Bank Loans

[gnmike87]

This may be a stupid question, but are there any banks that will loan on an 87GN without seeing it first. I have a project car that I would like to finish. What I would like to do is the the "equity" in the car to finance its completion. Does anyone know of a bank that doesnt require an inspection before they will loan on a 22 year old car? Btw I live in Oklahoma and have talked to a couple of credit unions where I bank at. They both say they would have to see it.

Thanks,
Mike

 

[DailyDrifter]

My credit union never looked at the t-type I was getting a loan for. Also you can get a credit card with a line of credit and take that amount out, then never use the card again. I got mine with I think around 5% intrest, then pulled the money out and bought a XFI and some other crap.

 

[gnmike87]

I have had multiple cars and multiple loans, but none within the last few years. It seems once these cars hit 20 both of my credit unions hit the brakes. Does anybody have any dealings with a national bank recently? I would rather not use a credit card, I would prefer a fixed rate with 3-5 years of payments.

 

[chadly]

I hate to say it but figure out a way to pay cash for project or put it on hold until you can. Just my opinion. I think you will be happier in the long run. :wink:

 

[WH1_T-Type]

When I went to my credit union and told them what I was looking for they preapproaved me and said that as long as they can look up a value in NADA it wouldn't be an issue.

Oops: Navy Federal Credit Union

 

[gnmike87]

I agree waiting for cash would be better, but it keeps getting put off for other things, and I don't want to put it together one piece at a time. I would rather buy everything I need up front and then pay it all off. Can they get an nada value on these cars? For some reason I was thinking kbb or nada would only go back 20 years.

 

[Chuck Leeper]

Google is..

I agree waiting for cash would be better, but it keeps getting put off for other things, and I don't want to put it together one piece at a time. I would rather buy everything I need up front and then pay it all off. Can they get an nada value on these cars? For some reason I was thinking kbb or nada would only go back 20 years.

your "bestest friend"....
Here's a quote from one of the many headings on Google:
1987 Buick Regal 2 Door Coupe T-Type Turbo - NADA BOOK VALUE PRICING:
TOTAL VALUE: Low $9,130, Average $14,135,* High $27,170

 

[gnmike87]

Well that answers that question. Thanks.

 

[alwayscode390]

I tried getting a loan for $13k on a 14 year old Syclone with 60k miles and my bank just laughed at me. I tried putting up a title to my 9 year old z28, and they pushed me away. I have over a 700 credit score too.

I am curious to how you are successful with this ---

 

[gnmike87]

I may indeed get laughed out of the bank. In the past I have been able to get smaller loans (5-8 thousand) on gns with no problem. I've also had my loan officer tell me they would loan up to 15k on the last car I bought. However this was all before the banks clenched up too.

 

[WH1_T-Type]

Go to NADA and select used car..then COLLECTOR car...then PASSENGER car...then select your car and that's where the Buicks are. Pain in the butt to find the first time