I have looked into financing in the past from a local credit union at work, but the rates were rather high. So, I just saved up the money and paid cash. Even if you pay for via Credit Card, then pay off each month. I had 2 friends that couldn't wait, so they end up filing bankruptcy.
I have very strict and simple rule - - CASH only when it comes to hobbies.
You will likely have to put up collateral other than your project car to get anyone to loan any money for such work. Even at that, I don't think it's a good idea.
You could always wait for Dave (Flash68) to go a different direction on his build, get a new engine and chassis, and pick it up from him at a screaming deal!.. and not have to finance much!.
hey now Art that is gloating!
Quote:
Originally Posted by Tony_SS
I'm not one to tell someone they shouldn't build a car.
Good point.
Quote:
Originally Posted by Bucketlist2012
Oh man you guys are killing me....
Especially the Ben Bernanke comment
I would only pay cash for my habit...I am only part of the way through mine and life has diverted the money elsewhere...Life being my Wife, haha
I would never finance anything other than a Home, and FOR SURE Never a hobby like a Car Build....
Not even tempting..
Heed the words of those who have thrown money like confetti....
I have a High Interest in finishing my Car, and a Low Interest in borrowing to finish it...
Wise words again from this man.
__________________
2004 NASA AIX Mustang LS2 #14
1964 Lincoln Continental
2014 4 tap Keezer
Speaking from experience..do not finance a restoration. Once the car is done, or you think it is done, you have to pay on it for years. Then a couple of years, when you want to change or improve it, you are still paying a bill are trying to come up with additional monies.
Pay cash and save.
True spoken words. If anything, at most, borrow and buy a completely finished car. But do not borrow to build a car. I can assure you, if you borrowed to build a car, you blow thru the budget rather with redo's, illegitimate shops, changing your mind on the direction of the build, etc just to name a few.
Does anyone know of a company that will finance car restorations? I've heard of one, but I'm looking to see if there are others / if anyone has any experience doing it.
Looks like someone new joined this site, got overwhelmed with all the great projects on here and forgot about all common sense when building a car and forgot to realize that his eyes were bigger than his wallet
Financing a build is a sure-fire way to go broke... or even worse
Someone wise once told me that you should pay for toys with cash. So, I am in the majority here. I have the means to move faster, but I choose to plan and buy as I can after tithe, paying bills, savings plan, life/disability insurance, family fun expenses, etc.
all good advice . Dmaxwell did you get your answer ? just a thought but have you found a pay as you go builder ?? thats why some of these projects take a while. I would not pay any shop all up front.
Brian Hobaugh SCCA National Tour June 2014
First Hemi 'Cuda Convertible Ever Built
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