Financing a Fbody
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TECH Apprentice
Joined: Apr 2007
Posts: 311
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From: South Carolina
Financing a Fbody I'm trying to buy a very nice 02 SS. It's a T-Top, M6 car with with 15.5K miles. The car is about as nice as a 12 year old car can get. It's stock down to the GY Eagle F1 GS tires. They are asking $15,995 for the car which is very reasonable IMO. The car scores a 84 on its AutoCheck report which is good for a car of it's age. Most banks and credit unions are telling me that they will not finance a car either older than a 05 or 07 year model, and the ones that will finance are only recognizing it's value at around $11,250 which is obviously way less than a car like this commands. It's got me pretty aggravated because my credit is excellent, all my other vehicles are payed for, and I'm not rich but I do okay for myself, and I've financed vehicles costing way more than this car, and I've never had a problem getting a loan before.
Does anyone else have trouble getting a "GOOD" loan(not some crazy interest rate loan or anything) for a Fbody? I'm not trying to pluck down several thousand dollars for a down payment to make up the difference in one of these weak loans.
If a vehicle this nice gets its value appraised that low what are they appraising cars with 50/60/80+K getting appraised at?
Thanks,
Jesse
Does anyone else have trouble getting a "GOOD" loan(not some crazy interest rate loan or anything) for a Fbody? I'm not trying to pluck down several thousand dollars for a down payment to make up the difference in one of these weak loans.
If a vehicle this nice gets its value appraised that low what are they appraising cars with 50/60/80+K getting appraised at?
Thanks,
Jesse
Last edited by JROC; Sep 7, 2014 at 06:48 PM.
What makes the car "very reasonable" at 15.5k when the bank only values it at 11k? Is it modded heavily? If so, you may want to find a car that's stock so that the asking price is close to the book value.
Thread Starter
TECH Apprentice
Joined: Apr 2007
Posts: 311
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From: South Carolina
No sir. Bone stock. Even has factory GY Eagles on it. Most examples that I find that are as nice and low on miles as this car are asking a lot more than 16K. If you know where to find them cheaper I wouldn't mind being directed there.
that is a lot for an 02 f body...generally speaking , but it sounds like the miles, condition, and fact it hasn't been modified so its a low miles original example is what would make it worth the 16k asking price.
You can try doing a "bookout" on it yourself maybe if you know anyone in car sales they could help and make sure the ss package and all optional equipment is added to the base book value and that the proper value from the low mileage table is added for how low the miles are. A lot of times lenders will only go as far as the year of vehicle and match the drievetrain (v6 , v8 , auto , manual , etc...)
Its also pretty typical if you are asking a lender for a loan for a vehicle outside the normal/average vehicle of that type that they will want you to have some skin in the game - they don't want to be 16k deep into a 13 year old f body- it just is a risky proposition for them buying a loan like that - you have to remember they own the car until you pay it off and receive the title so being a business they need to buy safe loans and what your asking them to do is outside their comfort zone , I am not saying it isn't worth that amount just having worked in marine sales in the past I think the train of thought would be similar , they need to set themselves up to still profit from a worst case scenario.
You can try doing a "bookout" on it yourself maybe if you know anyone in car sales they could help and make sure the ss package and all optional equipment is added to the base book value and that the proper value from the low mileage table is added for how low the miles are. A lot of times lenders will only go as far as the year of vehicle and match the drievetrain (v6 , v8 , auto , manual , etc...)
Its also pretty typical if you are asking a lender for a loan for a vehicle outside the normal/average vehicle of that type that they will want you to have some skin in the game - they don't want to be 16k deep into a 13 year old f body- it just is a risky proposition for them buying a loan like that - you have to remember they own the car until you pay it off and receive the title so being a business they need to buy safe loans and what your asking them to do is outside their comfort zone , I am not saying it isn't worth that amount just having worked in marine sales in the past I think the train of thought would be similar , they need to set themselves up to still profit from a worst case scenario.
I just done this, you have to find the car in the range of what the credit union will give or pay the difference. Go by NADA values as this is really close to what they will use, they will also run a carfax report on the car to make sure their investment is "good". I went threw State Employee's here in NC and had no problems at all on a 1998 Trans Am 100% financing. That's a 16 year old car LOL
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Thread Starter
TECH Apprentice
Joined: Apr 2007
Posts: 311
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From: South Carolina
Thanks guys.
I'll try talking with some of the credit unions tomorrow. Maybe I'll look for a cheaper car, but it will likely have noticeably more miles which I would assume would lower it's NADA value.
I'll try talking with some of the credit unions tomorrow. Maybe I'll look for a cheaper car, but it will likely have noticeably more miles which I would assume would lower it's NADA value.
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Typically credit unions will just treat this as an unsecured loan and you'll get a very high interest rate on a car that old.
Most cars 08 and newer are around 4% or little less around here depending on your credit score, of course. You could easily be looking well over 10% interest on something that old. While that may not sound like that much of a difference, it definitely is over the span of several years.
Do your research and homework on loans. Some people don't care and just sign the dotted line at, say, 14%
Banks and credit unions usually structure loan rates on the age of the vehicle, and many times after 10 years many will consider this a loan for a car an unsecured loan (the car isn't seen as collateral so the rate is much higher) Don't end up paying C6 money for an Fbody (literally a possibility).
Examples:
Say you sign for a 12% unsecured loan for an Fbody for 5 years, for "$16,000".
Monthly payment: around $350
After 5 years of payments you've spent over $21,000 on your $16,000 loan.
Now say you finance $16,000 on a car with about 4% interest.
Monthly payment: around $290
After 5 years of payments: A bit over $17,000 spent total.
Both of these loans are for $16,000 and the only thing different is the interest rate. After 5 years, however, it's a $4,000 difference. That's 25% of the total value of the loan.
This is all assuming a 5 year loan with decent credit. If you financed a newer car, some banks or CU's will stretch out into 72 months. To put that in perspective, you could finance around $24,000 for 72 months and pay around $375 a month @ 4% interest. $25 more a month than a high % $16,000 loan example and only a year difference in payments.
Shop around and be smart
You don't want to end up being one of those cry babies that complains that other people have too much money whilst throwing away your own 
Most cars 08 and newer are around 4% or little less around here depending on your credit score, of course. You could easily be looking well over 10% interest on something that old. While that may not sound like that much of a difference, it definitely is over the span of several years.
Do your research and homework on loans. Some people don't care and just sign the dotted line at, say, 14%
Banks and credit unions usually structure loan rates on the age of the vehicle, and many times after 10 years many will consider this a loan for a car an unsecured loan (the car isn't seen as collateral so the rate is much higher) Don't end up paying C6 money for an Fbody (literally a possibility).Examples:
Say you sign for a 12% unsecured loan for an Fbody for 5 years, for "$16,000".
Monthly payment: around $350
After 5 years of payments you've spent over $21,000 on your $16,000 loan.
Now say you finance $16,000 on a car with about 4% interest.
Monthly payment: around $290
After 5 years of payments: A bit over $17,000 spent total.
Both of these loans are for $16,000 and the only thing different is the interest rate. After 5 years, however, it's a $4,000 difference. That's 25% of the total value of the loan.
This is all assuming a 5 year loan with decent credit. If you financed a newer car, some banks or CU's will stretch out into 72 months. To put that in perspective, you could finance around $24,000 for 72 months and pay around $375 a month @ 4% interest. $25 more a month than a high % $16,000 loan example and only a year difference in payments.
Shop around and be smart
You don't want to end up being one of those cry babies that complains that other people have too much money whilst throwing away your own Last edited by MasterTomos; Sep 7, 2014 at 11:53 PM.
Im telling you guys, alliant is the best on used cars. I got my 03 Ram for 1.9% earlier this summer. They gave me $1800 over the black book value too since the guy was asking more than book.
OP;this is why we say that car is overpriced;
https://ls1tech.com/forums/vehicle-c...camaro-ss.html
OP;this is why we say that car is overpriced;
https://ls1tech.com/forums/vehicle-c...camaro-ss.html
I am a proponent of the value you can get in a well cared for high mileage car that has seen primarily highway miles. However I do not see that 116,000 mile 00SS making any type of case against the value of the 02SS with only 15,000 miles - it is an "ultra low miles" collector quality car.
Apples VS. Oranges
now when your comparing that 116k car with blemishes and rips in the seat for $6500 to my 00 pewter Z that I bought 4 years ago for $3800 with a ton of desirable bolt ons (nearly full bolt ons), Koni/Strano/Hotchkis suspension , a lot of $$ spent on stereo system without the flaws seen on the pictured 00SS car. Mine had 224,000 when I bought it , 240,000 now had to replace window motors , front brakes in 4 seasons that's it.
Once its got 80-100k it really doesn't matter the miles its all about condition , my black 98z was no winters 131k and I have been chasing minor issues on it and its got torn drivers seat , paint flaws on about every panel , a couple panels were in primer (painted since) it obviously didn't see the type of care my pewter 6 speed car saw - it would draw the short straw if one had to go.
I would love to own that 15k mile car if it were in my budget ( I haven't taken a loan on a car in almost 10 years - If I cant pay for it I wont own it) With the extremely low miles I understand the poster trying to own it , if it had 40k and that same price I would say its not a good value . In my first post when I said it is a lot of money for an 02 f body I also said generally speaking , meaning looking at all 02 SS's on the market its a lot , this is where the banks concern comes in your asking them to finance an outlier they will expect you to have some of your own money in it IMO so don't take it as them knocking the car or price its purely them just covering their **** properly.
Apples VS. Oranges
now when your comparing that 116k car with blemishes and rips in the seat for $6500 to my 00 pewter Z that I bought 4 years ago for $3800 with a ton of desirable bolt ons (nearly full bolt ons), Koni/Strano/Hotchkis suspension , a lot of $$ spent on stereo system without the flaws seen on the pictured 00SS car. Mine had 224,000 when I bought it , 240,000 now had to replace window motors , front brakes in 4 seasons that's it.
Once its got 80-100k it really doesn't matter the miles its all about condition , my black 98z was no winters 131k and I have been chasing minor issues on it and its got torn drivers seat , paint flaws on about every panel , a couple panels were in primer (painted since) it obviously didn't see the type of care my pewter 6 speed car saw - it would draw the short straw if one had to go.
I would love to own that 15k mile car if it were in my budget ( I haven't taken a loan on a car in almost 10 years - If I cant pay for it I wont own it) With the extremely low miles I understand the poster trying to own it , if it had 40k and that same price I would say its not a good value . In my first post when I said it is a lot of money for an 02 f body I also said generally speaking , meaning looking at all 02 SS's on the market its a lot , this is where the banks concern comes in your asking them to finance an outlier they will expect you to have some of your own money in it IMO so don't take it as them knocking the car or price its purely them just covering their **** properly.
OP, It happened to me twice. These cars are getting older, and banks aren't wanting to have to take risks for cars that are 10+ years old. I've had to get dual loans the get what I wanted.
Thread Starter
TECH Apprentice
Joined: Apr 2007
Posts: 311
Likes: 36
From: South Carolina
Wow that is a pretty nice price. I'm going to have to start looking at the classified on here more often. lol.
I looked at the car I was thinking about previously, and I must of turn that dealer onto the idea of raising the price of that car as they added another granded to the price they had it at when I was trying to buy it, but they have it listed it as "REDUCED." It's only been on sell since the end of August. Those stealership are a trip sometimes.
Here's the car I was looking at.
http://www.autotrader.com/cars-for-s...80808255&Log=0
I looked at the car I was thinking about previously, and I must of turn that dealer onto the idea of raising the price of that car as they added another granded to the price they had it at when I was trying to buy it, but they have it listed it as "REDUCED." It's only been on sell since the end of August. Those stealership are a trip sometimes.
Here's the car I was looking at.
http://www.autotrader.com/cars-for-s...80808255&Log=0
www.penfed.org is who I use for financing odd stuff. They'll even do stuff if it doesn't concur with NADA, but you'll need to call and provide details (and likely a bit higher rate).
11 Second Club
Joined: Oct 2005
Posts: 1,847
Likes: 1
From: Sandwich, IL
I just went through the same thing. I tried to buy a 2001 Firehawk 10th anniversary edition with 75K miiles for 10K. I was putting 5K down and needed to finance 6K but no banks would touch it.
You'll see by my sig I had to get an 07 Mustang GT instead. I hope you have more luck than I did. Good luck to you.
You'll see by my sig I had to get an 07 Mustang GT instead. I hope you have more luck than I did. Good luck to you.
Joined: Nov 2001
Posts: 34,647
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From: Schiller Park, ILL Member: #317
However I do not see that 116,000 mile 00SS making any type of case against the value of the 02SS with only 15,000 miles - it is an "ultra low miles" collector quality car.
Apples VS. Oranges
...( I haven't taken a loan on a car in almost 10 years - If I cant pay for it I wont own it)...
Apples VS. Oranges
...( I haven't taken a loan on a car in almost 10 years - If I cant pay for it I wont own it)...
A 116k mile example with daily-driver wear and tear can't be compared to a show quality (or at least what *should* be show quality based on the age & mileage) #2 or better example.
I also refuse to consider auto loans; if I can't pay cash I simply can't afford it IMO.
Thread Starter
TECH Apprentice
Joined: Apr 2007
Posts: 311
Likes: 36
From: South Carolina
To be perfectly honest my first pick of any Fbody would be a bright red WS6 LS1/Ram Air/T-Top/M6 car. That car holds a special place with me. Back in the early 2000's a 99 WS6 with that setup got me out of my import/Honda boy phase and back into American cars when I test drove one.
I do like the SS's very much as well though.
I do like the SS's very much as well though.
www.penfed.org is who I use for financing odd stuff. They'll even do stuff if it doesn't concur with NADA, but you'll need to call and provide details (and likely a bit higher rate).
I've used them before and had great experience. Got 1.99% on a car over 10 years old before.
You'll have to make $25 donation if you, or family member haven't been in the military. But we'll worth the low rates.
TECH Fanatic
Joined: Jul 2007
Posts: 1,802
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From: Wilmington, De
Personally, I'd tell them that the bank says it is worth x amount of dollhairs, and you can give them a certified bank check for x amount of dollhairs.
But, I also don't need a low mileage 4th Gen badly.
But, I also don't need a low mileage 4th Gen badly.
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keep at it you'll find a way. I was waiting on a Harley when they were scarce back in the 90's. I watched a guy at the same shop put his new bike on a credit card till his finances came thru. maybe you could put the difference in price on a credit card. so the car doesn't get away.thats a darn good price for low miles car .I'd jump in a heartbeat. the oldman...