Financing????
Thread Starter
Intermediate
Joined: Aug 2007
Posts: 38
Likes: 0
From: HOUSTON TEXAS
Financing????
Anyone know of a good finance company we could use? Trying to purchase our first vet and keep getting the same story by the big banks. Won't finance a 3 - 5 year old car for more than 36 mos. and only certain dollar amount. Don't they take into consideration that it is not an everyday, normal car?? It has been really frustrating. 
Any ideas or suggestions?? 
Any ideas or suggestions??
Melting Slicks
Joined: Aug 2004
Posts: 2,237
Likes: 9
From: Springhill FL
Someone is feeding you a line, or you plain just dont have the credit to pull it. I financed my 98 vette in 2004(6 years old). Pulled a 24k loan for 6 years at 3.9%. No problem.
Just traded in the vette(sorry guys
) on a 2004 car(3 years old) and got a 6 year loan @ 6.49%. Granted interest rates a tad higher these days, but still..no problems getting financed. Both loans were through GTE Federal Credit union.
From what I understand it does take a little stronger credit to pull a GOOD loan on a used car.
Just traded in the vette(sorry guys
) on a 2004 car(3 years old) and got a 6 year loan @ 6.49%. Granted interest rates a tad higher these days, but still..no problems getting financed. Both loans were through GTE Federal Credit union.From what I understand it does take a little stronger credit to pull a GOOD loan on a used car.
Last edited by MawneeC5; Aug 11, 2007 at 04:42 AM.
Le Mans Master
Joined: May 2007
Posts: 5,383
Likes: 6
From: hagerstown md
St. Jude Donor '08-'09
Capitol One Blank Check. Doesn't matter the car, it goes by your credit worthiness. Takes minutes to do online. We were approved for 40,000 in less than 20 seconds. This way, you can find the car you want, and negotiate with "cash". I paid over 4,000 less for mine just by telling them I would write them a check right now, take it or leave it. Worked in my favor. The interest rate is very competitive.
HTH
HTH
Le Mans Master
Joined: Aug 2001
Posts: 6,725
Likes: 5
From: Colesville MD
If your credit is strong and you are within lending guidelines, you should be able to finance back to a 2003 for 72 months and back to a 2000 for 60 months. If you are purchasing from a dealer, they can arrange this for you. If you are purchasing from a private seller, keep checking financial instituions until you find one with better terms.
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Instructor
Joined: Dec 2006
Posts: 244
Likes: 0
From: Phoenix AZ
Banks are kinda stuck up about that whole 'loan' thing ..there are better places to spend your money.
As has been said, Credit Unions are good .. there are also classic car finance companies gettin into the act these days
Enthusiasts take better care of their cars, drive 'em a bit more competently, and the value goes up year by year on the older ones.
If nothin else, you can call Cn'V (here in Arizona) or Corvette Palace (in Texas) and ask who they finance thru.
-Frank
As has been said, Credit Unions are good .. there are also classic car finance companies gettin into the act these days
Enthusiasts take better care of their cars, drive 'em a bit more competently, and the value goes up year by year on the older ones.
If nothin else, you can call Cn'V (here in Arizona) or Corvette Palace (in Texas) and ask who they finance thru.
-Frank
Burning Brakes
Joined: Jul 2007
Posts: 798
Likes: 207
From: Rougemont NC
I used the Capitol One Blank Check mentioned here already. Got 60 mos. at around 8% (rates keep going up, so don't delay if you can help it) on a 2000 Vert and was approved for up to 40K, and the interest rate is even lower for purchasing from a dealer. (my vette came from a private party) See what Capitol One can do for you. You might be surprised.
Racer
Joined: May 2007
Posts: 259
Likes: 1
From: Smith Mountain Lake Va
Instructor
Joined: Jul 2007
Posts: 102
Likes: 0
From: Central Va.
e-LOAN BLANK CHECK HERE. 7.49% and zero down for 6 yrs on a 98. Capitol one wanted 8.99% for the same car... because its a 98. read the fine print on Capitol One when buying an older model, they initially quoted me 7.24%. I'm a happy camper, till the payments start! 
...
Le Mans Master
Joined: May 2007
Posts: 5,383
Likes: 6
From: hagerstown md
St. Jude Donor '08-'09
Advanced
Joined: Mar 2006
Posts: 77
Likes: 0
From: Lakeland FL
i used capital one. i got a 98vette in early 06 . got a blank check from them and i even included the sales tax in it. no money down. i dont know what thier rates are now but back in 06 it was right on or better than the local banks.
it was a 5 year loan.
it was a 5 year loan.
Last edited by astvega; Aug 11, 2007 at 10:46 PM.
Instructor
Joined: May 2006
Posts: 142
Likes: 1
From: Southfield MI
For CapOne... had the same problem, bank and credit union would not do a 7 year old car. While the credit union did offer to do older cars then bank, neither would do my 99 vert last year. I did CapOne while there rates are not always the best there is no prepayment penalty and like stated above... you can drive a better deal if you can tell the seller you can write them a check right there! My seller was older and had not heard of the "Blank Check" CapitalOne provides a phone number to verify the check is legit... so the deal went very well.
Drifting
Joined: May 2005
Posts: 1,357
Likes: 0
From: Ft. Worth TX
If you have the equity in your home, this is the only way to go..
Plus, if you get a Home Equity Line of Credit, its there long after you pay of the balance on the car, to use on MODS..
