financing a pro touring car

[awr68]

Originally Posted by camcojb

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

Jody

Perhaps Uncle Charley can help out with that!?!?!

[c.schulz]

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


Chris

[camcojb]

Originally Posted by awr68

Perhaps Uncle Charley can help out with that!?!?!

Ummmm, I don't think so!

Jody

[rocketman]

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.

[ProdigyCustoms]

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

[jy211]

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

[Smack_talker]

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

[camcojb]

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

[Rob07002]

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.

[camcojb]

Originally Posted by Rob07002

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!

Jody