[Z06] Need help securing a loan
Thread Starter
Heel & Toe
Joined: Jan 2017
Posts: 21
Likes: 0
From: San Antonio TX
Need help securing a loan
Hey guys I found a beautiful 03z with 29450 miles on it for $20,000 with a clean carfax. Guy is looking to unload it pretty much. Only issue is, my credit union won't approve me for the loan as a first time car loan buyer. They approved me for only $12,000 at 9.9% which is rediclous as my credit is in the high 600's (according to Credit Karma). Any other lenders you know that work with older cars?
Racer
Joined: May 2016
Posts: 472
Likes: 83
From: Lafayette LA
Try Lightstream. I searched around and a friend suggested them to me. I've got impeccable credit and wanted a good APR, but being that the car was 15 years old ('02 C5Z) my credit union that I normally deal with would only finance the NADA value of it (5K under what the seller was asking), and it was an unsecured loan for about 8% or something like that.
Lightstream has several rates. I'm at 4.79% on a $15K loan and I've got the title in my name. It was SUPER easy and the fact that they allowed me to put the title in my name saved me a ton of drama for doing an out of state transaction without having to deal with a lender at all. I just went in there with a cashiers check from Chase and it was like cash. Easy. I got approved overnight, and the money was in my bank account within a few days.
https://www.lightstream.com
Lightstream has several rates. I'm at 4.79% on a $15K loan and I've got the title in my name. It was SUPER easy and the fact that they allowed me to put the title in my name saved me a ton of drama for doing an out of state transaction without having to deal with a lender at all. I just went in there with a cashiers check from Chase and it was like cash. Easy. I got approved overnight, and the money was in my bank account within a few days.
https://www.lightstream.com
Last edited by Acid666; Jan 20, 2017 at 04:43 PM.
Thread Starter
Heel & Toe
Joined: Jan 2017
Posts: 21
Likes: 0
From: San Antonio TX
Try Lightstream. I searched around and a friend suggested them to me. I've got impeccable credit and wanted a good APR, but being that the car was 15 years old ('02 C5Z) my credit union that I normally deal with would only finance the NADA value of it (5K under what the seller was asking), and it was an unsecured loan for about 8% or something like that.
Lightstream has several rates. I'm at 4.79% on a $15K loan and I've got the title in my name. It was SUPER easy and the fact that they allowed me to put the title in my name saved me a ton of drama for doing an out of state transaction without having to deal with a lender at all. I just went in there with a cashiers check from Chase and it was like cash. Easy. I got approved overnight, and the money was in my bank account within a few days.
https://www.lightstream.com
Lightstream has several rates. I'm at 4.79% on a $15K loan and I've got the title in my name. It was SUPER easy and the fact that they allowed me to put the title in my name saved me a ton of drama for doing an out of state transaction without having to deal with a lender at all. I just went in there with a cashiers check from Chase and it was like cash. Easy. I got approved overnight, and the money was in my bank account within a few days.
https://www.lightstream.com
Instructor
Joined: Mar 2015
Posts: 127
Likes: 19
From: Mad. Heights Michigan
I received a loan through Pentagon Federal Credit Union for a 2002 z06 with 22k miles for 22 grand. My interest rate is 2.98%.
I would strongly suggest giving them a call, as I too was a first- time car buyer (always paid cash). However, my credit score is in the mid 700s.
HTH
John
I would strongly suggest giving them a call, as I too was a first- time car buyer (always paid cash). However, my credit score is in the mid 700s.
HTH
John
Thread Starter
Heel & Toe
Joined: Jan 2017
Posts: 21
Likes: 0
From: San Antonio TX
I received a loan through Pentagon Federal Credit Union for a 2002 z06 with 22k miles for 22 grand. My interest rate is 2.98%.
I would strongly suggest giving them a call, as I too was a first- time car buyer (always paid cash). However, my credit score is in the mid 700s.
HTH
John
I would strongly suggest giving them a call, as I too was a first- time car buyer (always paid cash). However, my credit score is in the mid 700s.
HTH
John
Racer
Joined: May 2016
Posts: 472
Likes: 83
From: Lafayette LA
Shop around. They're out there. I was happy to get under 5% on a 15 year old car.
Safety Car
Joined: Mar 2000
Posts: 4,847
Likes: 10
From: Bartlett, IL
Cruise-In XI Veteran
St. Jude Donor '06-'07-'08-'09-'10-'11-'12
My wife is full time Army so we are members of penfed.... Luckily we don't currently carry any car notes but we have used them in the past for auto financing. Their rates are tough to beat. If you join through the National Military Family Association or Voices for America's Troops you shouldn't have an issue...... You will likely need to pay a small one time fee (I believe it's around $25).
Instructor
Joined: Jan 2016
Posts: 234
Likes: 18
From: So Cal CA
I agree with those recommending Pen Fed CU. I believe they do require good credit to secure the loan. great apr though for a car that's going on 15 years though. like mentioned it just requires you to make a donation to join one of the above and after that you can start the loan process. easy to deal with too. 5 years at 3% isn't too shabby given the nature.
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Instructor
Joined: Mar 2015
Posts: 127
Likes: 19
From: Mad. Heights Michigan
I did have to make a one time only donation of 15 bucks to join, which was no big deal at all, given the fact that that they made the process extremely easy, and had a better APR then most other banks.
John
John
Pro
Joined: Mar 2005
Posts: 722
Likes: 70
From: Fla
being a credit union member for 39 years I know they have good rates. credit rating is critical. I am in the low 800's so 600 might not hit the mark. Its not bad but not great. 700 and over is better. Give a credit union a try. It is local money and are not as greedy as big banks who charge you for everything. I keep a healthy balance at my cu and I dont pay for any services at all. even free checks due to time being a member and balance and credit rating. It all matters in the end. Good Luck.
Thread Starter
Heel & Toe
Joined: Jan 2017
Posts: 21
Likes: 0
From: San Antonio TX
being a credit union member for 39 years I know they have good rates. credit rating is critical. I am in the low 800's so 600 might not hit the mark. Its not bad but not great. 700 and over is better. Give a credit union a try. It is local money and are not as greedy as big banks who charge you for everything. I keep a healthy balance at my cu and I dont pay for any services at all. even free checks due to time being a member and balance and credit rating. It all matters in the end. Good Luck.
Last edited by Newvettefan91; Jan 21, 2017 at 02:54 PM. Reason: Typo
Banned Scam/Spammer
Joined: Sep 2016
Posts: 4,004
Likes: 3,929
From: Philadelphia PA (Birthplace of the USA, UNESCO World Heritage City)
Just some advice here- I would suggest living within your means. You can buy a good running reliable car for less than $10k; there's no "need" to have a Z06. There is no financial sense in taking out a loan on a depreciating asset.
Last edited by ArmchairArchitect; Jan 23, 2017 at 10:19 AM.
Racer
Joined: May 2016
Posts: 472
Likes: 83
From: Lafayette LA
Oh but buying a car for $10K that's "reliable" is not a depreciating asset? He's not looking for a reliable car. He's looking for a sports car. Not many people have 10-20K laying around that they can just dump on a vehicle at will. That is why we finance. He's looking for the best financing option he can find. Maybe he's already got a daily driver and looking for a weekend car? That's what I did. My truck is paid off, my motorcycle is paid off. I wanted to build a race car from the ground up, or do an engine swap and my own custom build, but I ultimately decided I'd rather something turn-key that's fast out of the box and affordable. The C5 Z06 was the answer. The most bang for the buck you'll find out there as parts are usually in stock at a dealer/Napa and don't cost an arm and a leg (performance parts do have the Corvette tax though).... And the prices for Z06s and Base Vettes is at the right spot where they likely won't depreciate much. Sure, they'll go down some, but not as dramatic as other models of cars.
Instructor
Joined: Jan 2016
Posts: 234
Likes: 18
From: So Cal CA
Most vehicles will be depreciating assets.
Thread Starter
Heel & Toe
Joined: Jan 2017
Posts: 21
Likes: 0
From: San Antonio TX
That isnt bad advice, but it wouldn't be living outside my means. I'm getting a car to diversify my debt. I need to have a car loan in the books. I'm graduating in a year and a half and want to have my credit ready for the rest of my life. It'll be even harder getting a mortgage if I haven't shown anything but CC's and my student loans. So in short. Want a fun car before I have a wife and kids, doubles as a boost to my credit, profit?
Thread Starter
Heel & Toe
Joined: Jan 2017
Posts: 21
Likes: 0
From: San Antonio TX
^ I agree. I had several cool cars (financed) over the years as a bachelor and then things tightened up after marriage, kid, mortgage. Good memories of youth. Still have my '01z though. Luck had something to do with keeping the car all these years later, long story. It's sitting in the garage under a cover ready to cruise on a sunny day. 
Former Vendor
Joined: Dec 2016
Posts: 3,574
Likes: 2,412
From: Lookin over Hoover Dam
Keep in mind all, that CreditKarma is only checking TranUn and Equifax, and the scoring model is vantage 3.0. Experian is by far the most often checked source. In addition, lenders like these are most likely pulling fico 8 or fico auto, which WILL absolutely vary from vantage 3.0.
