Nicholas_Bostaph

I guess this is more of a naive general car purchasing question than anything, but as it's an F-body I'd like to purchase I figured this was as good a place to ask as any.

I've never really purchased a used car before. My first car, that I bought when I was 16, was a 5 year old Z28, but my parents co-signed the loan and took care of most of the paperwork while I just paid. In 99 I bought a new TA, in 02 I bought a new Hawk, then I made the mistake of buying a 2 year old GXP a couple years ago. Now I need to bring my car payments down (stupid economy), and I desperately want to get rid of my GXP (which I hate). So my first thought was to go back to what I know and loved: a 99-02 Hawk or WS6.

So far I've talked to 6 dealerships and every major bank I know. Their responses have all fallen into one of these:

1) We don't finance cars more than 4/6/8 years old.
2) We finance cars over 8 years old, but only at 36 months and 12% interest (one bank).
3) We do financing in house, but only for amounts up to $9999 (two dealerships).

Bringing me to my question. How does one buy a T/A these days? Also possible to rephrase as just: How does one buy a used car? Is the only option to simply have $16k cash laying around? I realize some people do, but is there some option out there for the rest of us that I haven't considered? I guess I just got used to the idea of every car purchase being via a loan; never occured to me to do otherwise, at least not for a $10k+ vehicle.

I'd hate to have to go lease something new since there don't seem to be many sports cars produced these days. But if that's my only option I would welcome any suggestions. Just to head off the obvious one, I was told there are no lease options available on the Camaro right now, and that would be pushing it on price anyway.

Thanks.

Iwannagofast!

iTrader: (2)

You are in the boat I was in for like.... 4 years. The only way to do it is to just save up the money. I traded in an 07 tundra for an 04 4runner, they gave me some cash at the dealer and I had some other money put back for the T/A to just pay cash for it.

No, my bank wont loan for a car more than 5 years old either.

Could you sell your GXP outright and use the money from that? If you look on autotrader there are plenty of stealerships still selling fbodies. I found two pretty good deals from smaller car lots but passed on them. You might want to check in on a trade for one?

Nicholas_Bostaph

Thanks for the response Iwannagofast. I considered trying to use my equity in my car. Unfortunately, I still owe quite a bit and it's depreciated more than I would have liked. On a trade in (knowing how little they give you on those) I'd hardly come out with a couple thousand dollars from my GXP after the loan was paid off.

I guess I might just have to lease something really cheap for now and see about getting my TA in 2 years...

Iwannagofast!

iTrader: (2)

I know, they screw ya on trades. Plus, saving money is hard to do too... hope you can work something out. Fbodies are awesome. good luck man.

Soul TKR

iTrader: (4)

damn... glad I bought mine when it was only 3 years old!

RSbeast

Better question would be "How does one buy a used T/A that isn't a piece of ****"


I've looked at several low milage cars that are totally beat to **** and rusty...my 187k stang was immaculate; idk how people even do it
Damn rustbelt states to hell.

YURVIEW

iTrader: (127)

Where do you guys live??? Here banks will loan money for used cars and go up to 5 years with decent APRs. Most banks will only loan 80% of the price of the car tho. If you have any Credit Unions (and are eligible to join them), try that. I am a member at a local credit union here and they are more flexible than banks. I bought my 01 WS6 2 years ago for 12k with 4 year finance (they wouldve gone 6) with 5% apr. and they loan 100%. just keep looking. banks here just recently dropped auto loan APRs really low.

cali_bear2003

iTrader: (7)

For a rust free car, I would look in the southern California Craigslistings. Typically, southern California cars do have higher mileage, but the weather is very forgiving. It is your best bet for finding yourself a nice Solid car. Of course, there are other states that are probably just as forgiving weather wise, but I only live here in California.....no disrespect intended for others living elsewhere....

Nicholas_Bostaph

I hadn't even considered credit unions, partly because up until an hour ago I didn't know what they were. I'll try checking around today to see what I can find on that front. Thanks.

flintwrench69

iTrader: (11)

While youre mostly correct, a good car can be had in the rust belt states with lower mileage. Thats because many do store their cars in the winter. The car I bought did have just over 100k when I bought it a few years back but from the condition of the undercarriage & everything you can tell its never seen a winter.

To answer the posters question about financing an older car, I found out myself back in 08 when I bought mine how they dont like to finance an older car. I went to my bank(was Natioanl City at the time) here in town, first they said no on both regular financing & higher interest like 15% minimum. I then went to another nearby National City branch a few days later, they approved me. I cant figure that one out. I did agree to doing monthly automatic checking account payment deduction so that might help if you agree to that. I paid $8500 for the car & only requested a loan for $6500 so I dont know what I wouldve been limited to borrowing but I did have a lil higher interest rate because it was older than a 2001. It wouldve been 9%, they charged me 11%. All I can say is keep trying different banks, just watch that interest rate.

KFC_Or_Bust

iTrader: (5)

I'm gonna have to second the credit union notion, I've gotten three loans through my credit union, all with no problems and very low APR's. Pretty much the only thing they ask for for an auto loan is the VIN and they'll hand out tons of money to you, credit unions are great for that.

JayO1986

I know that I just traded in my 98 4runner and got a pretty good price for it. I financed through the dealership because I was able to talk the guy into a good enough deal. The car is a fixer upper to say the least but the deal was right.

slow

iTrader: (7)

The buyer of my 98 ws6 last year got it financed through insight financial a local credit union. No issue getting a good value for a 10 year old car.

Ryan

JustAGoat

iTrader: (6)

Credit union FTW... Just bought my 99 Trans am and out of the last 4 auto loans over the years i haven't had a APR over 6 %, I mean i had pulled a personal loan out before and got a 7.9% intrest rate... They told me they will loan out for a car up to 15 years old and for me since i have been a member for awhile they will do 115% of the vehicles value...

RTRx7

Why not save the money and buy it with cash?

Nicholas_Bostaph

Where do you guys find these credit unions at? I tried about 15 different ones through http://www.findacreditunion.com. Only 3 of them would be able to get me a loan, two of those would only cover a 2002 and the other would only cover a 2001 or 2002. In all 3 cases they were limited to 48 months. Any other suggestions on a specific one in the Pittsburgh area, or a good website to find a good one?



Well, for one thing I'm currently paying over $400 per month for my GXP. Besides the fact that part of my aim in purchasing a TA is to reduce my payments, the amount I'm paying for the GXP doesn't leave anything left over to save. Yeah, I could lease a little Cavalier or something for three years and save up enough for a TA in the mean time, but in the end that will have cost me more than just financing a TA now would (considering new car depreciation).

JaYZeig

iTrader: (11)

ask a rich family member for a cash loan and write up a payment contract..(me)...lol. but i guess alotta ppl dont have that option.

JaYZeig

iTrader: (11)

ask a rich family member for a cash loan and write up a payment contract..(me)...lol. but i guess alotta ppl dont have that option.

BOONEY7750

Do it like you did before, have your parents co-sign. You may just have to face the facts. Getting out from under your GXP and driving a **** box to save money for a few ears may be your only options. I had to buy mine cash becuase I couldn't get the loan terms I wanted. Good Luck

RTRx7

No.

That is truly an idiotic thing to do.