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How do I get a car restoration loan with no collateral?
I need $10,000 to do a frame-off restoration for a vintage truck I own, but I'm having trouble getting a loan. I went to a local bank, but they told me they can't give me a loan because I don't have collateral. Is there any way I can still get a car restoration loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting a car restoration loan for $10,000 is tricky, especially if the vehicle is essentially worthless without the upgrades and improvements. The best way to get the funds you need for the restoration is to take out an unsecured loan, also known as a signature loan.
Interest rates are much higher for these types of loans, but you are more likely to get the money you need. Good-to-excellent credit is required for such a loan, so make sure you don’t have any derogatory marks on your credit.
If you’re selling the vehicle after the restoration, time is of the essence. The sooner you complete the frame-off restoration, the sooner you can sell the vehicle. This will help you eliminate some of the added interest you’ll pay.
If you’re keeping it for yourself, the best plan of action is to refinance the signature loan as a car loan once the vehicle has been appraised by the lender. This will save you hundreds or thousands over the life of the loan.
Whether you’re selling the car and expecting to do test drives with possible buyers or keeping the car for yourself you will need
car insurance
. You can get your vintage truck insured fast with the Jerry
app. Using Jerry you compare 50+ top insurers to make sure you’re getting the coverage you want for the best price. View full answer
- Gregory R.
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