HeeHaw89

ls777z

Try a credit union. They usually have better rates and are a little more understanding on older cars. Depending on the age they may do it under a personal loan as opposed to a used car loan. Ask me how I know....

JR-01

How young? If she doesn't have $12K in savings she should not buy the car. Sometimes people "just have to have" something and it messes up their finances for decades.
For a C5, like many older cars, the purchase price is only the beginning. Does she know that?

Sell it to somebody that can afford it.

Travlee

when i bought my c6z 3 years ago, it took the dealership 2 or 3 lenders to get the loan because of the age of the car. i was pretty much dumbfounded by it given i bought the car for $45k, and had $15k cash down

i ended up getting it through ally auto

Velocity_Vette

She honestly needs to wait as it sounds like she's absolutely in no position to buy something like a C5, but I know you want to make the sell so it's admirable that you're trying to work it out.

The issue is that being young she likely doesn't have other loans through her current bank. Like if she had a mortgage through a bank they would be more willing to lend for a car such as a C5. At worst, even with a good credit score she'd probably see a little higher APR but that can be offset somewhat with the aforementioned good credit score.

The issue with a credit union is she would need to get established with it, which doesn't really help her in the interim.

The final recourse would be obviously for you to "finance" it and allow her to make payments, but personally that's something that can get kind of murky and then if it comes to the point of you having to repossess or deal with late payments then you're either out your own time or, potentially, small claims (both time and $$$). I don't know if I'd even finance something to a family member considering how these sort of things usually go...

cv67

There are lots of credit unions that will make personal loans for stuff like that if shes a few k short. Premier America for example. With good credit 5k is around 90 or so a mo

c4cruiser

If she has to get some sort of loan to buy the car, chances are that the lender such as a bank or CU will be the "Legal Owner" and that will show up on the title.

Then she will need to provide auto insurance coverage that would include collision and comprehensive coverage along with liability coverage. Her age will play a part in what the premiums are along with stuff like marital status, has a job or not, traffic record, where she lives (ZIP Code), whether or not the car is garaged, miles driven during the policy period, and even her credit score.

She is probably not going to be able handle both a car payment and insurance premiums.

HeeHaw89

TheUCM

dbgoodwin

JR-01

Does she have another car or will this be her only ride?

runner140*

Could not agree more.

FirstC4

PenFed Credit Union

Dbl_D718

This. My local credit union did much better than banks for my C5 loan a few years ago.

Why is everyone trying to be the dad of this girl they know nothing about? There's nothing wrong with financing a $12,000 Corvette. It doesn't matter if she has the cash to buy it outright, another car, or whatever else.

Chris Draper

I financed mine through a credit union. The interest rate was a little higher than I would have liked (6.5%) but a bank would have been over double that.

rrwirsi

Because many of us are Dad's. And being a Dad we try, and try, and try, to give our younger generation a heads up on problems they do not see. Many times when I was young and stupid my 'dad' and others clued me in.

JR-01

I doesn't matter to me at all if she buys it or not. She is the one that will probably regret it.
When someone has a hard time getting a loan to buy something, it's a red flag that it probably isn't a good idea.

Mike94ZLT1

There's everything wrong with financing an almost 20 year old $12,000 Corvette, I don't care who you are.

Vetteman Jack

I will agree with checking with a credit union - I have found them to be more flexible on financing older, classic/collectible cars.

friou

I'm going to stay away from the should she or shouldn't she make the purchase. I'll just answer the question and give another shot for "Lightstream". They will finance up to 100%, even on older cars such as corvettes, porches etc. Low rates, very easy to work with and all done via the interweb. They deposit monies in the borrowers account who then can make a cash purchase. As far as I know they require a pretty good financial record/score. Folks I know who have used them were happy with them. Best wishes!