Loan for a car body?

I have a 823 credit score. Why? Becouse I got loans for **** like this all my life. I't a investment right? Go build your credit kid and get that body. Frames, motors, axles is easy and plentifull. Bodies on the other hand are hard to find.

 

dude your profile says you invented the post it. wheres all the money?

 

Take it from an old fart, NEVER, EVER, borrow money for your toys. Save loans for your house and other HAVE to haves.

 

My banker has and will do a personal loan for that same reason............and for a 32 I would have written the check THEN called him!

 

What do you want more, a complete A or an Incomplete 32 shell. Hypothetically.

 

Then are you going to take a loan out against the body to build it?????


-Jason

 

joke about the post it

 

32 shell.

 

The bank of Larry is open...I'll loan you the $5000 at 100% interest...and I hold the car till its paid for.

 

Sandpoint ain't that big - hypothetically.

 

Unless you have a job that is totally recession proof I'd say the only way to go is to save up and buy it with cash.

 

Ok It's time for me to be serious LOL !! 5 years ago at Starbirds car show a very wealthy cat sat with me and gave me his car buying advice. He said quit p***ing up car deals and get a plan. His plan for me to use goes as follows. Find the car you want and set it up on a 5 year loan. If you are looking at a car that's worth a **** at all it will go up in value on about a 20% a year increase. That's 100% in the five year period that you have owned it and also payed it off in. His next quote was that 5 years will fly by before you know it and if you don't get started you'll be sorry.This dude is in his mid to high 60s and he still uses this plan to this day >>>>.

 

Another way to look at it. Borrow the money, sell the car for 30-40K. Pay for school with CASH. Commercial Divers make good pay, a few years you can buy another 32 with CASH.

 

I flip cars to pay for my hobby. I have done that since the early 70s. Having resale cars was the only way I could "bank" money in my early 20s. I sure am thrilled that I don't/didn't have money in stocks

If it were me and the 32 is a "good" body with "enough" good parts, that Model A would be f-ng GONE. That's life if you don't have cash, but do have "stuff". Which car do you want more...and better yet, which will be even more impossible to afford when you are 25???

AND, if it's a good one, it will outdo the A on appreciation in short AND long term...that's just the way it is.

 

Are you planning to keep it or flip it? If you are just planning to flip it becuase you were theone that found it and make a few bucks (OK, a LOT of bucks) then see if the owner will allow you to place a deposit on the car (with a written bill of sale showing the deposit) and basically saying "full payment due within 30 days" or somethinbg to that affect. Take pictures and market the car, take a $5000 deposit and go pick it up. Suire beats loosing out on EVERYTHING!

 

Good advice right here^^^^^

 

Ditto! Good advice right there. Buy it and sell it quickly...pay off the loan and have some bucks left over!

 

I would have to say I agree with Tman.

 

I've only been in the hobby for 48 years, and this is the first time anyone mentioned numbers matching Model A Fords? All four wheels and the spair? What are you talking about? If you REALLY want the 3Window sell the A there are always going to be others. Is the 3Window really worth $5,000 as is, you'll have another five in it and still not have a finished body, then you'll need a ch***is..........selling the lead to someone may be the best advice. We were all 20 once, and looking back I lost a lot of cars I couldn't afford at the time, also got into money pits, and thankfully bailed out without a loss.

 

Go to DaveRamsey.com

He'll give you ideas you never thought of. I was in your exact situation.

 

I bet you could get a few hundred bucks from someone for a "finders fee" and be happy with your model A. You dont have near as much fun sitting in a body making engine noises with no hope of building it up anytime soon as you do driving your complete model A. And im 22, I would try everything I could in the first week to raise the money, then if it didnt pan out let someone else get it and have a pocket full of cash.

 

Sandpoint is a Nice Place.. . theres some very cool cars in that area.. and the Old Tin out side of that area is unreal..

I hope it works out for you with out having to Get rid of a Cool car just for another..

 

I follow Dave but for a true 32 3 window I can bend the rules!

Plus that 32 is better than ANY good mutual fund

 

Give it up - I see by your comments that you already have other 'car bodies' - you're what we call "tin poor" - all your hypothetical ***ets are sitting around the yard making no money whatsoever. As a retired banker I can tell you that having some bread in the bank and a track record of regular deposits without tapping into it 24 hrs after you put it in goes a long way toward credibility and credit worthiness. Most people don't seem to understand that in the lending business, the lender has to ***ume he may not get paid back. With a collateralized loan (house/car/boat/RV/etc), they have some hope of recovering some of their loss. Banks are not interested in items which cannot be immediately appraised or value by checking a known reliable source, such as Kelly Blue Book. You standing there in the banker's office (hypothetical of course), with a handful of "gimme" and mouthful of "much obliged" just reminds him of his shiftless brother-in-law.

Sometimes you just can't buy everything you want when you're forced to use someone else's money.

Sell some of what you already have sitting 'fallow' and then go find that 3W.

dj

 

Hell,if you dont like those rates try the banks of Moe and Curley.

Consider pros***uting yourself since its only hypothetical.

Oldmics

 

I agree with some of these guys. Don't go into debt for it. If you were going to flip it and sell it right away, that's one thing. It sounds like you want to keep it though. Your on your way to school soon anyway. Enjoy what you have.

 

Thanks for all the input guys. this thread definantly turned out larger than i could have ever imagined.

 

Even though we've never met you, we do want to see you do well, that's the idea here. It's hard to make decisions at 20 because you haven't made that many yet. Listen to some of these older guys, they've made those decisions, and some have had to live with the consequences, just like me...

 

Man, going into debt over a car is a bad idea. Going into debt over anything for that matter. You're not the first one to come across a great deal on a car and I'm sure you won't be the last. Save up some cheddar and then start shopping.

 

I read this in a book today , written by a long time friend , it is something I wish I'd read about 45 years ago and applied to my life ............. "Learn from the experience of others - you'll never live long enough to make all the mistakes yourself "...........Z.D.