Weird Seller Financing Question
Ok bear with me. I know this is a real estate forum but I just had a provoking shower thought ( I hope I'm not the only one who thinks, sometimes too hard, in the shower).
When it comes to seller financing for real estate the perks I have gathered from reading and watching all of the podcasts and YouTube videos I can are:
-No hit to personal or business credit
-Potentially better negotiable interest and payments
-Obvious acquisition of the property with name on title
-Potential for good deal if sitting on the market (not a lot of that going on now, but definitely still out there to be found).
Here's where I may lose a lot of people. I'm certainly interested in trying this financing tactic, however, the true nature of my question is unrelated to real estate.
I'm a bit of a classic car enthusiast and like most of us out there, we just don't have the cash sitting around to dump on a fun vehicle that needs constant attention and can be costly depending on what you want.
My question is this:
Has anyone ever tried seller financing on a vehicle?
The way I see it, you can take the exact same principles and apply it to buying something like a classic car. Now I know, "Ryan, a vehicle is a depreciating asset why would you want to do that?"
Well. If I want to go buy a 1963 Corvette split window and don't have 80-100k in the bank and have minimal options for commercial lenders when it comes to classic cars, why not see if the seller would finance the vehicle? I still become liable for the note and make monthly payments (with presumed interest) but have the option to pay in full at any time.
So let's say I buy this beautiful split window and love driving this thing around. Well come 6 months to a year or so later, this thing is worth 120k now(fantasy numbers here). I sell the vehicle and pay off my initial seller and make 20k.
Am I crazy or is there something to this idea??