Loans for Cars that sell above Blue Book?
10-10-2015, 09:17 AM
#1
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Loans for Cars that sell above Blue Book? Hi guys-
I was wondering how folks get loans for cars that sell above NADA value. Modified cars, Supras or even low mile 01-02 Camaro SS or a WS6 sell above book value.
No matter what nada says, you are not getting a 15k mile camaro SS for 10k- at least not in my area.
I know I can put down the differance in cash, but aside from that how do people get loans for cars above their book value?
Thanks
Tom
I was wondering how folks get loans for cars that sell above NADA value. Modified cars, Supras or even low mile 01-02 Camaro SS or a WS6 sell above book value.
No matter what nada says, you are not getting a 15k mile camaro SS for 10k- at least not in my area.
I know I can put down the differance in cash, but aside from that how do people get loans for cars above their book value?
Thanks
Tom
10-10-2015, 09:34 AM
#2
TECH Junkie
Home equity loans. That's about it. I've used mine 3 times personally. Most of the older crowd in my car club area uses that or has cash. The beauty of a home equity loan is that it is there for you instantly. If you see a car that you need to pounce on quick, you can write a check immediately or get a bank check when the bank is open. No paperwork to fill out or approvals. It's already done and there for you. The rates are very low too. That seems to be the way to go for 'above book' low mileage cars or collector cars.
If you are young with no assets yet, then someone else will need to chime in where you can get loans for such cars. It can't be easy. The loan rate could be rather high too. Credit unions perhaps??
If you are young with no assets yet, then someone else will need to chime in where you can get loans for such cars. It can't be easy. The loan rate could be rather high too. Credit unions perhaps??
10-10-2015, 10:46 AM
#3
If you have good credit, you may be able to get an unsecured personal loan. The interest rate will still be pretty high, though. I went to the bank initially to see about getting a loan for my new turbo car. My credit was 750ish, and I think they quoted me an interest rate of around 8 percent. Not so bueno.
10-10-2015, 12:55 PM
#4
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Personal loan I looked at personal loans and the intrest rate made me say "no way".
A hypothetical 2002 Camaro SS in my area kbb's for 12500 and nada guide value is about 11500. Both with a hypothetical 40k miles.
Finding an SS camaro is harder than finding ws6 of the same year. I always thought a trans am would be more rare being the last years of Pontiac.
Either way all decent mile cars people want from 17-25 k for.
I have
A hypothetical 2002 Camaro SS in my area kbb's for 12500 and nada guide value is about 11500. Both with a hypothetical 40k miles.
Finding an SS camaro is harder than finding ws6 of the same year. I always thought a trans am would be more rare being the last years of Pontiac.
Either way all decent mile cars people want from 17-25 k for.
I have
10-10-2015, 05:44 PM
#6
I am in the boat business not sure how directly it trasfers to cars but I would be "booking it out" make sure no stone is unturned , make sure to add for low miles , make sure to use high retail condition pricing , take every option code from the door sticker and try to find value for every option on the car and if there are some you cant find note it that the car has additional options not listed in value guides and try to get some concession for that.
The main problem here is anyone giving a loan for anything wants to see you have some skin in the game so you have your work cutout for you... as mentioned outside sources for your down payment equity loan , personal loan , promotional credit card check ,credit card , borrow from friend/family , loan from 401k , sell some other assets ,etc.. not recommending any of these because I hate to see anyone upside down in anything but these are the things I can think of.
Find out from some car dealers who takes deals no one else will , rates will be much higher because risk of loss is much higher , we tell customers "let us try 1-800-bend-over but its gonna hurt"
The main problem here is anyone giving a loan for anything wants to see you have some skin in the game so you have your work cutout for you... as mentioned outside sources for your down payment equity loan , personal loan , promotional credit card check ,credit card , borrow from friend/family , loan from 401k , sell some other assets ,etc.. not recommending any of these because I hate to see anyone upside down in anything but these are the things I can think of.
Find out from some car dealers who takes deals no one else will , rates will be much higher because risk of loss is much higher , we tell customers "let us try 1-800-bend-over but its gonna hurt"
Last edited by murphinator; 10-10-2015 at 05:50 PM.
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10-12-2015, 08:29 PM
#8
Home equity loans. That's about it. I've used mine 3 times personally. Most of the older crowd in my car club area uses that or has cash. The beauty of a home equity loan is that it is there for you instantly. If you see a car that you need to pounce on quick, you can write a check immediately or get a bank check when the bank is open. No paperwork to fill out or approvals. It's already done and there for you. The rates are very low too. That seems to be the way to go for 'above book' low mileage cars or collector cars.
If you are young with no assets yet, then someone else will need to chime in where you can get loans for such cars. It can't be easy. The loan rate could be rather high too. Credit unions perhaps??
If you are young with no assets yet, then someone else will need to chime in where you can get loans for such cars. It can't be easy. The loan rate could be rather high too. Credit unions perhaps??
10-12-2015, 10:56 PM
#9
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Company called Lightstream. They are owned by SunTrust Bank. You do have to have good credit though (not saying you don't, just letting you know). I have used them a couple of times to buy a car while I was waiting on a bonus check. Didn't want to loose the deal so got loan from them. They do not check loan to value. They will ACH the funds into your account or wire them ($10 fee I think) if you need it same day.
10-13-2015, 10:11 AM
#10
TECH Fanatic
^^Yep. I think there are some other collector car loans out there, as well. The other key thing to remember is that you don't want to go through normal insurance buying a car that appraises above book value. You want to get an agreed-value policy for that car. Otherwise, if some teenage girl plows into the back of you while texting away, you will lose your *** when you get a check for book value.