In March my wife and I are paying her car off 18 months early. We have been planning on buying a hot-rod toy car when this happens. A close friend of mine is selling us his 1923 Ford T-bucket because he just bought a model A. We are going to have to finance the purchase. Checking with two local credit unions we are members of, we are finding that the interest rate is 6% based on our credit score of 780. One credit union will finance 80% of the value and the other one, 90%.
The curiosity that I have is how do they determine the value? Both mentioned blue book. The car is custom made. My friend (the seller) had the car recentley appraised by a collector/antique car association.
My main questions are:
1) Is 6% a decent rate for an antique vehicle/ used car?
2) will the lender recognize the appraisal?
3) should I shop for a better rate?
Any insight would be appreciated!
DL
The curiosity that I have is how do they determine the value? Both mentioned blue book. The car is custom made. My friend (the seller) had the car recentley appraised by a collector/antique car association.
My main questions are:
1) Is 6% a decent rate for an antique vehicle/ used car?
2) will the lender recognize the appraisal?
3) should I shop for a better rate?
Any insight would be appreciated!
DL