Corvette financing difficulties
Burning Brakes
Joined: Feb 2006
Posts: 785
Likes: 1
From: Middletown PA
There's a link on this Vette dealer's web site for financing. Some nice cars too you might want to check out. Real good guy to deal with.
http://www.jacksonsautosales.com/index.htm
http://www.jacksonsautosales.com/index.htm
Burning Brakes
Joined: Apr 2006
Posts: 976
Likes: 1
From: Lincoln NE
keep trying your credit unions... 20 with only 2 years of credit to back me. no previous car notes... just creditcards.... 17k loan at 9.5 (not great but not real bad) with no money down...
Dont' give up... if you have respectable credit you will be in the club before you know it.
Dont' give up... if you have respectable credit you will be in the club before you know it.
Drifting
Joined: Jan 2005
Posts: 1,969
Likes: 201
From: Lyons Il
2023 C5 of the Year Finalist - Unmodified
bank loan on a Vette
Cars are generally a bad investment and banks know it. Even a Vette, it is 7? years old? Take an equity line on your house. If you have equity and good credit, the bank will never ask a question. Remember that banks only look at what will happen if you default. If you want a car loan, the bank says "what do we get if they default"? A used car is what they will get. Banks are not in business to sell used cars. But if you take an equity line, that means that if the bank gives it to you they see that your mortgage plus the loan is less than the value of your house. Banks ARE into real estate, the most solid investment in terms of what your banker is thinking. The other option is a loan on your credit union. If you ask for less than you have liquid, they will give you the money. If you default, they already have your money. Dealer loans on an expensive used car are bad as well. Forget the interest rate, if you lose your job, you are still bound to the payment. If you get an equity line, the title is yours, and you really have 20 years to pay it off. You could then sell the car with no hassle, and make the minimum payment on the loan if you had to in the interim.
Le Mans Master
Joined: Feb 2006
Posts: 5,119
Likes: 272
From: SC
Originally Posted by sage666
I've used CapitalOne (formerly PeopleFirst) several times and never once did they ask what make/model/year car I intended to buy. They are concerned only with your credit rating and ability to repay. I'm a big fan of their Blank Check program.
Melting Slicks
Joined: Oct 2001
Posts: 2,320
Likes: 2
From: Salem Oregon
Originally Posted by astrolite
They didn't care what car I was going to buy. They handed me a blank check and said thanks 
lendingtree.com might be a good start
lendingtree.com might be a good start
I did mine totally online.
