C6 Valuation for Financing
Thread Starter
Instructor
Joined: Mar 2013
Posts: 181
Likes: 22
From: Allentown, PA
C6 Valuation for Financing
Has anyone financed a C6 lately? Was planning to finance a 2010 GS and my bank only values the car at $22k with 24k miles and NADA generally agrees at $26k. Considering grand sports are priced and selling in the high 30’s to low 40’s right now, I’m not seeing how these cars are moving without 50 percent cash down then being financed at their “max” value.
Anyone aware of banks valuing these cars by what they’re actually selling for? I was planning to put down about 10k plus paying taxes up front so it’s not like I was trying to go into this putting down no cash but there is a substantial gap between book valuation and reality.
Anyone aware of banks valuing these cars by what they’re actually selling for? I was planning to put down about 10k plus paying taxes up front so it’s not like I was trying to go into this putting down no cash but there is a substantial gap between book valuation and reality.
Safety Car
Joined: Dec 2012
Posts: 3,814
Likes: 1,722
From: Summerville SC
I think the bank is looking at a 12 yr old car, no matter what it is. Just like when we pay property taxes on our cars down here, it's an old car regardless of the value. They would have to get into the appraisal business and I don[t believe they want that hassle.
Racer
Joined: Apr 2022
Posts: 491
Likes: 338
From: Syracuse, NY
I just recently financed my 2011 grand sport. The issue you are going to find is that big banks only sees used cars as current model +10 years. So unless its a 2012 they wont do it. I do all my Banking with Key so I ended up having to do a unsecured loan and luckily my credit was very good, My car was 40k and I put 20K down. Im not sure if a local credit union would do a "used car loan" on a 2010 but it would be worth a try
Last edited by Rebob0510; Dec 13, 2022 at 06:23 PM.
Race Director
Joined: Oct 2012
Posts: 17,377
Likes: 6,523
From: Melbourne, FL
Don't take this the wrong way, but do you have bad credit? To me, that sounds like a bank that doesn't want you as a customer.
That said, I haven't had a big bank car loan in a long time. Credit unions are the way to go by far.
That said, I haven't had a big bank car loan in a long time. Credit unions are the way to go by far.
Racer
Joined: Apr 2022
Posts: 491
Likes: 338
From: Syracuse, NY
Me or the original poster? HAHA. Mine was a 817 when I got my unsecured loan from KEY. If I were to do it again I would use a local credit union
Burning Brakes
Joined: May 2014
Posts: 763
Likes: 215
From: Detroit
You can find a collector car appraiser to give you an official market report and valuation of the car. Check with your lender to get the go-ahead, but this should work, as I have done this myself. An appraisal might cost $200-300 but if you really want or need the financing, it might be your only option to change the bank's mind what the car is worth.
Burning Brakes
Joined: May 2014
Posts: 763
Likes: 215
From: Detroit
You credit score doesn't matter when you're asking the bank to borrow twice what their book says the car is worth.
Thread Starter
Instructor
Joined: Mar 2013
Posts: 181
Likes: 22
From: Allentown, PA
[QUOTE=FAUEE;1606024298]Don't take this the wrong way, but do you have bad credit? To me, that sounds like a bank that doesn't want you as a customer.
Nope, definitely not a credit issue as I’m in the excellent range across every scoring model. I should add, this wasn’t a big bank but rather a large credit union that I have my mortgage through, so there is already a positive relationship, and NADA corroborated their valuation, claiming sales of grand sports averaging $26k. I would love for them to tell me where grand sports of that mileage are being sold at that price.
Nope, definitely not a credit issue as I’m in the excellent range across every scoring model. I should add, this wasn’t a big bank but rather a large credit union that I have my mortgage through, so there is already a positive relationship, and NADA corroborated their valuation, claiming sales of grand sports averaging $26k. I would love for them to tell me where grand sports of that mileage are being sold at that price.
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Safety Car
Joined: Dec 2012
Posts: 3,814
Likes: 1,722
From: Summerville SC
If that is a fair price, and you have a relationship with the credit union, I would do as suggested above, unsecured loan. I got a letter in the mail one day, a long time ago, for loan up to Z10K. I called them to make sure I could buy this older 300Z I was looking at and they said it didn't matter to them WHAT I bought. I had that car for over 10 years and never forgot how easy the transaction was.
Racer
Joined: Jan 2020
Posts: 470
Likes: 276
From: So. Maine
In August I purchased a 2005 C6 with 21K miles for $33,500 with 7K down through St. Mary’s Bank in Manchester NH. This was done through a dealer. I did not have a banking relationship with them at the time. However, I previously had a loan through them. I mention this information as an example that not all banks are the same. I would recommend checking other lenders in your area.
Safety Car
Joined: Mar 2017
Posts: 3,651
Likes: 274
What he said. You'd be lucky to get a loan for an older car from any bank. I ended up getting a different mortgage and doing it that way.
Race Director
Joined: Nov 2017
Posts: 12,759
Likes: 10,657
From: Prosper TX/Austin TX
2020 C6 of the Year Winner - Modified
and with interest rates where they are now even for excellent credit, I wouldn't finance a 12-13 year old GS.
Race Director
Joined: Oct 2012
Posts: 17,377
Likes: 6,523
From: Melbourne, FL
Some banks just won't take on loans like that. Others will do it in a heartbeat. I used light stream on a boat, they do unsecured loans, their rates were great compared to standard boat loans.
If the car is at a dealer, see what their finance guys can do. They're not gonna list a car at a price they can't get people financed for.
If the car is at a dealer, see what their finance guys can do. They're not gonna list a car at a price they can't get people financed for.
Melting Slicks
Joined: Oct 2022
Posts: 3,339
Likes: 1,934
From: Ulta Vista, AZ
Let the dealer find financing for you. That’s what they do.
Credit unions are typically better for deals like this.
Short answer is yes, banks will do loans on older cars and at current values if you have great credit and money.
Credit unions are typically better for deals like this.
Short answer is yes, banks will do loans on older cars and at current values if you have great credit and money.
Race Director
Joined: Mar 2010
Posts: 16,883
Likes: 5,342
From: T-Town WA
2016 C6 of Year Finalist
Pro
Joined: Dec 2001
Posts: 582
Likes: 72
From: Near Raleigh NC
I used a Credit Union, no problem on a short term, since I paid it off early right after I sold my truck and then got a signature loan to cover the small remainder and release the title to me. I paid off the signature loan and interest rate wasn't that bad. A lot less than others.
Drifting
Joined: Jul 2005
Posts: 1,633
Likes: 190
From: Austin TX
Has anyone financed a C6 lately? Was planning to finance a 2010 GS and my bank only values the car at $22k with 24k miles and NADA generally agrees at $26k. Considering grand sports are priced and selling in the high 30’s to low 40’s right now, I’m not seeing how these cars are moving without 50 percent cash down then being financed at their “max” value.
Anyone aware of banks valuing these cars by what they’re actually selling for? I was planning to put down about 10k plus paying taxes up front so it’s not like I was trying to go into this putting down no cash but there is a substantial gap between book valuation and reality.
Anyone aware of banks valuing these cars by what they’re actually selling for? I was planning to put down about 10k plus paying taxes up front so it’s not like I was trying to go into this putting down no cash but there is a substantial gap between book valuation and reality.
