Daerom

iTrader: (1)

Hey guys, new to the forum, and hoping to be a LS1 owner soon. My lease is ending in 3 months and I am trying to get my finances together so that I can purchase an '02 WS6. I am looking to spend ~25k. Problem is my local bank(small town) won't give a loan for a used car for that much. They said at most they would go 15k. I don't have 10k to drop on my own so I need some advice. What is the best route to go in getting a loan for this amount of money without paying too high of an intrest rate? The local bank here quoted me at 6.03%, which is really nice, but as I said, not enough. What about online loans? Thanks for any help.

samz28

find a credit union. Mine was 3.75% USED for 36 months. 4.25% for 39-72 months.

96 or newer
less than 90K miles. I just asked for 25K could have asked for more.

They dont do exotics or hyundai's (and the like). But a bird is not really exotic at all

credit unions generally rock

Daerom

iTrader: (1)

Wow... 4.25%? that is awesome... I will call a couple up and see what they say.

98Z-6Speed

Your bank is small and conservative, so their "loan values" are waaaay low. I bought my '98 in 12/2003, and the loan value from my small hometown bank was $10,000. So I went to a credit union and their loan value was $11,700.00 (42k miles on the car). I got the dealer down to $9,500.00 after watching the car sit on their lot for 3 months (they were asking 11,200). So my Credit union still loaned me $11,700 and I paid off a credit card, rate is 3.6% for 36 months.

So as you can see 15K is waaaay low for the car you are looking at.

demonspeed

iTrader: (7)

They just don't want to give you the money, so they made up some stupid excuse. Try GMAC if you can't use a credit union. My bank refused to give me a loan because they said I didn't have enough credit (im 20). I said blow me and went to the credit union. They practiacally begged me to take their money. At 4.50%, i'm happy.

Red91vette

iTrader: (3)

What about people who dont have any credit yet? I am only 18, I would mostlikely have to get my parents to sign, but my friend just got approved for a 6k loan from his bank, all he had to do was bring in some old paychecks. Is there anything for first time buyers who haven't had a chance to establish any credit yet?

samz28

establish credit? its your fault if your 18 and haven't established credit. And yes being an authorized user on a 'rent AMEX is a very good way to faux-establish credit, then get a macy's card.

This is all basic stuff they should teach in high school imo.

demonspeed

iTrader: (7)

I got a lot of help from my parents to establish my credit. I got 4 credit cards (big mistake) in my parents name with me on the account. I have 2 paid off, 2 more to go (I pay them 100%). My grandmother co-signed a personal loan for my Mustang. I paid that off in 2 years, though it was for 4. My mom co-signed on my Z28, but my next loan, I should be good to go by myself.

Basically, it's almost impossible to get any sort of significant loan without the help of your parents. I am very lucky my parents helped me out to establish my credit. Hopefully you can do the same.

BOILER_WS6

iTrader: (1)

I'm 20 and just bought my 20K 01 WS6 at 5% in my own name without the help of anyone. It's my 4th vehicle loan and I only had a co-signer on my very first one which was when I was 18. I work at a motorcycle dealership and work with credit all the time. For those of you who dont have any, try and find some easy way to establish some like a credit card. Just be careful and pay all of your bills on time.

WTB-a-Hawk

I didnt have much credit until lately. I never had any really , but over a year ago , i got lucky and a credit union gave me a loan for 9k at 5% APR. That will be paid off in like 3 weeks. Never had a late payment, the payment always came out my checking so i was never late. I am 24. I got started late. I'm wondering how much they will approve me for when i pay that loan off. I'm hoping they will give me 20k. If they don't i will be pissed, because that is what i am looking to spend on my future LS1 Fbody. If they don't i'll just have to save up for a couple months then. Either way it goes, i will have an LS1 before Summer.

samz28

you will get approved im sure, just make sure your application has a good debt ratio in it. i asked for $15 for my z28 loan, approved. Then said how about $25K, approved instantly. Bought a $12K z28. Then i asked to have my overdraft upped to $9K (5.9% no fee) lady said sure, sign here. dude with the car sold to me got his certified check right then too CU's rock!

demonspeed

iTrader: (7)

Deech

iTrader: (8)

Your better off going with a credit union or a savings and loan (i.e Washington Mutual) type of financial institution. They mainly deal with loans and will probably give you the best interest than your local bank.

ChillnV

I got my loan approved through SunTrust... had a friend w/ non-perfect credit just get approved as well when she got a '04 Envoy XUV.

99 Black Bird T/A

iTrader: (4)

What he said

Wifes preowned 02 Z28 is 3.14% for 60 months. Was the best rate I could find and it was at the Credit Union.

WTB-a-Hawk

Man i'm so excited. That will be awesome if i get approved for 20k, hell 25k would be even better. Give me more to work with.

BTL FED

iTrader: (9)

I got my loan through www.peoplefirst.com