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 nations 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 ( 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.

Permission is granted to reprint this release in part or in its entirety as long as source credit is properly listed.

About Informa Research Services, Inc. (

Since 1983, Informa Research Services, Inc. has provided the financial industry's most extensive array of market research and decision-support information.

Home | Buyers Guides For Every Auto Make | New Car Buyers Guide | Used Car Super Search | Total New Car Costs | 2016-1993 Car Reviews Truck Reviews
1996-2016 Automotive News | TACH-TV | Media Library | Discount Auto Parts

Copyright © 1996-2016 The Auto Channel. Contact Information, Credits, and Terms of Use. These following titles and media identification are Trademarks owned by The Auto Channel, LLC and have been in continuous use since 1987 : The Auto Channel, Auto Channel and TACH all have been in continuous use world wide since 1987, in Print, TV, Radio, Home Video, Newsletters, On-line, and other interactive media; all rights are reserved and infringement will be acted upon with force.

Privacy Statement | Size Does Matter | Media Kit | XML SITE MAP | Affiliates

Send your questions, comments, and suggestions to

Submit Company releases or Product News stories to
Place copy in body of email, NO attachments please.

To report errors and other problems with this page, please use this form.

Link to this page: