Originally Posted by Maureo
We own a '67 Mustang and would like to restore it, but we don't necessarily have the money (around $2,000 for starting) on hand at the moment to pay for the restoration. The value of the body/parts is worth more than the amount we will be borrowing, and we will be applying for a loan through a local bank.
How hard is it to get a loan for these types of situations? Anything we should know before applying?
It's tough these days to get a loan for a used car, especially that old. You will have to convince the bank or credit union that the parts are worth X number of dollars. I doubt if the will want to take the title for the car as collateral.
Best bet, store it and wait until you get the money to restore it properly. I don't know where your car is but you need to insure it against theft or fire. There are companies that insure show cars, can't tell of one but someone in here will know.
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