Loan for a car body?

Ok guys. Im a younger guy(20) and dont know much about what to do in this situation. Lets just say hypothetcially that i found a 32 3 window for the cheap price of 5,000. Complete body, with doors and all fenders, no frame decklid or dash. Remember this is hypothetical and i probably dont know where this car is. Is it possible to get a loan for 5000 to get it before i miss out on it? Im not asking for a loan just wondering if a bank would loan money for a car body. I dont care if its already been asked. I dont need to hear to use the search function.

 

You can usually take out a 'personal loan'. I don't think they will give a new or used car loan for a body only.

 

depends on your banker and credit score.i've borrowed money on old cars before, but i had several that my banker knew he could come get if i defaulted.

 

Credit Card checks you get in the mail??
I dont think I was getting them when I was 20, but I get them now, and that paid the 8K Im using to build mine...
I dont know of any lender which would use that body as collateral...
You're best bet is probably a personal line of credit at a credit union with a high interest rate.

 

If you have good credit, collateral, or a co-signer anything is possible.
The bank would pry do a personal loan. I have a Friend that uses those Checks they send in the mail with outrageous intrest... but he usually sells the car he bought within the 30 day period and pays it off.

It all sounds risky though. I tell you what tell me where it is and I will buy it and then sell it to you when you have the money.

 

I've taken out personal loans out against my 401K to do things on my house and once to buy an OT car, no questions asked and I paid myself back with interest.

Bob

 

If you have good credit (not very likly at 20) they may give you a personal loan, but I can not imagine any bank in the present climate accepting an old car body as security on a loan.

 

You could just get a signature or personal loan from the bank. It would probably be hard to find a bank to loan on the actual car. I was only able to find one bank in my area that would loan on a classic car. It was a local credit union. All the other banks would not loan on it. I had to have my trans am appraised and I had to bring the car for them to see it.

 

Being that you are 20 it's doubtful the bank would give you a personal loan for that much money, especially in this economy. They probably wouldn't give a loan on an unfinished car either. I'd be thinking about a rich family member, or looking around and seeing if there is any stuff you can sell to raise the money.

Also, it wouldn't hurt to talk to the hypothetical person who has the hypothetical car, some older folks can relate to being young, and might make payment arrangements with you, MAYBE. If you go this route, make sure and be clear that they can hold onto the car until you finish paying for it.

So, hypothetically, good luck bubba, I hope your dream comes true.

 

Problem is, ive never built up any credit, and dont know a person to co-sign for me. All i have for collateral is other car bodies

 

and hypothetically i asked the guy if hed take payments and he politely declined.....hypothetically.

 

Stay away from high interest/credit card loans! You will regret them, and the interest you pay will more than make up the difference between your good deal and regular prices for the car.

Treat your credit as sacred, trust me. Once you screw your credit up you'll have a heck of a time doing ANYTHING! Renting, buying, even job applications. No car is worth that! You can rebuild credit, but it's very difficult and time consuming, so just don't screw it up in the first place...

 

Since it's "hypothetical," I'd start saving now. I'd avoid creating debt (especially credit card debt) to buy a car body. However, if your interest is flipping the body for a profit I'd go for it.

 

Try Citi Financial , they will loan money to even a HOBO.. if your willing to pay the interest.. and can pay it back.. I think you have those down there..

 

I these days and times I doubt you could unless you are on good terms with the bank manager,,,and you have good credit history,,,but a personal loan with some form insurance ,,or you puting up something that would cover the bank if you defalted on the loanI don't think you would have a problem borrowing 5 grand.

 

I would (hypothetically speaking) ask my parents for a loan for 20K if I were you, and didn't have a credit card with the float to buy it, something of value to use as collateral or a home with which to borrow against the equity. 5K for the car and the other 15 to buy the rest of the stuff needed to make a roller out of it. To a banker, you're an unknown commodity, asking to borrow money against a pile of rusty old parts. Your parents, on the other hand, understand your skills and enthusiasm, and want to see you succeed and realize the value will be more than the sum of the parts. Don't they?

 

Maybe i will sell a car a really dont want to sell. My complete #s matching a coupe. but boy i really dont want to....

 

With the credit crisis? No. My brother-in-law just had to jump through hoops to buy a 2001 corvette because the banks wouldnt loan him the money. His credit is damn there perfect and this aint his first or even 6th car he's had a loan for. Might not even give you a personal loan. Besides. A good rule of thumb is to never go in debt to finance a project vehicle. Usually ends up bad.

 

In that case you are S O L,,,,hypothetically. HRP

 

Mom Dad Grand parents Boss Girlfriend, home equity or a personal loan from the bank. they will want collateral (not a rusty 80 yrold car) and a damn near perfect credit score.
Best thing I ever did was to get to know my banker, she helped me out a few times
I once needed to close a deal fast and my insurance company cut me a check for three times that much on a phone call in an hour.
watch the intrest rate's
Money is kinda funny lately and it never is a good idea to finance toys.


Edit : damn you guys type fast

 

NO! Once you start down this road you'll regret it! Miss or make a payment late and that high interest will go through the roof! These places exploit people.

If you can't get a co-signer, and the "owner" won't take payments, well, this will be one for the memory books...

If you're so inclined, I'd pass this on to someone who you know, and no, not me. I'm sure you have hot rod friends, maybe they can pick it up. You might even be able to make a side deal with someone to let them in on the deal by getting something from them...just an idea.

Good luck bubba.

 

I had a friend once that had the CLAP and needed some doctoring advice and we asked around and got him fixed right up !! Sure they will loan you the money >>>>.

 

Hypothetically speaking, I think you've answered your own questions. If you have to borrow money for a car you can't afford to restore, your priorities are hypothetically f'ed up. Hypothetically, I mean.

 

Put it on a credit card (cash advance) When you title it get a 8% or so loan at your local bank. Do it all the time and I'm 36. Go get your body

 

So your saying i should sell my numbers matching complete 30 coupe to get it?

 

Hypothetically.

Why put yourself into a hole over a hobby?

 

He's young. Live n learn. I have a brother thats 29 and still thinks he's 16. No job, living at home still with our parents along with his wife and now 4 month old daughter. But he still drags in these piles of crap that he has no money to fix or the knowledge at that.

 

True. I just hypothetically view this 3 window a once in a lifetime deal.

 

Im going to commerical diving school in late feb. so ill only be with the parentals for the remainder of feb.

 

There are no once in a lifetime deals. There are deals that we can do, and there are deals that we can't do.