Finance for Classic Car Restoration-The Necessities

When you think of a classic car restoration, images of classic movies with Steve McQueen or Paul Newman may stream through your mind. Perhaps you’ll even reminisce about Saturday drives with your grandfather in his old 1950s Studebaker that brings tears of joy to your eyes. Whatever the source of your love for older automobiles, there’s no cure for your passion once you’ve caught the classic car bug. There are some who were raised with an affinity for cars and the power of working with your hands to maintain a vehicle.

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Those men and women understand the inner workings of a car engine and have perhaps spent time studying older books to learn more about their favorite classic models. Those are the prime candidates for car restoration. A project of this size, both in money and in time, is not meant for the faint of heart. You must love a challenge as many of the steps along the way will leave those not fully committed frustrated, eventually abandoning the project. Car restoration is wholly rewarding, but you must thoroughly prepare to be sure you’re the right candidate for the job. Read more

Special Finance as a High Risk Loan

High risk car loans, often called “bad credit car loans,” or additional opportunity car loans are loans made to clients who have either no record as a consumer, a low credit score, or different flaws on their credit report that would cause a conventional money lender to turn them down.

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Unlike traditional moneylenders, when you take out a high-risk car loan, the broker will search for a way to get you approved, not for a way to turn you down. But since these banks lend to individuals with bad credit, the financing cost is much higher than a conventional loan. Simply remember that if you pay this loan on time, the funding cost on your next conventional car loan will probably be lower because of an enhanced record as a consumer.

There are many companies that specialise in borrowers who require high risk car loans. Why do they do this? There are various reasons. Read more

What is a Special Finance Car Loan?

Perhaps you have seen the term ‘special finance car loan’ online when you were shopping around. If you are not familiar with the term, what it means is that car loans are available to people with poor or bad credit. The most recent statistics tell us that sixty percent of all consumers have less than perfect credit. These consumers are not typically allowed to borrow money from traditional banks because banks check credit ratings and flatly refuse to loan people with bad credit money. Persons with bad credit are considered to be ‘special’ cases, so hence the term special finance car loan was contrived.

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Individual loans for car finance are widely available today. As the economy has taken another turn for the worse, more and more people are struggling financially. Many people are falling behind on their bills and cannot pay off their credit balances on time. This leads to the decline in their credit rating, making it impossible to buy a new car, as traditional banks refuse to lend them money. However, thanks to the special finance car loan the typical consumer who is having money troubles can drive the car of their dreams as many lenders have emerged over the past couple of years offering to lend money to ‘high-risk’ individuals. Read more

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