Financing a C4
Thread Starter
2nd Gear
Joined: Jul 2010
Posts: 2
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Financing a C4
Hello forum,
I'm considering buying a '96 Corvette and I would like to finance it. I've never financed a used car that was 14 yrs old. How much different or difficult is it to obtain financing for a car that is that old? Do they still just use the blue book value as it relates to the purchase price?
Thanks
I'm considering buying a '96 Corvette and I would like to finance it. I've never financed a used car that was 14 yrs old. How much different or difficult is it to obtain financing for a car that is that old? Do they still just use the blue book value as it relates to the purchase price?
Thanks
Pro
Joined: Oct 2009
Posts: 730
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From: LaGrange Highlands IL
I financed mine through www.jjbest.com, through a dealership but you can contact them on your own. The interest rates a little higher than a new car but not terrible provided you have a good credit rating. They did send out someone to take pics of the car but that was after I took delivery and they do charge for that.
Joe
Joe
Team Owner
Joined: Jan 2009
Posts: 73,568
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From: Somewhere in Mo
St. Jude Donor '09-'10, '14
I have zero affiliation with this company. This is just an example of a quick google search.
(financing a 15 year old car) I see it's the same one already mentioned.
http://www.jjbest.com/2320
(financing a 15 year old car) I see it's the same one already mentioned.
http://www.jjbest.com/2320
Melting Slicks
Joined: Feb 2008
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From: West Chester PA
St. Jude Donor '09 thru '25
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Safety Car
Joined: Sep 2002
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From: The reason time exists is so everything doesn't happen at once
When I bought my 93 about 5 years ago I used CapitalOne. They had a program where you were preapproved up to a certain amount. You could then look at cars until you found the one you wanted to buy. However, with what has happened in the credit markets and with the new financial reform act, I don't know if that program is still alive or what other changes might have happened. I do know that lenders have become very selective and have tightened their credit underwriting standards considerably.
Le Mans Master
Joined: Oct 2006
Posts: 6,842
Likes: 285
From: Palmdale CA
Sorry, have to disagree. Not all of us are boomers with dough laying around. I financed mine and no shame in doing it. The 15 year old car was still $10K and if a young man is looking to get into a 'Vette instead of the usual Scion POS, Versa, or other jellybean-mobile, then MORE POWER TO HIM!
Drifting
Joined: Oct 2005
Posts: 1,457
Likes: 9
From: Minneapolis MN
Sorry, have to disagree. Not all of us are boomers with dough laying around. I financed mine and no shame in doing it. The 15 year old car was still $10K and if a young man is looking to get into a 'Vette instead of the usual Scion POS, Versa, or other jellybean-mobile, then MORE POWER TO HIM!
If he can afford the payments, more power to him. A quick google search on "classic car financing" turned up several possibilities. I know a guy selling a really, really nice 96 if you're interested send me a PM.
Last edited by Leftoverture; Jul 22, 2010 at 06:03 PM.
Drifting
Joined: Nov 2009
Posts: 1,884
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Melting Slicks
Joined: Jun 2010
Posts: 2,528
Likes: 2
From: PA
I'm in my 40s and always wanted a vette and couldn't swing it. I only got this one because my lady went half on it. We don't all crap money...if he can manage it, even if only by financing it, good for him!
Racer
Joined: Jun 2010
Posts: 264
Likes: 1
From: San Antonio Texas
I financed my 1992. Why did I do it? Because I can! USAA gave me a great rate and my payment is dirt cheap, plus I will have it paid off before the end of the year. Doesn't hurt to have a paid off car note on your credit.
Team Owner
Joined: Jan 2009
Posts: 73,568
Likes: 33
From: Somewhere in Mo
St. Jude Donor '09-'10, '14
Le Mans Master
Joined: Apr 2005
Posts: 6,413
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From: The Old Dominion
Financing is a good way not to tie up capital too (depending on the rate) and avoid risk. Maybe he'd rather keep $10k in the bank and have a small monthly commitment if his job status changes or something else comes up, vs having no money in the bank to deal with life as it comes.
Team Owner
Joined: Jan 2009
Posts: 73,568
Likes: 33
From: Somewhere in Mo
St. Jude Donor '09-'10, '14
A young man wouldn't be able to afford any car then, by that logic. Financing doesn't mean you can't afford it (doesn't mean you can, either).
Financing is a good way not to tie up capital too (depending on the rate) and avoid risk. Maybe he'd rather keep $10k in the bank and have a small monthly commitment if his job status changes or something else comes up, vs having no money in the bank to deal with life as it comes.
Financing is a good way not to tie up capital too (depending on the rate) and avoid risk. Maybe he'd rather keep $10k in the bank and have a small monthly commitment if his job status changes or something else comes up, vs having no money in the bank to deal with life as it comes.
Kept my money in the bank and then paid it off in 8 months.