Can't Finance a C5???
03-14-2011, 12:45 AM
#22
Racer
Member Since: Sep 2009
Location: Charleston SC
Posts: 257
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Doug. Join your local credit union. Around here the rates from them are currently 4.5% and they will loan on cars 10 years old (and sometimes older for specialty cars like 'vetts). I have been using credit unions to buy cars for years and they rock. IMHO 
Using their money is often cheaper than using my own. I like paying cash for toys, but somtimes it makes sense to use other people's money.
Using their money is often cheaper than using my own. I like paying cash for toys, but somtimes it makes sense to use other people's money.
03-14-2011, 03:03 AM
#23
Drifting
I used my credit union when I bought my GTO @ 1 year old.
Just keep in mind the way an amortization schedule works and the fact that you're financing a depreciating asset (in other words, put money down if you can so you're not borrowing more than the car is worth).
Just keep in mind the way an amortization schedule works and the fact that you're financing a depreciating asset (in other words, put money down if you can so you're not borrowing more than the car is worth).
03-14-2011, 01:13 PM
#24
Melting Slicks
i ran into the same problem. They would only finance 2004 or newer from a dealer, and 2006 or newer from a private individual.
I heard credit unions were better, but another alternative is borrowing against your 401k if you have one. Thats what I did. Didnt want to but in order to use the bank I would have had to buy a newer car and spend probably 13-14k more for a C6 than I did on my C5. i pay 4% interest (which goes back into my 401k). The downfall is I lose out on any money I would be making if I left the money in my 401k, but thats more incentive to pay it off sooner. Also I own the car, no lien on the title.
I know its not for everyone, but its an alternative so I thought I would throw it out there. Seems to be working well in my case.
I heard credit unions were better, but another alternative is borrowing against your 401k if you have one. Thats what I did. Didnt want to but in order to use the bank I would have had to buy a newer car and spend probably 13-14k more for a C6 than I did on my C5. i pay 4% interest (which goes back into my 401k). The downfall is I lose out on any money I would be making if I left the money in my 401k, but thats more incentive to pay it off sooner. Also I own the car, no lien on the title.
I know its not for everyone, but its an alternative so I thought I would throw it out there. Seems to be working well in my case.
03-14-2011, 08:58 PM
#25
Burning Brakes
I just bought a 99 vert. The bank I've had for 42 years wanted no part of it. My credit union would have loaned 100 percent of the purchase price, But 9.25 percent interest for 24 months. Second loan on your house might be cheaper. In the end, I just made the withdrawl from the credit union.
