Used car loan?

[Zefhix]

I need some advice or a referral to someone who might be able to answer my question here. A pretty amazing car just fell into my lap for sale that I never thought would be sold. It's a 95Z28 with a fresh, vortech-blown 383 LT1 to a modded t56 to a moser 12blt w/ strange axles. My question is because isn't stock, how do I about getting a loan for this car? It's being sold for well below what just the parts cost but isn't worth that on paper to a loan officer. My credit isn't an issue, just want to know if I should get the car appraised and then try for the loan based off appraisal or is there a co. that specializes in this sortof loan? any suggestions would be helpful....thanks.
-Keith

[ProdigyCustoms]

A 95 does not have a bank book value, so it will have to be a loan solely on your person, even though they will probably take the car for collateral. With a car this old, it's all about your credit, connections at the bank or loan office, your deodorant and weather or not your loan officer got some last night, or needs some!

[Zefhix]

A 95 does not have a bank book value, so it will have to be a loan solely on your person, even though they will probably take the car for collateral. With a car this old, it's all about your credit, connections at the bank or loan office, your deodorant and weather or not your loan officer got some last night, or needs some!

So I should be asking for a personal loan? I just know that some people who buy 30,000 68 Camaros have to get a loan as well so I figured the process might be similar....

[ProdigyCustoms]

There is classic car financing also, I do not think they would clasify this as classic though. While not really a personal loan, loans of this type that go what we call "out of the book" on value, are more based on your person then the collateral as they only know what the litte book (bible to them) tells them.

[Bill Howell]

Keith,
There are a couple things to keep in mind.

1) I would not raise the issue about the "improvements" if I were trying to borrow money on the car. That might actually hurt you because bankers are funny that way. It is kinda like telling your insurance agent your factory V-6 ride now has a 500hp V-8.
2) If you do get the loan using the car as collateral you will most likely pay a higher rate of interest because of its age.

I agree with Frank, go talk to whomever you regularly bank with and just get the loan on your good credit or if you have some other collateral use it. That way if you decide to turn the car, you will not have the hassle of going to the bank to get the title,etc.

[68BNUT]

You could try Capitolone auto finance there all over e-bay thats how I got my 68 They pretty much just sent me a blank check?!! There pretty leanient on older muscle cars. Wouldnt hurt to call em and ask anyways?

[Zefhix]

Thanks guys...I'm still getting the Cobalt SS but I'm going to go see this car in person and check it out. I'll keep you all posted.

[rob07002]

The personal unsecured credit loan is probably the best way to go. With rates as low as they are, you shouldn't get beat up too bad. I looked into classic auto loans awile back and they had fairly liberal policies on the type of vehicle, but I found I could do just as good with a regular bank loan.

Good luck

[indyjps]

the bank isnt going to look @ the "improvements" like we do. a blown stroker doesnt mean crap to them as they will assume you will run it hard and if they ever have to repo it ( no offense to you ) there wont be anything left. also if they have to resell it a modified vehicle is always a big question mark to buyers. i got lucky my banker owns a 65 impala ss convertible and a mean street strip dart. the last time i needed a car loan he looked only @ my credit.