Davis Walters

i am a younger guy (21) am looking to buy a C5 Z06 and am in a weird spot. i checked with my local bank and i can get an auto loan for up to $45,000 but not for a C5 because of the age of the car. but i can go to a dealer and finance through them just fine. did a little research and alot of people are saying get a personal loan the thing is im 21 and little to show on my credit( a couple credit cards and a car loan for my wife's car). so my question is how would you recommend i go about getting the car spending more through a dealer or some other way through a private party. paying in cash is not an option right now. thank you in advance for all the help

firstvette99

check your local credit union.

70RT440

USAA will finance an ilder car, but othewise, it's tough to find financing. Personal loans are stupidly expensive.

I have no real advice other than to keep looking.

Beer:30

I saved up and paid cash, you just need to be patient.

K-Spaz

I would say save up longer and wait a while. It sounds as if their interest rates they're going to give you are going to kill you. A personal loan will have an interest rate 60% higher than car loan. That would be crazy. Just look at The Debt Service on a loan the size you're looking at. It's a pretty hefty amount of monthly money down the drain.

Carmine97

With a personal loan so crazy expensive, you may be strapped for cash to start out.
You need to remember that you're looking at a car that is 15-22 years old and, if you have a problem, could cost significant additional dollars to fix.
Just regular maintenance is more expensive than a "normal" (boring) car. A Mobil 1 or similar oil change is expensive, even DIY.

I would counsel to save your money and be patient.

John L. Lingsweiler

I used light stream.

rjwvetttt

SunTrust bank has a division called Lightstream for older cars like these. They are considered a collector car loan company.

Kevin-2001C5

Personal loans have a high interest rate. Try a credit union. You may have put down the difference between the price of the car and what they think the car is worth.

Not4spd

You would probably be better off getting a newer generation Corvette as it will be easier to secure financing and to keep your interest rate lower. The places that will finance an older car will typically do so, but at a much higher interest rate (12%,14%, etc).

DDaaryl

Borrowing money to buy a depreciating asset is a poor idea. Wait a while and buy one on "the one payment plan" without a loan.

flyingmfrc

I learned my lesson early on. I was 22, just out of college, bought a new car. The payments killed me. Got rid of it. I will be 70 soon and have paid cash for all vehicles since I was 22. Save your money and pay cash when you can. Don't get into the borrowing death spiral. You will be glad you did down the road.

blackmachdown

Lightstream loans is who I used the last time I financed the purchase of a car. Super quick, Money in your account in two days, and no prepayment penalty, rates are decent if you have excellent credit

vettin_it

Most credit unions will do loans on older vehicles that still have value.
Buying cash is great and all but at a young age building credit is also important. I did everything in cash and never touched any kind of loan or credit for the first decade of my adult life. That sure did screw me when I decided it was time to buy a house.

f6john

I had a home equity line of credit on my home and I used it to buy my car. At the time the interest was 3.49% and there was no set payment amount only a minimum amount. That made it easy for me to pay off the car at my own pace. The upside was that the interest was deductible since was on the house and not the car. It worked for me.

73Corvette

Cash... money talks when your negotiating

Kiddbats

Start with a credit union or check out JJ Best Banc they are one of the largest classic car auto loan lenders, or save your cash, do you at least have a nice downpayment?

GTs 58

Are your cars insured with State Farm? They do offer new and used car financing. https://www.statefarm.com/finances/b...loans/vehicles

Years ago I financed and refinanced a couple of Corvettes thru my insurance company, but not sure if American Family is still offering that service.

Beer:30

C5 is cheap enough to put on your credit card if you are desperate, but you're better off saving.

Phanni

A credit card loan for a car is the absolute worst advice, followed my 'personal Loan', then a dealership loan. If you need a loan for your car,,, use a credit union, or a bank. ALWAYS calculate the final out of pocket cost. (ie. 36 months at $300 per payment equals $10,800)
The price of the car always need to includes the interest paid. Don't expect any seller to openly disclose what the final cost is, do your own math, and ask for help if you need to.

Here is an example, if you buy a $200,000 house ( hard to find) and take a 30 year loan, your final cost will approximately 3X $200,000. ($600,000)