How hard is it to get a loan from a bank for car restoration? Any pointers or tips? - Mustang Evolution

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Old 04-04-2010, 06:30 AM   #1
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How hard is it to get a loan from a bank for car restoration? Any pointers or tips?

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?
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Old 04-04-2010, 07:03 AM   #2
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How hard is it to get a loan from a bank for car restoration? Any pointers or tips?

You may be able to secure the loan with the car title, however, expect a high interest rate. Why not save and pay cash for the renovation?

Good Luck!
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Old 04-04-2010, 07:31 AM   #3
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How hard is it to get a loan from a bank for car restoration? Any pointers or tips?

yeah antswer is correct, you could try for a personal loan thru your bank, but you need some collateral, and/or co-signer depending on your credit. with only 2k maybe a family member could loan it to you. Or if your credit id good apply for a card that offers 0 percent financing for 6 months or so, use that, and pay off the ballance BEFORE the interest starts. depends how desperate you are.
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Old 05-02-2014, 10:36 AM   #4
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Your best bet is to be patient and save your money so you can pay in cash. You'll save so much in the long run. If you're really set on a loan then it mostly depends on your credit history.
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Old 05-02-2014, 01:01 PM   #5
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Personal loan is going to be in the mid teens at best on interest. Prepare thy anus...
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Old 05-03-2014, 08:30 PM   #6
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Quote:
Originally Posted by Maureo View Post
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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