Car title Loans? - Lateral-g Forums

**John510** · #1 08-12-2016, 01:27 PM

Edited my original post since I think I was asking for the wrong type of loan....

Has anyone successfully refinanced a classic car through a bank or credit union? I was planning on selling my car but if I could refi it instead that would make my day!

Im assuming they would just want an inspection and appraisal done?

Build-It-Break-it · #2 08-12-2016, 03:29 PM

A coworker of mine did one and his interest rate was 25%!!??

**John510** · #3 08-12-2016, 04:22 PM

Jesus! Yea I don't need the money that bad! A credit card cash advance would only be like 16%

gray776 · #4 08-12-2016, 04:31 PM

A local credit union may be the best option. My local one does Secured loans at 3% currently.

D-$ · #5 08-12-2016, 04:40 PM

This is what my local credit union does.

Classic Auto Loans
2006 or older collectible vehicles
Term APR As Low As Estimated Monthly Payment based on"As low As"Rate
Up to 60 months, $5,000 minimum 7.94% $20.25 per $1,000

Golden Auto Loan Maximum $100,000. Classic Auto Loan Maximum $50,000. Must be titled in California.
"As low as" rate includes .50% discount for automatic payment from checking account.

**WSSix** · #6 08-12-2016, 04:55 PM

I would think getting a secured loan using the car at collateral would be better than your typical, predatory car title loan. Might have to talk with a credit union or bank first to see what appraisal would be accepted if they'd even be willing to accept the car as collateral.

**GregWeld** · #7 08-12-2016, 06:44 PM

I may have to cut and paste this thread into Investing 102..... I can use it for how NOT to do things! LOL

Che70velle · #8 08-12-2016, 09:05 PM

Quote:

Originally Posted by GregWeld

I may have to cut and paste this thread into Investing 102..... I can use it for how NOT to do things! LOL

Agreed. John510, you should research into a title loan ( sometimes referred to as a title pawn) before you get anywhere close to thinking about this. These type of businesses can charge any interest rate they want, to the point of you basically never paying off the loan. Ever.
I have a nephew who lost a car this way. He paid on it for years, and finally just gave them the car. He owed more after a few years, than what he borrowed.

**89 RS** · #9 08-13-2016, 01:30 AM

I would definitely advise against getting a title loan. Typically speaking, a title loan is equivalent to borrowing from a loan shark.

**John510** · #10 08-13-2016, 01:41 PM

OK maybe I am asking for the wrong thing. My car is paid off and I am looking for a lein holder. A refinance of my car so to speak. Just like if you were to go purchase a car from a dealer they add the lein on the title. These should be no more than 6% I would assume.

I do not want a pawn loan or anything like that. It is a refinance. I am unable to refinance my house as the SBA has a lein on it from a commercial building I purchased.

D-$,
What credit union is that? I am in CA and my credit union does not do classic cars.

The loan will be paid back in less than a year after I finish getting the business open (which is why I need the extra funds). My other option is to sell the car but I have invested 10 years into it and would rather keep it.