Loans on older vettes?
Thread Starter
Le Mans Master
Joined: Mar 2005
Posts: 5,492
Likes: 39
From: Tampa Florida
Loans on older vettes?
Where do people get loans on older corvettes? Like a 2000, I called 3 places, one would only let me take out 10k due to age, other would not even give me a loan due to mileage, the 3rd would only due it for 3 years and i would like to do it for 4 years. Idealy id like to take out a loan for about 4 years for approximately $18k. I may due some more hunting but didnt expect it to be this hard.
Thread Starter
Le Mans Master
Joined: Mar 2005
Posts: 5,492
Likes: 39
From: Tampa Florida
it should be pretty spotless, never a late payment, have been paying for my c6 for 1.5 years, have some cc debt but way under my limits...i dunno i think its the places I am calling. Anyone have suggestions on where to go?
Lepus-temperamentalus
Joined: Apr 2004
Posts: 5,827
Likes: 5
From: Roswell Ga
Or another tactic is get a home equity loan and use the cash to buy the car. One nice thing about doing that is you only have to carry liability insurance then if you want to take the chance.
Thread Starter
Le Mans Master
Joined: Mar 2005
Posts: 5,492
Likes: 39
From: Tampa Florida
one credit union would only give me 10k the other would only do it for 3 years, i rent so cant take out a home equity loan. The 3 year one would be the better of the two options for me if anything plus they were offering a lower rate.
Drifting
Joined: Jan 2009
Posts: 1,275
Likes: 1
From: Port Orchard WA
Hmmm that just sounds odd to me.. but w the economy maybe they are tightening up a tad as protection. just keep calling around, check online as well sometimes they run specials (better rates) online. good luck
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Racer
Joined: Jan 2009
Posts: 279
Likes: 1
From: North Port Florida
Depending on how bad you might want the 2000, my credit union told me that they can only do AUTO loans for cars that are 2002 (now most likely 2003) and newer due to age. However, when I was looking at a 2001 Z, they said no to an AUTO loan, but yes to a PERSONAL loan. Interest rates are noteably higher this way, but if you want that 2000, this is probably the only way right now to get financing unless you buy from a stealership. My credit is still on the mend after an ugly divorce back in 04, but I had no issues at all getting my loans with acceptable interest rates. Wish you luck! 
Melting Slicks
Joined: Jun 2008
Posts: 2,283
Likes: 16
From: Katy Tx
I got mine on-line from Capital One - 30 min approval and they
overnighted a check. That was 1-1/2 yrs ago and the car is a 97
that had 28k miles then. Things may have changed a lot since
then though.
overnighted a check. That was 1-1/2 yrs ago and the car is a 97
that had 28k miles then. Things may have changed a lot since
then though.
Melting Slicks
Joined: May 2002
Posts: 2,199
Likes: 1
From: right here right now
CI 5-6-8-9-11 Veteran
Lepus-temperamentalus
Joined: Apr 2004
Posts: 5,827
Likes: 5
From: Roswell Ga
Loans ARE a lot tougher these days. Try buying some real estate and you'll see what I mean.
Instructor
Joined: Sep 2008
Posts: 211
Likes: 0
From: NYC NY
Because off the year and milage, they wont let u get a loan for anything older than 2002 with less than a certain milage. Its insurance for them. They dont want u buying an old car with high milage. U will be paying more money fixing it then paying them back for the loan
Thread Starter
Le Mans Master
Joined: Mar 2005
Posts: 5,492
Likes: 39
From: Tampa Florida
just checked capital one...even if the car was newer you have to buy it from a dealer
If you are applying for a New or Used Auto Loan:
Our minimum loan amount is $7,500*
Vehicle may be up to 7 years old with less than 70,000 miles
Vehicle must be purchased from an Local Car Dealers
If you are applying for a New or Used Auto Loan:
Our minimum loan amount is $7,500*
Vehicle may be up to 7 years old with less than 70,000 miles
Vehicle must be purchased from an Local Car Dealers
Advanced
Joined: Jul 2009
Posts: 63
Likes: 0
The recession is making it much harder on us... Last year (I was 18) I was offered a $12,000 loan from a local credit union.. Keep in mind I was 18 with NO CREDIT yet. Granted I was making $1500/month on a 20hour parttime job. I had just gotten my current credit card! Not going to be the same situation now.
I wish you the best of luck on your purchase buddy
I wish you the best of luck on your purchase buddy
Instructor
Joined: Nov 2007
Posts: 239
Likes: 19
From: Tuscumbia AL
We borrowed for our 1993 last April at our credit union, no problem. We paid it off in less than a year, but got a 4 year loan on it. Just got a 4 year loan for the 2000 we just bought, no problem. They love lending us money. LOL