Car Restoration Financing?

[Bucketlist2012]

Originally Posted by Z10ROD

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.

AMEN.. You only pay for the parts needed for each phase. And then you pay for the Labor AFTER the labor is done..

[FETorino]

Originally Posted by dmaxwell

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.

Hey what kind of car are you building. Maybe I'll grab it for $0.50 on the dollar when you realize you can't afford it and put it up for sale.

Financing is for buying a home or machinery needed to run a business. Anything on this board should only be bought with cash in hand.

[Vegas69]

Let me see.....

It will be worth half what you have in it.

You have to insure it.

It burns gas.

You need to maintain it.

And that's if you own it free and clear.

Start here... https://lateral-g.net/forums/showthread.php4?t=34700

[Z10ROD]

Originally Posted by Bucketlist2012

AMEN.. You only pay for the parts needed for each phase. And then you pay for the Labor AFTER the labor is done..

UH NO you will have to pay as you go on labor too I don't think ANY shop is going to foot the bill on a complete build. they don't want your car they just want to build it.

[Tony_SS]

This is a bit off the topic, but a buddy and I were talking.... he is firmly against any debt whatsoever... my argument was that, if rates are so crazy low, wouldnt it be wise to borrow money at 1.9%, and keep your cash liquid? He thought not. I disagreed: The cost of the loan is worth the price, if I can keep my cash, and even make money on what I have, and use the bank's 'cheap' money. I'm all about avoiding debt, but living by that absolute isnt always the wisest choice IMO. In this case though, it's a wise one. lol

[dmaxwell]

Originally Posted by Z10ROD

all good advice . Dmaxwell did you get your answer ?

Nope.

Originally Posted by Tony_SS

This is a bit off the topic, but a buddy and I were talking.... he is firmly against any debt whatsoever... my argument was that, if rates are so crazy low, wouldnt it be wise to borrow money at 1.9%, and keep your cash liquid? He thought not. I disagreed: The cost of the loan is worth the price, if I can keep my cash, and even make money on what I have, and use the bank's 'cheap' money. I'm all about avoiding debt, but living by that absolute isnt always the wisest choice IMO. In this case though, it's a wise one. lol

This. I didn't say I needed to finance a build, I was curious if such a service existed and, if it did, how cheap the money was. If I can barrow at a low enough rate, why would I tie up $100k+ in liquid capital if I have an alternative?

[Z10ROD]

I would make a call to the classic car insurance people ??

otherwise its probably going to be an unsecured loan from a bank
and not the lowest interest rate probably around 6.5% for excellent credit

a purchase money second on your home could be an option for a low interest rate.

what kind of car is it that could change things ???

[Flash68]

Originally Posted by Z10ROD

UH NO you will have to pay as you go on labor too I don't think ANY shop is going to foot the bill on a complete build. they don't want your car they just want to build it.

I doubt that is what he meant.

Originally Posted by Tony_SS

This is a bit off the topic, but a buddy and I were talking.... he is firmly against any debt whatsoever... my argument was that, if rates are so crazy low, wouldnt it be wise to borrow money at 1.9%, and keep your cash liquid? He thought not. I disagreed: The cost of the loan is worth the price, if I can keep my cash, and even make money on what I have, and use the bank's 'cheap' money. I'm all about avoiding debt, but living by that absolute isnt always the wisest choice IMO. In this case though, it's a wise one. lol

Yes. Some people avoid debt at all costs, and it is not always the most strategic decision financially, but it makes them happy.

Originally Posted by dmaxwell

Nope.



This. I didn't say I needed to finance a build, I was curious if such a service existed and, if it did, how cheap the money was. If I can barrow at a low enough rate, why would I tie up $100k+ in liquid capital if I have an alternative?

More info in your first post on this forum would have been helpful.

[Bucketlist2012]

Originally Posted by Z10ROD

UH NO you will have to pay as you go on labor too I don't think ANY shop is going to foot the bill on a complete build. they don't want your car they just want to build it.

Oh I meant to say that you pay the Labor as you go...Each phase gets paid AFTER it is done...But you are paying as you have things completed..

[Bucketlist2012]

[QUOTE=Flash68;461053]



Yes. Some people avoid debt at all costs, and it is not always the most strategic decision financially, but it makes them happy.

Some debt is OK...I would always keep my Home Loan even though I could pay it off...I would rather Invest the Money and get double the return.

But only on a Home loan. That Debt sounds fine to me,especially at mid 3%..