Sixil

I'm going nuts trying to find a loan. I've been to every bank in my town and either: the payment length sucks (like 36 months), obscene rates, want 20% down, or they won't finance a 99.

My credit rating is excellent so thats not an issue, its just finding the right place. I liked eloan.com, but they won't finance anything lower than a 2002. I've found the perfect car and already have my deposit on it, and need to get the money by Thursday or Friday, so you can see why I'm stressing here.

If anyone has any suggestions I'll take em! Thanks

Coonass350

iTrader: (19)

i wish i knew how to help you man. i am going to try to get a car through a dealership so i can get the payment length longer.

johnpr

have you tried a local credit union? i have had wonderfull experience with a couple in my area

RaggedRides

iTrader: (8)

I've financed two cars through State Farm. They loaned me $3,800 on my 28 year old Firebird and $6,250 for my Z28. No questions asked, but I did get a cosigner. My credit's okay, but just getting started. Interest rate was reasonable too. My agent kicks ***.

I don't think the majority of folks know they do banking on automobile loans.

low_boosted

iTrader: (16)

I would try Wells Fargo! They gave me a great rate and length on my SS!

Sixil

I had no idea they did financing, thanks alot I'll check them out. Worst comes to worst I'll just have to take the money out and then basicly give myself the loan later on.

whytryz28

iTrader: (28)

+1 on the credit union. I have a 10k loan over 5 years with 5.8 apr This is my first loan also, no cosigner and im 19.

Sixil

Sounds great, and as my luck would have it, there is no Credit Union in Connecticut.

Jeremiah

iTrader: (5)

Capitol one auto finance, if your credit history is exellent then it shouldnt be a problem. They loan based on your credit, not the coladeral "in your case being the 02 T/A. A home equity loan is a great way also, great rates and you can write it off at the end of the year.

stockerws6

iTrader: (1)

If you own a home with some equity in it then get home equity loan. You're probably going to have a hard time finding a bank that will finance an almost 10 year old car.

n2o408

second capital one, quick and easy with decent rates.

WSsixed

try a credit union. Thats how I got 5 year loan with no down payment and 5.6 percent! And its for a 99 ws6.

formulajunky

Yeah my credit Union will go that old, if the credit is good enough. Capital One won't go that old will they? I'll have to check that out, I haven't delt with them

Sixil

What exactly is a Credit Union? Is it a type of bank, do they all operate under the same system etc?

blue02bird

iTrader: (7)

I used USAA. I would suggest that to you if you are able. (You have to either have been in the service or had a immiadiate relitive in it)

johnpr

well they are kind of like a bank butnot exactly, credit unions are "owned" by the people who keep theire money in them and usually have less charges, for example many banks charge if you have a savings account with less than x amount of money, usually between 50 and 100 dollars, most credit unions dont.

anyhow credit unions are usually more user friendly and seem to try harder to help out its customers.

Cry0

I used USAA also, got a 100% loan on my z28 and i was 20 at the time with maybe 1 year of credit history (not much).

But like someone said you have to either be in the military or be grandfathered in. I pay less for insurance for an 01 z18 than my gf pays for her 4 door civic with equal coverage.

sneaky7980

iTrader: (15)

Pentagon federal credit union. AKA Penfed. They only loan to military/gov employees but there is a loophole that they tell you about on their site.
I bought 2 99 T/A's last year in one week, and they were willing to loan NADA. I borrowed enough for the car and they sent the difference to me in a cashiers check.
Cool thing is that they'll loan on any yr car so long as it's not over 100k miles.

I got $12k for 60 months at 5.5% with a credit score of 750ish.

BEWARE OF CAPITOL ONE! GOOGLE THE TERM "RATE JACKING"

I've helped a lot of people do some credit repair in the past, Cap 1 was the one credit card/lender that i advised everyone to close out immediatly. I don't have a lot of time to get into the specifics right now but just trust me! Even if they offer you a good rate on an older car, that no one else will, avoid at al costs.

I'll do some reading to see if they've changed their practices in the last 2 yrs but i doubt it. Last i remember there was a class A lawsuit against them.

Good luck!

sneaky7980

iTrader: (15)

I should have clarified, rate jacking is slang used in the credit repair world. It basically means the bank will loan you say $20k over 48months. Your credit report shows that you now have an additional indebtedness of $20k starting today. Lets say that after 2 years you have paid the loan down to $15k. Your credit report should say that you have had 2 years of history satisfactorily paying back $5k of a $20k loan, called a "tradeline." This is what builds your credit history and one of the things that increases your credit score.

This is where Cap 1 is different.
What they will show after 2 yrs is that you have a new loan effective today for a total borrowed amount of $15k that is also too new to show a good payment history.

Their credit cards are even worse. If your total limit is say $5k, but you have only charged $200, it will show that you have a max limit of $200 and that you are also maxed out. Hence the term "rate jacking".

If your credit card is maxed out, you are shown to be a higher risk to a lender. This makes your credit score lower and you now have to accept higher interest rates. Lower credit score = higher interest and less competition for Cap 1.

That's rate jacking in a nutshell.

unit213

Non-LSx related.