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Freakin auto loans
Thread Starter
Pro
Joined: Apr 2008
Posts: 610
Likes: 2
Freakin auto loans
It has been almost 3 months since I sold my Vette and I can't stand it. So I found an 88 that I want to buy, yes for all of you who said, "I told you so," you were right. So I'm eatin crow. Oh well, live and learn. Anyway I don't know what the best course of action is to get an auto loan for an 88. Can anyone recommend an auto loan company that does loans for older cars? Thanks for your help. I gotta get back in the game coach. Todd 
Race Director
Joined: Jul 2007
Posts: 15,118
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From: Salt Lake City Utah
2020 C3 of the Year Finalist - Unmodified
2019 C3 of Year Finalist (stock)
It has been almost 3 months since I sold my Vette and I can't stand it. So I found an 88 that I want to buy, yes for all of you who said, "I told you so," you were right. So I'm eatin crow. Oh well, live and learn. Anyway I don't know what the best course of action is to get an auto loan for an 88. Can anyone recommend an auto loan company that does loans for older cars? Thanks for your help. I gotta get back in the game coach. Todd
Burning Brakes
Joined: Jul 2008
Posts: 776
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From: Ottawa IL
Advanced
Joined: Jul 2005
Posts: 97
Likes: 0
From: Miami Fl
The best financing for any year Corvette is JJ Best Bank. They will finance any year Corvette with pretty good rates and only 10% down. Look them up, you won't be disappointed. If you can't find them let me know, I have their number somewhere.
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From: Exit 89 GSP,Lakewood,NJ The Land Of Mojo
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Team Owner
Joined: Jan 2009
Posts: 73,568
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From: Somewhere in Mo
St. Jude Donor '09-'10, '14
A couple years ago I financed mine with a CC. Now before anyone starts going tizzy on me let me explain.
I could have paid cash for my 90 if I wanted to. But I didn't want to. So I took a 0% special offer from my cc for 10 months. I paid it off in 8 months. Just to be sure they didn't screw me. It cost me a total of a couple hundred bucks, if I recall correctly, for the money I received. Paid off and kept my money in the bank. I paid a couple hundred bucks each month as a payment per se.
I have learned to use OPM like the big boys do. But I haven't seen many of those offers coming in lately. But you may.
But this only works if you have one of those offers and get it paid in the timeframe they allow.
Welcome back.
I have also used Wachovia in the past for older vehicles.
I could have paid cash for my 90 if I wanted to. But I didn't want to. So I took a 0% special offer from my cc for 10 months. I paid it off in 8 months. Just to be sure they didn't screw me. It cost me a total of a couple hundred bucks, if I recall correctly, for the money I received. Paid off and kept my money in the bank. I paid a couple hundred bucks each month as a payment per se.
I have learned to use OPM like the big boys do. But I haven't seen many of those offers coming in lately. But you may.
But this only works if you have one of those offers and get it paid in the timeframe they allow.
Welcome back.
I have also used Wachovia in the past for older vehicles.
Last edited by RetiredSFC 97; Dec 28, 2009 at 03:04 PM.
Team Owner
Joined: Jan 2009
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From: Somewhere in Mo
St. Jude Donor '09-'10, '14
Le Mans Master
Joined: Jul 2007
Posts: 5,356
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From: No HOA, New Hampshire
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St. Jude Donor '09
If you put the payment amount in a savings account each month( I know crappy interest) for one year, you would have a great downpayment for an older Vette. I waited for more than 3 years and was able to buy with cash. But I didn't have to pay any interest on a car loan. But the Vette was worth more then, then it is now. None of my pennies when to a CEO's Christmas Bonus.
Le Mans Master
Joined: Nov 2009
Posts: 6,119
Likes: 156
From: Huntington tx
My Credit Union does 10 year old cars, that's it. Otherwise with C4's going for so little why not just save up? I bought 2 C4's for very little and paid cash.
But if you are old and don't expect to live long enough to save up for it, by all means finance it and drive the snot out of them before you kick the bucket.
But if you are old and don't expect to live long enough to save up for it, by all means finance it and drive the snot out of them before you kick the bucket.
Melting Slicks
Joined: Feb 2008
Posts: 2,384
Likes: 56
From: West Chester PA
St. Jude Donor '09 thru '25
A couple years ago I financed mine with a CC. Now before anyone starts going tizzy on me let me explain.
I could have paid cash for my 90 if I wanted to. But I didn't want to. So I took a 0% special offer from my cc for 10 months. I paid it off in 8 months. Just to be sure they didn't screw me. It cost me a total of a couple hundred bucks, if I recall correctly, for the money I received. Paid off and kept my money in the bank. I paid a couple hundred bucks each month as a payment per se.
I have learned to use OPM like the big boys do. But I haven't seen many of those offers coming in lately. But you may.
But this only works if you have one of those offers and get it paid in the timeframe they allow.
Welcome back.
I have also used Wachovia in the past for older vehicles.
I could have paid cash for my 90 if I wanted to. But I didn't want to. So I took a 0% special offer from my cc for 10 months. I paid it off in 8 months. Just to be sure they didn't screw me. It cost me a total of a couple hundred bucks, if I recall correctly, for the money I received. Paid off and kept my money in the bank. I paid a couple hundred bucks each month as a payment per se.
I have learned to use OPM like the big boys do. But I haven't seen many of those offers coming in lately. But you may.
But this only works if you have one of those offers and get it paid in the timeframe they allow.
Welcome back.
I have also used Wachovia in the past for older vehicles.
I worked at MBNA America for a long time and beleive me, people (with high credit lines) buying cars did it all the time. Until the acquisition by Bank of America, the Barrett Jackson and Mecum cards were all issued by MBNA and now BofA. Buy the car, then get your financing from bank, credit union whatever, then pay off CC. Lot's of people used reward cards to rack up points than paid off right away. Biggest issue was dealers calling asking how to title the car for a lien...had to explain that on a CC, it's an unsecured loan, no lien. Used to make title clerks in dealerships head explode, they just couldn't deal with that answer. 
Le Mans Master
Joined: Jan 2005
Posts: 6,116
Likes: 3
Are all these loans normal auto loans (5 years or so, 3-5% interest)? My credit union and mortgage bank where we bank have great interest rates for auto loans, however for auto loans they'll only work with 5 year old cars or newer, and even then, our credit union won't underwrite a loan for a car with >100K miles. Our bank won't do greater than 75K miles.
Anything older, with more miles, they point us to some sort of personal loan with (to me) sick interest, 10% or higher.
For example, this is from Capital One's auto loan faq:
http://www.capitalone.com/autoloans/...QNAU&?#1_pg_sl
Minimum loan amount is $7,500.
Vehicle you are financing must be no older than 7 years and have less than 70,000 miles.
We do not offer refinancing for:
Commercial vehicles, motorcycles or recreational vehicles.
Vehicles purchased from independent used car dealers, auto brokers or other individuals (e.g., private party sellers)
Anything older, with more miles, they point us to some sort of personal loan with (to me) sick interest, 10% or higher.
For example, this is from Capital One's auto loan faq:
http://www.capitalone.com/autoloans/...QNAU&?#1_pg_sl
Minimum loan amount is $7,500.
Vehicle you are financing must be no older than 7 years and have less than 70,000 miles.
We do not offer refinancing for:
Commercial vehicles, motorcycles or recreational vehicles.
Vehicles purchased from independent used car dealers, auto brokers or other individuals (e.g., private party sellers)
Last edited by psychodiagnostik; Dec 29, 2009 at 05:16 PM.