truly as "The Lead Sled." Reliable enough, it was short on performance and sounded awful. Don't let that deter you; Fieros are incredibly cheap to buy and are well-suited to modifying. And here's the big selling point: the space frame body consists of ding-resistant plastic panels. No rust, no fuss.



Jumping back a few years, consider the very first Toyota Supra. A stretched Celica (no bad thing), the Supra was motivated by a lovely twin-overhead-cam six-cylinder engine, similar to the legendary Jaguar six. More highway cruiser than gran tourismo it was nevertheless a very civilized ride with plenty of creature comforts. Though the styling was conservative, the Supra's long hood and fastback roofline made for a nicely balanced, pleasing appearance. Scarcity is a problem for the buyer and yet, as I was walking home from a stroll aimed at helping me develop ideas for this article, I actually came across one in a parking lot.



Mazda RX-7: Here's a car that deserves a special niche in automobile history. It wasn't the first Mazda with a Wankel rotary but the RX-7 was significant in that the engine made it unique and though the two have little in common, it created a precedent for the Mazda Miata of the 1990s. By the time that car arrived, Mazda had gained international respect for engineering desireable sports cars. If you plan on buying one, have it checked by an expert in Wankel engines, the Achilles Heel being excessive wear of the tip seals. Once repaired, however, the RX-7 should be good for a long life and really is fun to drive.



At this point some of you may be saying "is this guy nuts?" for all three cars are far out of the mainstream. Yet that's the point. The commonplace may be safer but no one will notice when you drive by, whereas these three have character and though rare in the used car marketplace the asking prices are very, very low. Still, I should satisfy viewers who'd rather be cautious and so I'll close with a car that's utterly safe as a first collector car purchase. It's the Chevrolet Camaro, circa 1979-1984. Hardly the most beautiful Camaro ever made and too heavy for my taste, it's easily maintained, performs well with the right options, and best of all is commonplace and inexpensive.

So there you have it, friends. You may not agree with my choices but if they've started you thinking, I've done my job.