I have been doing some research and it seems like financing a Vette, especially a C5, can be a little tricky these days. Does anyone have any stories? Good or bad?

 

Put at least 40% down and you shouldnt have any problems. In todays market that should be around 6-10K.

 

I've had Muscle car loans thru Capitol One with absolutely no problems, ever

my .02

 

sorry cant help you I Was lucky enough to pay cash

 

Both banks that I bought with originally (Capitol One) and then refinanced (HSBC) for a lower rate last year no longer buy paper on cars....

The credit landscape is DRASTICALLY different from just one year ago and even three months ago.

Most banks currently wont go older than '02.... after this year (Jan 01, '09) it will be '03 or newer.

Financing is getting scarce. This same time last year 90% of buyers with perfect credit got financing at dealerships, and the report of the last 10 days in September showing just 60% of perfect credit people getting loans compared to the same time last year..... at interest rates approaching DOUBLE the previous year.

Secondary credit (not perfect credit) had a 60% change of getting bought last year with only 10% the same time at the end of September.

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Credit is scary business these days...

That being said, try your local banks --that you've used your entire life... they will most likely want a percent of the purchase price to be covered by you (as a sign of good faith, no 100% loans are likely as time goes on).... but at least you'll get a loan (if your credit is good)


All the idiots who wanted the bailout bill to die have no clue what's happening currently to the revolving credit cycle that most regular small businesses use on a monthly basis and it's bad enough.... if that bill died it would be nearly IMPOSSIBLE to get credit at anything less than cut-throat rates.... thank GOD the bill got passed.

 

I just got mine today and financed it for 24k with a 9.4 APR with usaa. No money down. Paying 438/month...hell I like bein in debt.

 

Those Cap One blank checks (like the one I used) are GONE

Cap one's side of car loans imploded about 7 months ago...

No more blank checks.... they used to buy 30% of the car paper in the U.S and they dried up... they still under VERY strict guidelines will finance a portion of a purchase at a franchised dealer.... independent dealers or purchases are out with them.

Cap One's decline was a huge hit to auto financing starting around march of this year.... the secondary people with good scores (but income verification) started defaulting taking huge loses to the company. Small independent auto dealers that regarded them a great source of funding were hard pressed to find anything comparable. There wasn't anything. Cap One would give 110% of the loan amount and allow additional purchases to go with the car (wheels,stereo,etc) No other funding source did that.... or has.

A finance friend of mine who works for a big Chevy store said he couldn't get a person financed through Cap One who had an 821 beacon score!! The reason? He didn't put more than 20% down.... he only had 10% down.

 

I got my loan in 2002 on my 99 at my local Credit Union......5% no hassles

But that was then.......things have changed a lot this year

 

Have you tried State Farm Bank? I've had good luck with their auto loans in the recent past. Things have changed a lot in just a few short months, though...

 

without starting yet another thread about the problems with the economy, I'll say that I have heard from a banker friend of mine, who said everyone will be scrutinized a lot harder for ANY kind of loan ... getting a loan is not going to be easy, but again he said if you have good credit to start with and a history of good banking habits, it should be no big problem - the scary part is - long time businesses are closing, tons of people out of work ... its kinda scary to think about buying a car

... sorry, I didn't mean to get off on a tangent ...

Best of luck where ever you do finally get your loan

and enjoy your new (to you) vehicle !

 

http://www.capitalone.com/autoloans/...L_C1_01_T_ALBC

 

What institutions have you spoke with already?

 

I ended up going with a credit union (SAC Federal Credit Union) back in August that I’ve used for my past 3 vehicles now and was pre-approved and in and out in 30 min, no hassle. When it came time to get a car I had the check within 10 min after they had the car info.

I tried going with my bank who my checking account is with after mentioning to a personal banker there that I sold my car and was going to get a Z06. She promised me they could do better than the credit union and in the end all they ended up doing was wasting my time which really pissed me off.

IMO don’t mess with the small local banks. Go with whoever is the main supplier of new/used car loans in your city.

 

Like others here said, financing is getting tough right now...

I work at a small community bank, and we were not affected at all by the mess that the larger banks got into. So, my biased opinion is that you should seek out a smaller community bank, if possible.

Another option might be a credit union. They have always had some great rates, and been a little more likely to loan money to their members.

And, as has been said before, the more cash you have in hand the more likely you are to get approved.

Good luck on your purchase!

 

I used a local credit union just about a month ago. Worked good, got a decent rate for a 99 vette.

 

you'd be surprised how low interests rate you can get with some small banks. I had applied at my Century Bank and got a 20k Loan at 8.5% Interest on my 01 Z06. It's true that some banks won't touch anything 02 or less but if you have a good record with your own bank they may just help you out.

 

Same here....Cash is king. Two C4s, and a little cash (on 10/3/08)...and I'm driving my '04 MSG Coupe. And, loving every mile.

 

Paid cash for mine too

 

Wow, haven't financed anything this year. Bought my 02 Vette in 06, no money down at 5.9%. Never had any problems financing anything. Didn't realize things were so thigh out there. We have gone from one extreme to the other.

 

Still franchise dealer only. Notice in the link it has rates for new cars (who sells new cars except franchise dealers?) and used cars (that it claims are through dealers)

Consider Cap One dead.... unless you want to have your financing approved before you walk into a dealer.