Financing a c5
Thread Starter
Heel & Toe
Joined: Jul 2016
Posts: 19
Likes: 11
Financing a c5
Hello all,
I've frequented this forum to learn as I've been on the hunt for a c5. Now I found the one and was wondering if anyone here has any good ideas. The credit union I bought my truck through won't touch vehicles over 10 years old. I can always get a personal loan, but they come with a higher rate.
Any help is appreciated,
Mike
I've frequented this forum to learn as I've been on the hunt for a c5. Now I found the one and was wondering if anyone here has any good ideas. The credit union I bought my truck through won't touch vehicles over 10 years old. I can always get a personal loan, but they come with a higher rate.
Any help is appreciated,
Mike
Popular Reply
Jul 3, 2017, 03:23 PM
Racer
Joined: May 2016
Posts: 472
Likes: 83
From: Lafayette LA
Jesus christ, the amount of people wahhhhhhhhhhhhhhhmbulancing about financing a car is ridiculous. Do you have 20K in cash? You don't? Oh well most people don't. Do you have a daily driver that's paid for and a mortgage that's well within your means and just so HAPPEN to be able to take on a smaller car payment than usual that you're fully capable of handing financially? Do you know how to adult? Does your mommy have power of attorney over how you spend your money?
Are all of you people the OP's mother? Are you the FDA telling people what's bad for them? God damn. Keep your replies on topic and quit acting like the Corvette Forum Police.
Are all of you people the OP's mother? Are you the FDA telling people what's bad for them? God damn. Keep your replies on topic and quit acting like the Corvette Forum Police.
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You may just have to keep looking. If your credit union won't offer a loan, I have heard good things about PenFed credit union.
Team Owner
Joined: Dec 1999
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From: Lacey WA RVN 68-69
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My CU doesn't have a real limit on the year of a car when it comes to financing a used car purchase. They look at how long a member has been with the CU, credit rating, and history regarding prompt payments on a loan. Doesn't hurt to have a credit card thru them and even some money in shares.
Right now, my CU shows a 1.99 APR on a 60 month used vehicle loan.
Right now, my CU shows a 1.99 APR on a 60 month used vehicle loan.
Melting Slicks
Joined: Jan 2016
Posts: 2,398
Likes: 768
From: jefferson texas
You can try "Woodside" or "Lightstream". As far as I know both of those companies will finance older vettes. Folks I know who used Lightstream were very happy with their services. I do believe these companies require a pretty good credit rating but its probably worth a try. Besides saying yes, the only other answer would be a no. Can't hurt to try. Good luck.
Racer
Joined: Aug 2008
Posts: 498
Likes: 100
From: New Jersey
I used PenFed for mine. VERY easy people to work with, very friendly and really good rates. Got the best rate I've ever gotten on anything on my Corvette. Its easy to join to, just check out their website.
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Drifting
Joined: Apr 2008
Posts: 1,355
Likes: 139
From: Surprise AZ
I got a loan at 2% through America First CU. Then I paid it off in like 4 months. If they exist near you that may be a good place to try. They were willing to go 5 years on it.
I was a little cash poor at the time due to a recent divorce. The credit union was a good alternative for me under the circumstances.
I was a little cash poor at the time due to a recent divorce. The credit union was a good alternative for me under the circumstances.
Racer
Joined: Aug 2008
Posts: 498
Likes: 100
From: New Jersey
I've seen you post this exact phrase before and while I agree its sound financial advice I can't help but point out that it comes across very abrasive. I don't know what you do for a living, you may have saved for years to pay cash for all I know. Or maybe you bought a C5 when it was new. Either way, not all of us are that patient and not all of us have the means to just go and pay cash for a car or buy a brand new Vette. This is why I have a C5 instead of a C7 because while my credit may be good enough to get a loan for a C7, I don't want the $1,000 dollar a month payment.
I hope this doesn't start an argument and in that interest I'm not even going to reply to anything anyone may or may not say in response to my post here, but I really felt compelled to comment on how you're coming across, what you're implying about the many MANY members here who have financed a "13+ year old car" and how I think maybe if you don't have anything helpful to say in response to the OPs question (as he obviously INTENDS to find a way to finance a C5) then maybe you shouldn't respond at all.
I hope this doesn't start an argument and in that interest I'm not even going to reply to anything anyone may or may not say in response to my post here, but I really felt compelled to comment on how you're coming across, what you're implying about the many MANY members here who have financed a "13+ year old car" and how I think maybe if you don't have anything helpful to say in response to the OPs question (as he obviously INTENDS to find a way to finance a C5) then maybe you shouldn't respond at all.
Last edited by acuevo; Jul 2, 2017 at 03:14 PM.
Melting Slicks
Joined: Nov 2014
Posts: 3,399
Likes: 1,339
From: Havre de Grace Maryland
I've seen you post this exact phrase before and while I agree its sound financial advice I can't help but point out that it comes across very abrasive. I don't know what you do for a living, you may have saved for years to pay cash for all I know. Or maybe you bought a C5 when it was new. Either way, not all of us are that patient and not all of us have the means to just go and pay cash for a car or buy a brand new Vette. This is why I have a C5 instead of a C7 because while my credit may be good enough to get a loan for a C7, I don't want the $1,000 dollar a month payment.
I hope this doesn't start an argument and in that interest I'm not even going to reply to anything anyone may or may not say in response to my post here, but I really felt compelled to comment on how you're coming across, what you're implying about the many MANY members here who have financed a "13+ year old car" and how I think maybe if you don't have anything helpful to say in response to the OPs question (as he obviously INTENDS to find a way to finance a C5) then maybe you shouldn't respond at all.
I hope this doesn't start an argument and in that interest I'm not even going to reply to anything anyone may or may not say in response to my post here, but I really felt compelled to comment on how you're coming across, what you're implying about the many MANY members here who have financed a "13+ year old car" and how I think maybe if you don't have anything helpful to say in response to the OPs question (as he obviously INTENDS to find a way to finance a C5) then maybe you shouldn't respond at all.
Racer
Joined: Mar 2017
Posts: 326
Likes: 43
From: Woodstock Ga
Agree, with your basic premise that loans for cars are just a fact of life. I also agree that how someone spends their money is their business. But some of us old folks have got to where we are by saving for those toys (cars/vacation homes/exotic vacations, etc.) and paying cash. Nothing wrong with that in our minds compared to taking a loan. I have not made a car payment in 15 years. The day I buy a new car with cash is when I start saving for the next one.
One of my employees, makes 15 an hour and works about 32 hrs a week and is 19. Has 14k left on a liberal eco car that at 44k miles already devalues to 5 thousand dollars. Instead of paying the small payments and keeping that car for 20 years so wants to sell it to car max. They will put her in a car that "better fits her needs", aka a big gas guzzling truck so she can go off-road... I mean holy ****.
Last edited by Riteaidkid84; Jul 2, 2017 at 03:59 PM.
Thread Starter
Heel & Toe
Joined: Jul 2016
Posts: 19
Likes: 11
Thanks for all the helpful replies. I have some other avenues to check out now. Credit score is 750; income won't be an issue. For those who responded with condescension or denigration, get a life. Why would I pay cash for this if 4.5 interest exists while my student loans are 6 percent? Also why would I have a hoard of cash while I had a 6 percent loan outstanding? Unlike the rest of entitled millennials, they are my responsibility. Ive never complained and always paid extra. Now that I've defended myself to the trolls, thanks again to the people who provided good advice. I'll post a pic when she comes home.
Pro
Joined: Apr 2017
Posts: 711
Likes: 76
From: Atlantic Pa
A 750 score and a good income will yield you some great options . I would personally not do it unless you can get 2.9% interest or better on that loan with nothing down. Your in a fine position to deal and get a great rate even on a older car . Don't let your local credit union jerk you around when there's plenty of lending institutions out there eager to do business with a guy in your position ! I recently bought my 2000 c5 for 15k and got a rate below 2% through my state employee credit union
Last edited by Lexybird; Jul 2, 2017 at 07:37 PM.
Advanced
Joined: Sep 2015
Posts: 81
Likes: 2
From: Baton Rouge Louisiana
PenFed has been mentioned a few times in here with positive praise.
But, beware, I spent 6 weeks dealing with them, they were absolutely terrible. They screwed up every step of the way causing me to cancel one trip to get the car, and causing the seller a lot of grief, I'd never use them again.
Try Lightstream, bought my truck with them, in 24 hours they had more paperwork done than PenFed did in a month.
But, beware, I spent 6 weeks dealing with them, they were absolutely terrible. They screwed up every step of the way causing me to cancel one trip to get the car, and causing the seller a lot of grief, I'd never use them again.
Try Lightstream, bought my truck with them, in 24 hours they had more paperwork done than PenFed did in a month.
Melting Slicks
Joined: Aug 2011
Posts: 2,423
Likes: 200
From: Atlanta GA
Try Gateway One. Pretty good rates and that is one of BuyAVette's primary lenders.
Nothing wrong with financing cars as long as (1) the interest rate is low and (2) you are not over obligating yourself.
I would rather see someone finance a car rather than taking money out of their 401K or investment account to pay for it.
Age and family status also come into play in making any financial decision. Younger people (especially without families) can always take bigger risks.
Nothing wrong with financing cars as long as (1) the interest rate is low and (2) you are not over obligating yourself.
I would rather see someone finance a car rather than taking money out of their 401K or investment account to pay for it.
Age and family status also come into play in making any financial decision. Younger people (especially without families) can always take bigger risks.
Last edited by bikeriderga; Jul 3, 2017 at 01:00 AM.
Burning Brakes
Joined: Nov 2005
Posts: 924
Likes: 15
From: DFW Metroplex Texas
You can try "Woodside" or "Lightstream". As far as I know both of those companies will finance older vettes. Folks I know who used Lightstream were very happy with their services. I do believe these companies require a pretty good credit rating but its probably worth a try. Besides saying yes, the only other answer would be a no. Can't hurt to try. Good luck.
I had a good experience with Woodside Credit. Their terms were better than any of the local Banks or CUs were offering.
Burning Brakes
Joined: Nov 2016
Posts: 882
Likes: 83
From: Jacksonville FL
Wells fargo. Gte fcu. Gateway. Navy fcu
Last year NASA would have given you 75 months at 3% but they are capped at 12 model years old now
Last year NASA would have given you 75 months at 3% but they are capped at 12 model years old now
Last edited by Jackie Chan; Jul 3, 2017 at 07:55 AM.