Used Car Loans
Thread Starter
Advanced
Joined: Jun 2003
Posts: 73
Likes: 0
From: Houston TX
Used Car Loans
My wife has finally given me to OK to buy the Corvette I've always wanted. I found a really nice 1999 for sale by an individual but my credit union won't make loans on anything older than 2004. Any tips on how I can get financing?
Le Mans Master
Joined: Jan 2007
Posts: 7,364
Likes: 6
From: Rocky Mount Virginia
https://www.patelco.org/loans/auto_loans.aspx
Race Director
Joined: Oct 2007
Posts: 14,108
Likes: 26
From: 4th on the list of top 100 in USA Ga.
Check out Patelco Credit Union. They go back to 2001. I have my loan thru them.
https://www.patelco.org/loans/auto_loans.aspx
https://www.patelco.org/loans/auto_loans.aspx
Safety Car
Joined: Dec 2004
Posts: 3,526
Likes: 18
From: Santa Fe TX
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.
Instructor
Joined: May 2010
Posts: 235
Likes: 0
From: Southern Colorado
Your best bet if you need a loan is to buy from a dealer. They will have financing available for the cars they are selling. You will pay a bit extra, but that's the price you pay to try and finance older cars.
You can also ask the dealers if they have a company they can recommend, some of the smaller companies may finance older cars.
However, as was said earlier, this is a tough credit market to try and finance private sales.
You can also ask the dealers if they have a company they can recommend, some of the smaller companies may finance older cars.
However, as was said earlier, this is a tough credit market to try and finance private sales.
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Instructor
Joined: Jun 2009
Posts: 154
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From: Northeastern PA PA
Instructor
Joined: Jul 2010
Posts: 175
Likes: 0
From: Killeen, TX
I used a loan to buy my 98 two years ago. I refinance it through my bank like 4 months ago. I'd just shop around see who will do it for ya. You can almost always refinance through your bank later on.
Le Mans Master
Joined: Nov 2001
Posts: 8,727
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From: LONG ISLAND
2025 C3 ('68-'73) of the Year Finalist - Unmodified
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Best answer yet............financing an 11 year almost 12 year old car is a bad move & thats why banks are not interested.
And a 1999 is not an INVESTMENT car........
Burning Brakes
Joined: Dec 2009
Posts: 963
Likes: 23
My credit union doesn't care what year it is as long as you have descent credit. I got pre-approved for 18K and it took about 10 minutes to do the online app. My interest rate is only 5.9. All you do is sign up with them, apply online, get the approval and go pick up your check from the nearest branch or they will mail it to you. There's no questions asked and they are a very good credit union.
www.Navyfederal.org
www.Navyfederal.org
Le Mans Master
Joined: Dec 2005
Posts: 8,564
Likes: 950
From: Communist Colorado
I disagree. Yes, if you have the cash then wonderful. However, some folks cant get the money together all at once and find it easier to make payments. Its really not a big deal if he gets a good rate. I would guess around 5-7%. So what a few hundred bucks in interest IF, he doesnt pay it off early. Based on 10 grand, his payment would be around $250./mo So he throws in an extra 50-75 bucks a month and pays it of early with very little interest paid and has the car of his dreams.
Drifting
Joined: May 2009
Posts: 1,255
Likes: 0
From: Central Texas
My credit union doesn't care what year it is as long as you have descent credit. I got pre-approved for 18K and it took about 10 minutes to do the online app. My interest rate is only 5.9. All you do is sign up with them, apply online, get the approval and go pick up your check from the nearest branch or they will mail it to you. There's no questions asked and they are a very good credit union.
www.Navyfederal.org
www.Navyfederal.org
Instructor
Joined: May 2010
Posts: 235
Likes: 0
From: Southern Colorado
I disagree. Yes, if you have the cash then wonderful. However, some folks cant get the money together all at once and find it easier to make payments. Its really not a big deal if he gets a good rate. I would guess around 5-7%. So what a few hundred bucks in interest IF, he doesnt pay it off early. Based on 10 grand, his payment would be around $250./mo So he throws in an extra 50-75 bucks a month and pays it of early with very little interest paid and has the car of his dreams.
Not passing judgement, just passing the experience of years and tears.
Advanced
Joined: Apr 2002
Posts: 90
Likes: 5
From: York PA
This Credit Union has great rates and does not indicate age limits; might be worth checking out.
They have it set up so anyone can join.
https://www.penfed.org/productsAndRa...dAutoLoans.asp
They have it set up so anyone can join.
https://www.penfed.org/productsAndRa...dAutoLoans.asp
Advanced
Joined: Aug 2010
Posts: 88
Likes: 0
I'm pretty much in the same boat. I just should stop looking and drooling over cars I can't quite afford until I have the cash in hand to pay for them. THat's how you get your best deal, too, with cash in hand.
But I tell you, I haven't been able to sell any of my three motorcuycles to get the cash up front. The economy is terrible and that makes for lower prices on used Corvettes.
But I tell you, I haven't been able to sell any of my three motorcuycles to get the cash up front. The economy is terrible and that makes for lower prices on used Corvettes.
Melting Slicks
Joined: Aug 2004
Posts: 2,237
Likes: 9
From: Springhill FL
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.
Instructor
Joined: Jul 2010
Posts: 175
Likes: 0
From: Killeen, TX
If you are buying a car as investment that is really not the greatest idea. Cars lose value big time. While it would be nice to straight up pay cash for a car sometimes thats not the option. I didn't need my car but I wanted it and I also wish to improve my credit score so when the time comes I'll have no worries whatsoever on buying a house ,etc. Just shop around and see what banks and credit unions are offering.