Is it possible...
Thread Starter
Instructor
Joined: Nov 2005
Posts: 212
Likes: 0
From: Oahu Hawaii
Is it possible...
Is it possible to take like a $50,000 loan out to use towards your car? If so what are these loans called. Would they fall under a personal loan or something. When I get back from Iraq by the end of the year I'd like to start working on my car... With that king of loan of course..
Le Mans Master
Joined: Oct 2005
Posts: 9,429
Likes: 44
From: Macon, GA
Semper Fi and thanks for your service! $50k seems like a ton of loot to restore a '76. It can be done, but not by using your car as the collateral. You'll have to use something with a lot of value to borrow against (like a house). Being that you are military, you should qaulify at a credit union (which is where you'll get much better rates) without much problem granted you have good credit history.
Hoorah
Hoorah
Last edited by sperkins; Jul 11, 2006 at 12:13 PM.
Burning Brakes
Joined: Sep 2004
Posts: 824
Likes: 0
From: Hicktown Va
Since you are in the military do you deal with USAA for your insurance and/or banking? We do and they will let loan money on a classic car based on the "high" value of the car. I was surprised. The rates aren't as low as other loan types.
If you don't have USAA you need to call them. I think the you can be a member now if you are an officer or enlist.
If you don't have USAA you need to call them. I think the you can be a member now if you are an officer or enlist.
Thread Starter
Instructor
Joined: Nov 2005
Posts: 212
Likes: 0
From: Oahu Hawaii
Of course I have USAA.. It's the best bank in the world...haha. I do have awsome credit. I understand the whole colladeral part thats a good idea. The reason why its going to cost so much is because I am dropping a LS7 into it, and having the c5 suspension tires, seats. I want my 76 to be one of a kind... so I though a brand new Zo6 engine will do the trick. I pretty much want a new corvette. But nothing beats the body of a C3. So what the heck combined the two right 
Thanks for the support aswell I am in the Marines.. Semper Fi to you all.
Charles T. Schneider
Thanks for the support aswell I am in the Marines.. Semper Fi to you all.Charles T. Schneider
Melting Slicks
Joined: Nov 1999
Posts: 2,461
Likes: 354
From: Madison Alabama
Semper Fi to you as well...some advice from an old Gunner? Don't fall into the debt trap. Save your money - literally, and if you want to drop $50 large on a '76 to make a C6 Z06 killer go for it, just don't do it with borrowed cash. If all else fails, get two vettes!
Keep your head down and your powder dry over there!
Keep your head down and your powder dry over there!
Thread Starter
Instructor
Joined: Nov 2005
Posts: 212
Likes: 0
From: Oahu Hawaii
I thought about 2 Vetts but... I really dont like the new body style the Stingray is what sold me to be a Corvette enthusiest. But we all know 76' don't have any power "stock"... So I'm going to go all out with the LS7..
Racer
Joined: Sep 2005
Posts: 407
Likes: 0
From: Fort Washington PA
With interest rates on the rise, I would adopt the "pay as you go" policy. Look up a loan calculator on the internet and see how much interest you'll be paying over the time you keep the money. Based on $50,000 over a 15 year term with an interest rate of 6%, you'll pay $25,960 in interest! You can buy yourself a nice car for that.
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Burning Brakes
Joined: Sep 2004
Posts: 824
Likes: 0
From: Hicktown Va
Pay as you go is a great idea....I wish I could follow that advise 
USAA will give you great advice and they won't try to talk you in to anything. My pay check should be made out to them directly! They really own my 2 vettes....I don't! ahhhh all for the love of a car!
USAA will give you great advice and they won't try to talk you in to anything. My pay check should be made out to them directly! They really own my 2 vettes....I don't! ahhhh all for the love of a car!
Melting Slicks
Joined: Apr 2005
Posts: 2,045
Likes: 4
From: Yorktown VA
NCM Sinkhole Donor
Originally Posted by vettlibito
Is it possible to take like a $50,000 loan out to use towards your car? If so what are these loans called. Would they fall under a personal loan or something. When I get back from Iraq by the end of the year I'd like to start working on my car... With that king of loan of course..