Refinancing Car Loan for new motor build
06-02-2008, 07:31 PM
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Refinancing Car Loan for new motor build Ok, so i just spun a bearing, and was looking at just going with a 383 stroker kit, my question is how do creit bureaus go about refinancing a loan to do tings like this?
Now i dont want people coming in saying i shouldnt do it, i have the money id rather just extend it on my loan and pay it off rather than it come out of pocket.
Basically can i refinance my car loan to cover these expenses? Any input is greatly appreciated
Now i dont want people coming in saying i shouldnt do it, i have the money id rather just extend it on my loan and pay it off rather than it come out of pocket.
Basically can i refinance my car loan to cover these expenses? Any input is greatly appreciated
06-02-2008, 07:38 PM
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generally most banks (pending a good credit score) will loan up to $5K for just a signature. but if you're wanting to take it against your car, they will usualy just loan up to the car's KBB value. for instance, if you owe $10,000 on the car, and it's worth $17,000, they would (in theory) loan you $7,000. basically, however much equity you have in it is what they'll loan you.
06-02-2008, 07:48 PM
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generally most banks (pending a good credit score) will loan up to $5K for just a signature. but if you're wanting to take it against your car, they will usualy just loan up to the car's KBB value. for instance, if you owe $10,000 on the car, and it's worth $17,000, they would (in theory) loan you $7,000. basically, however much equity you have in it is what they'll loan you.
06-02-2008, 07:55 PM
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the money isnt a big deal, i mean i have it, ud rather have though in te bank and just pay te loan as opposed to shelling the cash right away, if you know what i mean. Anyhow i got a buddy to do the install, now i need to get some prices for the stroker kit
06-02-2008, 08:26 PM
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that's pretty much what i'm doin. i've gotta sell my S10 and my dirtbike first, but after that, i'm buying the crank and rods, then i'm getting a loan for pistons/machine work/assembly and hopefully paying cash for the heads/intake.
good luck with your build!
good luck with your build!
