Linger Financing terms Available???
Thread Starter
Instructor
Joined: Feb 2006
Posts: 139
Likes: 0
From: Roseville CA
Linger Financing terms Available???
I am looking to get a 2000-2002 c5 but the longest term available that I found for a loan on a 2000 car is 36 months. And the longest I found for a 2002 car is a 48 month term.
Does anyone know a bank that offers a longer term? I live in Wisconsin but there must be a national bank out there that has longer terms...I have looked, but not successfully. Thanks!
Zach
Does anyone know a bank that offers a longer term? I live in Wisconsin but there must be a national bank out there that has longer terms...I have looked, but not successfully. Thanks!
Zach
Burning Brakes
Joined: Nov 2005
Posts: 1,054
Likes: 9
From: La Quinta CA
Bro, hate to say this but if you need longer than 48 months to pay for a six year old car, then you can't afford it.
There's a reason they don't offer those terms on older cars. You'd almost be guaranteed to be upside down on the car, and would represent a significant risk for the lending company.
There's a reason they don't offer those terms on older cars. You'd almost be guaranteed to be upside down on the car, and would represent a significant risk for the lending company.
Racer
Joined: Mar 2006
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From: Luling La.
Race Director
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From: Ideals are peaceful...History is violent...St.Charles, MO.
2020 Corvette of the Year Finalist (appearance mods)
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I don't know of many banks that will go much past that.
You're best option in my opinion,would be to try a credit
union.Their interests rates are usually better and
depending on the year and mileage of the car they'll
offer longer terms.
I agree though with said above though,6 year-old car is
a lot to go in the hole for a longer term than 48 months.
Interest will always be higher on used than new.
Good luck to ya!!!
You're best option in my opinion,would be to try a credit
union.Their interests rates are usually better and
depending on the year and mileage of the car they'll
offer longer terms.
I agree though with said above though,6 year-old car is
a lot to go in the hole for a longer term than 48 months.
Interest will always be higher on used than new.
Good luck to ya!!!
Race Director
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From: Wellsboro Pa
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with trying your local credit union - I've found the best rates and terms at my local one.
Intermediate
Joined: Aug 2004
Posts: 39
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From: forest park il
I would buy an 03 or 04 you can get up to 72 months from your local chevy dealer . or if you have to have a 02 check with rick at the corvette collection in plainfield il i have bought a few cars from them and had terms from 66 months to 84 . i know he has a 02 yellow coupe
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Race Director
Joined: Nov 2004
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From: Central Ma
Bro, hate to say this but if you need longer than 48 months to pay for a six year old car, then you can't afford it.
There's a reason they don't offer those terms on older cars. You'd almost be guaranteed to be upside down on the car, and would represent a significant risk for the lending company.
There's a reason they don't offer those terms on older cars. You'd almost be guaranteed to be upside down on the car, and would represent a significant risk for the lending company.
Exactly. This is why so many people are defaulting on loans across the country. And guess who ends up footing the bill?
Drifting
Joined: May 2007
Posts: 1,547
Likes: 210
From: Huntersville, NC
Loans and Such
This response will probably get a lot of 
.
Most likely, the APR you will get is about14%. Assuming this is the case:
$20000 $25000
72mo= $416/mo $520/mo
48mo= $550/mo $688/mo
36mo= $687/mo $859/mo
Adding other expenses such as insurance, you can see how people quickly get behind and they owe more than the value of the car. The finance companies know this and they set your loan interest rate based on risk of losing.
Here's a suggestion: Drop out of life for a year, get a second job, even if it is "welcome to Mickey D can I take your order", SAVE every free penny from that job and any you can from job #1. Water instead of coca-colas, etc. After a year of saving, you might be close to being able to pay cash. If so, then your bargaining power is much greater with individual sellers.
.Most likely, the APR you will get is about14%. Assuming this is the case:
$20000 $25000
72mo= $416/mo $520/mo
48mo= $550/mo $688/mo
36mo= $687/mo $859/mo
Adding other expenses such as insurance, you can see how people quickly get behind and they owe more than the value of the car. The finance companies know this and they set your loan interest rate based on risk of losing.
Here's a suggestion: Drop out of life for a year, get a second job, even if it is "welcome to Mickey D can I take your order", SAVE every free penny from that job and any you can from job #1. Water instead of coca-colas, etc. After a year of saving, you might be close to being able to pay cash. If so, then your bargaining power is much greater with individual sellers.
Race Director
Joined: Oct 2007
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From: 4th on the list of top 100 in USA Ga.
Bro, hate to say this but if you need longer than 48 months to pay for a six year old car, then you can't afford it.
There's a reason they don't offer those terms on older cars. You'd almost be guaranteed to be upside down on the car, and would represent a significant risk for the lending company.
There's a reason they don't offer those terms on older cars. You'd almost be guaranteed to be upside down on the car, and would represent a significant risk for the lending company.
Save up some money dude
Le Mans Master
Joined: Nov 2006
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From: Freezing in the Midwest. Fort Wayne IN. Global warming my azz.
Cruise-In X Veteran
St. Jude Donor '08-'09-'10
I got a 60 month loan on my 99'. But that was due to still having a year left on my other vehicle loan. Since then I have paid off the first loan and doubled up on the vette loan. Will be paid off 2 years early with no penalty. If you have to finance then shoot for the 36 month loan. If that is too much then like was said above, save, save, save.
But that was due to still having a year left on my other vehicle loan. Since then I have paid off the first loan and doubled up on the vette loan. Will be paid off 2 years early with no penalty. If you have to finance then shoot for the 36 month loan. If that is too much then like was said above, save, save, save.
Thread Starter
Instructor
Joined: Feb 2006
Posts: 139
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From: Roseville CA
Bro, hate to say this but if you need longer than 48 months to pay for a six year old car, then you can't afford it.
There's a reason they don't offer those terms on older cars. You'd almost be guaranteed to be upside down on the car, and would represent a significant risk for the lending company.
There's a reason they don't offer those terms on older cars. You'd almost be guaranteed to be upside down on the car, and would represent a significant risk for the lending company.
I knew someone would say something like this. Ill tell you bro, I have allready owned a corvette at a 3 year term when the payments were almost $800 and I did just fine. So thanks for your giant waste of time responce. You made the most uninformed, niave statement that a person could possibly make. I cant afford it? How would you know I cant afford it? You base that entire decision on me wanting smaller payments?-------Ignorce at its finest.--------
Wow...I feel better.
For the rest that gave a responce, I appreciate it. I will probably try capital one.
Racer
Joined: May 2003
Posts: 478
Likes: 1
From: Newark de
I knew someone would say something like this. Ill tell you bro, I have allready owned a corvette at a 3 year term when the payments were almost $800 and I did just fine. So thanks for your giant waste of time responce. You made the most uninformed, niave statement that a person could possibly make. I cant afford it? How would you know I cant afford it? You base that entire decision on me wanting smaller payments?-------Ignorce at its finest.--------
Wow...I feel better.
For the rest that gave a responce, I appreciate it. I will probably try capital one.
Wow...I feel better.
For the rest that gave a responce, I appreciate it. I will probably try capital one.
Burning Brakes
Joined: Oct 2007
Posts: 925
Likes: 24
From: Wenatchee WA
I Currently Have A "blank Check" From Capital One, That Is Good For Any 2003 Or Older Car Purchased From A Dealer For 72 Months. The Interest Rate Does Creep Up The Older The Vehicle And Is Considerable Higher When Going With A "person To Person" Loan.
P.s I Agree Poeple Should Worry About Their Own Finances Not Yours Or Mine. My .02
P.s I Agree Poeple Should Worry About Their Own Finances Not Yours Or Mine. My .02