How do I get a loan for an older car?
11-24-2010, 03:26 PM
#1
How do I get a loan for an older car? I'm trying to get a car and I have no idea how to get a loan for a car that's not exactly new. My bank will only do loans on cars that are 7 years or newer so that means no F-Body. But I'm really trying to get in a 98-02 V8 F-body but I don't know how or who to go through to get a loan. Can anyone help me out? Thanks.
Zach
Zach
11-24-2010, 03:46 PM
#3
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I use united community credit union, they only loan off of nada high trade in plus 110% though... Just tell them its an older vehicle, and ask if they'll submit your request to the loan committee. I've never had a problem with them.
11-24-2010, 04:02 PM
#4
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i just bought a 99 formula and i took out a personal loan . Only difference is the interest rate , 9.25 as to 5.25 . My bank does ten years. Maybe look at a few banks .
11-24-2010, 05:58 PM
#6
I cheat, i talk the seller into making a contract that will allow me to register their vehicle in my name, then get a title loan against said vehicle through Citi financial. Of course, you will need to get approval through Citi for said vehicle and apply with several pieces of infor about the vehile, but that is what i have done a few times. Dont even have to have full coverage since they will put their own on it if you do not have it, only charge a couple hundred extra financed witht he rest of the loan.
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11-25-2010, 08:24 PM
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Man.... don't understand the crap you guys have to go thru in the states. No offense of course. I just walked into my bank and said i wanted to buy a 99 SS. (Just not a fan of credit unions) They couldn't do it on a new car loan cause it was a 99 and this was 2010 i bought it. They said they will do the car loan option sometimes. Mine only had 11000 miles but it was the year that got me. Only lost 1.25% in the difference. So just got a loan and that was that. Are the banks cheap bastards down there or just tight wads and don't wanna give their money away unless you make 200k a year????
11-25-2010, 10:12 PM
#12
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A good buddy of mine got a $14,000 loan from a credit union about 6 months ago for an 2002 Camaro SS with 20,000 miles on it. He had excellent credit though.
So shoot for the stars.....
So shoot for the stars.....
11-25-2010, 11:05 PM
#13
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I'm on the same boat. I've been trying to purchase a suv, the thing is that it has over 100k. I've called around five credit unions and several banks and they won't finance it. It has to be new that a 02 and less than 100k for them to even consider it.
11-25-2010, 11:08 PM
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Just varies with credit unions. Mine won't do dick when it comes to a vehicle over 5 years, but my girls will do anything as long as it matches NADA and you dont finance for longer then 36 months. Just keep calling places
11-26-2010, 12:49 PM
#16
i just bought my 00 TA for 8k will 100,200 on the clock. Just walked into my credit union and ask for 8k for 36 months. I got 4.9%apr. It was really easy, and I was surprised
11-27-2010, 10:38 PM
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I am planning to buy another T/A right now and will be getting a loan from my credit union to do it (neither of my banks will do a used car loan for cars older than 5 years). On the '02 T/A I'm looking at, they will do 7.9% interest on up to 115% of the car's book value or 3.9% on a loan under 105% of the car's book value for 42 months.
11-30-2010, 09:28 AM
#19
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PenFed or Pentagon Federal Credit Union. Age of the vehicle doesn't matter, as long as it has under 100k miles. 2.99% for up to 60 months. 8.99% if you choose 72 months. I bought my '02 Z06 2 weeks ago and financed the full amount. 2.99% for someone as young as me is incredible. They also offer GAP insurance for only $299, which I of course opted for.
