financing a pro touring car
 

Anyone know someone who finances a higher end pro tour car? JJ Best and Woodside will do them but put little value in a modified car like this. Appraisals won't help.

Credit is excellent and I can't do a home equity loan as we're locked in with what we have for the near future. JJ Best would loan on the car I'm looking at but only 70% as they consider PT cars as kit cars. They all loan 90%+ on muscle cars, just not our cars.

Anyone know someone they've used in the past?

Jody

check this link,i have used them in past.hagerty

I had no idea Haggerty did that. That's handy info, thanks.

WOW, me either, that is pretty cool.

Scott

You have a PM

Thanks for the link. That's Woodside Credit, they will only loan about 1/3 what this car is worth.

Jody

Spill it
 

Ok, what are you getting?

Nothing at the moment! :unibrow: Unless I find someone who likes pt cars and will loan accordingly!

Jody

How PT'D is the car, Jody? Can you put factory wheels back on it and finance it as a Muscle Car? I introduced old car financing at the bank I used to work for and it was no problem, most time financing was 100%. Do you have any additional collateral you can give? Finance what you can and cross collateralize the balance with something else of value, another car, boat, CD,etc. Sometimes you'll find that credit unions are much more flexible than banks. Call me if you need some help, dude, its the least I can do for all the help you've thrown my way.

have you checked with your bank or credit union,a home equilty line of credit is easiest,or i you have a 401k borrow againest it,i have done that too.

Perhaps Uncle Charley can help out with that!?!?! :unibrow: :lol:

I would like a bag of fifties and umm, a roll of quarters. Yes, I would like to supersize.

Hey Id like to know also.Maybe I could start some work on mine. The lottery hasnt payed off yet so...................


Chris

Ummmm, I don't think so!:D

Jody

A certain 65 Chevelle at it's new reduced price isn't peaking your interest is it?

I have a friend who works at Bank of America...she's very creative when it comes to loans...

You can try Capitol One too. They have financied some older specialty cars in the past.

Thanks guys. Unfortunately the lending institutions don't see the real value in these cars, and no matter how strong the credit they will only loan about 60-70% of the value. If I picked a restored Cuda they'd loan 90%, but the modded cars in the higher price ranges do not float their boat.


Normally a 30% down would be doable, but not at this price and not at this time. Just dumped a ton of money in the house (again!).

Jody

Steve :thumbsup:

Looks like Jody's got a second job... :lol: Nice Steve.

you guys are :rofl:

Did you get a feel for the interest rates for a stock muscle car? I know it depends on the credit rating, but all things being equal, was it unusually higher than for a new car?

JJBest only takes good credit. They start at 5.9% depending on term. They also are a bit more conservative on terms, not willing to stretch it out as much as others.

Hagerty uses Woodside Credit. They are 2% higher across the board but have longer terms. Most of their loans are in the 8-8.75% apr range.

Jody

38,7,13,17,27 and the powerball is 2, now go buy a ticket and remember my b-day is soon

Jody, I still think the home eq loan is the way to go as long as you don't mind using your house as collateral. Rates are around 5.5% - 6.5% depending witch bank, and you can finance over 15 years or so. You could also check out a home eq line of credit which is like a credit card being paid over 15 years. Rates are variable (which is a drwback IMO) but still a viable solution. Either one won't affect your first mortgage and as long as you don't plan on moving for awile won't hurt your investment in the house. Banks will lend 30 to 50 k without blinking an eye, and they don't care what your using the money for. Furthermore if rates drop sometime in the future you can refi both mortgages at the lower rate and maybe even slash a few years off the loan. Not sure how much your looking for but as long as you have equity built up in your house most places will do 80% (some higher) of the appraisal value minus the mortgage balance. So if your house appraised for 200k and you owe 100k you can take out 80K.

I'm thinking that would be $60K. (200 X 80% - 100) :) We have equity in our home but just re-did our first and a second. These have pre-pays for a bit so that would mean a third which is getting silly. I 100% agree, using equity is the way to go, but in my case not an option.

Thanks!:thumbsup:

Jody

I still thinks its 80% of your equity not 80% of appraised value minus the LB, but you may be right... I hear you, 3 would be kind of ridiculous... It would be a statement of your gearheadedness. :willy:

Hmm? there must be a way.... Screw it get your dog a credit card and max the sum bitch... let them try to collect from rover!

Don't laugh, my wife's cat gets mail, don't think I haven't thought about it! :unibrow:

I could buy the car completely on credit cards. But that is crazy and I will not be in that position again. I have no credit card balance at the moment and only use them at a pace I can pay completely as the bills show.


Jody

That's a good policy, Jody. My wife and I only use American Express because it keeps us honest. You can't run up a huge balance because you have to pay if off every month. When I met my wife she had 12 credit cards...typical woman. It's taken me 10 years (and a dump truck of money) to wittle her down to just the one.

Women....the ultimate investment. :rolleyes:

Like my wife always told me - you married a debt.