Collector's Car loan

[Scooby <chinatown_film@xxxx>]

Having recently joined a credit union, I decided to contact them regarding a loan for a DeLorean having read here that a lot of people have had luck going through credit unions. This is their reply:

"This is in response to your e-mail concerning a loan on a 1983 collectable car. First you would need to obtain a written appraisal for the car. This loan would be considered a signature loan . Loan terms would be for 48 months with a 11.99% to 18% interest rate.Thank you, Chartway e-Banking"

Is this normal practice having a written appraisal / interest rate high in your experience?

Thanks.


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