Can't Finance a C5???
 

I've been looking to purchase a C5 Corvette in the near future, but all the used auto loans I pre-qualify for say the car must be a 2006 model or newer under 100K miles (Bank of America, CITI, etc).

I have an excellent credit score, but possibly I'm not looking in the right place for a used auto loans.

Obvisously I want to avoid the "bad credit" finance operations that are quoting 12% interest rates.:crazy:

Anyone have similar experience or recommendations

Thanks for any suggestions.

--Doug

Doug. Join your local credit union. Around here the rates from them are currently 4.5% and they will loan on cars 10 years old (and sometimes older for specialty cars like 'vetts). I have been using credit unions to buy cars for years and they rock. IMHO :rock:

Using their money is often cheaper than using my own. I like paying cash for toys, but somtimes it makes sense to use other people's money.

I always just pay cash.

It's going to further affect the price of these cars.

I second the credit union route.

I second the cash route...that's how I bought mine a few days ago. No restrictions, now worries.

Cash is always nice if you have it up front. But your best bet is going through a credit union like rickster1 said. They sometimes will even do loans on salvage title vehicles too.

:iagree:

How does this help the op with his question? You two dopes used the forum to brag how you bought your cars. Like your the only guys who pay cash for cars.

hahahahahahaha!!!!

Just got a loan for mine from the local bank, no problem at all. My banker mentioned they just did a loan on a 92' the day before. Just find the right bank or credit union

Usually, with under 90% loan-to-value and good credit, you can find under 5% for used car loans. My co-worker just was offered a 3.9% for 60 month used-car-loan from our local credit union - $40K loan on $50K car (she's putting down $10K).

Go to one of your small local banks, they usually have relationships with several other credit institutions and they will find financing for you.

Good luck,
TomK

alot of credit unions will give loans for cars from 2001-present and some just use the cars NADA value and don't even care about the model year.

Well if we are looking at alternative methods of obtaining a Vette you can always steal it.......



Seriously, If you or anyone in your family have ever been in the Armed forces check out USAA. They have crazy good rates for 7+ older cars. I think 4.25 and go up to 60 months finacing. They also have kick ass auto insurance.

This message brought to you by the USAA Association for the betterment of people......ok not really. but USAA is the way to go for financing for families in or have been in the Armed forces.

Thanks for the responses.

The Credit Union seems the best approach. I financed my '63 vette convertible through a credit union many years ago, but paid cash for the Split Window. So I've done it both ways.

Still have both cars - so that's my brag.:thumbs:

The C5 will be my wife's "grocery getter"

Credit Unions are honestly your best bet. They are awesome with their rates with the cars ive purchased with my credit union and im a member of two of them. Both of them beat out any big name finance company and hell one of them I just apply and literally in about two hours i go and pick up the check. Good luck with your financing. Jay

I have a 98 coupe and had no problems getting a 3 year loan at 3.99% from my local credit union. :thumbs:

Yes I'm in the same situation. I actauly belong to two credit unions and one bank and all three only go back five years on a used vehicle. But if you find a car at a dealer they can get you a loan through the financial institutions they deal with regularly, based soley on your credit score. So if you have good credit it should'nt be a problem. I've been researching Z's for four months now and in most cases dealers are selling cheaper than private parties. As far as droping cash, I get higher returns on my cash than the current intrest rates. Might as well make money by borrowing. Just my $.02

Try to get on with Navy Federal Credit Union if your prior military, just took out a loan for an 02 Z06 without a problem.

i ran into the same problem. They would only finance 2004 or newer from a dealer, and 2006 or newer from a private individual.

I heard credit unions were better, but another alternative is borrowing against your 401k if you have one. Thats what I did. Didnt want to but in order to use the bank I would have had to buy a newer car and spend probably 13-14k more for a C6 than I did on my C5. i pay 4% interest (which goes back into my 401k). The downfall is I lose out on any money I would be making if I left the money in my 401k, but thats more incentive to pay it off sooner. Also I own the car, no lien on the title.

I know its not for everyone, but its an alternative so I thought I would throw it out there. Seems to be working well in my case.