Where to get a loan for a pro street vehicle?

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dusterdood

The Duster Guy
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My buddy wants to relocate, and I could buy his pro street car for 1/3 of what's in it. Anyone have experience trying to swing a loan for something like this?
Mike
 
It is really hard to get an auto loan for an older vehicle. Even through my credit union they won't finance anything older than a 2001 model with a low interest auto loan (5%-6%). Most likely you only option would be a personal loan (signature loan) with a higher interest rate (10%+). Good luck.
 
A line of credit borrowed against your collateral might work. Just tell them you need the line for reno's to the house.
 
If you own your home you can get a line of credit.Or just ask for a personal loan.But a line of credit is usally half the interest of a personal loan.
Jim
 
My daily driver is a '99 Dakota sport 4x4 so it's got almost no book value.
Don't own the house, so I don't know how to go about telling them they should give me a loan to fix it up. Hmm...
 
dusterdood said:
My daily driver is a '99 Dakota sport 4x4 so it's got almost no book value.
Don't own the house, so I don't know how to go about telling them they should give me a loan to fix it up. Hmm...
Click to expand...

I say pass on this deal since you don't own your home.

I assume you are paying a mortgage?
If so, do you really want to go into more debt purchasing an expensive toy that will probably piss your wife off and put you even further in the red?

Assuming you are married, that is. LOL.

Not trying to tell you what to do, but man, in todays economy going into more debt could be a serious mistake, and right now the lending organizations are being pretty picky about lending to those with debt.
 
We have a friend who owns the place, and the wife covers the monthly payment. Like renting with benefits. I'm still hung up on this deal, as the guy has 11K in the engine alone. Hmm.....
Calling it a pro street is kinda wrong as well, it's a drag car really, but has mufflers, and lights, so ...............
 
68383GTS said:
If you own your home you can get a line of credit.Or just ask for a personal loan.But a line of credit is usally half the interest of a personal loan.
Jim
Click to expand...

Thats just what I did. I was going to get a home equity loan until I found out that because of how the market and the economy is right now, getting a home eq loan isn't so easy. So a home eq line of credit was the way to go.
 
Wether you own a home or not,if you,ve got some collateral and good credit,a line of credit is your best bet.Make your payments according to your income,as long as interest is covered anything over and above pays your line down.My line is at 1.75% which is way low!
 
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