| Buying your first hot rod may seem like a monstrous | | | | year loan terms on an $80,000 car. The maximum |
| undertaking, but I will guide you through the basics of | | | | length your bank can offer is 6 years. Another |
| how to get prepared for each step. As you probably | | | | important note to remember is that most lenders will |
| already know, you will need to do some studying and | | | | require the car to be appraised before the loan is |
| homework before you buy any type of collector car, | | | | fully approved, and usually the lender has a list of |
| and hot rods are no exception. The typical hot rod | | | | appraisers you must use. Remember to ask your |
| value cannot be looked up in a price guide, much as | | | | lender early in the process whether you will be |
| most other classic cars can. There are general price | | | | required to use one of their approved appraisers, |
| quotes, but no hot rod is identical so these are only | | | | especially if you are already planning on having one |
| rough estimates. | | | | done. There's no reason to pay for two appraisals. |
| If you are starting the process of purchasing a hot | | | | If your funds or lending amount is low, there are still |
| rod, you may be familiar with the hobby. You may | | | | good options for the buyer. Many hot rodders start |
| have a friend or family member that has one, or you | | | | small buying an auto that needs a lot of work, and |
| see them every year at the local car shows. These | | | | eventually money and time can be invested to create |
| are the first people you want to talk to and ask | | | | a truly remarkable ride. A newer scene to the hot |
| questions. Asking questions like, "how did you | | | | rod arena is the rat rod. This is an old and beat up |
| purchase or restore this ride", and "what would you | | | | looking rod that is usually painted with a primer, or |
| do differently when buying your next rod" will likely | | | | the body itself is rusted. The owners usually put |
| start a long conversation with a lot of valuable | | | | more effort into the performance than looks, |
| information for you, and possibly a fun story as well. | | | | although the looks can be an art in itself. Some more |
| There are many respectable online hot rod forums | | | | unique rat rods that are out there include cars with |
| also, but there is no real substitute to talking to an | | | | actual doorknobs for door handles, a pair of pliers for |
| owner next to his car at the auto show. | | | | the gear shifter, and the trunk may actually be an old |
| You may want more than what your bank account | | | | storage trunk. |
| can handle, so financing is usually an important stage | | | | If what you are searching for is rare or hard to find, |
| of the purchase process. Going through the loan | | | | likely you will find it on the internet meaning it could |
| process is not difficult, but there are a few things | | | | be thousands of miles away from you. You may be |
| you should be aware of before you start the loan | | | | tempted to fly out there and drive your hot rod |
| process. First of all, you should know your credit | | | | back, but it's highly suggested you do not do this. |
| score and whether there are any issues with your | | | | Collector auto insurance companies may not insure |
| credit before having the lender find them. There are | | | | you for that, and it's hard to rely on a newly |
| many credit services out there, and if your credit is in | | | | purchased auto like this. Likely the car has only been |
| the 700's you should sail through the loan process | | | | driven on short trips, and a lengthy trip could cause |
| with little difficulties. Credit scores in the 600's may | | | | problems. There are many automobile transporters |
| be dicey, and anything below that and you will not | | | | out there to choose from, some with enclosed |
| have a chance to get a loan. Generally the better | | | | trailers and some that do not. Enclosed trailer |
| your credit score, the better interest rates and loan | | | | transportation will likely be more expensive, but it will |
| terms you may receive. | | | | protect your car and the paint job from flying road |
| It is highly suggested you contact a true collector car | | | | debris. Even Fed Ex offers auto transportation, so it |
| lender and not your local bank. Because collector car | | | | is quite easy to setup. |
| lenders only deal with these types of cars, you will | | | | This should be a good start for you on the road to |
| get better service. They know how to value | | | | buying your first hot rod. Remember that the more |
| collectibles, whereas your bank or local lender may | | | | research you do early on will make the whole |
| slow the loan process down as they try to evaluate | | | | process smoother. The most valuable tip in this article |
| everything. Odds are you will also receive better | | | | is to hang out and talk with other hot rod owners. |
| interest rates and longer loan terms through a | | | | You will learn so much and hopefully enjoy your ride |
| specialty car lender. It is not unheard of to have 12 | | | | for years to come. |