Valuation for financing? - Defender Source
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  #1  
Old December 15th, 2015, 02:00 PM
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Valuation for financing?

I've run into a hurdle and could use some help...

For those who have financed the purchased of an older Land Rover (1983-1990), did you need to provide evidence or resources for valuing the vehicle for the underwriters? I'm having trouble as my lender is unable to determine a value and, therefore, unable to underwrite the loan.

Any help is appreciated...
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  #2  
Old December 15th, 2015, 02:05 PM
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If you can't pay cash for it you might as well get a 2nd loan to keep it going. As for an agreed value good luck. If you need to finance (which I DON'T recommend) do it with a home equity loan or a signature loan. At least with the home equity loan the interest should be deductible.
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Old December 15th, 2015, 02:15 PM
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I agree with JAvelinadave, financing these is a challenging thought unless it is an NAS model. I am still trying to figure out how to effectively insure my truck for a value anywhere near what market value is.
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Old December 15th, 2015, 02:27 PM
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Simplest thing to do for valuation is to have an accredited appraiser value it. Not sure a bank cares for financing but I would a 100% do it for insurance purposes.
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  #5  
Old December 15th, 2015, 02:29 PM
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I sold an 84 D110 to a guy that financed it through USAA. I was shocked when he told me he financed it. He said they jotted down all the details and gave him what he asked for plus some extra cash for whatever. I guess "membership" has its privileges.
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  #6  
Old December 15th, 2015, 02:46 PM
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I see the point of not buying if you can't afford to pay cash. I've often been tempted to dip into my home equity line of credit "HELOC" to buy cars but resisted.
It's one way of avoiding the lender's eye....
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  #7  
Old December 15th, 2015, 02:48 PM
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Quote:
Originally Posted by Brentflyfish View Post
I agree with JAvelinadave, financing these is a challenging thought unless it is an NAS model. I am still trying to figure out how to effectively insure my truck for a value anywhere near what market value is.
In case this helps... Several months ago I got a Stated Value policy on my 97 NAS from AIG. I know that State Farm will also do a stated value policy.

------ Follow up post added December 15th, 2015 03:52 PM ------

Quote:
Originally Posted by javelinadave View Post
If you can't pay cash for it you might as well get a 2nd loan to keep it going. As for an agreed value good luck. If you need to finance (which I DON'T recommend) do it with a home equity loan or a signature loan. At least with the home equity loan the interest should be deductible.
Although you can certainly use a home equity line to buy a car, you are not supposed to deduct the related interest expense.
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  #8  
Old December 15th, 2015, 02:55 PM
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I've done several misfit toys through JJ Best here in MA. From what I recall, the ROW Defenders don't get the best rates / terms, but they do finance them.
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  #9  
Old December 15th, 2015, 03:12 PM
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Originally Posted by MyD90 View Post
Although you can certainly use a home equity line to buy a car, you are not supposed to deduct the related interest expense.
That's why I pay an accountant to do my taxes.
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  #10  
Old December 15th, 2015, 03:16 PM
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I've used Lightstream for an auto loan for my wife's Volvo.

They will do an antique auto loan at 3-4% and ask nothing about the car make, model, etc...they have numerous types of loans for different things.
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  #11  
Old December 15th, 2015, 03:33 PM
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Credit unions can do some creative stuff sometimes. Not sure if that's an option for you. If you have a newer car (like after 2006-ish) that's paid off, they will loan you the value of that car at current CU used car rates.... like 2.something on the rate. Works out to be a normal car loan rate/payment...no gouging. (Obviously the usefulness of this depends on what the other car is worth). Talking to a CU loan guy friend, he said financing an "antique" (over 15 years old I think) was nuts because the interest rates were prohibitive. He said it is common to do it the switchero way.
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  #12  
Old December 15th, 2015, 03:37 PM
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Quote:
Originally Posted by BlackField View Post
I sold an 84 D110 to a guy that financed it through USAA. I was shocked when he told me he financed it. He said they jotted down all the details and gave him what he asked for plus some extra cash for whatever. I guess "membership" has its privileges.
My bank is also USAA and they just asked for similar information. I put together a sheet of information, specs, and comparable to help them determine the value. I hope that will be what they need.

------ Follow up post added December 15th, 2015 04:43 PM ------

Thanks for the help, everyone -- I'll look into the available options and see what I can do. I am currently stationed right by family and was really hoping to be able to work on it and restore with family and friends... it would be a neat experience to work on that together. I don't know when, or if, I will ever be in the same state, much less the same city, as family for the rest of my career. I would prefer to wait to buy a 110 after saving up the cash, but I don't have the luxury of time or choosing to live by family and friends. It's a brief opportunity and I'm trying to make the most of it.
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  #13  
Old December 15th, 2015, 04:43 PM
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Last time I did financing, albeit 5+yrs ago, I called the Credit Union and asked for a vehicle loan to get pre-approved for $$$, they sent a check that I just wrote out to the dealer for the amount up to the pre-approval. Didnt care what car it was being purchased....maybe you are telling them too much?
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  #14  
Old December 15th, 2015, 05:29 PM
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Quote:
Originally Posted by bjf View Post
Simplest thing to do for valuation is to have an accredited appraiser value it. Not sure a bank cares for financing but I would a 100% do it for insurance purposes.
Just scheduled an appraisal for later this week. Maybe I can kill two birds and use that appraisal for insurance valuation as well.
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  #15  
Old December 15th, 2015, 05:52 PM
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Quote:
Originally Posted by galen216 View Post
I've used Lightstream for an auto loan for my wife's Volvo. They will do an antique auto loan at 3-4% and ask nothing about the car make, model, etc...they have numerous types of loans for different things.
I'll second Lightstream (SunTrust Subsidiary). They'll essentially offer an unsecured LoC with competitive rates/terms for vehicles that are difficult to finance.
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  #16  
Old December 15th, 2015, 07:49 PM
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Quote:
Originally Posted by MisterSHO View Post
I've done several misfit toys through JJ Best here in MA. From what I recall, the ROW Defenders don't get the best rates / terms, but they do finance them.
We are an approved appraiser for JJBest Bank, let me know if you go that route.
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  #17  
Old December 15th, 2015, 07:51 PM
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Quote:
Originally Posted by rovertrader View Post
We are an approved appraiser for JJBest Bank, let me know if you go that route.
Thank you! I'm going to see how the appraisal turns out this week and evaluate my options after that.
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  #18  
Old December 28th, 2015, 03:28 PM
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Quote:
Originally Posted by TELOS View Post
My bank is also USAA and they just asked for similar information. I put together a sheet of information, specs, and comparable to help them determine the value. I hope that will be what they need.

------ Follow up post added December 15th, 2015 04:43 PM ------

Thanks for the help, everyone -- I'll look into the available options and see what I can do. I am currently stationed right by family and was really hoping to be able to work on it and restore with family and friends... it would be a neat experience to work on that together. I don't know when, or if, I will ever be in the same state, much less the same city, as family for the rest of my career. I would prefer to wait to buy a 110 after saving up the cash, but I don't have the luxury of time or choosing to live by family and friends. It's a brief opportunity and I'm trying to make the most of it.

Did you have luck with the USAA route? I called them this morning and they said they couldn't do a loan on the Defender because they couldn't determine value as it was not US specs.
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  #19  
Old December 28th, 2015, 03:34 PM
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Quote:
Originally Posted by jashof View Post
Did you have luck with the USAA route? I called them this morning and they said they couldn't do a loan on the Defender because they couldn't determine value as it was not US specs.
I think that's their party line - they almost refused to finance my NAS until they saw it was indeed a legit LR-imported vehicle.
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  #20  
Old December 28th, 2015, 03:44 PM
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Quote:
Originally Posted by jashof View Post
Did you have luck with the USAA route? I called them this morning and they said they couldn't do a loan on the Defender because they couldn't determine value as it was not US specs.
I just needed to get a certified appraisal of the vehicle and they used that for the value. Once I submitted the appraisal, they processed the loan immediately. Then, you just need to upload a copy of the US title (it must be a US title) and they'll issue the funds. I'd highly recommend the appraiser I worked with, but he's out in Michigan so probably not much help to you in Washington. Feel free to PM me if you have any other questions - I'm happy to help!!
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