Financing an SL-C ???

#1
i know typically you would have to get a personal loan to obtain an SLC, or go through an exotic car loan company to get one such as woodside credit, or JJ best, or any of those avenues, but the SLC come with a vin number, so shouldnt i be able to use a traditional auto loan to finance a SL-C since it has a vin number ? anyone who has financed one, could you please give me some pointers, or point me in the direction of a good financing company. i know i could do it through my bank, or course but personal loan interest would be alot higher than traditional auto loans.
 

Fran Hall RCR

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#2
Most if not all banks require the car to be completely assembled before they would offer any kind of financing...

At least that's what we have been informed when we have tried to establish terms for customers..
 

Larry L.

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#3
Most if not all banks require the car to be completely assembled before they would offer any kind of financing...
...at which point nobody would NEED financing, would they!

Gotta LUV the banking industry's mindset!

My suggestion to the OP is to take out a home improvement loan to buy the SL-C 'kit' if he can.

Jus' my $.02.
 

Fran Hall RCR

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#4
Larry
We have had a couple of guys borrow against their personal property and once complete they finance the car and repay themselves and voila a car loan instead of an equity loan
 
#5
I would think a VIN and proof of full coverage would be all the info a banker would need. Getting the full coverage on parts might be a little weird...
 

Larry L.

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#6
Larry
We have had a couple of guys borrow against their personal property and once complete they finance the car and repay themselves and voila a car loan instead of an equity loan
That'd work too...the only question being the diff in interest rates and whether said interest on one or the other might be 'deductible'.
 

Steve

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#9
I'd go the home equity loan route if you can. The loan will have a fixed rate, probably around 4% or so and the interest is tax deductible. Get's you down effectively to a good new car loan rate.
 
#10
Very few banks are going to loan on a car which does not have a published market value such as NADA...and a liquid market.

Think about it from the bank's perspective.....the debtor defaults, the bank "proceeds upon the collateral" (repo's it) and they have no idea how or what to sell it for. A Toyota Camry or Audi A8 does not present this problem.
 

Randy V

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#11
What Cliff said...
Frankly - I don't see the sense in financing toys... But people do it every day with Boats, ATVs and such...
 
#11
But they are worth 100K plus in the after market (RIGHT GUYS!!!!!) so this unknown established market value has been set so financing shouldn't be a problem. THIS thread ties in perfectly with what is an SL-C actually worth in the new / used market.
 

Larry L.

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#13
Very few banks are going to loan on a car which does not have a published market value such as NADA...and a liquid market.
If one wants/needs/prefers to go the loan route, 'twould be better to take out a 'home loan' of some type where one can deduct the interest for tax purposes. ;)
 
#15
I did the home equity loan and got 4.125%. You can also write the interest off on your taxes. Take 1/3 off 4.125 and you are around the cost of inflation. Close to free money plus your accountant will be happy!
 
#16
I did the home equity loan and got 4.125%. You can also write the interest off on your taxes.
As I understand it (I'm not an accountant), you can only claim a deduction for interest on the first $100k of home equity loan (that is not spent on your house). In addition, the total debt against the house cannot exceed its fair market value, for the purposes of the tax deduction.
 
#17
I did the home equity loan and got 4.125%. You can also write the interest off on your taxes. Take 1/3 off 4.125 and you are around the cost of inflation. Close to free money plus your accountant will be happy!
For anyone searching for HELOC/HELOAN products, you might make sure the rate (APR) is what you expect and not confused with the quoted premium that is added to the prime rate. These are typically variable rate loans and can easily be at a 10% APR without a bad credit score for high loan to value cases. The more equity in the home the better.
 
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