Re: Collector's Car loan

["content22207" <brobertson@xxxx>]

None of your replies mentioned a home equity line as a financing
option. If you have enough equity in your house, that should
definitely yield the lowest interest rate (which is also tax
deductible). Note that the lending institution makes no review of any
purchases from an equity line.

If your mortgage balance is low enough you may even be able to use the
equity line to pay it off as well!

Competition among lenders used to be fierce, leading to some
tremendous equity line incentives. Mine is prime plus zero, opened
with no closing costs. That was several years ago so I do not know if
the market is still as lucrative.

Home equity is one of the "laziest" investments most Americans make.

Bill Robertson
#5939

>--- In dmcnews@xxxxxxxxxxxxxxx, Scooby <chinatown_film@xxxx> wrote:
> Having recently joined a credit union, I decided to contact them
regarding a loan for a DeLorean having read here that a lot of people
have had luck going through credit unions. This is their reply:
> 
> "This is in response to your e-mail concerning a loan on a 1983
collectable car. First you would need to obtain a written appraisal
for the car. This loan would be considered a signature loan . Loan
terms would be for 48 months with a 11.99% to 18% interest rate.Thank
you, Chartway e-Banking"
> 
> Is this normal practice having a written appraisal / interest rate
high in your experience?
> 
> Thanks.
> 
> 
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