Author Topic: Is it possible to get a restoration Loan?  (Read 770 times)

Offline cdecristo

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Is it possible to get a restoration Loan?
« on: June 21, 2006 - 05:48:18 PM »
I was just wondering if you can get a loan for restoring a classic car? Has anyone ever done this?
1970 Dodge Challenger R/T SE




Offline MEK-Dangerfield

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Re: Is it possible to get a restoration Loan?
« Reply #1 on: June 21, 2006 - 05:57:42 PM »
Not that I know of. Good idea though. I just think there might be too much red tape. The bank would need to know that the person doing the resto was first rate. So that would hurt if you were doing the resto yourself. Maybe a home equity loan would help here?


  Mike

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Offline common 27

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Re: Is it possible to get a restoration Loan?
« Reply #2 on: June 21, 2006 - 06:33:58 PM »
I would say if you have good credit , a personal loan would'nt be hard to get, call your local banker!!! :money:   
1970  Challenger Convertible   1968 Satellite Convertible

Offline 4Cruizn

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Re: Is it possible to get a restoration Loan?
« Reply #3 on: June 21, 2006 - 09:01:58 PM »
I don't know what the interest rate on a personal loan is these days but it's possible!  They will probably use the car as collateral.   :thumbsup:

Offline wssnkc

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Re: Is it possible to get a restoration Loan?
« Reply #4 on: June 21, 2006 - 09:06:15 PM »
If there is a will there is a way. Never-the-less, sometimes difficult choices must be made in order to attain or maintain a lifestyle. Example - Last Oct - The property where my car was being stored went onto the market. Was told I had a month to move the car. :o So, I had to either build a garage or pay storage fees at a rental yard. I opted for a 0% for 16 month offer from the credit card co. in order to build a garage on my property. While much of the card has been paid down, I am having some difficulty w/ the remaining balance. I may still need to sell the car or start paying 8% on 10k (or whatever the balance is) this coming Jan. My little slice of :villagers:

A smarta$$ once said, "if you ever need money there are three magic words that work everytime. Stick'em up"
« Last Edit: June 21, 2006 - 09:14:45 PM by wssnkc »

Offline BIGSHCLUNK

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Re: Is it possible to get a restoration Loan?
« Reply #5 on: June 21, 2006 - 09:36:54 PM »
A home equity loan would work.... if your a home owner with some equity..  :bigsmile:
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Offline Hemi Challenger

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Re: Is it possible to get a restoration Loan?
« Reply #6 on: June 22, 2006 - 03:56:42 AM »
Here in Maine we have Credit Union that you join and you can get a loan from them that how I buy  all my toys We have bank to but they rate are high

Offline torredcuda

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Re: Is it possible to get a restoration Loan?
« Reply #7 on: June 22, 2006 - 07:21:57 AM »
I`m not sure where I saw it but I know there was a place that would loan $ fro a resto?  :dunno:http://www.hagerty.com/
« Last Edit: June 22, 2006 - 07:24:15 AM by torredcuda »
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Offline mikey1

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Re: Is it possible to get a restoration Loan?
« Reply #8 on: June 23, 2006 - 09:12:12 PM »
Banks or financial institutions would view a loan for an invstment in a vehicle as high risk due to depreciation and vulnerability to damage. For most cars depreciation would have been valid, except for the Chrysler E-bodies.  :clapping:
If my car was restored, I couldn't see using it as a daily driver though. I could picture a carfull in a beat up Tempo rear ending me an then wanting to  :villagers:
Mikey
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