Loan for a car body?

IMHO, quit buying bodies and build the ones you have. All my stuff is paid for and in my book, cars are supposed to be fun. Debt is not fun. The secret to happiness is wanting what you have, not having what you want. Good luck in whatever you choose to do though!

 

Words to live by!

 

I have $$$$...CALL ME

 

Go borrow 10 grand and buy what you want!It's the American dream!Don't worry about it, Obama will bail you out.

 

Here's my 2 cents......pass on it. It might be a killer deal or whatever, but if you don't have the cash, its not meant for you. Its a harsh thing to say, and I've been in your shoes. I always tell people, getting the car is the easiest part, fixing it up, let alone finishing it is the hard part. If it takes every resource you have just to acquire it, then you're pissing against the wind. Don't be greedy. If you have a kickass model A then finish it and sell it. One car at a time. Spend your spare cash collecting parts and build when you have it all. Baby steps bob, baby steps....there will always be another one.

 

If you are real good at saving money....... start right now........it's going to be a toss up as to whether you will have the $5000.00 cash first, or whether you will find a $5000.00 32 project first.

Good luck.

 

Maybe check with the seller and see if they will take monthly payments.. better doing it this way than having to deal with a finance company..

Is it really worth the effort?

 

If you dont have the 5 grand to buy the car I am sure you dont have the money to fix the bodies you say you have now, so make up your mind and decide what you want, if you want the 32 then sell ALL of your other crap and buy the 32 and watch it sit there, if not forget it and watch your others sit there. Oh yea, send your pics into our site, www.carsinbarns.com "I'm gonna fixer up someday!"

 

i would let it sit there just because you come off assholish. you fng

 

wow !!..you have10 cars now,your 20 years old ,and you dont have 5k to buy another one...??... pick 2 ,keepem,sell the rest .pay for skool,buy a house ,have no bills,when your job is set get the coupe ya really want

 

Wow, you have 10 cars already? And you're 20? I was about to say something helpful. And you're calling asshole on people? I had to check myself...you have some really neat shit. Why do you want another 32? Don't be greedy dude. FNG or not, we're trying to help you.

 

most are just bodies., or parts of bodies.

 

Hi,

I haven't read the entire thread so I am not sure if my reply will make complete sense to you or not, but I wanted to chime in and say that I am only three years older than you, and was in your spot at one time.......

Deals will come and they will go, but it is never wise to put yourself on the line with debt unless it is a very, very profitable risk.

My advice to you would be to pass on this deal, and either finish or sell the assets you currently have. But more importantly.. Spend one year saving all of the money you can by not spending it on WANTS, only needs. Cut out your eating out and any other type of free spending, and take all of your free time and use it to do side work and earn extra cash. Bank it all. Do this for 12 months and you've gained a substantial amount of 'cash'. Put it in a low risk, interest paying money market account during the entire time, and at the end of 12 months do not touch 1/2 of it, imagine it is not there. Keep up on this as often as you can, completely "bust your ass" to save money for a few years and it will pile up to the point that you can afford nearly anything (within reason) that you'd want WITHOUT having to relie on borrowing money.

I bought my first home when I was 20, and I have no debt. I have many cars, no they are not DREAM cars, but they are cars that satisfy me. I know that I will never have to borrow money or put myself in debt to purchase something, and it is a good feeling. You begin to look at things different and think decisions over multiple times before deciding.

I hope this helps..

 

I disagree with most , you HAVE to buy it , even on a 20% credit card if you have to . $5000 with 20% interest for a year is $6000 , if you can't get more than $6000 for a deuce 3 window body with doors and fenders in a year it must be scrap metal . It will cost $1000 in interest for a year (not even $100 a month , maybe you'll get it handled in a couple months even ) , sell off something else without rushing and pay it off . Those don't come around , if it's any good you'll make $5000 or $10,000 on it so who cares about $1000 in interest .

 

If you are for real, a $5,000 '32 3w, you can't go wrong, you won't go in debt, you are buying +$20,000 in equity instantly.

I'll trade you your $5 bills for $20 bills all day.

If you dump your model A and "lose" a couple of grand. You will more than make that up in the '32.

Or heck, just tell me where it is and I'll gladly pay you a handson finder's fee if I buy it.

 

bingo!

 

I'm thinking that it's not really real. Although, I wouldn't doubt it having seen the old tin in Idaho. If it were, we'd all find a way to get the loot in 24 hours (or less) to get our hands on it.

Moral of the story is, save your money.

 

Oh, well that's different.*sarcasm* All I can say is go to your local bank and ask for a personal loan. Don't go to the predatory lenders, go to a real bank. That's your only shot at a realistic interest rate. If it has a title they will offer a secured loan, because it's something they can take from you if you should default.They will hold the title in their name via a "lien", and you will have to have full coverage insurance on it and possibly register it with your DMV (get plates for it.) If it has no title it will be considered an unsecured loan, and they make the rules as they see fit. If it does have a title, play it off like its a complete car. The only downfall is, they may ask to take a picture of it or view it for an appraisal. It all depends on how educated they are on classic cars. Whatever you do, I'll be pulling for you. I wish I had a 32 whatever at your age. I'm 30 now and I don't see any time frame when I'll ever have one. Good luck, and show us how it's done. If I were you, and it has a title, I would ask for enough to build the car to completion,and do it. That also depends on if they have an actual book value on a car that old. Ten grand would be about 200 a month for 5 years @ about 10% interest.

 

If you take out a loan, a good deal turns into a bad deal by the time you pay back all of the interest and deal with all of the bullshit.

Start saving now, you'll be much happier with your car if you own it out right and no one can take it away from you (legally).

 

Mmmmm, it's real

 

I'll race you to Idaho, Chris!

 

Good time to join a Credit Union mine will give a 10K signature loan but I have been there 14 years . Also a lot of times they offer a different rate for vintage as compared to a new or used car . There rates can be great had a new car loan at 4.5 % from one beat the dealer out buy a few points . . Some will give a small loan right after joining make the deposits more then the payment they draw out .

 

Its real(hypothetically) and i WILL own it. Im just going to sell some crap to get it. You all are right. i wont go into debt for it. But i will have it.

 

Sell all your other stuff and save the cash... work off the balance from the seller.

And for the rest of you YAHOO'S... Quit using your house as a Damn Credit card!!!!

 

Wrong state, too.

 

Man! I'm just narrowing it down, that's all.

 

Jimmeny Christmas -Stop telling this kid to do stupid shit that he will get in trouble with !! hypotheticaly

save your money .. its a tool thats all it is.

Try and secure the deal and...

You really need to concider your available resourses.
Time, Talent, Treasure, what you lack in one, you need to make up with the other.
You cold break it down into the classic terms of land, labor, capitol goods, and entrepenerialism if you want but,,,

How much time do you have ? starting Com drive school in a few weeks
How much talent do you have ? 8 piles and a few peices whats done ?
How much treasure do you have? No money, (less than 5gs) no job (school) and 8 piles and a few pieces.

You dont have a credit card right? that leaves you with a hard money lender who knows cars, and likes you. The car will stay in his possession till you pay it off, they dont play. with intrest and probably charge you storage to keep HIS car while hes waiting on you !!!!

Unless you can get one, BUT THAT IS A BAD IDEA !!! You will have less money than you do now. Credit is a tool, not for toys.

Try and bullshit the bank about it being a complete car and you will wind up in jail for a while then end up with a felony law suite so big it that it will take everyone you know to carry the envelope. That is called FAUD if you pull it off and Attempt to de-fraud if you try. A felony is like herpes dude it dont go away and your life is fncked. If you tell them its 1/2 of a rusty basket case and they write the loan thats cool, start making payments.

Go make friends with the guy who owns it, talk to him, do what you can for him, dont expect him to do ANY ANY ANY anything for you just because he has something you want. He's not going to take payments and let you take the car. I bet he will hold it for you while you work it off, give him a deposit, send your gf over, ...WELL IT IS 32.

 

Yeah, its in uhhh.......south jersey. If i had a girlfriend, she would be over there workin for my love. I broke up with her since im moving to seattle. Maybe i should give her a call...

 

Also at my Credit Union no penalty for early pay off means I get it now and sell off something to pay it down or off what ever comes first . Sometimes the right tin needs to be purchased .

But i do see you list a 32 5 W as one of your cars , If the body is better on the most recent find sell that one off and break out with some cash .

 

That 5w is the roughest car on the planet. Believe me.