I have great credit, a steady job for 7 years now, and about $9000 in the bank. With that said, I can't get a car loan for a 10 year old 2000 Camaro/Trans Am. I went to my credit union and they said they will give me a car loan for a 2000, but it has to paid back within ONE year!??!

So the woman tried to sell me on a personal loan at 10.25% interest and I said no thank you to that. I'm looking to spend $12-15k on a car, and the payments/interest would be absolutely insane.

Are all of you saving your cash and not financing anything? Or is there a place that is willing to lend money for a car older than ~2005? Help a brotha get a new LS1!!

 

took out a loan through navy federal credit union back in 05. just paid it off saturday night! i wanna say my interest rate was 6% or something like that.

 

I took out a personal loan for half, but my interest rate is only like 6%

 

My buddy who bought my 2000 SS got his loan from the Navy Federal Credit Union with no questions asked. Unfortunately I'm not in the military, though.

 

I had no problem what so ever.

 

Who did you go through?

 

i vote you switch banks. Mine gave me a 18,000 loan with 5.5 percent interest and im only 20.........

 

My local rural bank. I was 18 with decent credit.

 

local credit union. 5.9% IR on a '99 z28. i didnt have any problems getting it on a 10 year old car (at the time, now its 11). of course, im going on 21 soon so i had a cosigner but i talked to the bank a month ago and i could get my own loan now, so it sounds liek you need to take you business elsewhere!

 

cash! i have very good credit and im only 21, but i do alot of my transactions the smart way, if you can pay cash its always better than oweing someone for your car.
i get alot of satisfaction out of knowing my car belongs to me and not the bank....

 

I paid cash that Ive been saving basically my whole life for my SS. I already had a $253 payment for my Xtreme blazer.

As you found out, many places wont give out loans on older vehicles...which is gay.

 

I certainly agree, but saving $15,000 to drop on a car will take me a while...

With all of you saying you didn't have any trouble, I'm going to have to call around to some other banks/credit unions and see what they offer.

 

Yeah call around other places, I got mine for 12k when I was 20 and still owed 3k on another vehicle, no cosigner either got the loan through toyota when my bussy traded the ta for a prius

 

No problem for me at my local CU. I only asked for a loan for about 40% of the car though. 4.6% for 3 years.

 

I paid cash for my LT1 car..it was 5 years ago though..$6100.

I would look into a different Bank.

I applied to my CU for a $13K Loan for a Vette I was looking at..I was approved in 10 min for a 60 month, 3.9%.

 

Banks do not like to give car loans on vehicles older than 5yrs, atleast thats how it is in Indiana... Only vehicle I took a loan out on was my 2000 buick gs in 2005, everything else I paid cash for. Try another bank and see if they will loan you half and pay cash for the other half. My brother did that when he bought my 96 z28 with 40k mi...

 

I'm a Silver State Schools Credit Union member and I bought my Formula in October of last year and I got a loan. The car is a 1998 with 70,000 miles and I got the loan for $7,000 for 8.25% for 3 years with no early payment penalty. Any bank can make exceptions for you.

 

i bought my WS6 through Veracka motors in brockton ma. and my car was 8 yrs old when i bought it, they use PPV (private party vehicles) they specialize in finacing sports cars

here is a recent veracka motors add, you could go see these guys and try for this WS6

http://www.autotrader.com/redirect/r...ealer_id=71746

 

I'd been saving for a T/A since I saw Smokey and the Bandit when I was 11. Only took a decade to have enough.

 

I've never taken a vehicle loan to buy a car older than 5 years.

But here's something you might be able to do, if you have great credit:

Back when I bought my Nova, I had received an offer from my Visa card company. They were offering a cash line of credit for up to my credit limit (think it was $10.5k) at 2.9%, locked in rate for the life of the loan. Now, I had the cash to pay for the car without this loan, but my cash was in an account earning 4.25%, so it only made sense to take the loan at a lower interest rate. So I got as much of the money as I could from that deal, and paid the rest in my own cash. Worked out great, I'd do this again in a heartbeat. However, credit is much tighter these days, so good luck finding a CC company that's willing to give you $10k in cash for 2.9% life-time locked in rate.