Put LIEN on title gn

[NationalGN]

hey all, need some advice . im thinking of putting a lien on my 87 gn title from wells fargo ,for 5000$ for engine rebuild.
Any input would be nice im low on funds ,,, thanks all

 

[turbofabricator]

I am assuming you mean using your GN as collateral for a $5k personal loan to fix the said GN? DO I have that right?

If so, if you are in financial problems now, and cannot make the loan payment in the future then they take your car with a new engine in it. Not sure I would recommend that at all. Best solution would be to find a second job to save up for the rebuild, or.....hate to say it......sell the car. It's ONLY a car. There are lots of them out there you can buy in the future when you get back on your feet. You can't eat a car. Take car of your family BEFORE you do ANYTHING like what you are thinking about. What if you borrow that money, get the engine rebuilt, then a tree falls on you? What did that do for you? Again, find a second or third job to obtain the funds needed. Start fixing GN's out of your garage. A $5k loan for tools would be a much better loan in my opinion. They can always make you money.

If that is not what you are talking about........Never Mind.

 

[NationalGN]

yes your wright , ill save up . buy parts myself do work myself ,execpt for heads, longblock boring 20 over ,etc,,.

 

[GNBRETT]

bad idea. as said above sell and move on if ur in financial turmoil. when u sell which seems to be sooner then later for u ur only getten back half of wat u put in yet paying interest on the money uve borrowed. these cars are toyz and nothing more. they will can suck u in and bleed u dry. save up and pay for it cash. those rates will be very high to and ur entire car is not worth an engine if u cant make the payments.

save up some cash and buy a used built motor from one of the members here who has come on hard times which is more often then not these days. ull buy it for half of what ull get a loan for and be paid for and will likely be a better motor then ull get for $5k.

 

[NationalGN]

bad idea. as said above sell and move on if ur in financial turmoil. when u sell which seems to be sooner then later for u ur only getten back half of wat u put in yet paying interest on the money uve borrowed. these cars are toyz and nothing more. they will can suck u in and bleed u dry. save up and pay for it cash. those rates will be very high to and ur entire car is not worth an engine if u cant make the payments.

save up some cash and buy a used built motor from one of the members here who has come on hard times which is more often then not these days. ull buy it for half of what ull get a loan for and be paid for and will likely be a better motor then ull get for $5k.

Thanks for input gnbrett,ill saave my money and put a post in parts wanted section when i get funds . take care

 

[WH1_T-Type]

I actually disagree with the above. It depends on your finicial situation.....if you are in a secure job then there is no reason to use the collateral that you own. This is one of the things that you can use collateral for...afterall, most people don't think twice about getting a loan on the equity on their house. Same thing. It is YOUR equity, and you want it now!

I wouldn't consider it unless you are in a stable situation with work, but if you are no reason not to. I used a motorcycle as equity to get the money for my transmission rebuild and no issues with it.

 

[NationalGN]

I actually disagree with the above. It depends on your finicial situation.....if you are in a secure job then there is no reason to use the collateral that you own. This is one of the things that you can use collateral for...afterall, most people don't think twice about getting a loan on the equity on their house. Same thing. It is YOUR equity, and you want it now!

I wouldn't consider it unless you are in a stable situation with work, but if you are no reason not to. I used a motorcycle as equity to get the money for my transmission rebuild and no issues with it.

Well i did look up bluebook values fo 87 buick grand national and they ranged from 15,000- -25,000 so i guess theres some collateral there ,as long as i make my payments ,otherwise its bye bye G. N.

 

[GNBRETT]

I actually disagree with the above. It depends on your finicial situation.....if you are in a secure job then there is no reason to use the collateral that you own. This is one of the things that you can use collateral for...afterall, most people don't think twice about getting a loan on the equity on their house. Same thing. It is YOUR equity, and you want it now!

I wouldn't consider it unless you are in a stable situation with work, but if you are no reason not to. I used a motorcycle as equity to get the money for my transmission rebuild and no issues with it.

taking out a loan to pay for parts that will be worth half of what ur loan is the first day you use it is foolish if not stupid no matter how u slice it.

makes absolutely no difference what ur financial situation is or not. this is NOT one of those things u use collateral for..... what are you talking about? your house is not an investment, its where you live and should not be used to finance anything ever. thats why half the country has foreclosed on their house.

a TR is a toy. you use collateral for things you NEED not things that you WANT. and the last thing you should be doing is using ur own toy as leverage to continue to fund that toy by taking a loan out against that toy.

thats a slippery slope that many have slid down and never climbed back up from. bad idea!

 

[Chuck Leeper]

WHAT Brett said!^^^^

 

[novaderrik]

i built my Nova using loans from my 401k.. this was in the 2000-2003 time frame when the stock market was cruising on a seemingly never ending upward spiral and most of that money was put in there by my employer as a part of the profit sharing, anyways.. the weird part was that every time i took a loan out, the stock market would go down some or level off for a while and i'd actually come out ahead paying myself back over a few months instead of letting it ride and as soon as i got a loan paid back off the market would start going back up...
am i recommending this? not necessarily, everyone's situation is different.. but it worked for me..

another way to look at getting a loan would be if you need to establish credit or a working relationship with a bank. getting this loan and paying it back off in a timely manner- early, but not too early- could be a good thing for the long haul if you are young and just starting out. i used to take out $1000-$2000 loans about once a year just to get my credit going when i was young, and after 7 years of that i had a really awesome credit score and good personal relationships with several local banks when i decided to buy a house. i haven't taken out a loan- or even had a bank account, for that matter- for over 6 years now. but i'm at a point where i'm just about ready to jump back on that game and get my credit back going again..

 

[notacarlo]

Never finance a toy.

 

[NationalGN]

Never finance a toy.

Thakns all for your experience, i do have bad credit, but have had a part time job now since march..I been working on gn for 15 years now now so most the work would be done by me ,i love to do it makes me happy...

 

[Gary Wells]

There is rarely today what was known as "job security" in years past. Unless you are certain of your job over the next few years, and the company's security, I would not do that on a dare. But as previously stated, everybody's situation is different.

 

[gnxtc2]

I actually disagree with the above. It depends on your finicial situation.....if you are in a secure job then there is no reason to use the collateral that you own. This is one of the things that you can use collateral for...afterall, most people don't think twice about getting a loan on the equity on their house. Same thing. It is YOUR equity, and you want it now!

I wouldn't consider it unless you are in a stable situation with work, but if you are no reason not to. I used a motorcycle as equity to get the money for my transmission rebuild and no issues with it.

I agree, depends on your job and financial situation.

If everything goes right tomorrow, I'm using my home equity line of credit to purchase my enclosed trailer. The interest rate is in the low 2.xx%. Try and get a loan for trailer at that percentage. Plus, it'll be a right off for me also.

Billy T.
gnxtc2@aol.com

 

[Turbo Indian]

when it comes to play toys, if you can not afford to pay cash for it, you have no business buying it. credit is what caused this country's problems.

 

[usetaboost]

If it was me I'd just buy things piece by piece. I borrowed money to paint my car last summer but I borrowed against my truck. I already owed over 6k on it, whats another 2500, right?

 

[novaderrik]

when it comes to play toys, if you can not afford to pay cash for it, you have no business buying it. credit is what caused this country's problems.

the other side of that coin is that you need to build good credit to get anywhere- unless you can manage to save up enough money to pay cash for a house on a normal wage.. taking out small personal loans and paying them back on time or even a little early is a good way to build credit and build a relationship with a bank. and what are you gonna take out small personal loans for besides toys? would you rather build credit by taking out a $5k loan for a Jet Ski or ATV or taking out that same $5k loan to fix up your car?

 

[usetaboost]

Credit didn't cause the problems, it was the idiots buying a house they can barely afford and forgetting they need money to buy toilet paper to wipe their asses while they live in that house and drive 40-50k vehicles. I'm sure I'm not the only one here that would rather have a smaller house and drive cars that are a little older and have money leftover at the end of the month. That's all I've ever done is take out personal loans for stuff. Isn't any different than having a monthly car payment. I bet a few of you that are saying this is a bad idea pay monthly payment on something.

 

[charlief1]

Honestly a loan costs you more than you think. Most people don't understand interest or how the loan precess works. As an example take a typical car that costs $10K. Most loans are set up so that you pay the interest before you even pay the actual loan back. Now that $10K car that you just bought is financed at a resonable rate, say5%, you're not doing to bad. If you've got crappy credit like most do these days then you can get an interest rate as high as 24%. So let's do a little math th show you what you're up against.

If the loan is done as an anual interest rate then it means that the 24% is multiplied into the loan for every year that the loan is for. A $10K car at 24% for the first year you owe $12400 total. Now let's add the rest and it isn't pretty.:redface:

This means that for each year you multiply that initial $10K and it's subtotal by 1.24 for each year that the loan is suposed to be carried though. Average loan time is a 6 year note now so that the $10K car you bought will cost you$36352.15. Plus it will be 6 years of maintainence, insurance, and registration.

You want to get a loan on your car so you can rebuild the engine and unless you're getting a 1% loan on it then it's just not a good idea. Any type of loan where the item in question can be lower in value or may be a volital comodity like a car just isn't a good idea at all. What they'll try to get you to do is go off some sort of payment plan so that they "can help you fit it in your budget". Sounds great, right? Just remember the total of that loan I posted above. That's a $500 monthly payment so you should be able to fit that in your budget, right?:biggrin:

 

[Turbo Indian]

Credit didn't cause the problems, it was the idiots buying a house they can barely afford.

credit didn't cause the problem? HELLO how do you think they bought that over priced house they can not afford?. how do you think they bought that 40-50k vehicle? it's called CREDIT. so many people are to damn stupid to know there finances & a financial institution tells them that they can afford it.