Re: [DML] Collector's Car loan

["Ed Garbade" <edgarbade@xxxx>]

If it is a signature loan then the car is not collateral. If that is so
then an appraisal should not be necessary so why pay the expense to appraise
the car (unless you want it for insurance value or other personal issues).

I say your bank is blowing smoke and suggest you ask them why an appraisal
is required for a signature loan. If I get a signature loan to buy
Christmas presents, I know of no bank that wants an appraisal of my presents
before I make a purchase nor do they want a list of what I plan to buy. The
loan will be based on your credit score not the car or it's value (since it
in not collateral).

By the way you can probably get a loan from a credit card company lower than
the rate you were quoted by your bank (assuming you have good credit). I'm
not suggesting you go this way since if you did and paid the minimum payment
you would likely triple (or more) the cost of the car.

Please consult a true financial planner for advice (obviously you bank can
not fill that purpose and I am certainly am not one).

Ed
10541

>
> "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?