2003 Z06 Financing Question
Thread Starter
Pro
Joined: Sep 2003
Posts: 526
Likes: 1
From: Bowling Green KY
2003 Z06 Financing Question
After selling my third Corvette 3 years ago I am itching to get back in a Corvette. Question I have is, got my eyes on a 2003 Z06 about 80 miles away. I have not called the dealership yet but plan to Monday in regards to financing options.
Besides you guys who can pay cash
, should I run into any issues financing a 10 year old car? I have great credit but curious about finding banks that will finance 60+ months? Rather have the option to pay it off early at my convenience then get stuck with a 36-48th month option if something was to ever come up.
Besides you guys who can pay cash
, should I run into any issues financing a 10 year old car? I have great credit but curious about finding banks that will finance 60+ months? Rather have the option to pay it off early at my convenience then get stuck with a 36-48th month option if something was to ever come up.
Melting Slicks
Joined: Aug 2004
Posts: 2,237
Likes: 9
From: Springhill FL
Most banks wont do it. But a good credit union will have no problem as long as the price of the car is in line with NADA. 
I personally used Grow Financial(formerlly Mcdill federal) and they were fantastic.
The dealership I bought mine from screwed around for like 8 hours saying they couldnt get me financed at a decent rate because it was over 7 years old. I have a credit rating over 800. I walked into the credit union and had a check for the dealership within 20 minutes. Thats how its supposed to work!
I personally used Grow Financial(formerlly Mcdill federal) and they were fantastic.
The dealership I bought mine from screwed around for like 8 hours saying they couldnt get me financed at a decent rate because it was over 7 years old. I have a credit rating over 800. I walked into the credit union and had a check for the dealership within 20 minutes. Thats how its supposed to work!
Melting Slicks
Joined: Mar 2004
Posts: 2,403
Likes: 408
From: Horseshoe Bend ID
You should be able to get a loan, and with good credit at a good rate. But, paying it off early does not work so much for you. Car loans are "rule of 72" which means that almost ALL of the interest is paid off first.
Le Mans Master
Joined: Nov 2005
Posts: 5,403
Likes: 31
From: Allentown PA & Elk Twp NJ HPDE Addict
The rule of 72 has nothing to do with financing. It's a formula for interest rates regarding growth. Take your rate of return, devide that into 72 and that's how many years it will take your money to double. In other words if you earn 6% in interest, devide 72 by 6 and the answer of 12 is how many years your money will take to double at a return of 6% per year.
Melting Slicks
Joined: Sep 2007
Posts: 2,013
Likes: 170
From: Highlands Ranch CO
Larger dealerships won't have issues. Honestly though a credit union is a better alternative, better rates and the money stays in the community rather than shipped off to wall street.
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Le Mans Master
Joined: Jan 2004
Posts: 9,488
Likes: 1,743
From: Knoxville Tn
Dealers will find ways to finance new cars that are not available to used car buyers.. When they give buyers that cheap rate, they make up the profit with less trade in value, higher vehicle cost or both. No dealer loses and no bank loses money on a vehicle sale.
Le Mans Master
Joined: Dec 2008
Posts: 5,414
Likes: 25
From: Texas
Here are the rates at one of the credit unions close to me...
New/Used Autos
2008 & Newer Models
Fewer than 100,000 miles
Used Auto maximum term is 72 months
36 months 1.99%
48 months 1.99%
60 months 2.24%
72 months 2.49%
84 months 3.99%
Older Used Autos
2002 - 2007 Models
Fewer than 100,000 miles
36 months 3.99%
48 months 3.99%
60 months 4.24%
New/Used Autos
2008 & Newer Models
Fewer than 100,000 miles
Used Auto maximum term is 72 months
36 months 1.99%
48 months 1.99%
60 months 2.24%
72 months 2.49%
84 months 3.99%
Older Used Autos
2002 - 2007 Models
Fewer than 100,000 miles
36 months 3.99%
48 months 3.99%
60 months 4.24%
