Did you get a feel for the interest rates for a stock muscle car? I know it depends on the credit rating, but all things being equal, was it unusually higher than for a new car?
Did you get a feel for the interest rates for a stock muscle car? I know it depends on the credit rating, but all things being equal, was it unusually higher than for a new car?
JJBest only takes good credit. They start at 5.9% depending on term. They also are a bit more conservative on terms, not willing to stretch it out as much as others.
Hagerty uses Woodside Credit. They are 2% higher across the board but have longer terms. Most of their loans are in the 8-8.75% apr range.
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!
Don't laugh, my wife's cat gets mail, don't think I haven't thought about it!
I could buy the car completely on credit cards. But that is crazy and I will not be in that position again. I have no credit card balance at the moment and only use them at a pace I can pay completely as the bills show.
That's a good policy, Jody. My wife and I only use American Express because it keeps us honest. You can't run up a huge balance because you have to pay if off every month. When I met my wife she had 12 credit cards...typical woman. It's taken me 10 years (and a dump truck of money) to wittle her down to just the one.
Women....the ultimate investment.
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Nice Steve.
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.
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