Car title Loans?
 

Edited my original post since I think I was asking for the wrong type of loan....


Has anyone successfully refinanced a classic car through a bank or credit union? I was planning on selling my car but if I could refi it instead that would make my day!

Im assuming they would just want an inspection and appraisal done?

A coworker of mine did one and his interest rate was 25%!!??:snapout: :G-Dub:

Jesus! Yea I don't need the money that bad! A credit card cash advance would only be like 16%

A local credit union may be the best option. My local one does Secured loans at 3% currently.

This is what my local credit union does.

Classic Auto Loans
2006 or older collectible vehicles
Term APR As Low As Estimated Monthly Payment based on"As low As"Rate
Up to 60 months, $5,000 minimum 7.94% $20.25 per $1,000

Golden Auto Loan Maximum $100,000. Classic Auto Loan Maximum $50,000. Must be titled in California.
"As low as" rate includes .50% discount for automatic payment from checking account.

I would think getting a secured loan using the car at collateral would be better than your typical, predatory car title loan. Might have to talk with a credit union or bank first to see what appraisal would be accepted if they'd even be willing to accept the car as collateral.

I may have to cut and paste this thread into Investing 102..... I can use it for how NOT to do things! LOL

Agreed. John510, you should research into a title loan ( sometimes referred to as a title pawn) before you get anywhere close to thinking about this. These type of businesses can charge any interest rate they want, to the point of you basically never paying off the loan. Ever.
I have a nephew who lost a car this way. He paid on it for years, and finally just gave them the car. He owed more after a few years, than what he borrowed.

I would definitely advise against getting a title loan. Typically speaking, a title loan is equivalent to borrowing from a loan shark.

OK maybe I am asking for the wrong thing. My car is paid off and I am looking for a lein holder. A refinance of my car so to speak. Just like if you were to go purchase a car from a dealer they add the lein on the title. These should be no more than 6% I would assume.

I do not want a pawn loan or anything like that. It is a refinance. I am unable to refinance my house as the SBA has a lein on it from a commercial building I purchased.

D-$,
What credit union is that? I am in CA and my credit union does not do classic cars.


The loan will be paid back in less than a year after I finish getting the business open (which is why I need the extra funds). My other option is to sell the car but I have invested 10 years into it and would rather keep it.

Have you looked into a personal loan using the car as collateral? I'd assume you'll need an appraisal. Btw I had a credit union loan on a 65 chevelle. Just had to send pics and info I dont remeber the exact interest was but it wasnt anything crazy, well below 10. I am thinkig 7%

Obviously we don't know what's going on with your financial situation John, and don't need to, but stay away from any institution that has 'Title Loan' in its name. Talk to your local banker, credit union, or whatever before you go that route. Sorry to hear you're even having to consider it. Generally that's worse than the last resort.

401k loans, while bad for your retirement prospects, can be less hurtful than a 10%+ title loan.

I'm not broke. Just wanted to get my new brewery open faster. The city is sticking me with 400k in water/sewer fees for a commercial development I'm working on. Just thought I could refi my car instead of sell it as I really like my car.

People use car loans ALL THE TIME. Not sure why everyone is making this sound so bad. I found a credit union that does then for 3 percent today. They just become the lein holder.

John, good luck to you on this endeavor, it is sizable. But, in my opinion, a very wise investment, I believe you have a very good product there, especially with the new mixed use and the 6 story over by west Dublin Bart.

Guys, John is opening up a couple of eateries in Dublin CA, a very wise, albeit investment...
Your storefront elevation didn't change much, price will come down. You may be able to source the front doors for way less, if they meet the architectural desires of the new design. I've reviewed the numbers and owe you a revision.

400K in sewer/water fees doesn't suprise, me, just dissapoints me. That kinda crap has gotta come down.

Good luck, feel free to contact me here or at the shop if you need any connections/referall's/design/value engineering, it's what I do.

Cheers, mike

If that's the case then we're saying the same thing but calling it differently. In Georgia, a car title loan business is predatory and does not offer good interest rates. They aren't much different than payday loan places.

Good luck whatever you choose. I think I'd do what I could to hold on to the car since it's one of a kind and you like it.

https://www.myeecu.org/home/home

Done then! End of the story!


3% --- on a used car? Borrow as much as you possibly can.

yes. they start and 1.89% and go up to 8% depending on if its 1-7 years. Normal auto loan. I think I was asking the wrong thing when I said "title loan".

Randolph Brooks Federal Credit Union here in Texas does classic car loans for the same amount as a new car loan. Right now its 1.9% if you have good credit.
I have taken many loans out with them to buy classic cars in the past.
And Yes I have given them a title of a classic I had for an agreed amount and the interest rate was the same as a new car loan, 1.65 at the time.

Yeah, I've heard of some charging upwards of 400% interest. No, that's not a typo....400%!!:drowninga:

I was able to borrow against my 69 Camaro at 3.75% a few years back. My credit union didn't even require an appraisal. It was a standard vehicle loan. No different than if I bought a new vehicle and financed it through my credit union.