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question about banks and car loans.

Old 06-20-2012, 01:11 PM
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Originally Posted by BlackonBlackTA View Post
I guess you are right, they won't be able to go after the other assets on an unsecured loan unless they get a judgement to convert it to a tangible asset that they could collect. But they will find a way to get paid.
Ain't that the truth.
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Old 06-20-2012, 01:51 PM
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First off, you can not get a traditional car loan financed for ANYTHING under 7500 dollars. Salvaged title? Forget about it now-a-days.

Your best bet? Go to your bank, get a personal loan for the difference. The interest rate will be terrible, but that's about your only option...or you could always just call your credit card company and ask for one of those blank checks, if you have the cash advance amount available. I know Discover offers those kind of loans, you should check them out.
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Old 06-20-2012, 01:56 PM
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Originally Posted by xxKennyDxx View Post
First off, you can not get a traditional car loan financed for ANYTHING under 7500 dollars. Salvaged title? Forget about it now-a-days.

Your best bet? Go to your bank, get a personal loan for the difference. The interest rate will be terrible, but that's about your only option...or you could always just call your credit card company and ask for one of those blank checks, if you have the cash advance amount available. I know Discover offers those kind of loans, you should check them out.
Aww yes, the american dream. To rack up as much high interest debt as humanly possible! Then whine and complain when it can't be kept up with. LOL (Not trash talk to your comment by the way, just sayin)
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Old 06-20-2012, 02:00 PM
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Originally Posted by xxKennyDxx View Post
First off, you can not get a traditional car loan financed for ANYTHING under 7500 dollars. Salvaged title? Forget about it now-a-days.

Your best bet? Go to your bank, get a personal loan for the difference. The interest rate will be terrible, but that's about your only option...
FWIW, you can finance under $7500 for traditional auto loans. I manage a small dealership in NY and we do it all the time. Banks have minimum amounts you can borrow but they're usually around $1500-$3000.
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Old 06-20-2012, 02:10 PM
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here's a question.......op stated that the car was totaled, when it got rear ended. how much damage had to have happened to total a vette??
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Old 06-20-2012, 02:25 PM
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Just because the new paint is nice doesnt tell the whole story OP. Of course the seller is going to say everythings perfect.
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Old 06-20-2012, 02:30 PM
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Originally Posted by JessmoMonteSS View Post
FWIW, you can finance under $7500 for traditional auto loans. I manage a small dealership in NY and we do it all the time. Banks have minimum amounts you can borrow but they're usually around $1500-$3000.
I stand corrected. Sorry guys, disregard my comment. That's just what I've been told by about 5 dealerships here in Florida the past few years when I was getting my truck loan and then my Formula loan. I guess they can work with you. Sorry OP, thought I was right!
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Old 06-20-2012, 02:32 PM
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Originally Posted by blade7022 View Post
Aww yes, the american dream. To rack up as much high interest debt as humanly possible! Then whine and complain when it can't be kept up with. LOL (Not trash talk to your comment by the way, just sayin)

LOL, hey all I was doing was offering him a option lol. It is the American Dream, might as well go for it! (LOL jk)
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Old 06-20-2012, 02:45 PM
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Originally Posted by xxKennyDxx View Post
I stand corrected. Sorry guys, disregard my comment. That's just what I've been told by about 5 dealerships here in Florida the past few years when I was getting my truck loan and then my Formula loan. I guess they can work with you. Sorry OP, thought I was right!
I can only speak for NY banks, so, you could be right!
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Old 06-20-2012, 04:05 PM
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If you have two cars that aren't payed off, why in the hell would you borrow money for a third?

And yes you can get car loans for cars much cheaper than $7500. A lot of banks go down to $1500, like in this instance but for a regular car.
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Old 06-20-2012, 04:18 PM
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Originally Posted by supernova1972 View Post
If you have two cars that aren't payed off, why in the hell would you borrow money for a third?
Truth, but you can only live your life. I won't borrow for another car again, though it has been so tempting.
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Old 06-20-2012, 04:20 PM
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I'll only say this once:

If you buy this Corvette, you are making a big mistake.

First of all, ever heard the term, "Lipstick on a pig?" A great paintjob is hiding a world of hurt for you brother.

Second, you CAN'T AFFORD IT. Stop trying to figure out ways to get money for it. Unless you have twice as much in the bank as the asking price, you are getting in over your head. Sleep on it. Think about it. You are going to really screw yourself especially when you multiply the poor finanical decision with the fact that you are buying a TURD.
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Old 06-20-2012, 04:37 PM
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[QUOTE=Higgs Boson;16438707]I'll only say this once:

First of all, ever heard the term, "Lipstick on a pig?" A great paintjob is hiding a world of hurt for you brother.

This. my father always said you can paint a bag of **** and sure itll look nice but at the end of the day its still a bag of ****.
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Old 06-21-2012, 05:05 AM
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I hope the OP gets his loan. Sounds like he's really got his priorities straight and has thought this through, so he deserves this vette.
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Old 06-22-2012, 03:39 AM
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Originally Posted by supernova1972 View Post
If you have two cars that aren't payed off, why in the hell would you borrow money for a third?
Best advice in this whole thread. Surprised it took to 30 posts for somebody to bring up this VERY valid point.
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