Okay heres my situation. I've always wanted a Fd3s since 1994. And now that I have my personal life finaly situated I want to make a commitment to get one. The only thing is I want a 93, and banks wont fiance cars that are 10 years old, and I can't afford to put all 13k down on a decent one. So does anybody know anyway in which I can purchase on from a individual i tried bar none and all and they have to be "praticapating dealershipers". So if anybody can think of a finacial assistance that would do this at not much more then 40% intrest can someone help me please!

 

why does it have to be a '93

 

you can try to take out a personal loan, higher interest rates though.

 

I lucked out and purchased mine in '02. Although, I had to get a 36 month loan instead of the 48 month (for a 95). This way though, I own the car sooner. YAY!

 

Credit card!

If you have to have a 93, start saving, because the banks aren't probably going to just give you a loan on a 10 year old car cos you're a nice guy. get a 94 or 95 and be a pimp like me

 

#1) how much do you make and have saved up?
#2) try credit unions if possible, they are a tiny bit more lenient
#3) are you SURE this is what you want to do?

 

www.peoplefirst.com

They don't care what car you buy as long as you have good credit.

 

yep, thats what I was looking at back when I was lookin for a loan..

then I found the wonderous bank of mommy

 

I'm in the same boat as you there. A few people have pointed me to http://www.peoplefirst.com but I don't really know too much about them. Anyone have any input?

It's either someone like them or try to get a personal loan.

 

Some banks will do it. It GREATLY depends on your credit, though. My friend was able to get financing for his 85 Carerra. It was only $16,000 and he did it through a local bank. BUT he DID need to use his mother on the application. He was 23 at the time and even HIS Credit was super clean but not long enough.

 

I went the personal loan route...Ended up borrowing 5k against it and the interest was like $240 or something like that. AND I am $56 away from owning my FD! Yeah Meee

 

I got a preapproved amount for used car loan from my bank. I told them what kind of car I bought AFTER I had the title already. You might want to try to find a credit union or bank that will do this for you.

 

I bought mine with a home equilty home loan. (Go ahead and hate me.) I own the car out-right, the bank owns a bit more of my home. I'm not required to insure the car if I don't want to.

 

And not only are his payments much lower but the interests is also much lower AND tax deductable.

If you have equity in a home thats the way to go

STEPHEN

 

If you say you are in a position to commit to buying one, save up until you have the money.

I would never advocate taking out financing on a 10 year old car. You'll be making car payments for years, and end up paying MUCH more than the car is worth because of interest.

Why not save up, and then you can be spending all that money on upkeep and mods? Because god knows that's what you'll be doing with an FD.

Is this going to be an extra car for you, or your only one?

Consider that financing a car, the lienholder will require you to purchase full insurance coverage on your FD. If it isn't your daily driver, this could be a waste of money because your chances of getting in an accident are greatly reduced.

Point is, if you finance the car, you won't be able to enjoy it as much because for the first few years, all your money will be going to the insurance company and the finance company.

 

I bought my car 2 years ago and had the same problem. I contacted a local credit union who was wonderful to deal with and have since moved all my banking there. I was able to get 48 months with a single digit interest rate whereas other banks left me at 36 months at a higher interest rate.

This may be useless now as the car is now a full 10 years old, but I learned to certainly check into a credit union.

 

Yeah credits unions can be very helpful. The problem around here is that many credit unions, including the largest one in the state, will only finance you if you purchase a car from a participating dealership or from the stock of cars they keep through a broker.

 

With a home equity line at currect rates if he paid it off in 3 years it would cost him about $750 over the entire life of the loan for interests. If he saves the money monthly similar to making a payment its going to take him at least 2 years....it would take him closer to 33 months to save up the 13000 but in 33 months they shouldnt cost that much so he's prob be able to save it up in 2-2.5 years.

Personally I'd rather pay the $750 extra and get it now versus put it all in savings then dump that hard cash I've saved into a sinking investment

Actually the best way would be to put the 13K on a home equity line and drag it out for 72 months for $209 a month. The total interest after tax deductions would be roughly $1500 which comes to a total of 14500. Then since you could afford to pay in in 36 months which would have been a payment of $389 then you can now save the other $180 a month for 72 months which comes to just over $15,000 at 5% rate of return.

STEPHEN

 

My point was that if you can't save up the money to buy an extra car, then you can't afford it.

Thinking like above is why the credit system in this country has got us all by the *****.

We're made to think that we can afford anything if we find the right interest rate and stretch out the payments far enough. That's why most Americans are up to their necks or higher in debt. That's why you'll say you'll spend hundreds of dollars extra to get it NOW and not even blink.