Financing a vehicle over Blue Book
01-07-2010, 03:59 PM
#1
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Financing a vehicle over Blue Book I'm not sure if this is the place to ask this, but thought it might make a good topic. I did a search for a year back and found nothing related.
How does someone go about financing a vehicle when the asking or negotiated price is over blue book? For example, a nicely modded vehicle that most conventional lenders like a local Credit Union won't touch because of ago or actual body mileage? I'm interested in a couple of different vehicles on here, but don't want to part with the cash and it seems like most vehicles are priced over NADA that in any decent condition (primarily looking at spending less than $13-15k for a nicely modded LS1 or exceptional LT1 car). I worked in financing before and we never lended over the NADA or KBB value of a vehicle. However, with that being said, I know there are places that might be willing to do it. Any help or guidance would be appreciated.
Thank You.
How does someone go about financing a vehicle when the asking or negotiated price is over blue book? For example, a nicely modded vehicle that most conventional lenders like a local Credit Union won't touch because of ago or actual body mileage? I'm interested in a couple of different vehicles on here, but don't want to part with the cash and it seems like most vehicles are priced over NADA that in any decent condition (primarily looking at spending less than $13-15k for a nicely modded LS1 or exceptional LT1 car). I worked in financing before and we never lended over the NADA or KBB value of a vehicle. However, with that being said, I know there are places that might be willing to do it. Any help or guidance would be appreciated.
Thank You.
01-07-2010, 06:02 PM
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Can't do it unless you get a personal loan.. You can use a personal loan for anything you want and the car probably wont be used as collateral so you can have the title in hand. You might be looking at higher interest rates tho.
01-07-2010, 06:12 PM
#3
dont buy it, you can buy a used car so cheap right now that if you cant get it for book value dont buy it. mods dont add much value unless its serious, like 9inch rear ends, th400 swaps but really the car would have to be complete. a stock car with a procharger and a short block doesnt mean squat, it seems not that they need the trans and rear to go with it to get good value. honeslty keep looking, i know a lt1 car, built 6 speed trans, looks immaculate(black), has a built lt1 355, vortech supercharger and runs great. 7-8k can get you that car. makes 700-800hp.
01-07-2010, 06:18 PM
#4
dont buy it, you can buy a used car so cheap right now that if you cant get it for book value dont buy it. mods dont add much value unless its serious, like 9inch rear ends, th400 swaps but really the car would have to be complete. a stock car with a procharger and a short block doesnt mean squat, it seems not that they need the trans and rear to go with it to get good value. honeslty keep looking, i know a lt1 car, built 6 speed trans, looks immaculate(black), has a built lt1 355, vortech supercharger and runs great. 7-8k can get you that car. makes 700-800hp.
01-07-2010, 06:46 PM
#5
Wrong.
my truck is on an auto loan and was purchased a fair amount over book. only reason youd have a higher intrest rate is if you went for a 72 or 84 month loan. anything 60 months and up really start hammering you on the interest.
Best bet would be a credit union, problem is now that the economy is circleing the drain and lenders arent lending the money that they used to.
as said before, do not finance the amount that is OVER book.
car books for 10 but will sell for 13.5, pay that 3.5 in cash or trades and finance the rest.
thats how i wish i would have done it at least.
01-07-2010, 08:37 PM
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Wrong.
my truck is on an auto loan and was purchased a fair amount over book. only reason youd have a higher intrest rate is if you went for a 72 or 84 month loan. anything 60 months and up really start hammering you on the interest.
Best bet would be a credit union, problem is now that the economy is circleing the drain and lenders arent lending the money that they used to.
as said before, do not finance the amount that is OVER book.
car books for 10 but will sell for 13.5, pay that 3.5 in cash or trades and finance the rest.
thats how i wish i would have done it at least.
my truck is on an auto loan and was purchased a fair amount over book. only reason youd have a higher intrest rate is if you went for a 72 or 84 month loan. anything 60 months and up really start hammering you on the interest.
Best bet would be a credit union, problem is now that the economy is circleing the drain and lenders arent lending the money that they used to.
as said before, do not finance the amount that is OVER book.
car books for 10 but will sell for 13.5, pay that 3.5 in cash or trades and finance the rest.
thats how i wish i would have done it at least.
