Financing A C5??
Thread Starter
Drifting
Joined: Jan 2002
Posts: 1,261
Likes: 4
From: Middle River MD
I knew all the negative posts were coming. Haven't been on the forum in years and it looks like nothing has changed. It will be her only car. So what? She has a steady income. Just no installment loan history just revolving accounts. It's a 12 K car it's not like she's trying to buy a new one LOL. Got to get your credit built-up somehow.
So it looks like CU is definitely the way to go.
So it looks like CU is definitely the way to go.
Le Mans Master
Joined: Sep 2013
Posts: 8,900
Likes: 1,074
From: Wisconsin
They aren't negative posts. They are words of wisdom. When she has to replace the harmonic balancer, flasher, belts and tensioner, oil pressure sender, tire pressure sensors, ignition switch, EBCM or buy new tires she will understand. Some folks just have to learn the hard way and that's OK.
Could you give us an update in 6 months how it all worked out for her?
Could you give us an update in 6 months how it all worked out for her?
Last edited by JR-01; Feb 5, 2018 at 07:13 PM.
Melting Slicks
Joined: Jan 2014
Posts: 2,764
Likes: 375
From: Central Florida
The only thing I can think of that sums this all up is Karma is a bitch. Sell it to her - who cares right... Hopefully one day someone you love won't be "her." We all know these cars never break, any garage can work on them and parts are dirt cheap and readily available.
You actually have the ability to prevent a person from making a major mistake and being a much better person for it. Reading this, I doubt you will as you've been thanked zero times in nearly 1,255 posts.
To answer the question, I would suggest you finance her. I believe that it will all work itself out naturally that way.
You actually have the ability to prevent a person from making a major mistake and being a much better person for it. Reading this, I doubt you will as you've been thanked zero times in nearly 1,255 posts.
To answer the question, I would suggest you finance her. I believe that it will all work itself out naturally that way.
Last edited by Forcedvert; Feb 5, 2018 at 08:07 PM.
Thread Starter
Drifting
Joined: Jan 2002
Posts: 1,261
Likes: 4
From: Middle River MD
Pro
Joined: Oct 2007
Posts: 607
Likes: 29
From: Tulsa Oklahoma
Pentagon Federal Credit Union. I financed a 1973 Corvette through them a few years back at 1.99%. They would finance up to 100% NADA on that car. They are easy to deal with and just about anyone can join.
Drifting
Joined: May 2008
Posts: 1,695
Likes: 490
From: Denver, NC
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Safety Car
Joined: Jul 2010
Posts: 3,994
Likes: 386
From: Chandler AZ
I know when I was about 20 (1997) I looked at a 1977 Corvette for sale, I tried to get a loan at Wells Fargo who I banked with at the time.
Lady there didn't even fill out anything and told me it was too old etc, I explained it was a corvette and still didn't try.
She was probably trying to not ding my credit, I was like oh ok.
Now the reason I wasn't that disappointed was the 1977 Corvette steered weird (probably needed work) but the main thing it was automatic and I swear the slowest V8 vehicle I had ever driven!
5 1/2 years later I bought the 1999 Corvette 6 speed convertible at 25 years old.
The used lot got me financed through "my credit union " Kaiperm Federal Credit Union, but I didn't have a credit union!
I think this lot had a lady on the inside of the credit union who probably got a kick back for making me a member and granting me a loan, it was 33k or 38k, have to look at papers, in fact it was 15 years ago in April or May.
A couple of times in this high pressure sale (yes I wanted a Corvette bad since being younger than 10 years old) I told the sales guy and his manager "maybe I better hold off, I don't think I can afford this car, maybe I should get a C4 Corvette."
They replied a older car would cost more interest on the loan so it would end up costing me as much for a C4 as this awesome 4 year old Vette.
I was having heartburn/acid reflux and felt hot being nervous, I had never financed a car, bought 1500 dollar cars as my most expensive before.
Driving the car home was surreal and felt like a dream.
The next morning I thought it was a dream until I saw the car.
I think buying it made me learn to budget better, technically I couldn't afford the car, I worked 6-7 days a week for 6 years to pay it off, often with more than one job.
I was 25, couldn't go to bars with friends always asking or much anything else, but I had a Corvette that was the latest model.
Car made me very happy, still does!
I also have my 1965 short bed Chevy pickup I got at 17 summer 1995.
Maybe this girl has a passion for Corvettes, if it was a young guy would the dads here have the same opinion?
Lady there didn't even fill out anything and told me it was too old etc, I explained it was a corvette and still didn't try.
She was probably trying to not ding my credit, I was like oh ok.
Now the reason I wasn't that disappointed was the 1977 Corvette steered weird (probably needed work) but the main thing it was automatic and I swear the slowest V8 vehicle I had ever driven!
5 1/2 years later I bought the 1999 Corvette 6 speed convertible at 25 years old.
The used lot got me financed through "my credit union " Kaiperm Federal Credit Union, but I didn't have a credit union!
I think this lot had a lady on the inside of the credit union who probably got a kick back for making me a member and granting me a loan, it was 33k or 38k, have to look at papers, in fact it was 15 years ago in April or May.
A couple of times in this high pressure sale (yes I wanted a Corvette bad since being younger than 10 years old) I told the sales guy and his manager "maybe I better hold off, I don't think I can afford this car, maybe I should get a C4 Corvette."
They replied a older car would cost more interest on the loan so it would end up costing me as much for a C4 as this awesome 4 year old Vette.
I was having heartburn/acid reflux and felt hot being nervous, I had never financed a car, bought 1500 dollar cars as my most expensive before.
Driving the car home was surreal and felt like a dream.
The next morning I thought it was a dream until I saw the car.
I think buying it made me learn to budget better, technically I couldn't afford the car, I worked 6-7 days a week for 6 years to pay it off, often with more than one job.
I was 25, couldn't go to bars with friends always asking or much anything else, but I had a Corvette that was the latest model.
Car made me very happy, still does!
I also have my 1965 short bed Chevy pickup I got at 17 summer 1995.
Maybe this girl has a passion for Corvettes, if it was a young guy would the dads here have the same opinion?
Pro
Joined: Jun 2007
Posts: 544
Likes: 33
From: SW of Chicago Illinois
At my work, I see so many people's financial health destroyed by the time they are 21. However I generally stay out of these discussions depending on the OP's original question, but have seen enough discussion to answer your question. Yes, many of the Dad's here have the same opinion and look out for people be it girl or guy.
Former Vendor
Joined: Dec 2016
Posts: 3,574
Likes: 2,412
From: Lookin over Hoover Dam
The girl wouldn't have a 720 if she was destroying her life people.
There are plenty of small lenders that do in house lending in various parts of the country. These are subprime lenders and will do secured loans. That's one way.
Other way is see if she has a co-signer for a personal bank loan.
Other way is to call a local buy her/pay here dealer and see if they'll middle man the deal.
I could get it done for sure...but I also get rid of bankruptcies, student loans, charge offs, inquiries and provide credit lines for people...that's my business.
BTW, she could have a 720 but it depends on the scoring model...FICO alone has 8 very commonly used variations and Vantage 3.0 really has no market relevance.
There are plenty of small lenders that do in house lending in various parts of the country. These are subprime lenders and will do secured loans. That's one way.
Other way is see if she has a co-signer for a personal bank loan.
Other way is to call a local buy her/pay here dealer and see if they'll middle man the deal.
I could get it done for sure...but I also get rid of bankruptcies, student loans, charge offs, inquiries and provide credit lines for people...that's my business.
BTW, she could have a 720 but it depends on the scoring model...FICO alone has 8 very commonly used variations and Vantage 3.0 really has no market relevance.
Melting Slicks
Joined: Aug 2013
Posts: 2,491
Likes: 315
St. Jude Donor '15-'16-'17-'18-'19-'20-'21-'22
After reading all these posts, it seems that the sensible thing is to tell her this: It appears that the best financing would be through a credit union. She should get a written quote and commitment from an insurance company. If she is in a sales tax state, there will be 5 to 6% tax to pay to register the car. In addition she should have some money left over in case there are repairs needed.
Banned Scam/Spammer
Joined: Sep 2016
Posts: 4,004
Likes: 3,929
From: Philadelphia PA (Birthplace of the USA, UNESCO World Heritage City)
I knew all the negative posts were coming. Haven't been on the forum in years and it looks like nothing has changed. It will be her only car. So what? She has a steady income. Just no installment loan history just revolving accounts. It's a 12 K car it's not like she's trying to buy a new one LOL. Got to get your credit built-up somehow.
So it looks like CU is definitely the way to go.
So it looks like CU is definitely the way to go.
And you build up credit easily just by having open accounts (eg. credit card bills paid in full each month), spending foolishly is not advised to get a good credit score.
I'm a CPA so I might know what I'm talking about here.
Last edited by ArmchairArchitect; Feb 6, 2018 at 04:53 PM.
Le Mans Master
Joined: Sep 2016
Posts: 6,480
Likes: 555
I usually don't post in threads like this, but to me the C5 is a toy. I plan on paying cash for mine, with extra money in reserve just in case something breaks, because you never know with a 20 year old car. I wouldn't refuse to sell the car to her, but I would probably recommend that she look for something a bit more practical...
Pro
Joined: Nov 2017
Posts: 570
Likes: 43
From: North Carolina
We are selling a 99 c5 for 12k and a young girl really wants to buy the car. Problem is she doesn't have enough to buy and she needs to finance. Does anyone know of a reputable lender that would finance a 99? She got turned down by a bank although her credit score is about 720. Problem is with this car it's too old for most conventional financing and two new for classic car financing. She could easily afford the payment just does not have the money upfront. TIA
Melting Slicks
Joined: Jan 2014
Posts: 2,764
Likes: 375
From: Central Florida
I find nothing wrong with financing a toy or a daily driver as long as you can afford it. It's not anyone here's business if she should finance a car or not, she is not asking for advice, so I'm not sure why so many people are banging on that point.
There are much bigger money losers than a C5 at this point, the value of one that needs work is not tremendously less than one that doesn't. If the car breaks and she wants to sell it, it will still be worth something close to what she paid, providing she does not over pay in the first place.
This is JMHO based on what I've seen for asking prices for a good roller.
Last edited by Forcedvert; Feb 7, 2018 at 08:50 PM.
Burning Brakes
Joined: May 2006
Posts: 865
Likes: 53
I knew all the negative posts were coming. Haven't been on the forum in years and it looks like nothing has changed. It will be her only car. So what? She has a steady income. Just no installment loan history just revolving accounts. It's a 12 K car it's not like she's trying to buy a new one LOL. Got to get your credit built-up somehow.
So it looks like CU is definitely the way to go.
So it looks like CU is definitely the way to go.