How to Finance Your Auto Restoration Project this Memorial Day from Informa Research Services
CALABASAS, Calif.--This Memorial Day weekend, we will celebrate the lives of our nation’s heroes by celebrating the past. From backyard barbecues to patriotic parades and concerts, Memorial Day marks the official start of the “summer vacation season.” And with it comes the enjoyment of “hot summer nights,” cruising down Main Street with your own piece of Americana.
Some people will pay whatever it takes to savor a trip down memory lane by restoring their former junker to a jewel from the past. Whether it means using a car restoration shop (at a cost of $75.00 or more per hour to perform most of the work) or doing the labor themselves, once finished, the parts and material costs alone will approach or even exceed the price tag of their original purchase.
To finance their restoration project, many car enthusiasts will turn to online sites (http://moneycentral.msn.com/loan/loan.aspx?iType=3) to evaluate multiple financing sources. Some will opt to go the traditional route of choosing a used car auto loan which offers the certainty of a fixed payment over a fixed period of time (7.50% APR national average for a 48-month term.)
Others will tap into their Home Equity Line of Credit (HELOC) as a source of funding. With HELOC interest rates averaging 7.98% APR nationally, these types of credit lines are more flexible than personal loans (13.09% APR national average) and have the added benefit of being tax-deductible in most instances.
For smaller purchases, credit cards may be the best option (averaging 12.14% APR nationally.) With many lenders offering zero- to low-introductory rates, hobbyists can access just the amount they need to finance their restoration project for a small fee.
While the costs of restoring a classic to its original beauty varies based on the amount of work that needs to be performed, picking the right financing option rests with your own unique goals and budget.
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