Financing A C5??
Thread Starter
Drifting
Joined: Jan 2002
Posts: 1,261
Likes: 4
From: Middle River MD
Financing A C5??
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
Drifting
Joined: Nov 2015
Posts: 1,333
Likes: 397
From: Clay New York
financing
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....
Le Mans Master
Joined: Sep 2013
Posts: 8,900
Likes: 1,074
From: Wisconsin
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.
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.
Last edited by JR-01; Feb 5, 2018 at 10:38 AM.
Race Director
Joined: Jul 2015
Posts: 16,072
Likes: 2,735
From: Frisco, TX
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
i ended up getting it through ally auto
Drifting
Joined: Mar 2013
Posts: 1,496
Likes: 355
From: Little Rock Arkansas
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 $$$). I don't know if I'd even finance something to a family member considering how these sort of things usually go...
The issue is that being young she likely doesn't have other loans through her current bank. Like if she had a mortgage through a bank they would be more willing to lend for a car such as a C5. At worst, even with a good credit score she'd probably see a little higher APR but that can be offset somewhat with the aforementioned good credit score.
The issue with a credit union is she would need to get established with it, which doesn't really help her in the interim.
The final recourse would be obviously for you to "finance" it and allow her to make payments, but personally that's something that can get kind of murky and then if it comes to the point of you having to repossess or deal with late payments then you're either out your own time or, potentially, small claims (both time and $$$). I don't know if I'd even finance something to a family member considering how these sort of things usually go...
Team Owner
Joined: Oct 2004
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From: altered state
St. Jude Donor '05
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
Team Owner
Joined: Dec 1999
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From: Lacey WA RVN 68-69
NCM Sinkhole Donor
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.
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.
Thread Starter
Drifting
Joined: Jan 2002
Posts: 1,261
Likes: 4
From: Middle River MD
She understands all of the title and insurance implications. She can afford the payment it's not an expensive car. People have to start somewhere to establish their credit history.
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Instructor
Joined: Dec 2017
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From: Flowery Branch Georgia
Have her try Lightstream, it’s a division of SunTrust Bank. I used them for mine last year and very good rates for short terms. They will deposit the money right in her bank account and she will then write you a check. She will get multiple emails telling her what she needs to do and obtain for records to send back to them.
www.lightstream.com
Good luck.
Brad
www.lightstream.com
Good luck.
Brad
Le Mans Master
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From: Wisconsin
Le Mans Master
Joined: Mar 2004
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From: Ft. Lauderdale Fl
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.
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.
Could not agree more.
Burning Brakes
Joined: May 2014
Posts: 763
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From: Detroit
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.
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.
Drifting
Joined: Jun 2004
Posts: 1,305
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From: Gilbert, Arizona Currently Own: 1998 Coupe YouTube: My Corvette Life
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.
Melting Slicks
Joined: Nov 2014
Posts: 3,399
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From: Havre de Grace Maryland
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.
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.
Le Mans Master
Joined: Sep 2013
Posts: 8,900
Likes: 1,074
From: Wisconsin
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.
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.
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.
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I will agree with checking with a credit union - I have found them to be more flexible on financing older, classic/collectible cars.
Melting Slicks
Joined: Jan 2016
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From: jefferson texas
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!
Last edited by friou; Feb 5, 2018 at 05:32 PM.
