Buying your first hot rod may seem like a monstrous undertaking, but I will guide you through the basics of how to get prepared for each step. As you probably already know, you will need to do some studying and homework before you buy any type of collector car, and hot rods are no exception.Read more at hot rod engine.
The typical hot rod value cannot be looked up in a price guide, much as most other classic cars can. There are general price quotes, but no hot rod is identical so these are only rough estimates. It is usually best to buy your auto parts new. If you do choose to buy your parts used, it can save you money. However, the parts should only be slightly used and they need to be in good condition. Otherwise, you will end up spending more money as you replace the parts again. If you buy your parts new, you can expect to have them last a very long time. You will have no surprises in the future from a part that has been worn out. There are many respectable online hot rod forums also, but there is no real substitute to talking to an owner next to his car at the auto show.
You may want more than what your bank account can handle, so financing is usually an important stage of the purchase process. Going through the loan process is not difficult, but there are a few things you should be aware of before you start the loan process. First of all, you should know your credit score and whether there are any issues with your credit before having the lender find them. There are many credit services out there, and if your credit is in the 700’s you should sail through the loan process with little difficulties. Credit scores in the 600’s may be dicey, and anything below that and you will not have a chance to get a loan. Generally the better your credit score, the better interest rates and loan terms you may receive.
It is highly suggested you contact a true collector car lender and not your local bank. Because collector car lenders only deal with these types of cars, you will get better service. They know how to value collectibles, whereas your bank or local lender may slow the loan process down as they try to evaluate everything. Odds are you will also receive better interest rates and longer loan terms through a specialty car lender. It is not unheard of to have 12 year loan terms on an $80,000 car. The maximum length your bank can offer is 6 years. Another important note to remember is that most lenders will require the car to be appraised before the loan is fully approved, and usually the lender has a list of appraisers you must use. Remember to ask your lender early in the process whether you will be required to use one of their approved appraisers, especially if you are already planning on having one done. There’s no reason to pay for two appraisals.