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Old 12-01-2009, 12:56 AM   #1
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Default loan for 7 year old car...

in my pursuit for a 2002 ceta. someone told me banks/loan companies wont finance a used car at the age of 7 years.... any truth to this?
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Old 12-01-2009, 12:58 AM   #2
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Very true actually. The age of the car depends on the bank though. The guy who bought my 1999 Z28 last year fiananced it through his credit union though. The car was 9 years old at the time.
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Old 12-01-2009, 08:00 AM   #3
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Originally Posted by GXPPOWER View Post
any truth to this?
Not at all. I've done this without issues.

Maybe over 10 years might be an issue for some banks. Unless the car is an antique, then you have some banks that deal strictly with those older cars.
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Old 12-01-2009, 08:05 AM   #4
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You looking to buy private party or from a dealership?
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Old 12-01-2009, 08:09 AM   #5
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If you have excellent credit then you can buy any car. Go to capitalone auto finance on line and fill out the app. They will have an answer for you immediately if you qualify. If approved they will fed-ex you a check the next day.Good luck.
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Old 12-01-2009, 08:16 AM   #6
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From what I've seen it's more like banks don't WANT to loan on a car older than 7 years. My bank will loan older than 7, but it's at 14.99% interest depending on the credit of course. But the best you could get was like 10.99%. If you go to a credit union they'll usually work with you pretty easily, especially with a good credit score and it being a dealership.
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Old 12-01-2009, 08:17 AM   #7
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With my credit union they base how long the loan is by how old the car is, 01-02 car is 3 yrs max, 00 is 2 yrs, etc. I just took out a signature loan to get my car
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Old 12-01-2009, 08:17 AM   #8
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Yeah the bank wouldn't give me a car loan for my 2000 WS6 either. Try getting a personal loan for the car or just pay cash.
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Old 12-01-2009, 09:48 AM   #9
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No issues here for my 98. First loan as well.
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Old 12-01-2009, 10:09 AM   #10
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I had no credit rating established and got a loan for my '01 at the beginning of this year from my local bank. It shouldn't be a problem for you either.
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Old 12-01-2009, 11:15 AM   #11
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get a co-signer like these other ppl got , except their not saying so !!!! or @ 20% interest, then the banks ,c unions will talk !!!!!
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Old 12-01-2009, 11:31 AM   #12
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I got a loan for mine through my bank. Insurance paid for most of it though.
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Old 12-01-2009, 12:22 PM   #13
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not sure how it would work now with the credit card companies being more strict but when i bought my 95 T/A in 2004 i used a 3.99% check with no cash advance fee to finance my car. i wrote the check to myself for $6500 and paid the $6k in cash like the private seller wanted and then used the rest for taxes and licensing.

no lien on the car and the interest rate was pretty low for a 9 year old car.
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Old 12-01-2009, 01:46 PM   #14
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get a co-signer like these other ppl got , except their not saying so !!!! or @ 20% interest, then the banks ,c unions will talk !!!!!
you caught me! I had a co-signer lol.
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Old 12-01-2009, 02:24 PM   #15
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no co-signer here
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Old 12-01-2009, 03:12 PM   #16
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They probably won't do a car loan, but a personal loan would be no problem if you have any kind of credit or any way of securing it.
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Old 12-01-2009, 04:02 PM   #17
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Yeah I forgot to mention I had a co-signer. But the car's all paid for now. The bank was trying to tell me that they couldn't give me a loan for the ammount they were asking for the car because the could only give like 9500 for a Z28. I told them it was an SS and they said they didn't make an SS. I told them it was an optioned package. I had to get proof that it was an SS so they would give me a loan for the full ammount which was only 1000 more than the Z. I was pissed
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Old 12-01-2009, 04:48 PM   #18
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Call around to your local credit unions. They will out price a banks rate 9 times out of 10 and seem to be more lenient.
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Old 12-01-2009, 04:52 PM   #19
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the credit union i have my loan to is for 9000 at 4.66%
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Old 12-01-2009, 09:30 PM   #20
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So to answer the OP's question, it all depends on the bank...
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