I just got a loan on my 99 vette 2 weeks ago. I had 4500 cash down though

 

Absolutely correct. Last year, 2008, I was looking at another car and was curious about a bank loan. One bank told me no and it didn't matter what I put down for a deposit. Across the board NO loans on used cars for '02 and older at this well established and financially healthy bank. Since it was first hand experience I am passing this along. When you do search, be careful of RIP OFF interest rates. Some loans are 'legalized theft'.

 

There are several things that you have to factor in. For instance my very first car was a 2002 Camaro SS that had 29,000 miles on it that I purchased for around 12,000 with my trade in and had an 8% interest rate. I purchased the car in 2008. First off on a car that old, banks obviously look at your credit and the age of the car, but more so the miles on the car. They also use the NADA book to figure out what the car should book out for. They wont let you finance much over the book value because it wouldnt be a worth while investment on their end. For instance, if you default on the loan, they are stuck with a car that they cant sell to make money on because the car is not worth what they loaned you for the car. Obviously a down payment helps alot by building equity immediatly in the car. You really just need to find a good credit union and ask them what their parameters are for a loan on an older vehicle. Credit Union loans can vary depending on the union, so your best bet is to get ahold of yours and see what they would be willing to do on an older vehicle.