General questions about financing a c5
09-29-2008, 06:57 PM
#1
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General questions about financing a c5 Well a week or two ago I found out I can go up to 48 months at a local credit union on a model older than 2001 if it has under 100k miles. But with my credit score I was able to get 54 month $9500 financing on a 2001 model that had over 100k miles.
So, here's my question for all those who have/had a c5 older than 5 years financed.
--Do some lenders take in consideration it's a higher valued car than all other 4-11 year old vehicles? That lending more money for an older car wouldn't be a problem since it's a VETTE?
--How long of terms (months) was available?--
--Was there a certain amount you had to reach before length of terms could be longer?--
--What kind of payments do/did you have under $20,000 financed?--
I think perhaps one of these days I'd like to buy around a 98-99 C5 and finance roughly around 14k.
So, here's my question for all those who have/had a c5 older than 5 years financed.
--Do some lenders take in consideration it's a higher valued car than all other 4-11 year old vehicles? That lending more money for an older car wouldn't be a problem since it's a VETTE?
--How long of terms (months) was available?--
--Was there a certain amount you had to reach before length of terms could be longer?--
--What kind of payments do/did you have under $20,000 financed?--
I think perhaps one of these days I'd like to buy around a 98-99 C5 and finance roughly around 14k.
10-01-2008, 01:20 AM
#3
can't say anything about a vette or over 100k miles. But in 2006 I got a 99 cobra coupe with 41k miles for 12.5k financed. My credit union booked it at 14k. So they financed it for 72 months. Paymts were $251 i believe.
10-01-2008, 01:31 PM
#4
They'll usually finance any car that is 6 years or newer, and base the amount available for financing off of wholesale blue book.
It's usually 200-220 per 10k borrowed for someone with average credit for 60 mons. So 20k should be a 400-440 payment based on a 60 month loan
Usually they wont finance something with 100k miles as most cars dont hold their value beyond that.
It's usually 200-220 per 10k borrowed for someone with average credit for 60 mons. So 20k should be a 400-440 payment based on a 60 month loan
Usually they wont finance something with 100k miles as most cars dont hold their value beyond that.
10-01-2008, 09:08 PM
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right. I mean, if you finance a c5 vette with less than 100k miles you'd probably be able to find a place to go 60 months even if it is older than 5 years?
10-02-2008, 11:14 AM
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It all depends on your credit. I got my loan from FirstAgain. Look them up online. They didn't care what year the car is. They didn't care what the mileage was. They are not even a lienholder on the title - it's a completely unsecured loan. I applied, they checked me out, and then they wired $13k into my bank account with no strings attached.
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10-02-2008, 05:35 PM
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Instant gratification is why this country is in the mess it is now. I would suggest you rethink the whole idea.
Financing anything other than a home is not a bright idea, especially these days. You are paying a large premium for a depreciating asset. If you have to finance a used car for 4 or 5 years, you really can't afford it.
Also you have figure in maintenance, insurance and fuel costs in addition to your monthly payment.
Plus all it takes is one 'bonehead' to blow through a stop sign and you are left paying for years for something you can't drive.
As a test, try doing this for 3 months, put away in a separate savings account the amount of the monthly note + cost of insurance + 10% of both of those for maintenance. If you can't do that or you have to 'touch' some of the money put back then you really can't afford it.
Or the best thing to do is to put that total into savings each month until you have the money to buy what you want outright or at least get enough to pay down so you have to only finance 1-2 years.
Good advice given to me years ago from folks who survived the last depression:
"pay cash for what you buy or do without until you can"
It has served me well.
Financing anything other than a home is not a bright idea, especially these days. You are paying a large premium for a depreciating asset. If you have to finance a used car for 4 or 5 years, you really can't afford it.
Also you have figure in maintenance, insurance and fuel costs in addition to your monthly payment.
Plus all it takes is one 'bonehead' to blow through a stop sign and you are left paying for years for something you can't drive.
As a test, try doing this for 3 months, put away in a separate savings account the amount of the monthly note + cost of insurance + 10% of both of those for maintenance. If you can't do that or you have to 'touch' some of the money put back then you really can't afford it.
Or the best thing to do is to put that total into savings each month until you have the money to buy what you want outright or at least get enough to pay down so you have to only finance 1-2 years.
Good advice given to me years ago from folks who survived the last depression:
"pay cash for what you buy or do without until you can"
It has served me well.
Last edited by OEM_TA; 10-02-2008 at 06:41 PM.
10-02-2008, 10:38 PM
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I would suggest you rethink the whole idea.
Financing anything other than a home is not a bright idea, especially these days. You are paying a large premium for a depreciating asset. If you have to finance a used car for 4 or 5 years, you really can't afford it.
Also you have figure in maintenance, insurance and fuel costs in addition to your monthly payment.
Plus all it takes is one 'bonehead' to blow through a stop sign and you are left paying for years for something you can't drive.
As a test, try doing this for 3 months, put away in a separate savings account the amount of the monthly note + cost of insurance + 10% of both of those for maintenance. If you can't do that or you have to 'touch' some of the money put back then you really can't afford it.
Or the best thing to do is to put that total into savings each month until you have the money to buy what you want outright or at least get enough to pay down so you have to only finance 1-2 years.
Good advice given to me years ago from folks who survived the last depression:
"pay cash for what you buy or do without until you can"
It has served me well.
Financing anything other than a home is not a bright idea, especially these days. You are paying a large premium for a depreciating asset. If you have to finance a used car for 4 or 5 years, you really can't afford it.
Also you have figure in maintenance, insurance and fuel costs in addition to your monthly payment.
Plus all it takes is one 'bonehead' to blow through a stop sign and you are left paying for years for something you can't drive.
As a test, try doing this for 3 months, put away in a separate savings account the amount of the monthly note + cost of insurance + 10% of both of those for maintenance. If you can't do that or you have to 'touch' some of the money put back then you really can't afford it.
Or the best thing to do is to put that total into savings each month until you have the money to buy what you want outright or at least get enough to pay down so you have to only finance 1-2 years.
Good advice given to me years ago from folks who survived the last depression:
"pay cash for what you buy or do without until you can"
It has served me well.
GREAT advice, I completely agree with you. I was just today having a conversation with someone about this, and we were talking about the "instant gratification" mentality of the majority of the country.
And to the OP - 9500 @ 54 months on a 8 y/o car w/over 100k does not sound like a good idea. Even at only 10k miles a year, it will have almost 150k on it by the time you pay it off.
You said a 98 or 99... if you can't pay cash for a ten year old car, you probably don't need it/can't afford it.
Just because someone is willing to lend you the money doesn't mean you can afford it or that it's a good idea. That's a lesson alot of recent homeowners have learned the hard way.
