alright, I am meeting with the owner of a piece of property (grass runway of 7 acres) with an airplane hanger(1700 sqft) this week. I expect things to go well and hopefully will be meeting with the bank this week.
I know when taking out a loan they look at your credit, employment, and any vehicles or other property you have as collateral. I have 3 vehicles, and a snowmobile, as well as stocks.
My question is in regards to 2 of the vehicles. My s10, and my '47 ford. The s10 has been in my dads name since i bought it 6 years ago. The '47 I have reg and bill of sale, but it is unregistered. Since the s10 is in storage anyways, should I turn in the plates and write a “bill of sale” saying that I own it and not my dad, and would it be beneficial for them to see the paperwork that I own these two vehicles or will it not matter because they are not registered? Should I bring it with photos of the vehicles and hope for the best?
+1. They might be special to you and other enthusiasts, but the bank sees them as an old S10 and a bucket of parts, neither of which are of much value to them if you fail to repay the loan.
Exactly what they said, they could give a flying shit about your cars; unless you have a loan on them, and then it would be the loan they’d be interest in, not the car.
The bank was actually concerned that I had three cars when I took my loan out. They said that it could imply excessive spending. Blah blah blah I still got the loan, but toys do not help at all.
I realize an s10 and a '47 ford have little value…I only ask because when I took the loan out when I bought my bmw they did ask to see if I had ownership of any other vehicles which they said would be used as collateral. But that may also be because it was the first loan I ever took out and I did not use a cosigner.
Sorry Im not too familiar with this…this will only be loan #2 for me.
Yeah, it’s pretty standard for the bank to be interested in vehicles as collateral because the vehicles most people drive are things the bank can easily sell to recoup loan losses. A heavily modded S10 and a project 47 are not things the bank can easily make money on so I doubt they’re going to be very interested.
What? The car itself is the collateral on a car loan. Did you get a loan for more than the BMW was worth? That’s all sorts of fucked up. That would have been funny if you lost two cars because you didn’t pay for one.
Have you pulled your own credit history? LOL sounds like it might not be extensive enough to get a mortgage for an airport.
the loan was approximately 3k less then the value of the bmw. at the time they showed i had a credit rating of ~720. i think being 21 at the time and never having a loan before or having a cosigner is why they wanted to know if i had any other vehicles? i dont fucking know. i am interested in purchasing the airport for reasons other than it being used as one. it isnot zoned commerical either, it is zoned residential and is not classified as an airport. not to mention its location is perfect for me and it is very cheap.
thanks to those that actually gave good responses. to those that are being a-holes, why even bother replying? the douchebagery is at an all time high around here lately. fawk. sorry for even asking.
actually the owner already lets us use the property for testing, and it would be nice to have a permanent track.
im more interested in the fact that i can use the building as a 1700sqft personal garage, and put a gabrel style roof on it to have ~1200sqft of living space in the upstairs, of course with the correct fire barriers and other requirements to meet code, which there is nothing saying i cant do this with what the property is zoned as. i also like the fact that it is sandwiched between land my grandfather owns, so i can add on to the area if i want more land, and it is next to my parents house so i can continue to pay rent to live at home while construction is being done on this building, which i just have to walk ~300ft to get to. plus when my parents decide to move, i can just buy their house and have a really nice setup. not to mention this is in the town that i want to stay in.