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Financing Your Auto Restoration
Project
The hardest part of any project doesn't take place on the shop floor, but
rather, at the cash register. Auto restoration is defined in the eyes of
many buy it's high costs and perceived by many others to be a hobby for only
wealthy members of community. It is this common misconception which drives
many customers to attempt repairs on their own, or settle for sub-par
quality craftsmanship. Yes folks, auto restoration is expensive, but only as
expensive as you choose to make it. Proper project and financial planning
greatly reduces the financial burden and impact of a vehicle restoration on
your normal finances. Here we will outline some key items you can use in
order to financially prepare yourself, and your family, for your first
restoration project.
Project Plan: Most people take for granted the simple concept of a
project plan. Yet, if you were to ask any person if they would build a home
without a blue print, the answer would be an emphatic no. An auto
restoration project is no different. Having a detailed work plan, and even
vehicle design, insures that your project is planned in every detail from
beginning to end. This helps to avoid mistakes, delays, and do-overs, all of
which cost you money. Take the time to work a project plan out with your
shop.
Phases: Phasing out an auto restoration project can often be a good
idea. When attempting a massive project, splitting the process into a series
of steps or phases can lighten the financial burden by allowing you to focus
on individual portions of the restoration at different times. This method is
generally recommended for customers working with a strict budget and who are
willing to span the project out over a longer period of time. Setting
smaller budgets for each portion of the project is usually easier to deal
with and tends to be less overwhelming to your finances.
Special Financing: One of the most common misconceptions in this
business is that financing a restoration project is a bad idea. This is
completely false, as financing a restoration project often makes more sense
than financing a new vehicle. Special financing allows customers to borrow
the money needed to complete their project without having a significant
impact on their normal finances. Think about it, everyone finances new
vehicles, and those new vehicles immediately depreciate the moment they
leave the lot, and everyday there after. Classic cars, however, normally
continue to gain value as the years progress and become a much safer
investment. Most restoration shops require weekly payment for their
services. This type of financial commitment can be come taxing on any
customer, and financing can mean the difference between shelling out
hundreds a month instead of thousands. Financing also can grant you the
ability to do more customization to the vehicle than you would have been
financially able to fund on your own. Several institutions offer financing
for these types of projects.
American General Financing (applications available at Twisted Customs)
Bank of America
US Bank
Wells Fargo Financial
Other Specialty Financing Groups
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