Bank loan vent

[chrisgunguy]

I am trying to purchase a 1968 Camaro. The car is a steel at $19,000. He was asking $25,000 and accepted my offer at $19k. I've already given the guy $700 to hold it till I sort out the money. Told him to give me to the middle of the week. My first attempt was to get a line of credit on the house (its paid off). My primary bank stopped doing that 3 months ago. I assume due to Covid. Second attempt was a load thru them, but they wont loan money on a car older than 10 years. Current attempt (still ongoing) is with my Credit union. They have drug their feet. Primary girl taking vacation, call once a day with a question about the car, previous owner, etc. Yesterday afternoon it looks like we are good to go. First call this morning was an inquiry as to why the car hasn't been registered/inspected in three years. Now they are saying they cant approve the loan until it gets inspected. The car needs some tlc to get running. It was parked 4 months ago with a bad starter. I know I can get it back running in a day. I will mention also that my wife and I have excellent credit. A house and shop that are paid off as mentioned, a 2016 Silverado with 80K on it thats paid off, a 2013 Rubicon with 68k miles that is paid off. I also have a 69 c-10 pickup that I just finished the restoration on that also paid off and insured fo $40k. I have offered any of the above up for collateral and offered to put up to $10k down payment. Still no approval yet. So frustrating. They guy is getting impatient because he needs the money to address a fire he had at his house last month. Grrrrr..

[TexasBob]

Credit union will usually do a personal loan for that type of amount. should be faster

[denimdeerslayer]

Credit Union....Or just look and see whats online these days.

[Youngblood]

What about a personal loan. I know it’s higher interest rate but it may get you want you want.


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[mfarmer]

Leave the car part out and do personal note.

[chrisgunguy]

I will inquire about a change to the loan type. Thanks.

[LAW]

A+ credit union is only loaning on dealership sales at this time. I fill your pain we are trying to sell our son a 22k vehicle for the 7k balance owed and they want one of us to co sign. I think all lending institutions are running scared at this time.

[captainsling]

Personal loan or switch credit unions. One that is more eager for your business.

[chrisgunguy]

Just got approval. One stipulation is that I have a week to get it inspected. I know a guy that can help with that.............

[curtintex]

Just got approval. One stipulation is that I have a week to get it inspected. I know a guy that can help with that.............

Glad you got it done!


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[chrisgunguy]

[ATTACH]1018504[/ATTACH]

[one66stang]

for sure a good deal if the body is solid

[Preacher Man]

Sweet Camaro

[bigbad243]

Just do a personal loan and be done

[Roy D Mercer]

I am trying to purchase a 1968 Camaro. The car is a steel at $19,000. He was asking $25,000 and accepted my offer at $19k. I've already given the guy $700 to hold it till I sort out the money. Told him to give me to the middle of the week. My first attempt was to get a line of credit on the house (its paid off). My primary bank stopped doing that 3 months ago. I assume due to Covid. Second attempt was a load thru them, but they wont loan money on a car older than 10 years. Current attempt (still ongoing) is with my Credit union. They have drug their feet. Primary girl taking vacation, call once a day with a question about the car, previous owner, etc. Yesterday afternoon it looks like we are good to go. First call this morning was an inquiry as to why the car hasn't been registered/inspected in three years. Now they are saying they cant approve the loan until it gets inspected. The car needs some tlc to get running. It was parked 4 months ago with a bad starter. I know I can get it back running in a day. I will mention also that my wife and I have excellent credit. A house and shop that are paid off as mentioned, a 2016 Silverado with 80K on it thats paid off, a 2013 Rubicon with 68k miles that is paid off. I also have a 69 c-10 pickup that I just finished the restoration on that also paid off and insured fo $40k. I have offered any of the above up for collateral and offered to put up to $10k down payment. Still no approval yet. So frustrating. They guy is getting impatient because he needs the money to address a fire he had at his house last month. Grrrrr..

You sir need a new banker.
Glad you got it done.......