car loan advice?
Thread Starter
Instructor
Joined: Feb 2012
Posts: 151
Likes: 5
car loan advice?
I'm wanting to get a loan for roughly $8k to purchase a Z06 C5. I've got enough cash to cover the rest, but all of the banks i've talked to will only loan on vehicles 6 years old or newer. Anybody know how to get around this or who will loan on older vehicles? Seems like a safe bet for the banks to loan 8k on a 20k+ vehicle doesn't it?....
Burning Brakes
Joined: Oct 2011
Posts: 856
Likes: 6
From: Bradenton Florida
The age kills it...I got a loan through Capital One. The interest rate was super high, so their was an incentive to pay it off. I paid the loan off after 3 payments. Couldn't stand to pay the high interest rate. Try them and see what they say.
Pro
Joined: Nov 2010
Posts: 526
Likes: 0
From: bowie md
I'm wanting to get a loan for roughly $8k to purchase a Z06 C5. I've got enough cash to cover the rest, but all of the banks i've talked to will only loan on vehicles 6 years old or newer. Anybody know how to get around this or who will loan on older vehicles? Seems like a safe bet for the banks to loan 8k on a 20k+ vehicle doesn't it?....
Instructor
Joined: Feb 2012
Posts: 228
Likes: 2
I got a loan for 20k for my 02 with 28k miles 3 days ago.. 6.2 percent interest with empire bank
my vehicle booked at like 24k
I coulda put money down or payed it off.. but had concerns
what if I need to pay for repairs
and of course I need mods :-)
my vehicle booked at like 24k
I coulda put money down or payed it off.. but had concerns
what if I need to pay for repairs
and of course I need mods :-)
Last edited by jdub2k5; Feb 22, 2012 at 07:49 PM.
Instructor
Joined: Jun 2011
Posts: 123
Likes: 0
From: Carson VA
Yes it does, but these are different times. If you have equity in your home, that is the way to go. If not, a "family" loan or a signature loan (need 700+ credit), are next in line. Someone will always lend you money, but if you pay more than a 7% APR, you are getting ripped. Consider a higher mileage non-Z06. Another thought is wait and save your money. C5s will only de-value.
Race Director
Joined: May 2010
Posts: 16,574
Likes: 13
From: Winfield IN
Your local credit union is definitely the way to finance an older car. They will generally loan you up to the KBB or Nada value of the car, so obviously in your case, that wouldn't be a problem. Talk to your local credit unions and see which one offers the best rates, etc., and open up an account!
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Advanced
Joined: Feb 2012
Posts: 71
Likes: 0
From: Capitol city CA
Bought an 01 today, financed the entire car plus tax at 4.39 through a credit union nearby. Will refi to 3.39 next month after we clear up a credit issue.
My normal bank, bofa, wouldn't touch it due to the age of the car. Another credit union offered me 8.49%. I laughed. Shop around.
Ben
My normal bank, bofa, wouldn't touch it due to the age of the car. Another credit union offered me 8.49%. I laughed. Shop around.
Ben
Melting Slicks
Joined: Sep 2011
Posts: 2,258
Likes: 544
From: Appleton WI
I bought my 03Z last year and my credit union used NADA values. They offered me a loan for 3.2% for up to 100% of the value. Needless to say, I minimized the down payment and used the cash I had to pay off a credit card. It pays to have good credit.
Racer
Joined: Oct 2011
Posts: 440
Likes: 0
From: Mukwonago Wi
I agree with the Credit Union approach. I financed some of my 2000 FRC. They did not care about the year. They were only concerned about how the car booked out. I received a 5 yr loan (not that I will extend it out that long) at 3.25%.
Instructor
Joined: Jun 2011
Posts: 181
Likes: 0
From: PA
I don't know if this is an option for you. But I always get these promotional cash advance checks in the mail from my credit card company. I never use them but the concept seems nice if you need some money, and you can get the loan paid off within a year, or whatever the promotional time period is. The one's I always get have a zero percent rate for 12 or 13 months. I would assume there is some kind of up front charge. Anyways, you might be able to do that and then not have to pay much in interest if you can get it paid off within the promotional time. Good luck!
Melting Slicks
Joined: Apr 2010
Posts: 2,194
Likes: 146
From: Houston Republic of Texas
St. Jude Donor '10-'11-'12-'13-'14, '16
If you have excellent credit with your cards, you can try what I pulled off. Asked them what they could do for me, 0% on two years. Just make sure you can pay it off in the two years and it's awesome. Good luck, L8R ZFLASH
Instructor
Joined: Jun 2006
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From: NE Ohio & So Cal
WHEN WE GOT OUR 98 THE CREDIT UNION HAD NO PROBLEM, CALLED IT A SPECIAL INTEREST CAR OR SOMETHING LIKE THAT. ACTUALLY GOT A BETTER RATE THAN A 99 WOULD HAVE BEEN.
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with trying a credit union. Back in 2009 I bought my '03 and got a loan through my local CU. Car was technically 7 model years old at that time since the 2010s were out. Didn't have a problem with the financing as the car was worth more than the loan amount.
Pro
Joined: Apr 2002
Posts: 625
Likes: 7
From: Fairfax, VA and Springfield, IL
St. Jude Donor '06
I bank with two different local credit unions and they will always loan cash on older vehicles. Just last month one of mine offered me a rate of 7% for a 1969 Porsche. Not too shabby! Someone else nabbed it first though :-)
Also, you can try LendingClub.com for a peer-to-peer loan (P2P).
Also, you can try LendingClub.com for a peer-to-peer loan (P2P).