I need some help guys and gals. I'm 19 years old and preparing to buy my first 'Vette this summer. :cool: However, I have run into one problem: financing. The problem is that I have limited credit experience. What little credit I do have however, is great. My father is willing to co-sign for me as well. I need some place that will finance a '91-'94 model Corvette for 60 months so that I can afford the payments. Someone recommend J.J. Best to me, but they require that I be the co-signer and my father be the primary signer. My father doesn't really want to do that, since he's planning on buying a new car in the next few months as well. So I guess my question is, does anyone know of a bank or financial institution that will finance for 60 months with a co-sign situation?? I currently have at my disposal $3000+ to put down, but can very easily come up with another couple K, but would rather not do that if at all possible. Thanks in advance for the help!!

 

Your dad can be the signer on your car with no problems. All he'd have to show is that you are paying for the car. Keep a copy of the checks. :cheers:

FWIW, financing for a 91 or so for 60 months might be tough to find.

 

Try http://www.peoplefirst.com

maybe they can help


Bart

 

Gonna be tough unless the price is over $20K. Most lending institutions don't want to cover a loan on an old car for long due to risk in case of default. :seeya Oh and you will likely pay more in interest rate because of the longer term.....would be cheaper all around to go shorter term then.


[Modified by Goody, 12:18 PM 4/23/2002]

 

Keep in mind that it doesn't matter if your Dad is the principle or co-signer. The loan will show on his credit report.

 

These guys are great and quick. The interest rate was better than chevy was offering for a new vette at the time.

 

Finding somebody to write the loan can be done. What you need to do, if you haven't checked around already, is to factor in the price you will pay for insurance. Whoever will carry the contract will typically require collision and comprehensive coverage in addition to liability.

Insurance companies sometimes have a very diffult time with insuring a 19 year old in a Corvette. Your grades, driving record, and your Zip Code all play a role. Get one ticket and some insurance companies may drop you like a rock! The extra 2K you have may be needed for the insurance. so hold that back.

If you are living at home, you may find it could be easier to have the car in your father's name (with you making the payments) on the family insurance policy and be listed as primary driver. This could also help cover you if you attend a college or university out of town and have the car with you.

The other thing is to have some money available for repairs/mods/parts. Corvettes are fun cars, but when they break down, repair costs can be big especially if you aren't mechanically inclined or don't have a way to do the work yourself.

Good luck and hope you find a vette you will enjoy!!

 

I went through a credit union and I was only 18 at the time. My dad had to be primary and I cosign, then after a year I trasfered fully under my name because I had enough credit after a year.
Good luck if you want your interest rates low and you being primary.

 

I 2nd this one. They are great.

 

Try eloan.com. They have great rates, send the check to your home - very easy. I have used them to fund a 98 T/A I bought and am refinancing a truck right now with them. Only problem is they wont finance past 1995. But they do go to 72 months.

 

Keep in mind that if you buy and finance through a dealership the interest rates are also negotiable. The dealerships are financed through certain banks and they are free to charge, and mark up the interest rates and they split the difference with the banks. You can talk them down to the original approved rate.

 

I would not encourage a 19yo to finance a 10 year old car for 5 years!

Save your money and buy a Vette when you can afford to do it without strapping yourself down for that long! Make sure you owe less than the car is worth if you do "have to" finance it. The last thing you want to be when you are 19yo is in a long term debt to a bank!!

 

And if you ABSOLUTELY MUST have a vette now, might I suggest scaling back a few years and get maybe something a little older, cheaper and take a shorter term with a decent monthly payment. My '86 is financed for 36 months (3 years for the math impaired) with a payment $235/mo. This way if something unexpected should happen, you wont find your PnJ on the back of some guys flatbed.

 

I know it's a long drive, but Roger's Corvette Center in Orlando has all the angles for financing.... :yesnod:

Check their web site at: http://www.rogerscorvette.com And see if they can help.....They've been great for me to deal with, and Vettes is just about ALL they do!

Best of Luck!! ...... :seeya

 

I'm buying a vette in about a week, and i'm also 19, I have had two car loans both with co-signers both paid of in a year each, but they still need a co-sign on this one. I am taking out a personnal loan and they said as long i have full coverage i can use the car as collatteral(typo?), but i will pay higher interset because its a personal loan. My only problem is finding insurance for a decent rate here in minnesota. I've been quoted at 2100 for 6 months for 2 cars, but that is for an lt4.

 

If you can't get your insurance any cheaper, it really isn't worth driving a vette if you have to pay out the as s for insurance.

 

I bought my '92 a year ago at 20. My dad is a bank manager so I had no trouble getting a loan. :yesnod:

Make sure you can COMFORTABLY afford what you buy. Payments + insurence + repairs/mods are EASILY $500 a month. If you're not making a good deal more than that you really should wait a few years.

 

Paying high insurance does suck, and i don't want to sound cocky,but I make more money than the average 19 year old too. So its not a real problem.

 

Sounds like you have your mind made up, and will figure it out as you go along...but just imagine if you bought something more affordable now,saved your money, and maybe invested some...how much ahead of the game you would be when you were in your mid twenties. But hey, thats just my opinion, and I am only 35yo.


[Modified by Eric 96, 5:53 PM 4/28/2002]

 

people assume cause i'm 19 i'm bad with money or what. I have money invested also, i was given that same opinion when i turned 18 i started investing then, but i work very hard for my money and busted as s to get where i am.