Even though each situation & individual is unique, that is still good advise there.
Finance for C5
Pro
Joined: Feb 2013
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From: Bedford VA
You might have a problem there. I just had a sale fall thru on my '98 because of the age. The buyer's credit union wouldn't finance a car older than 2000 I think and they said that was a stretch. Newest C5 is nine years (almost 10) old, just saying it might be difficult to find someone to finance a 9+ year old car for 60 months. Good luck with your search.
Drifting
Joined: May 2010
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Have you looked into a credit union? Another option would be to tap into a 401K depending your current age, how much you have in it, and job situation. There are some risks doing it with the 401K including hefty interest on the loan if you lose your job. One advantage is that you're paying the interest back to the 401K, not a bank.
Instructor
Joined: May 2012
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I went to my local bank and got 2.95% for my 98 with 113000 miles, they would do Nada and use vette as collateral, I did have a bank out of Mass that was 8.99 so I wanted to refinance. Do u owe more than book value? That could be a problem.
Melting Slicks
Joined: Aug 2006
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From: Chilliwack B.C.
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I financed my '03 in 2009 with my local credit union. Didn't have a problem at all. However, that was four years ago and many financial institutions will only go back so far in terms of age of the car. If you haven't checked with a local credit union, see what they say.
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I would definitely look into a credit union, they are usually more willing to loan out money and have better rates most of the time... how much are you looking to finance because that may play a factor in their decision... I financed my 02z about 2 and a half years ago, I paid half cash and the other half I financed for 60 months at 3%... they checked the kbb and it was way more than I was trying to finance so I had no problems at all... I only did 60 months to keep the payment as low as possible because I hardly drive it... if that fails you can always get a personal loan but the interest rates will probably be more than a used car loan, at my credit union I think they are 9-10% so try to pay that sucker off as fast as you can so you can spend the money on mods
Last edited by StingrayRebel; Aug 11, 2013 at 01:09 AM.
Burning Brakes
Joined: Aug 2010
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From: Portland OR
A C5 is a cash car for some but not for others.There are a number of credit unions that you can join that you don't have to belong to a union or even be employed by a certain employer.This may not help you but check out Advantis C.U.
Fred
Fred
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Joined: Mar 2010
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From: Los Angeles
Right. With C5's getting older with more mileage, repairs can easily cost more than your payment. I would advise saving your money and buying when you can actually afford it. Vettes to most are a second or third car anyway so if it breaks down and it's no big deal to take it out of your rotation while you save up for repairs, but if you have a payment to make each month and are living that tight (assuming from the 60 month term) the car will sit more than it gets driven.
With that said, C5s are very reliable for a sports car, but things do break and it's not cheap.
With that said, C5s are very reliable for a sports car, but things do break and it's not cheap.
Burning Brakes
Joined: Apr 2012
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From: Hyde Park New York
Have you looked into a credit union? Another option would be to tap into a 401K depending your current age, how much you have in it, and job situation. There are some risks doing it with the 401K including hefty interest on the loan if you lose your job. One advantage is that you're paying the interest back to the 401K, not a bank.
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I think "cash car" also depends on what c5 you buy... sure you can find older high mileage coupes for cheap but a low mile c5z will still be in the high teens to low/mid 20's price wise, and not that many people have that kind of cash laying around for a toy... on top of that, some banks can be difficult with financing depending on the year, kbb, and how much your down payment is... I'm pretty sure that's one reason you see these cars taking months to sell
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OP - That statement is key with an older car. Like a few others have stated if might be better to wait or save more.
Don't make the mistake of settling for something just because someone will finance you. It could cost you dearly in the end.
Good Luck!
Don't make the mistake of settling for something just because someone will finance you. It could cost you dearly in the end.
Good Luck!
Melting Slicks
Joined: Oct 2009
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From: Bedford MA
That's a great interest rate right there! And I thought 2.73% was pretty good! I went thru Hanscom Federal... Walked in that day and left with a check. 