Hi,

If you're trying to finance for a z06 how much are banks lending out now a days? Is it true they only lend out the NADA value of the vehicle? What was your experience like getting a c5 z06 financed?

Thanks.

 

Why not just ask them what they will do? The credit union I bank at will use NADA for loan values but other financial institutions may have different guidelines they go by for loaning money.

 

I agree. Contact your bank. A credit union will likely be a better deal though. Consider joining one after finding one that offers the best rates.

 

All the local banks and even multiple credit unions around me wouldn't give a loan for a car as old as the C5Z. 5 years is usually as old as they will go, one bank said up to 7 years... Anything older they won't even consider it

I used penfed, they go off NADA value and 2.99 interest rate for 60 months, which for a 10+ year old car is pretty good.

 

I remember a similar situation when I was purchasing my Vette. I'm not sure what the deal was with how much I could borrow but I know the interest rate was around 7%. I ended up taking a loan out on my 2009 Malibu instead as I could get more money (I think) and only a 2 or 3% interest rate. So I owned my Vette outright but had to take out a loan on the car I already had paid off. If you're in a similar situation maybe you could do that.

 

Yep, PenFed is the way to go. No age restrictions and NADA retail value, which is usually pretty good.

 

Most credit unions will have better rates compared to banks and if your credit rating is good, loan approvals should be done on the same day you fill out a loan app. It's always a good idea to know your credit rating going in. It also can't hurt with a credit union to open a checking account or at least put a decent amount in to shares.

If you join a CU, it would be a help to use direct deposit of your wages/salary into a checking account. Some CU's will offer a slight discount on the loan rate if you do that. You can then set up automatic payments so you don't have to mess with checks or doing online bill pay for each payment .

 

, my old bank wanted a ridiculous payment plan and some wouldn't even lend out money on one due to the age... this was 5 years ago so at the time my car was about 8 years old... I found a credit union that would do a 5 year loan at 3% interest and I ended up joining and doing that... I put half down in cash and got a loan for the rest and paid that off in about half of the loan period, I just wanted a 5 year loan to keep the payments low just in case... since this car is a toy and not driven very much I didn't want a big monthly payment... also the amount you are putting down may have an impact on whether or not they will lend you the money... if you aren't putting anything down and want $20k+ for an old car then yeah I can see them denying that

 

I financed my '04 Z06 through my credit union the November before last. 60 months, 2.99% interest. I financed the bulk of the loan, but did put $5k down. The car was almost 10 years old at the time. I doubt they'd give me 5 years at this point in time though. Maybe 4 years at a slightly higher interest rate.

 

Just purchased my 99' about a month ago through my credit union. They financed up to NADA value for 5%. Could have used my truck title for loan and get 2.99%, but had to wait for another bank to release title for truck. They only offered 4 year loan because of year of the car.

 

When I got my 2003 base coupe last year I thought it would be the least amount of hassle to go with the dealer financing since it was out of state (car was in TX and I'm in MI). Six years at 10%. Ridiculous!

I sealed the deal then went to Dort Federal Credit Union here in Flint when I got home. I went a few weeks before my first payment was due. They refinanced the dealer loan at full NADA value for five years at 3%. Saved me thousands of dollars.

Credit unions are the way to go for sure.

 

I financed my C5Z through my credit union with 0 down and 3% APR. They will only finance for 48 months after a car is 5 years old.

On a side note my buddy just tried to get financed through the dealership. He asked me to go with him to look over a black base Vette. It was a 99 and had 66K miles. The dealership was asking 14.9 which IMO was fairly priced. Car had a Vortex intake, aftermarket exhaust, and typical driver seat side bolster wear. He attempted to go through the dealership. They came at him with 17% interest for 48 months. Needless to say he passed.

My advice, find a credit union and you will get the best deal.

 

Just to add, everyone is saying find a credit union, which I agree they have the best rates. Penfed is a credit union and it wasn't local to me, everything was done over the phone and sending paperwork through mail or email. I was approved within 10 minutes for a loan, it was very simple and easy.

 

My 01z was financed through gateway one lending. They gave me ~4% for 48 months starting back in 2012. I had a substantial downpayment so I'm sure that helped.

 

I was concerned about this as well. I got my car from a dealer selling on contract. The owner wanted $17k for which the dealer was getting $1k. The NADA was something between $14 to $15. I was worried I'd have to come up with the difference plus sales tax, which was more cash than I was wanting to spend.


The bank we do business wouldn't loan anything under 2008. They could gave us a personal, unsecured loan, but only for $10,000 for 36 month. The dealer went through the banks he used, and it all worked out. I got the car for $16,000 because it needed tires soon. The dealer took $500 off his commission, and the seller came down $500. I put $3000 down, and borrowed the rest plus sales tax on a 48 month note.


I think there is a lot of different factors involved. Our credit isn't great, but wasn't too bad either. I've had a few loans with this bank before and always made good on them. And I got a very good income.


I'd plan on having 20% cash for a down payment. I'd also recommend leaving at least a grand or two in saving as a contingency fund. Or at least plan on building one. A nice car is no fun if it sitting waiting on cash for parts.


If you get turned down, work on fixing your credit and saving more cash, and try again in 6 months.


I have also heard of people getting a second mortgage and paying cash for the car. Sounds risky at first, but if you are sure you have the payment, you can get much lower interest rate and can possibly write the mortgage interest off on your taxes. Not to mention nothing talks louder to a seller than cash.

 

Most credit unions will loan between 100%-120% of NADA retail value including all taxes and fees. Usually if it is this old they will want to be 80%-90% depending on credit. Most national banks / finance companies loan between 120%-140% of NADA trade / wholesale values. If you are looking to get a vehicle this old financed a local bank or credit union is usually best and an existing relationship with them will help. I can have a look if you want, I run the finance dept at a pretty large Chevrolet dealership in AL. Just pm me and I will give you the number so we can talk. Thanks, good luck!

 

Also, a lot will depend on your credit score (mine 800+). The dealer I went thru had a "make your own deal" option. So I went with 2.9% (lowest) for 72 months, not thinking they would accept it for a 15 year old care but they did.

 

I went with USAA for my 01 and did not have a problem. Car booked for $17000.00 at the time and I borrowed $7500.00 for three years. This was in April of 2014. You have to be a Veteran or a family member that served will also work. Good Luck with your purchase

 

Well I guess ill start my calling my local credit union, I live in a small town so there's only one.
If that don't work out for me, I'll apply with Penfed, I don't think I should have a problem I have pretty good credit with a nice down payment. Hopefully it works out.

Thank you guys for your input, appreciate it. If everything goes according to plan I'll have a z06 by the end of the week! Couldn't be more excited. I'll be sure to share some pics with you guys.

 

One thing about penfed is it's a military based credit union. So to join, you need to be part of the service, have a family member in the service or have a family member already a penfed member.... But if none of those apply to you, you can donate $15 to a military charity and then you're allowed to join. That plus the $5 to put in an account to keep open and you get awesome rates. Well worth the $20 and it goes to charity.

Besides that "catch" if you even want to call it that, it's very easy and a quick process.