Car title Loans? - Lateral-g Forums

John510 · #1 08-12-2016, 10:27 AM

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?

Build-It-Break-it · #2 08-12-2016, 12:29 PM

A coworker of mine did one and his interest rate was 25%!!??

John510 · #3 08-12-2016, 01:22 PM

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

gray776 · #4 08-12-2016, 01:31 PM

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

D-$ · #5 08-12-2016, 01:40 PM

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.

**WSSix** · #6 08-12-2016, 01:55 PM

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.