info wanted on quick 5K loan secured by my car

[Bevs 68]

Hi,

I'm looking for information on where I might get a loan that I can secure with my '68 charger. I have a friend who is holding a boat open for me to come fish in Panama in May. I do NOT want to sell my car but I do love to fish. Any ideas or suggestions, referals... would be greatly appreciated.

Thanks,

Bev

[Shakey]

Get a LOC from the bank.

[Bevs 68]

Additional info.

I'm not looking for a monthly payoff. I want to borrow the money and repay it with interest in a 12 -18 month time frame. While I am married, this is a sole, separate property issue. In other words, if my husband goes fishing with me it's called a vacation... if I go it's called come up with the cash. I own the car and he's not going on this trip. I have some investments that will come due to make the payment.

[Telvis]

Go to your bank. They can probably help you if you have a good relationship. They will probably need some type of proof the car is valued above that amount. Stay away from finance companies. You will get raped.

[RECHRGD]

If you've got good credit you should be able to secure a signature loan from the bank you do business with.  Or maybe even a cash advance on your credit card (high interest though).  I'd  do everything possible to avoid putting your pride and joy at risk just for a fishing trip.  Rule of thumb: Never go into debt for luxuries or vacations, you'll be paying the bills long after you've forgotten the trip.  Just my 2 cents.  Bob

[Arthu®]

Rule of thumb: Never go into debt for luxuries or vacations, you'll be paying the bills long after you've forgotten the trip.  Just my 2 cents.  Bob

[Blown70]

If you have a good relationship I do not see your bank having an issue.  However loans do sometimes take time. 

Tom

[BrianShaughnessy]

Rule of thumb: Never go into debt for luxuries or vacations, you'll be paying the bills long after you've forgotten the trip.  Just my 2 cents.  Bob

 


You can love to fish all you want but I'd never borrow to go on vacation.   And I'd never put a car that's worth several thousand more than that 5K in jeopardy for something like that.    "Floating" that on a CC would be a better choice.

Line Of Credit loans are easy and unsecured - I once used a LOC to buy another 69 Charger.   

I'd just as soon put that $5K onto a good credit card for now ... at least if there are problems later on you'll have some recourse to get a refund if necessary.   

There's lots of stories of dumb people taking out loans against houses, cars, etc. then blowing the cash on vacations and dumb sh8t and losing everything later on.   I guess the important phrase in that is "dumb people".  Hopefully that doesn't apply here. 

I might not be rich but I'm not picking change out of the sofa to get pizza either.     
 

[Bevs 68]

All nice ideas guys but I would still have the monthly payment problem... I don't want to go back to work. I want to use dividends I'll be geting later to pay for it. Last week I turned down an offer for 50K to sell the car, as I mentioned I don't want to do that. It's appraised at 4 -5 times what I'm looking for. It's not like I'm broke, I just have a very short time span to book this trip and it's the quickest way I can think of.

[Blown70]

All nice ideas guys but I would still have the monthly payment problem... I don't want to go back to work. I want to use dividends I'll be geting later to pay for it. Last week I turned down an offer for 50K to sell the car, as I mentioned I don't want to do that. It's appraised at 4 -5 times what I'm looking for. It's not like I'm broke, I just have a very short time span to book this trip and it's the quickest way I can think of.

Well some banks will let you chose the payment schedule.  Meaning pay in full in 12 months.  However, you best make sure you do so.  Otherwise the interest and fees get outa hand.

I have a friend who bout a camero on payments two payments 12 months apart.

Again, you need to speak to your bank as they can set this up for you.

Tom

[Bevs 68]

Ok, I'll check with the bank. It has been quite a few years since I've had to finance anything, and maybe they do have this sort of plan now. Thanks!

[bull]

Additional info.

I'm not looking for a monthly payoff. I want to borrow the money and repay it with interest in a 12 -18 month time frame. While I am married, this is a sole, separate property issue. In other words, if my husband goes fishing with me it's called a vacation... if I go it's called come up with the cash. I own the car and he's not going on this trip. I have some investments that will come due to make the payment.

I guess I would ask how friendly is the friend who's hosting the trip? Can't you pay him/her back the cost of the trip plus interest in 12-18 months with a written contract? If you really like your Charger I wouldn't mess around with putting it up as collateral. If it were me and the bank were giving me grief for wanting to make one payment 12-18 months out I would take out a loan for about $15k, give the friend his $5k and then start making minimum payments on the bank loan with the remaining $10k. That would probably buy you enough time to pay it all off with your maturing investments before the last of the loan is due. Actually, if it were me I wouldn't go into debt over a fishing trip, or any trip, but we've all got our priorities.

[Bevs 68]

Well, fishing really IS my life. I have a real shot at setting/breaking some IGFA line records in Panama which will help me in the industry in the long run. I would be going to a lodge that is pretty well booked though 2007... My friend is a videographer who is going for both pleasure and work and has 1 boat left to book that has been reserved for his group. I'd also have about a 50/50 chance of winding up in some footage, since I've worked with him before in Baja, and he likes my performance on film. I wouldn't feel right about asking him for a loan.

[bull]

Well, fishing really IS my life. I have a real shot at setting/breaking some IGFA line records in Panama which will help me in the industry in the long run. I would be going to a lodge that is pretty well booked though 2007... My friend is a videographer who is going for both pleasure and work and has 1 boat left to book that has been reserved for his group. I'd also have about a 50/50 chance of winding up in some footage, since I've worked with him before in Baja, and he likes my performance on film. I wouldn't feel right about asking him for a loan.

Well, if the bank gives you any guff about the term length try that other trick I mentioned above. Take out way more than you need and start paying it back month by month with the borrowed money until you can pay it all off with your maturing investments. Then save up an emergency fund so this doesn't happen again.

[Khyron]

if my husband goes fishing with me it's called a vacation... if I go it's called come up with the cash..

Off subject, but thats a load of crap. Your husband should have more respect for your hobbys. I would never say anything like that to my wife. I have more respect for her then that.

[Bevs 68]

if my husband goes fishing with me it's called a vacation... if I go it's called come up with the cash..

Off subject, but thats a load of crap. Your husband should have more respect for your hobbys. I would never say anything like that to my wife. I have more respect for her then that.

My car is the world's largest ringbox. It was an engagement gift from him... AND I got the rock anyway. Nope can't say he's a bad guy. I go fishing quite bit without him and it's all because we trust each other. Not a lot of guys are there are ok with their wife/girlfriend being on a boat for 1 to 10 days! Married 6 1/2 years now and doing fine.

[MyMopar]

if my husband goes fishing with me it's called a vacation... if I go it's called come up with the cash..

Off subject, but thats a load of crap. Your husband should have more respect for your hobbys. I would never say anything like that to my wife. I have more respect for her then that.

Easy there Khyron, but I do agree.  Each relationship works differently, some split their money while others pool it. 

I would go with what was suggested, take out a loan for $5k more than you need and use that money ONLY for repaying the loan until your investments come due.  You should be able to just get an unsecured personal loan, I did that a long time ago when I was 19.  If they need more, have your husband co-sign the loan, least he could do.

[dodgecharger-fan]

If you hit those records, does it pay anything? That would mean that you have an expectation of income.
If so, couldn't you set your "hobby" up as a business and get a business loan and also write everything off at tax time?

[OldGuy]

Do you have any family members that could loan you the money under your terms?