Loan options
Thread Starter
|
Senior User
Joined: Jun 2008
Posts: 113
Likes: 0
From: Deployed, Okinawa,Japan
Loan options
Alright Im looking into doing a semi resto/build of my truck. Plans include 545 ci stroker, 1 ton axles, 44" tires, lockers, trans rebuild and paint. Whats the best way to get a loan for this? I cant do personal loan, I dont have the credit to get that kinda money on a personal loan, what other options are there? The truck can be collatrale, but I dont know what to ask for at the bank. Any ideas? And I'm in the military, so I have a steady income if that helps with the ideas
Post Fiend
Joined: Jan 2006
Posts: 20,589
Likes: 2
From: Charlotte, NC
I think a personal loan would be your ONLY hope (I know you said you can't do this....)....I also don't think the truck could be collateral....especially on a personal loan (which, in banking parlance, means 'unsecured').......I think the vehicle itself can be used as collateral ONLY when it's the vehicle itself which is being purchased through the loan.....
Start saving money and pay cash and do it a little at a time......
Start saving money and pay cash and do it a little at a time......
Postmaster
Joined: Aug 2004
Posts: 4,004
Likes: 1
From: North of Boston MA
Do you belong to a Credit Union (such as Navy Federal)? They may loan you more money than a regular bank since they know how to get the money back if you don't pay. In fact, they may require payroll witholding so they get their money first.
You can build credit really quickly if you borrow a small amount, pay it back as agreed and then borrow a little more. You can actually do the same thing with a credit card although the interest will be higher.
Best advice, join a credit union and take advantage of whatever programs they have available.
Good luck.
You can build credit really quickly if you borrow a small amount, pay it back as agreed and then borrow a little more. You can actually do the same thing with a credit card although the interest will be higher.
Best advice, join a credit union and take advantage of whatever programs they have available.
Good luck.
Thread Starter
|
Senior User
Joined: Jun 2008
Posts: 113
Likes: 0
From: Deployed, Okinawa,Japan
Already belong to navy fedral and have a personal loan out with them, $2500. That was travel and wedding money. Will see where my credit score stands after that. Is there no way to use the truck for caollatrel to do work to it?
Post Fiend
Joined: Jan 2006
Posts: 20,589
Likes: 2
From: Charlotte, NC
Your credit score will be fine when you pay off the $2500......Right now, the debt to income might be too high (I don't know your income or anything....nor do I want to....).....If you wish, pay it off quicker than the life of the loan......Then get another unsecured loan for the truck rebuild.....
But this would be what is considered a 'bad' loan.....Borrowing money to rebuild/mod a truck?.......
I'd try to sock away (save) what I could....Then do the rebuild......
But this would be what is considered a 'bad' loan.....Borrowing money to rebuild/mod a truck?.......
I'd try to sock away (save) what I could....Then do the rebuild......
Post Fiend
Joined: Jan 1997
Posts: 23,165
Likes: 18
From: Enjoying the real world.
I like what sydicated consumer reporter/advocate Clark Howard says about loans: If you have to do fancy or unusual things to get a loan then you can't afford it and shouldn't be buying it (whatever it is the loan is for).
Trending Topics
Hotshot
Joined: Oct 2002
Posts: 18,488
Likes: 22
From: The Big, Oregon
Don't get a loan to do work on your truck. Do the job a stage at a time, as you can afford it. Yes, this takes a long time, but by the time you're done it's paid off, and you have that much more appreciation for the truck.
I'm doing this with my 72 F100, I want to drive this thing so bad, but it's still got a long way to go. It's been 3years so far, and about two more to go. It'll be worth it, though.
I'm doing this with my 72 F100, I want to drive this thing so bad, but it's still got a long way to go. It's been 3years so far, and about two more to go. It'll be worth it, though.
FTE Stories
Ford Trucks for Ford Truck Enthusiasts
Top 10 Fords at 2026 Carlisle Ford Nationals
Joe Kucinski
3 Best / 3 Worst Parts of Modern Ford Ownership
Brett Foote
10 Amazing Upgrades That Solve Common Ford Truck Owner Headaches
Pouria Savadkouei
Every 2026 Ford Engine Explained
Brett Foote
10 Ugly Ford Trucks That We Still Kinda Love
Joe Kucinski
10 Things Every Truck Owner NEEDS (2026 Edition)
Michael S. Palmer
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Verdad Gallardo
Top 10 Most Expensive Ford Trucks Ever Sold on Bring a Trailer
Joe Kucinski
2027 Ford Super Duty Buyer's Guide (Every Model, Engine, & Package)
Brett Foote
Temporarily Deactivated
Joined: Sep 2008
Posts: 526
Likes: 0
From: North Carolina
When you consider that most of the time(unless the rebuild/resto is done by a top ranked pro resto company the vehicle will never be worth the cost of the parts unless its rare and made to be 100% correct original condition. Not saying that you would do a sloppy job,its just what the market demands. I would do one section at a time and pay cash for everything.Screw loans when theres a way to avoid one.
Thread
Thread Starter
Forum
Replies
Last Post
mfilippa
General NON-Automotive Conversation
26
Feb 13, 2005 06:48 PM
MustangGT221
General NON-Automotive Conversation
24
Feb 13, 2005 11:26 AM
