Car modifications loan.
#1
Car modifications loan.
Has anyone ever heard of a company that does vehicle modifications loans. At one of the Hin's this past year I remember grabbing a flyer for one, with no intentions of using. Since then I blew my motor and was going to see if they would give me a loan for a new built motor. But now I can't find the name of the company, has anyone heard of anything like this.
#3
I already have loan thru them for my car and they said that my debt to income ratio is too high, I'm not even trying to keep the loan, my plan is to get the engine built and part out everything else on my car and pay off the loan. This is my daily driver so I kind of need it.
#4
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Originally Posted by redman333
I already have loan thru them for my car and they said that my debt to income ratio is too high, I'm not even trying to keep the loan, my plan is to get the engine built and part out everything else on my car and pay off the loan. This is my daily driver so I kind of need it.
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#10
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Originally Posted by sisco534
do what is called 2nd lein on the Z(equity you have in the Z
#12
Originally Posted by davidv
I thought about that but consider that the 350Z is not drivable (it has a busted motor). So the equity is wholesale value minis debt. I think that is going to be a negative number.
#13
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I have been in banking for over 25 years and cannot think of any institution that would go in second lien position on an automobile. That is usually only done with real property (real estate). Additionally, you must keep in mind that whenever an lender takes collateral, it is based on how quickly that collateral can be converted to cash to pay of the loan in the event the borrower does not make the payments as prescribed. Getting a loan secured by a motor would be almost impossible, at least from a lender's perspective. Your best bet would be to find somewhere, like a consumer finance company, that would do an unsecured personal loan.
#15
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im probably thinkin in the wrong area here. but in phoenix there is a shop, i think its called Sport Compact Only. and they have a "credit card" which u can put everything on that and pay it off like any other credit card.
#16
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Originally Posted by JMT
I have been in banking for over 25 years and cannot think of any institution that would go in second lien position on an automobile. That is usually only done with real property (real estate). Additionally, you must keep in mind that whenever an lender takes collateral, it is based on how quickly that collateral can be converted to cash to pay of the loan in the event the borrower does not make the payments as prescribed. Getting a loan secured by a motor would be almost impossible, at least from a lender's perspective. Your best bet would be to find somewhere, like a consumer finance company, that would do an unsecured personal loan.
#17
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You will be able to get a secured loan for the low value of the Mustang. About $3,500 sounds right, maybe a little less. If you need to do all of this, why not just put it on a credit card? If you get a loan at a bank you are going to have to pay origination fees and the int rate will be higher than a credit card.
If you can't get approved for a credit card, good luck getting approved for a loan for a car engine.
If you can't get approved for a credit card, good luck getting approved for a loan for a car engine.
#18
Originally Posted by zand02max
This is exactly why you shouldn't mod your car if you can't afford it, hence this case!
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