Car Restoration Financing?

[dmaxwell]

Originally Posted by Flash68

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

Such as?

[Flash68]

Originally Posted by dmaxwell

Such as?

Such as a sentence or two explaining your reasoning behind it. It would have prevented much of the 2 pages of responses telling you not to do it.

Not a case where less is more. More is more.

Oh, and welcome to the best forum on the internet.

[214Chevy]

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?

Not being mean, but some people have to learn from experience. DMaxwell, go ahead and procure a loan for whatever amount you feel you need. Let's say $100k for a decent car with all the bells and whistles. While building the car, see if you can stick to that budget, hope you can see the project all the way thru til the end. If so, you now owe the back, with interest, roughly $120k. You get tired of the car and want to sell it. The best offer you've gotten was for $70k because you built the car for you and the market is still bad. Now you still owe the bank $50k. All we are saying is it isn't a wise choice to borrow for a build. Do whatever you feel is right and makes you happy. Good luck.

[Tony_SS]

Even if you do finance, I would search for a completed project closer to your liking. It sort of like paying top dollar to buy new car with 0 miles, and saving thousands buying the same car with 10-20,000 miles on it.

And one more thing. Ben Benanke for president. Print money bitchaz!

[fesler]

Not sure how everyone on here thinks its such a bad idea, its like doing work at your house and everyone thinks thats such a great idea...... If you really want a car and can afford to do the payments on it this will fast track that. We have thought about doing something like this for many years with a flooring company. Just have to work out all the details so everyone is on the same page and you understand what you are getting yoursefl into.

[214Chevy]

Originally Posted by fesler

Not sure how everyone on here thinks its such a bad idea, its like doing work at your house and everyone thinks thats such a great idea...... If you really want a car and can afford to do the payments on it this will fast track that. We have thought about doing something like this for many years with a flooring company. Just have to work out all the details so everyone is on the same page and you understand what you are getting yoursefl into.

Chris, I wouldn't compare a house, which is a necessity and gains equity, to a classic car, which is a luxury and can lose equity. Now, I know the housing market is not good now, but a house is still an equity item. Like some one else mentioned, unless you have some rare Duesenberg, the very first James Bond Jaguar or something like that, the muscle car is not the same thing. 20 years from now, housing will still be a necessity. In those same 20 years, we can only hope pro-touring is still as big as it is today. If not, you'll still be paying that lone you borrowed. Just my $.02. There's no right or wrong answer.