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Old 07-15-2004, 11:30 AM
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Lending Institutions Recognizing Classics??

Does anyone know of any lending institutions that will let you take out a loan using your classic vehicle as collateral? My bank doesn't recognize any vehicles over 6 years old!

Alan
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Old 07-15-2004, 02:05 PM
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possably a credit union?

But then again I guess thats a signature loan and not secured by the classic's title.


Tazz


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Old 07-15-2004, 03:36 PM
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The idea was to borrow less than 1/4 of the vehicles worth, using the vehicles clear title as collateral.

No go.

The banks only use vehicles that are 6 years old or less as collateral for borrowing money. Which tells me that they are encouraging new car loans and NOTHING else! After all, many new car loans are for 5 years, right? And who's gonna borrow on a 3 year old vehicle unless they paid it off, in which case they probably don't need to borrow money.

I think it just shows that the banks are in bed with the new car dealers and don't want to do ANYTHING to encourage anyone to invest in classics that they don't finance.

I even spoke with a finance company that specializes in financing classics and they said they would only give me a loan on my classic (as collateral) if I financed the purchase of my classic through them.

This is a hilarious subject.

Obviously, NO ONE is gonna be able to tell me about any financial institution out there that will recognize a beautiful classic as a worthy piece of property.

Alan
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Old 07-15-2004, 04:07 PM
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money

Do they have title loans there, they're all over the place here. I'm sure they get an arm and a leg in return.
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Old 07-15-2004, 04:16 PM
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Don't really know details but...

1. The first step is get an appraisal from a recognized institution.
2. Insure the vehicle through one of the agencies which specializes in insureing "classic" and "custom" vehicles for replacement value".
3. Obtain a valuation of the market for the vehicle by checking Hemmings etc.
4. Armed with these documents start looking at savings and loan institutions. Check small banks in your local area. You may be able to find one that will loan you 25-50% of the market value.

Good luck.

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Hot rods are a hobby.
You will NEVER get the monetary value out of a vehicle that you put in it unless you are building them for someone else. Sorry.
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Old 07-15-2004, 04:21 PM
Marcel
 

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loans

Dam, meanroy, if he had that much money, he wouldn't need a loan.
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Old 07-15-2004, 05:46 PM
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Thanks, MeanRoy

I have all those points covered except #1 and my bank, where I've had my checking for over 10 years, wouldn't do it -- not no way, not no how; no cars over 6 years old.

I don't need a loan ... I was just curious to know. Now I do.

Alan
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Old 07-19-2004, 02:35 PM
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Must be a U.S. thing. As long as you have an appraisal and insured for apraised value, I haven't heard of anyone up hear having troubles using there classic as collateral.
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Old 07-19-2004, 04:19 PM
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Re: loans

Quote:
Originally posted by lanierledford
Dam, meanroy, if he had that much money, he wouldn't need a loan.
Yeah maybe so but I can garrandamtee you I wish I had replacement value insurance on my stolen and crashed Mustang! 30K and a couple of years work down the tubes!
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Old 07-19-2004, 06:11 PM
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It's a commercialized US thing for sure. The banks are in bed with the auto companies ... they don't want people getting the idea that they can purchase vehicles that go UP in value every year; they don't want to lose the staedy re-financing that goes on here (every 3 years) and the car companies don't want to lose the business they have of replacing parts that consumers CAN'T replace on their own.

Pure, sick and blatant commercialism ... the system ... the establishment ... the machine that unknowingly eats itself.

Hey ... it ticks me off, but this just reminds me of the reason I drive a 1954 Chevy pickup in the first place ... I'm GLAD they won't lend me any money on my truck -- it keeps things the way I intended; the car of my dreams with no payments.


Alan
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Old 07-20-2004, 05:15 PM
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loans and so on

I know what you mean about lost or stolen. When I had my 40 sedan, I had to go to Tenn. to get it insured. Know body in Ga. would insure it. 40 Chevy in Ga. weren't titled. Some nite, anyone could breakin to my garage, with a dent puller, snach the lock out of the steering col., take a screw driver and crank it and peel out. And inclosed trailer sitting down the road a mile. Be in the trailer in three mins. and gone. by the time you call the law, they'd be half way to bamba, shoot a coat of paint, presto 25,000.00 no questions asked. I had it ins. for 25,000. and couldn't drive it over 500 miles a year, 400.00 bucks a yr. least I could sleep. I guess thats why I 'd never buy anything stolen. If no one elses would, crooks would have a hard time making a living.
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