Used Car Loans
Melting Slicks
Joined: Sep 2006
Posts: 2,736
Likes: 7
From: Redding CA
usually a credit union will finance any age/year vehicle at least out in CA..the bigger banks have more stips (stipulations)
I'd shop some other local credit unions if you're set on financing. If the car has less than50K miles..nothing wrong with financing it imo.
I'd shop some other local credit unions if you're set on financing. If the car has less than50K miles..nothing wrong with financing it imo.
Melting Slicks
Joined: Sep 2006
Posts: 2,736
Likes: 7
From: Redding CA
most aren't pulling equity out of their homes at the moment cause it aint' really the time anyway
Melting Slicks
Joined: Jan 2003
Posts: 2,817
Likes: 21
From: Somerset, NJ
If your credit is excellent you can use a credit card promotion to do a 24 month loan at 0-5% with a 4-5% fee (net of 5-10% interest).
Citi and BofA send me Checks all the time and the promotion varies both in length and interest rate.
A 1999 shouldn't be more than 10K.
The plus side is that you will have title in hand with this unsecured loan, should the need arise to sell.
Citi and BofA send me Checks all the time and the promotion varies both in length and interest rate.
A 1999 shouldn't be more than 10K.
The plus side is that you will have title in hand with this unsecured loan, should the need arise to sell.
How do you figure that a 1999 shouldn't be going for more then $10K???? I just purchased my '99 Coupe a month ago for a heck of a lot more then $10K with 36K original miles on it. The car is very close to mint condition. Just the other day I saw another '99 Coupe listed in the C-5 for sale section with 68k original miles up for sale for $20,900. The only earlier C-5 selling for around $10K that I saw before purchasing mine had well over a 150K miles on it and I did plenty of research into what C-5's were selling for before making my purchase.
Race Director
Joined: Aug 1999
Posts: 11,119
Likes: 672
From: SE Pennsylvania
St. Jude Donor '03 thru '26
Oldtimer
Follow your credit union quidelines and find a 2004 ! Look at it this way, a 1999 is a 10 year old a car, it's got no warranty, but a ton of depreciation ! it's in your best interest to find a 2004 or later Vette. Or find one of the other sources mentioned ! 
Last edited by killain; Sep 5, 2010 at 03:10 PM.
Melting Slicks
Joined: Jan 2003
Posts: 2,817
Likes: 21
From: Somerset, NJ
Sorry I don't agree with your accessment. I would look for the biggest bang for your buck. If you can find a earlier C-5 with low mileage that you could well afford trust me you wouldn't be going wrong. They basically look all the same from 1997 through 2004. The '99 I purchased if I didn't know any better I would take for a new Vette coming down the street and I am a Vette person as I own 3 Vettes and have been driving them since 1970 going on 41 years. You mentioned you found yourself a nice '99. I say go for it. A loan can be had if your credit is good just look around.
Burning Brakes
Joined: Jun 2010
Posts: 1,014
Likes: 5
From: Rockwall TX
I just recently bought a 99, completly financed by my Credit Union of Texas. Its only a 3 year deal so payments are higher, and they won't do it for cars over 100,000. And, I didn't have to hit my bank account to do it.
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Instructor
Joined: Apr 2010
Posts: 116
Likes: 0
From: Green Bay WI
I've bought two vehicles in the past 10 months. My 2004 Land Rover Discovery G4 and my 2002 C5. The Rover was financed through the dealership at 3.99%
When I went for the C5 loant, my bank wanted to charge a higher interest rate because the car was more than 6 years old. I started to shop around for other options. I found a local credit union that was willing to work with me because the C5 only had 26k miles. They financed me at 3.99%. My bank was quoting 8.95%. And my credit score is in the upper 700s!!
Keep looking around and you'll find something.
When I went for the C5 loant, my bank wanted to charge a higher interest rate because the car was more than 6 years old. I started to shop around for other options. I found a local credit union that was willing to work with me because the C5 only had 26k miles. They financed me at 3.99%. My bank was quoting 8.95%. And my credit score is in the upper 700s!!
Keep looking around and you'll find something.
Burning Brakes
Joined: Oct 2008
Posts: 898
Likes: 25
From: Dallas, TX
Le Mans Master
Joined: Nov 2001
Posts: 8,780
Likes: 1,936
From: LONG ISLAND
2025 C3 ('68-'73) of the Year Finalist - Unmodified
2024 C3 of the Year Finalist - Unmodified
2023 C3 of the Year Finalist - Unmodified
Talk to Grow financial. Dealership started pulling that crap when I went to buy my 03 last week. "most banks wont finance a car older than 5 years","Its a higher interest rate for older cars", "no extended terms blah blah". After an entire day of their Finance guy "working on it" , they said the best they could get me was 6.5% and the longest terms were 48 months. I called BS, I've got a 775 Credit Score.
I walked into Grow and had a loan at 3.99% in under 30 minutes. All they required was the NADA value of the car be more than the amount of the loan.
I walked into Grow and had a loan at 3.99% in under 30 minutes. All they required was the NADA value of the car be more than the amount of the loan.
1. It has nothing to do with the "DEALERSHIP" they are merely an agent for multiple banks.........they are only a messenger. Most banks will not finance cars older then 6-7 yrs old & if & when they do, the rates are off the charts with very short terms. They dont want the risk & want their return back fast, the longer the terms the more risk of default. Dont forget, Banks are a business.
2. It has nothing to do with your credit score at all...it helps but......rates are based on vehicle age, earnings to debt, credit score / credit history, loan to value ratio & more...........did you know you could have a 750 credit score with only 2 credit cards if you pay them on time........?? That still will not get you an approval, if your a first time buyer with light credit & light down payment on any car PERIOD, 750 score or not !!
Le Mans Master
Joined: Nov 2001
Posts: 8,780
Likes: 1,936
From: LONG ISLAND
2025 C3 ('68-'73) of the Year Finalist - Unmodified
2024 C3 of the Year Finalist - Unmodified
2023 C3 of the Year Finalist - Unmodified
WARNING :
Worst thing you could ever do, hock your house that in many cases is an asset, with equity & maintains or increses in value rather then a car that depreciates rapidly !!
Many of those equity lines are variable rates that today are 3.5% & next year could be 7% YIKES........
also taking a "CAR" loan your loan is fixed & paid off in 5 years. On an equity line your paying 3.5% on the total outstanding balance untill fully repaid. In many cases 10-15-20yrsSee how much the interest paid was at 3.5% x 15 years vs 7 % for 5 years like a regular loan..........thats why the economy is where it is.....people spending money they dont have & foolishly with / "CREATIVE" financing !!
P.S .......... did you know that on a average car loan for 5 years 1 point in interest either way plus or minus 1 full point may only change your monthly payment by $4.00 per month..........this isnt a mortgage here, this is a small amount of money for a short period time. !!!
Last edited by 427SIXPACK; Sep 5, 2010 at 12:10 PM.
Melting Slicks
Joined: Aug 2004
Posts: 2,237
Likes: 9
From: Springhill FL
1. It has nothing to do with the "DEALERSHIP" they are merely an agent for multiple banks.........they are only a messenger. Most banks will not finance cars older then 6-7 yrs old & if & when they do, the rates are off the charts with very short terms. They dont want the risk & want their return back fast, the longer the terms the more risk of default. Dont forget, Banks are a business.
2. It has nothing to do with your credit score at all...it helps but......rates are based on vehicle age, earnings to debt, credit score / credit history, loan to value ratio & more...........did you know you could have a 750 credit score with only 2 credit cards if you pay them on time........?? That still will not get you an approval, if your a first time buyer with light credit & light down payment on any car PERIOD, 750 score or not !!
2. It has nothing to do with your credit score at all...it helps but......rates are based on vehicle age, earnings to debt, credit score / credit history, loan to value ratio & more...........did you know you could have a 750 credit score with only 2 credit cards if you pay them on time........?? That still will not get you an approval, if your a first time buyer with light credit & light down payment on any car PERIOD, 750 score or not !!
So you are suggesting someone could walk into a credit union with a sub 600 credit rating and get approved for a good loan? Hell no, most wont even talk to you. MY point was the credit score opens the door. You will have a broader selection of available lenders, increasing the odds one of them meets your needs. If you have a high credit score, they are willing to take the time to see what they can do for you. Whether or not you can actually afford the payment you want (debt to income) decides the rest.
Last edited by MawneeC5; Sep 5, 2010 at 12:31 PM.
Le Mans Master
Joined: Nov 2001
Posts: 8,780
Likes: 1,936
From: LONG ISLAND
2025 C3 ('68-'73) of the Year Finalist - Unmodified
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It does have to do with the dealership. A good dealership, especially one used to dealing in older more expensive cars will have connections with creditors willing to deal with such cars. I have financed old cars before and the dealership had no problem hooking me up with a good credit union.
So you are suggesting someone could walk into a credit union with a sub 600 credit rating and get approved for a good loan? Hell no, most wont even talk to you. MY point was the credit score opens the door. You will have a broader selection of available lenders, increasing the odds one of them meets your needs. If you have a high credit score, they are willing to take the time to see what they can do for you. Whether or not you can actually afford the payment you want (debt to income) decides the rest.
So you are suggesting someone could walk into a credit union with a sub 600 credit rating and get approved for a good loan? Hell no, most wont even talk to you. MY point was the credit score opens the door. You will have a broader selection of available lenders, increasing the odds one of them meets your needs. If you have a high credit score, they are willing to take the time to see what they can do for you. Whether or not you can actually afford the payment you want (debt to income) decides the rest.
Nope i didnt say that at all......., what i was trying to say is that a high score has NOTHING to do with if a bank will finance a 6, 7 or 8 year old car or not. Each bank has different guidelines, & your score will not alter the coprorate rules set in place for that banks charter. The only bank that I deal with that will look at older cars, max term 36 mo max age 8 years is TD Bank.....most of the others will not go past 2005-2006 unless there is a lot of money down, on a high end car, & the rates are off the charts. Lets face it, if the bank feels you have the need to borrow $20,000 for a toy thats 8 years old, they are going to whack you........IT'S A BUSINESS & they are going to try to capitalize on your situation. Most people on most average cars dont finance cars that are 8 years old. The car in many cases will be in the junk yard for parts long before the loan is repaid. The high rates are inplace to deter you...........in my opinion.
P.S This is what i do for a living for over 25 years.........
Le Mans Master
Joined: Nov 2001
Posts: 8,780
Likes: 1,936
From: LONG ISLAND
2025 C3 ('68-'73) of the Year Finalist - Unmodified
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By the way.........there are "DEALERSHIPS" that specialize in "OLDER" "COLLECTIBLE" cars.........these places can assist you with financing for high end cars, regardless of age.........but regardless of your score i can ASSURE you the rates are off the charts & the terms are limited, compared to new & current model used cars. New car dealerships, like your local Chevy store is NOT set up for financing 10 year old collector type cars, thats NOT their business !!!
I can recall in the good old days, about 15 years ago that I bought a Chevelle Conv financed 100% no money down the car was $18,000 the interest rate was 12.9 % .......( if i recall it was a 8 year loan ) .....i didnt care, 3 years later I sold the car for $26,500 paid the loan off & bought a nice 69 vette for CASH. Back then the muscle cars were going up in value fast enough to flip them every few years, if you knew what you were doing & found the right cars.
That market is DEAD now.............you cant buy them cheap enough & the way the economy is now the values are not moving up fast enough.....
I can recall in the good old days, about 15 years ago that I bought a Chevelle Conv financed 100% no money down the car was $18,000 the interest rate was 12.9 % .......( if i recall it was a 8 year loan ) .....i didnt care, 3 years later I sold the car for $26,500 paid the loan off & bought a nice 69 vette for CASH. Back then the muscle cars were going up in value fast enough to flip them every few years, if you knew what you were doing & found the right cars.
That market is DEAD now.............you cant buy them cheap enough & the way the economy is now the values are not moving up fast enough.....
Race Director
Joined: Aug 1999
Posts: 11,119
Likes: 672
From: SE Pennsylvania
St. Jude Donor '03 thru '26
Oldtimer
WARNING :
Worst thing you could ever do, hock your house that in many cases is an asset, with equity & maintains or increses in value rather then a car that depreciates rapidly !!
Many of those equity lines are variable rates that today are 3.5% & next year could be 7% YIKES........
also taking a "CAR" loan your loan is fixed & paid off in 5 years. On an equity line your paying 3.5% on the total outstanding balance untill fully repaid. In many cases 10-15-20yrsSee how much the interest paid was at 3.5% x 15 years vs 7 % for 5 years like a regular loan..........thats why the economy is where it is.....people spending money they dont have & foolishly with / "CREATIVE" financing !!
P.S .......... did you know that on a average car loan for 5 years 1 point in interest either way plus or minus 1 full point may only change your monthly payment by $4.00 per month..........this isnt a mortgage here, this is a small amount of money for a short period time. !!!
"Follow your credit union quidelines and find a 2004 ! Look at it this way, a 1999 is a 10 year old a car, it's got no warranty, but a ton of depreciation ! it's in your best interest to find a 2004 of later Vette. Or find one of the other sources mentioned ! "
This is precisely what I meant. I'd never risk my home over a automobile that is going to keep losing value as the years mount. Collectable cars are own by people what could care less if the damn thing was crushed by a lightning stricking a tree as they have everything insured for 5X it's retail value. Find a car, then find a credit union that will loan you the money on a 60 month loan. Never risk you home.
Melting Slicks
Joined: Aug 2004
Posts: 2,237
Likes: 9
From: Springhill FL
...... The only bank that I deal with that will look at older cars, max term 36 mo max age 8 years is TD Bank.....most of the others will not go past 2005-2006 unless there is a lot of money down, on a high end car, & the rates are off the charts. Lets face it, if the bank feels you have the need to borrow $20,000 for a toy thats 8 years old, they are going to whack you........IT'S A BUSINESS & they are going to try to capitalize on your situation. Most people on most average cars dont finance cars that are 8 years old. The car in many cases will be in the junk yard for parts long before the loan is repaid. The high rates are inplace to deter you...........in my opinion.
P.S This is what i do for a living for over 25 years.........
P.S This is what i do for a living for over 25 years.........
That was my point, with good credit and your finances in order there is always a lender out there that will give you a loan with no limits on terms and fair rates, regardless of the age of the car. I dont do business with those businesses trying to whack me with high interest rates and noone else has to. Just do a little research and you'll find a bank/credit union near you that will be happy to help
Last edited by MawneeC5; Sep 5, 2010 at 03:58 PM.
Le Mans Master
Joined: Nov 2001
Posts: 8,780
Likes: 1,936
From: LONG ISLAND
2025 C3 ('68-'73) of the Year Finalist - Unmodified
2024 C3 of the Year Finalist - Unmodified
2023 C3 of the Year Finalist - Unmodified
Two weeks ago I financed a 2003 for 66 months at 3.99 with zero down. They would have gone 72 if I wanted... All my previous loans were the same way (I bought my 98 C5 in 04). I havent paid more than 5% on a car loan since I was a teenager. With 25 years experience you should know better.
That was my point, with good credit and your finances in order there is always a lender out there that will give you a loan with no limits on terms and fair rates, regardless of the age of the car. I dont do business with those businesses trying to whack me with high interest rates and noone else has to. Just do a little research and you'll find a bank/credit union near you that will be happy to help
That was my point, with good credit and your finances in order there is always a lender out there that will give you a loan with no limits on terms and fair rates, regardless of the age of the car. I dont do business with those businesses trying to whack me with high interest rates and noone else has to. Just do a little research and you'll find a bank/credit union near you that will be happy to help
i really need to know...........i'm ALWAYS willing to learn, but have not yet seen a bank willing to do as you say, & it appears others that have posted here are having the same issue.........!!!
Melting Slicks
Joined: Aug 2004
Posts: 2,237
Likes: 9
From: Springhill FL
I need to know ??? what bank or c/u financed this car your talking about with nothing down for 5 1/2 years with a 6 year option........@ 3.99%
i really need to know...........i'm ALWAYS willing to learn, but have not yet seen a bank willing to do as you say, & it appears others that have posted here are having the same issue.........!!!
i really need to know...........i'm ALWAYS willing to learn, but have not yet seen a bank willing to do as you say, & it appears others that have posted here are having the same issue.........!!!
https://www.growfinancial.org/index....rates.consumer
The only requirement was that the NADA retail be greater than the sum of the loan. Which should be easy unless you are getting a really bad deal on the car. Other than that they didnt care about year, mileage ect. 3.99 up to 72 months. I had a loan signed and completed within 30 minutes of walking into the door.
There were a couple of other credit unions around here that were offering the same interest rate or to rate match, but the longerst term they would go is 60(which still isnt bad ). I wanted 72 months to put the payment where I wanted. Though once i sat down to do the paperwork I decided to split the difference and go 66 months So it can be done, just have to check out the local credit unions near you
There is always a lender willing to make the deals others wont.
Last edited by MawneeC5; Sep 5, 2010 at 09:58 PM.