Car Financing Question
Thread Starter
Pro
Joined: Sep 2005
Posts: 700
Likes: 0
From: Casa Grande AZ
Car Financing Question
A friend of mine was looking at 2002 Z06 to buy but found out his bank will not finance a vehicle over 7 years old. He asked me if I knew of any finance copay that would make a lone on an older car. I didn’t know of any so I’m asking you guys. So is there any company out there that will make a loan on an older car? If so at what are the term, rate(s), number of months, etc. Thanks.
Instructor
Joined: Mar 2009
Posts: 125
Likes: 2
From: Guilford, CT
https://www.jjbest.com/default.aspx
JJ Best Banc and Co. is a collectible car financing company. They were awesome when I was looking into a C3. As long as you have good credit, you will get a very reasonable rate. My credit Union would offer me a personal loan for this purchase, while conventional banks will not touch older cars as you have already found out. JJ Best beat my CU's personal loan rates, I'd highly recommend you give them a shot. They specialize in mostly older cars, but they do finance newer collectibles as well.
JJ Best Banc and Co. is a collectible car financing company. They were awesome when I was looking into a C3. As long as you have good credit, you will get a very reasonable rate. My credit Union would offer me a personal loan for this purchase, while conventional banks will not touch older cars as you have already found out. JJ Best beat my CU's personal loan rates, I'd highly recommend you give them a shot. They specialize in mostly older cars, but they do finance newer collectibles as well.
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I agree with trying a credit union. Mine had no problems financing my car since it was, at least to them, a collector car and was worth more than I wanted to borrow.
Drifting
Joined: Mar 2011
Posts: 1,412
Likes: 15
From: Richardson TX
I got my '03 financed 6 months ago through Capital One auto financing. I'm 25 years old with little credit history besides credit cards, a decent credit score, and I put down a pretty good down payment. Didn't get a very good interest rate, but its not terrible either. I was just happy to get financing on a corvette on my 25th birthday 
Instructor
Joined: Jun 2007
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From: Scottsdale AZ
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From: Central PA. - - My AR15 identifies as a muzzleloader
I believe in the Beer Fairy
My local bank had no issues with writing me a loan and in fact, they would give me a check to go shop for a car if I'd wanted, no VIN number needed. Now, I ended up paying cash because they wanted 5.5% but they didn't care if the car was a 28 Ford, as long as I signed that I'd pay for it. They occasionally run specials (of course, not when I wanted one) that were down at 3.0%.
I tried some of the online places too but they were a joke. Rates "as low as...", yea, well, not in this lifetime it won't be that low, and not on any car a person would actually want. Don't bother with them. I was also turned down for a loan from one.
I have virtually no credit history other than credit cards, since I have not had any debt for the past 15 years. I guess actually paying for things is bad. Oh, that was also in spite of my rather high credit score and average credit account age of 14 years... Don't bother trying to decipher the logic with banks, there isn't any.
Go to a smaller bank and they'll write whatever you want. You might have to move some accounts there to prod them, but, they've got money they hain't even loaned out yet!
I tried some of the online places too but they were a joke. Rates "as low as...", yea, well, not in this lifetime it won't be that low, and not on any car a person would actually want. Don't bother with them. I was also turned down for a loan from one.
I have virtually no credit history other than credit cards, since I have not had any debt for the past 15 years. I guess actually paying for things is bad. Oh, that was also in spite of my rather high credit score and average credit account age of 14 years... Don't bother trying to decipher the logic with banks, there isn't any.Go to a smaller bank and they'll write whatever you want. You might have to move some accounts there to prod them, but, they've got money they hain't even loaned out yet!
Melting Slicks
Joined: Oct 2005
Posts: 2,989
Likes: 352
From: Carson City Nevada
https://www.jjbest.com/default.aspx
JJ Best Banc and Co. is a collectible car financing company. They were awesome when I was looking into a C3. As long as you have good credit, you will get a very reasonable rate. My credit Union would offer me a personal loan for this purchase, while conventional banks will not touch older cars as you have already found out. JJ Best beat my CU's personal loan rates, I'd highly recommend you give them a shot. They specialize in mostly older cars, but they do finance newer collectibles as well.
JJ Best Banc and Co. is a collectible car financing company. They were awesome when I was looking into a C3. As long as you have good credit, you will get a very reasonable rate. My credit Union would offer me a personal loan for this purchase, while conventional banks will not touch older cars as you have already found out. JJ Best beat my CU's personal loan rates, I'd highly recommend you give them a shot. They specialize in mostly older cars, but they do finance newer collectibles as well.