Help with financing an LS1
Thread Starter
Teching In
Joined: Sep 2015
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Questions about financing an ls1 car. Does anyone know any lenders that will finance a 1998 to 2004 ls1 car? Looking between a c5 or a ws6 trans am. Price range is 11k to 18k dollars.
What lenders will go back that far to finance an auto loan ( not personal) .
Thanks in advance ( located in omaha ne)
What lenders will go back that far to finance an auto loan ( not personal) .
Thanks in advance ( located in omaha ne)
Thread Starter
Teching In
Joined: Sep 2015
Posts: 8
Likes: 0
Help with financing an LS1 Hello.
so i am looking for a 1998-2004 ls1 car (either a c5 vette for a 98-02 f body). I am looking at my financing options and my bank does not offer loans on anything more than 5 years old. I have checked with local credit unions and the best one I could find went back to 2005 but no earlier models than a 05.
So do any of you guys have suggestions on financing an LS1 car between 98-04 years and what lenders will work with you on the year?
The only one i know of right off hand is Penfed who specifically told me they will loan you on any year car, just as long as the car is close to book they will give u the loan doesnt matter how old it is. Does anyone know of any other lenders that will do the same so i can have some options? Thanks in advance guys
so i am looking for a 1998-2004 ls1 car (either a c5 vette for a 98-02 f body). I am looking at my financing options and my bank does not offer loans on anything more than 5 years old. I have checked with local credit unions and the best one I could find went back to 2005 but no earlier models than a 05.
So do any of you guys have suggestions on financing an LS1 car between 98-04 years and what lenders will work with you on the year?
The only one i know of right off hand is Penfed who specifically told me they will loan you on any year car, just as long as the car is close to book they will give u the loan doesnt matter how old it is. Does anyone know of any other lenders that will do the same so i can have some options? Thanks in advance guys
find the car you want, and go to your bank with it. they will typically run the car through a site like Kelly Blue Book or NADA. If the purchase price is less than the blue book or NADA value they will most likely finance the car. go in to see the loan officer. dont accept their online guidelines as gospel.
Thread Starter
Teching In
Joined: Sep 2015
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Thanks for the reply. ..im not sure if u meant to go ask my current bank in person or not...i forgot to mention i talked to my personal banker at wells fargo 6 months ago about it. He told me thwt no matter what your credit is or how much you can put down they will never do an auto loan for anything older than 5 years. I asked him what was around that we could do and he told mw there isnt any way around it. ( i was also told the same 3 and a half years ago when i got a loan foe my current car) they said my only options theu wells fargo is a 2010 or newer( next year will be 2011)
Thread Starter
Teching In
Joined: Sep 2015
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Thanka for the suggestion. That is an option ive heard and it might be one i may habe to do..however it is normally the case that a more modified and well taken babied car from an enthusiast will be sold privately. . (I realize not always). Id prefer to not have to finance thru a dealer if possible but if nothinf else it is something i may look into. (Dealer options for an ls1 od the type im looking for are limited here in nebraska lol)
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Thread Starter
Teching In
Joined: Sep 2015
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Indeed they do suck..doing my first auto loan with no history and bad credit wells Fargo was the only lender that wouod finance me at a time thwt i had to get a car quick...i only bank with them due to having mt loan thru them it makes it easier to pay evrry month. I will be looking for a new bank soon.
1 credit union I've heard of financing older cars is PenFed who supposedly will open a branch next year here in Omaha. They might be my only option...
1 credit union I've heard of financing older cars is PenFed who supposedly will open a branch next year here in Omaha. They might be my only option...
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Light Stream. They are backed by SunTrust Bank. You will have to have good and established credit but they do not care about the age/ mileage of the vehicle. Just go to their website and apply. If your approved they ACH the funds into your checking account. If you need it fast they will do a wire as well.
TECH Junkie
Joined: Nov 2013
Posts: 3,913
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From: White Bear, Mn
A good way to boost your credit score would be to take out a secured loan. Generally it would be with collateral but you can also do it with your own money. Say you have $5,000 in your bank account, tell the bank you want to build credit and take out a secured loan for $1,000. They will freeze $1,000 then give $1,000 and you pay monthly payments on that frozen money. Then just make the monthly payments.
Thanks for the reply. ..im not sure if u meant to go ask my current bank in person or not...i forgot to mention i talked to my personal banker at wells fargo 6 months ago about it. He told me thwt no matter what your credit is or how much you can put down they will never do an auto loan for anything older than 5 years. I asked him what was around that we could do and he told mw there isnt any way around it. ( i was also told the same 3 and a half years ago when i got a loan foe my current car) they said my only options theu wells fargo is a 2010 or newer( next year will be 2011)
TECH Junkie
Joined: Nov 2013
Posts: 3,913
Likes: 366
From: White Bear, Mn
I have been a commercial lender for 7-8 years so it has been a while since I have done a consumer loan but most banks (at least in TX) won't finance a vehicle over 7 years old or 70k miles. It's possible that this may be different from market or market.
You will have better luck at credit unions as their credit and collateral requirements are generally a little looser.
As far as the credit requirements for Light Stream...I have no idea. There are plenty of factors that any lender will look at: credit, employment history, loan to value (how much cash are you putting down), debt to income, etc.
You will have better luck at credit unions as their credit and collateral requirements are generally a little looser.
As far as the credit requirements for Light Stream...I have no idea. There are plenty of factors that any lender will look at: credit, employment history, loan to value (how much cash are you putting down), debt to income, etc.
Teching In
Joined: Jun 2014
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Just refinanced my 2008 with Wells Fargo this year. Also bought my 2000ws6 from a dealer. Got it for $10200 with 37000 miles. Wells Fargo was willing to refinance that loan as well. A car that old isn't gonna be a 5-7 year loan. Mine was 3
Launching!
Joined: Jun 2012
Posts: 251
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I have Wells Fargo too (HORRIBLE, btw) and they, nor any other bank, would finance my 99 TA that I bought back in 2012 (I was trying to build some credit...). So I checked a lot of credit unions and they didn't either. Then I finally found a single small credit union that would. They did run it though their "blue book" of sorts, but as soon as they saw that I was buying a $13,000 car for $7500, I was good to go. If I recall correctly, mine was a 5 year loan. Good luck!
11 Second Club
Joined: Oct 2005
Posts: 1,847
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From: Sandwich, IL
I went through this a year and a half ago. I tried so hard to buy a 2001 Firehawk from a dealership in Illinois. I wanted the car so bad as a replacement for my 99 Formula. They were asking 10K so about 12K out the door. I had 5K to put down and needed to finance 7K. The dealership tried 20 different lenders and all refused the loan even though I was borrowing less then the blue book value. The car was just too old to finance through traditional lenders.
I ended up giving up on getting another F-body and had to settle for a 2007 Mustang GT that the banks would finance. Unfortunately the 2010+ Camaro SS was not an option for me since I had a budget of 17K and you couldn't touch one for that price. At least not back then.
You could try a credit union if you are a member at one. Other than that it's tough without pristine credit and using it to get a personal loan.
Good Luck
I ended up giving up on getting another F-body and had to settle for a 2007 Mustang GT that the banks would finance. Unfortunately the 2010+ Camaro SS was not an option for me since I had a budget of 17K and you couldn't touch one for that price. At least not back then.
You could try a credit union if you are a member at one. Other than that it's tough without pristine credit and using it to get a personal loan.
Good Luck
i financed my current GTO through capital one. they actually gave me a decent rate.
financing an older car is difficult. anything more than 5 or 6 years old is going to be very hard to get a place to give you a decent rate or even look your way.
my advice:
have a down payment.
go through a credit union.
financing an older car is difficult. anything more than 5 or 6 years old is going to be very hard to get a place to give you a decent rate or even look your way.
my advice:
have a down payment.
go through a credit union.