Hi guys,
I've been lurking here for a while but finally had a question to ask. I'm interested in building an RV-8 180hp/CS. I'll obviously need a loan if I want to do this. Here's my question, I'm 21 yrs old tomorrow (already have a VP-1 under my belt and partially completed W-10 Tailwind which I sold after realizing how not fun steel is to work with),and have been working as a retail clerk at the same location for about 3 years. I was in an accident in 2nd grade which the other party's insurance settled with us for $40,000. Unfortunatly I get the money in $5,000 payments every 6 months starting when I turn 21(tomorrow). I'd like to get the money upfront (loan) so I can get going on the project but I'm not sure If I will be approved for one due to my age and not having too much credit history. I was hoping the $40,000 would act as a good asset to the loan company. Does anyone have any ideas? Thanks! -Todd
I've been lurking here for a while but finally had a question to ask. I'm interested in building an RV-8 180hp/CS. I'll obviously need a loan if I want to do this. Here's my question, I'm 21 yrs old tomorrow (already have a VP-1 under my belt and partially completed W-10 Tailwind which I sold after realizing how not fun steel is to work with),and have been working as a retail clerk at the same location for about 3 years. I was in an accident in 2nd grade which the other party's insurance settled with us for $40,000. Unfortunatly I get the money in $5,000 payments every 6 months starting when I turn 21(tomorrow). I'd like to get the money upfront (loan) so I can get going on the project but I'm not sure If I will be approved for one due to my age and not having too much credit history. I was hoping the $40,000 would act as a good asset to the loan company. Does anyone have any ideas? Thanks! -Todd