Posts Tagged ‘Restoration’
Question by Ja: How tough is it to get a loan from a bank for vehicle restoration? Any pointers or tips?
We own a ’67 Mustang and would like to restore it, but we do not necessarily have the income (about $ two,000 for starting) on hand at the moment to pay for the restoration. The value of the body/parts is worth a lot more than the quantity we will be borrowing, and we will be applying for a loan through a local bank.
How difficult is it to get a loan for these types of situations? Anything we should know before applying?
I refuse to do any much more dealing with credit card firms soon after they far more than doubled my interest rate for no reason on an account that was in really good standing and open a long time. But my credit does border on exceptional, if it hasn’t crossed that threshold already(haven’t checked in a year or so). Borrowing from friends and family members has by no means settled nicely with me, so that is not an alternative.
We have some money saved up for repairs, but it won’t cover all of the expenses(new tires, equipment, seats/interior, misc engine parts). We want to get it up and running before we move across the country in a couple of of months.
What is the average interest rates for personal, short-term loans?
Very best answer:
Answer by Antswer
You might be able to secure the loan with the car title, however, expect a high interest rate. Why not save and pay money for the renovation?
Excellent Luck!
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Muscle Car Review; 426 Hemi, Restoration, Mustang, Feb-May & Aug/Sep 1995