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, 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.
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.
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.
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!
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First Hemi 'Cuda Convertible Ever Built
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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.
Hybrid Mode
