Financing a Delica?

[audi4life20v]

Hey everyone here!

I've been poking my nose into this forums and Delica's for years now. I really want one at this point for a daily. Plus, Living where I do there is a decent local 4x4 club so I think a l300 with 35's would be a fun little van to go out in!


It's been a while since I've done my research into what I want but I first wanna know how hard it would be to finance one. I will need a co-signer due to my age/only credit I have is Snap-On but that may not be a problem.

So it really comes down to where I can buy one financed? And how long do used car terms usually go?

I'm quite the financing noob but wanna learn more about it. I will NEED a new daily this spring as my VW wont be efficient enough and my AE86 beater is a beater...

Any tips would be appreciated.

Oh and location is Alberta. I know the major Delica guys are in BC and I wouldn't have an issue going to see em in the spring or summer as I plan to be out there this summer for sure anyways.


Thanks again,

Kyle.

[FalcoColumbarius]

Kyle, me old son.... May I offer you some advice. Now it is not my intention to come across as condescending ~ and you know what they say about advice: "It's free and you don't have to use it". But I would highly recommend this: Set aside a savings account and take twenty bucks from every day you work, that's $100+ per week, and put it in that account. You can call it the "Delica Account" and don't touch it until you have sufficient funds to purchase a Delica, about $10,000.00 should give you plenty of options. At $100 a week you will have that money in two years. At $200 a week and you will have it in one year. Seriously man, it is way better to "own" your own wagon that to be driving someone else's, i.e.; the bank's. And during the time it takes for you to save the money you can be planning what mods you want to put on her... and also question the practicalities of putting 35 inch wheels on her. The cost of the tyres alone is going to be a lot, not to mention the body work to the wagon. The higher you lift that wagon the less stable they become. Having said that, that's my opinion and you know what they say about opinions..... grins.... I look forward to seeing your new wagon!

Falco.

[audi4life20v]

Thanks for the advice!

I'd love to save but it seems any cash I get my hands on gets dumped into my Vw. And I will be needing a new daily in spring, or sooner as my 86 corolla is not the best winter/daily.

Now 10g is a good chunk of money, I know there are quite a few that are cheaper due to need for bushings/struts/timing belt/ect.
Would It be wise to buy a Delica in need of some love then fix it? I have the tools and the know how for the most part. I also work on some vw diesels and same basic concept from what I've been told.

This way I could end up with the same result but for less?

[Dingus]

I agree with Falco, owning is nicer than owing, but sometimes financing is a required evil. I do not know of importers offering financing, so I cannot offer any real advice on that. With no credit rating (retail credit doesn't count) my suggestion would be to talk to your current bank. There are a few sub-prime lenders out there that will finance you, however their interest rates tend to be quite dear. You do have some options out there; just remember its your hard earned money, who do you want to give it to?


To add; If you do finance I suggest a place that will let you make bi-weekly payments. I financed 2 cars and my mortgage is set up this way, it is amazing how mush you end up saving in interest and how fast the principle comes down.

[Firesong]

I'll be the turd of the group

If you can't figure out your own financing without a forum
I'd be willing to bet that you will be up the creek when something
comes up where you need to spend a grand on the deli.

Think long and hard on this decision before you go ahead.
It's a cool vehicle and has given me a great time.
But it also takes some maintenance.. (some will say not)
but the majority will say yes it will.

I don't know anyone who would give you a vehicle loan
for a 15-20 year old vehicle without a super high interest rate.
Not worth it at all. Maybe a low rate line of credit but...

2 cents.. you can toss that away if you want ;)

FS

[drrod]

Have to agree with Firesong! If you could get financing (and it is a BIG if) on a 15 yr old vehicle the interest rate would be in the loan shark range!! Family financing may be an option. Can you finagle a line of credit from your bank?, etc.

Rod

[thedjjack]

35 under a delica...and want it to be a 4x4 not a pavement princess? Need lots of money.

35 are big tires, you will need to upgrade everything in the drivetrain if you want to turn them and not break stuff.

cut fenders, Rear door mod, solid axle swap (limit of Toyota axles is about 35" tire then you need to spend $$ or narrow 1 ton axles (dana60), L300 will need a lower gears to turn 35" off road so a second transfercase (no room for a second transfercase or the drive shaft angle for 35s). I would buy a blown L300 and drop it on a 1 ton frame if I was going to go 35" tires).

So if you happy with limiting to 33" or smaller tires. Then an old L300 needing work is a great way to go. Blown timing belt $2-3000 (needs major motor work) Delica or Needs timing belt/waterpump/bushings/rad work $5,000-7,000. range.

If you cannot pay cash then buy a ford escort for $200 put snows on it and save some money.

[Rural]

Financing a Delica? Good luck with that. Unless you have a line of credit, it's likely a no go. The reason it's so hard/expensive to do is because it doesn't make much sense from the bank's perspective. A used car is a depreciating asset. A 15+ year-old vehicle looks like it is at the end of its life (from the bank's point-of-view). The risk the bank is taking would demand a short term and a high interest rate. If you can afford that kind of loan, you can afford to save for the Delica, and will be much better off if you do.

The warnings you are getting should give you pause. The only thing I can suggest is some deep reflection on your means and spending habits. It may simply be that you can't afford a Delica, but it may also be that you can pare down your expenses and start saving. If the VW is where your money is going, perhaps it needs to go? Can you live without cable? (Cutting cable was the best thing we ever did, not so much for the money savings, but for the quality of life.) On the other side of the coin, maybe you are due for a raise/promotion at work, but if you start bringing in more money, make sure it gets used wisely.

And just so I don't sound like I'm speaking from a high horse, I'll be going to the bank today to completely separate my finances from my wife's. Should have done that years ago.