Conference napalm::musclecars

      I was not aware of that.  That sounds like a pretty good plan, 
    but getting the car to the appraiser could be a problem.
    
    Rich

    
    
    I believe there is a list of "Licensed DEC approved" appraisers
    which may be acquired at a DCU branch.  One of my fellow workers
    drove the appraiser to where his car was being stored for the 
    appraisal.  This particular appraiser is licensed but I am not shure
    if DCU has approved him.  I know MET Pay has as that is the reason
    he had it done.  I would tend to believe that DCU just wants to ensure
    that the individual is licensed.  This appraiser lives in Uxbridge
    and works in Hudson (Ma.).  I am checking to see if DCU will approve
    him myself.
    
    ?Andy

    What's wrong with just borrowing based on personal credit ratings ?!?
    Once you've purchased the "gem" you then have it appraised and insured
    appropriately.
    
    Some time ago I took a loan to purchase a used vehicle - not a classic
    but that doesn't matter. I was curious that they did not ask anything
    about the vehicle and the reply was that they were loaning me the money
    based on personal credit rating, what I did with it was my business as
    long as I paid it back. What I paid for the vehicle and what its value
    was was no concern of theirs.
    
    This makes a lot of sense to me. If someone had a lousy credit rating,
    should they get financing just because they're buying or restoring a
    classic. If they have a good rating, should they be denied financing
    because of what they're buying or because the lending institution does
    not place the same value on it that the seller and purchaser have ??
    
    Stan

                       <<< Note 117.3 by TROOA::GILES >>>
                              -< personal credit >-

>    What's wrong with just borrowing based on personal credit ratings ?!?
>    Once you've purchased the "gem" you then have it appraised and insured
>    appropriately.
 
	The DCU would have been happy to loan me money at 18% for this....

   
>    Some time ago I took a loan to purchase a used vehicle - not a classic
>    but that doesn't matter. I was curious that they did not ask anything
<    about the vehicle and the reply was that they were loaning me the money
>    based on personal credit rating, what I did with it was my business as
>    long as I paid it back. What I paid for the vehicle and what its value
>    was was no concern of theirs.
	
	But personal loans are often at 16-21%, for which the bank can easily
take the risk.  They don't really care what you're buying, because you're paying
so much in interest, so soon, that their butt is covered.  (Correct me if you're
talking about a personal loan that wasn't at an exorbitant rate...)
       

>    This makes a lot of sense to me. If someone had a lousy credit rating,
>    should they get financing just because they're buying or restoring a
>    classic. If they have a good rating, should they be denied financing
>    because of what they're buying or because the lending institution does
>    not place the same value on it that the seller and purchaser have ??
 
	Classic cars are very illiquid - unlike a '92 Taurus, which has an
easily defined book value, and can be wholesaled in a heartbeat.  Try 
wholesaling a '73 Cougar convertible - who really defines what it is worth? 
How many Joe Six Pack types want an old Cougar for any reason?   What is the 
market for such a car?  I can understand the bank's hesitation.....

Steve

    
    
    	DCU's personal loans rates are at 15% with payroll deduction, 
    	15.5% w/o.
    
    	RE: .3, at what intrest rate was the loan?   
    
    	IMHO 8.4% is a great rate, and if you have and plan on keeping
    	your classic, tapping in to this resource to pay and oustanding
    	debt at 18.9% interest is an excellent option.
    
    	/ab

    re: .3 - the interest rate was something like 2% above prime. There's
    no point in quoting the exact rate since we live indifferent countries
    and hence loan rates vary - i.e. 12% to me is a pretty good rate. Rates
    here also take into consideration the risk. If you've got a pile of
    credit cards with large balances owing, already have outstanding loans
    or maybe a bad repayment record, etc., you're going to pay a high rate
    regardless of what you're buying. On the other hand, if you have no
    loans, outstanding credit card balances, some equitity in a house,
    etc., you're considered low risk and get a good rate. It's just like
    insurance and the way it should be!
    
    Stan
    
    

    RE: .4
    Exactly!