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-   -   Auto loan for an FD (https://www.rx7club.com/3rd-generation-specific-1993-2002-16/auto-loan-fd-966432/)

mdavis 08-19-11 04:23 AM

Auto loan for an FD
 
Hi guys.

I've come to the understanding that getting a loan for an 18-year-old sports car is not all-together easy.

It seems that there are lenders out there who specialize in this sort of thing. Does anybody have experience with this?

dgeesaman 08-19-11 04:54 AM

I used a credit union used car loan plus a personal loan to cover the gap between blue book and my purchase price. Because I don't drive my car many miles, I was able to pay off the loans without going upside-down.

$lacker 08-19-11 05:16 AM

I wouldn't buy one if I had to take out a loan to do so... never know when something expensive might pop up

MazdaSpeedDan 08-19-11 06:58 AM

1.play lottery
2.win
3???
4.buy Rx7

Just save up the money, itll be hard. Or join the Army, get deployed, dont have rent or other bills, save 30k and buy a rx7. Thats what I did.

Davin 08-19-11 07:09 AM

If you need a loan for an RX-7, you will not be keeping it long and be forced to sell it for 1/3 of what you paid for it when you blow up the engine.

Evopanda 08-19-11 07:12 AM

I got my FD for a great price. I got my car loan from my credit union and it had to be 80% of the wholesale value on KBB which was around 9k. Also the car had to have less then 100k milse and they wanted to have the owner there to sign the papers.

I am a 21 year old with little credit but I got a decent rate on the loan and I am paying for the car on my own. It is a small enough payment where I can but mods that I may need.

I have spent about 5 grand on repairs so far. I will spend another 4-5 in the next 6 months hopefully it will be done by then. (new paint and misc parts).

Narfle 08-19-11 01:40 PM

Credit union. Make sure you can swing it. These cars are not good dd's, usually.

tek_88 08-19-11 01:47 PM

saving up would be the best choice, loans can be a real hassle cause it can get really expensive and if the car breaks down then you won't have any money to fix it...but I would just save up and wait. I got mine for $7000 and some are selling pretty cheap right now under $10,000

Monkman33 08-19-11 05:03 PM

eloan.com but trust me,you want to have a sizable down payment to make the ltv worthwhile for the bank.

mdavis 08-19-11 05:04 PM

Thanks for the opinions. A few things to note:

I'm buying a DD in the next few weeks. If/when the FD breaks, there will be no need to rush fixing it. That includes "blowing up the engine."

I'm looking to buy a near-stock FD with < 30,000 miles, which means financing is obviously preferable. I plan to have the car for a very long time, so starting as close to 0 miles as possible is also preferred.

Really what this comes down to is: I want the FD now, not 2 years from now. I won't be relying on it as a DD. I can afford it.

The problem with run-of-the-mill credit union auto loans is that they don't usually do auto loans for cars more than about ten years old. A personal loan might work, but they're more expensive and harder to get.

Radial GT 08-19-11 05:07 PM

Wow, listen to all of you. Don't get one if you need to take out a loan... Really.

Kbb does not reflect what actual worth is, true. But you can still get a loan fot the car if you need one. You might just have to fill the gap with other sources of $.

I took out a loan, rebuilt the engine, and paid it off in a year. Guess that throws previous statements out the window. I went through usaa.

As long as you have a dd, you'll be fine.

Good luck.

rx7 SE 08-19-11 05:23 PM

I just joined a credit union today in hopes of getting a loan for an FD, I hope they will :/

mdavis 08-19-11 05:28 PM


Originally Posted by rx7 SE (Post 10753985)
I just joined a credit union today in hopes of getting a loan for an FD, I hope they will :/

Dude, post back please!

I'm going to open an account with my local credit union tomorrow for the same reason. :beerchug:

Gringo Grande 08-19-11 05:33 PM

Emotionally I wish you guys the best. Financially you could be making an awful decision.

jkstill 08-19-11 05:34 PM

I don't think taking a loan out for an FD is necessarily a bad thing.

Two caveats to that statement:

1) make sure you buy one that doesn't require too much work
2) don't buy one to be your DD. Really, it is a 20 year old hi-tech (for the time) sports car. Figure on significant downtime unless you find one that is really in excellent condition.

shawnm565 08-19-11 06:25 PM

I bought mine running for 8.3k and got a loan for it, but I just use my FD for fun. :D

rx7 SE 08-20-11 06:42 AM


Originally Posted by mdavis (Post 10753991)
Dude, post back please!

I'm going to open an account with my local credit union tomorrow for the same reason. :beerchug:

I'll keep you updated man, you got an insurance quote on it yet? That's next on my list.



Gringo Grande Emotionally I wish you guys the best. Financially you could be making an awful decision.
Are they that much more of a money pit than the FC? I've got maybe 8k in my FC since 2006 so and it runs pretty damn good besides a few things I've neglected, but I figured that wasn't all that bad :scratch:.

limepro 08-20-11 08:00 AM

You can also try JJ best banc, they have good rates and do specialty cars.

adamrs80 08-20-11 10:54 AM

I had no trouble getting a loan through USAA.

cptpain 08-20-11 03:55 PM

just save up as much as you can while you find the right FD for you. then take out a loan for however much you need to close the price gap.

i bought my FD for $16k, i had $6k saved up, and i got a hellova loan at 2% for the remaining 10k through USAA.... my monthly payments with full coverage insurance is $250.

im 26 with a 650 credit score with only one credit card and a $3k personal loan that was paid off in a year

rx7 SE 08-21-11 10:32 AM

Got my insurance quote thru Geico yesterday, looks like I'll be saving $10 off my premium with an additional FD, with liability that is.

bajaman 08-21-11 10:57 AM

If you've got decent credit, you can make the CUs and banks work FOR you to get the loan, just be aware you'll rarely find any lending institution that will go more than about 65% of the 'book value' on this old of a car. You'll need some money down no matter what you do, is the point.
Back in 2000 I was able to get $12,500 of the $14,400 purchase price for my car, going thru my bank, for example.

KKMpunkrock2011 08-21-11 12:26 PM


Originally Posted by Davin (Post 10753277)
If you need a loan for an RX-7, you will not be keeping it long and be forced to sell it for 1/3 of what you paid for it when you blow up the engine.

lies, if you're smart that is.

got_hp 08-21-11 12:42 PM

If you buy a good condition car, and maintain it well, you will be fine.
Goto a good local credit union for your loan, they are much more flexible with their loan approval for older cars. If your credit is not quite good enough, increase your downpayment or get a co-signer.

I bought my 2owner FD with 60k on it about 3 years ago, for $16k. (would be less now i think)
At the time, it had been converter to non-seq, upgraded intercooler, midpipe/exhaust, intake, and a PFC.

I got a loan from GTE-Federal Credit Union for $12k at 4.5%, and I put down the rest in cash.

I've been daily driving it for the past 3 years with no other backup car, and have just reached 109k. I added a pettit AST and koyo radiator, for added reliability. I keep the boost set around 11lbs.

My maintenance consists of: change the oil and filter every 3k with valvoline VR1 20w50 and add ZDDP additives, clean my air filters regularly, change the plugs every 10k or so, fuel filter as scheduled, and add 2stroke oil 0.5oz per gallon of gas on big fillups.


If you're gonna bother taking out a loan, just make sure you take your time and hunt down a really good condition car, and have it independently inspected before purchase (compression check, etc). Don't be afraid to walk away from a car if the deal isnt right, there will be another one.

Good luck and good hunting.

PyroFD3S 08-21-11 01:47 PM

Ya, had to rebuild mine after buying it =(
but I guess if you were able to find one in good condition and you can do most of the work yourself you could probably swing it.

TinMan09 08-21-11 02:21 PM

I pulled a 9k loan for mine back in february from USAA. Very easy to get approved and my credit score is only like 720 with not a whole lot of history. I daily mine, but its already showing its issues. I'm the third owner of the car and it has 42k miles on it now. I bought it with 38k miles. First owner had it from 94-01 and put 18k miles on it, so from 01 to 11 there was another 20k. I could tell the car had sat for a long time which is worse than going out and dogging on it. The issues are starting to arise now that its being driven daily. Seals arent doing too well. FD's are tempermental so be careful. If you get a loan and your payment is $400 a month there's no way you will afford it unless you make $3k+ a month with no house payment. I make about $2800 a month with 800 going to the house, and my payments are only $220 with $30 a month insurance and i'm still finding it difficult to order the things quickly when i need them without needing to save so i can continue to dd it.

KKMpunkrock2011 08-21-11 05:07 PM

renting a house with friends makes owning an FD and making payments and still being able to afford it much more do-able. I make roughly 1500/mo, my payments are 110 every other week, insurance combined for my daily and the fd is roughly 120/mo and I pay about 450/mo for rent and utilities (parents pay for the cell, student loans for school). That leaves me ~700/mo to do whatever I want in my free time, video games, movies, books, alcohol, going out, whatever. Its all about prioritizing.
That said the cost of living in NE is pretty low compared to a lot of other places.

mdavis 08-21-11 07:30 PM


Originally Posted by rx7 SE (Post 10754482)
I'll keep you updated man, you got an insurance quote on it yet? That's next on my list.

Cool. Unfortunately I didn't make it to the CU this weekend -- maybe tomorrow before work. But I got a quote from all state for an FD and a Corolla for $126/mo.


Originally Posted by limepro (Post 10754504)
You can also try JJ best banc, they have good rates and do specialty cars.

I saw those guys, looks promising. Have you heard anything about them first-hand?

Sounds like a lot of you guys have had good luck with USAA.


Originally Posted by cptpain (Post 10754909)
im 26 with a 650 credit score with only one credit card and a $3k personal loan that was paid off in a year

That's encouraging! :)


No matter what, it sounds like I'll need to save for a fairly sizable downpayment. Although my credit score is 691 with two agencies, I just found out this morning that Experian scored me at 573! :eek: That ain't good. I'll post back with my CU's opinion after I speak with them, and maybe talk to JJ Best and USAA, too.

Despite my apparently shitty credit, I make about 4700/mo after taxes. I pay about 750 for rent in a shared house and I don't really have any other financial responsibilities. Perhaps it would be a good idea to get a secured card and start using it for retail purchases.

ZE Power MX6 08-21-11 09:11 PM

^ Then why not just buy it in cash? I make about the same per month, bought mine for 12k and I just paid it all at once, would hate to pay interest on an 18 yr old car if you can afford to pay it off right away.

limepro 08-21-11 09:12 PM


Originally Posted by mdavis (Post 10756192)
I saw those guys, looks promising. Have you heard anything about them first-hand?

Sounds like a lot of you guys have had good luck with USAA.

Yes it was who I went through, payment was $180/mo with no pre-payment penalty, they overnight all paperwork to you and you do the same on their dime. You do need to provide them with a lot of paperwork but it is simple.

Gringo Grande 08-21-11 09:44 PM

110 for an fd and corolla? Unless you have some serious citatiOns and are 21 that seems awfully high. I had an fd and an fc at the same time for around $62 a month. Progressive insurance.

TinMan09 08-21-11 09:54 PM

my insurance on the fd is $26 a month. but through USAA cause im military

mdavis 08-21-11 10:54 PM


Originally Posted by ZE Power MX6 (Post 10756284)
^ Then why not just buy it in cash? I make about the same per month, bought mine for 12k and I just paid it all at once, would hate to pay interest on an 18 yr old car if you can afford to pay it off right away.

Yeah, that is a possibility. Of course I wouldn't be building any credit that way. I guess either way I'm going to have to be more patient. [Edit: Also, I forgot I have student loans that are going to start needing payments in the next few months, but they're not too bad :sad:]


Originally Posted by Gringo Grande (Post 10756325)
110 for an fd and corolla? Unless you have some serious citatiOns and are 21 that seems awfully high. I had an fd and an fc at the same time for around $62 a month. Progressive insurance.

Ya? I'm 25 and the $126 and the allstate quote was based on the assumption that I have one stop sign situation on record (will have to check to be sure). :icon_tdow

ZE Power MX6 08-21-11 11:54 PM


Originally Posted by mdavis (Post 10756411)
Yeah, that is a possibility. Of course I wouldn't be building any credit that way. I guess either way I'm going to have to be more patient. [Edit: Also, I forgot I have student loans that are going to start needing payments in the next few months, but they're not too bad :sad:]



Ya? I'm 25 and the $126 and the allstate quote was based on the assumption that I have one stop sign situation on record (will have to check to be sure). :icon_tdow

I have quite of bit student loan myself, a mortgage, and crap load of other bills. It took me a few months to save up, but I was able to take my time to shop for the right one.

I'm 29 and my insurance is about $135 a month with the FD/Mazda3/MX-6, full coverage except the 6, and that's with my girlfriend in the policy. We have AAA insurance tho, not sure if that matter.

mdavis 08-22-11 03:19 AM


Originally Posted by ZE Power MX6 (Post 10756475)
I have quite of bit student loan myself, a mortgage, and crap load of other bills. It took me a few months to save up, but I was able to take my time to shop for the right one.

I'm 29 and my insurance is about $135 a month with the FD/Mazda3/MX-6, full coverage except the 6, and that's with my girlfriend in the policy. We have AAA insurance tho, not sure if that matter.

Am I to understand that you have full coverage on three cars for $135?? I didn't know such a thing was possible! :icon_tup:

ZE Power MX6 08-22-11 09:31 AM

Full coverage for the FD and Mazda3, liability for the MX-6, and yes $135 a month for everything with 2 drivers. I have house insurance with them too so that might help a little, but I do have 10 speeding ticket in my record (from 01-07) :lol:

rx7 SE 08-22-11 11:39 AM

Sounds about right, mine with Geico would be right around $125/month, that's full coverage for a 2000 saturn sc2, 1987 TII, and liability on a 93 FD (just a quote, I'd never just get liability).

limepro 08-22-11 12:01 PM

My insurance is going up, me and the wife, no accidents, no tickets, 3 cars the rex and corolla are full coverage, mustang is liability only and sits most of the time, both over 25, live in a house. Pissed me off when I saw the email this morning as my 6 months is up in Sept.

limepro 08-22-11 12:31 PM

Called up my insurance company, asked them why it was going up. They told me because the area we live in is high risk, so I talked to an agent to see if they could do anything. My rate is now $75 cheaper than the last 6 months, I am not complaining to much about that, it is only $10 or so each bill but anything is better than going up.

rx7 SE 08-22-11 08:40 PM

Auto loan from my local credit union is pending...cross your fingers for me! :fingersx:...

mdavis 09-03-11 06:53 PM


Originally Posted by rx7 SE (Post 10757661)
Auto loan from my local credit union is pending...cross your fingers for me! :fingersx:...

Any news?

RotaryEvolution 09-03-11 07:39 PM


Originally Posted by KKMpunkrock2011 (Post 10755744)
lies, if you're smart that is.

not really, i see it all the time and the sad part is that people generally sell the car AFTER they sink another $3-4k into it.

it boggles me that people still think it is a good idea to take a loan out on a used car that is of this age and mileage, they ALL have problems no matter how well they are cared for. some people make it work, some people are lucky and find a car in decent mechanical condition but MOST find out that the car is modified and unsafe or has underlying issues that were covered up under sale.

if you plan on buying one of these cars, and the seller won't let you drive the car hard then walk away because they are hiding something.

KKMpunkrock2011 09-05-11 09:12 PM

<---took out a loan and is making it work. motor rebuild and a single turbo later...

mdavis 09-15-11 11:35 PM


Originally Posted by Karack (Post 10773127)
not really, i see it all the time and the sad part is that people generally sell the car AFTER they sink another $3-4k into it.

it boggles me that people still think it is a good idea to take a loan out on a used car that is of this age and mileage, they ALL have problems no matter how well they are cared for. some people make it work, some people are lucky and find a car in decent mechanical condition but MOST find out that the car is modified and unsafe or has underlying issues that were covered up under sale.

if you plan on buying one of these cars, and the seller won't let you drive the car hard then walk away because they are hiding something.

It's not really about being a "good idea." Buying a sports car probably isn't a "good" idea 99% of the time for 99% of people -- it's fun and it's unnecessary -- it's a luxury.

I know this journey is going to be expensive. Will it be worth it? I don't know yet, but I'm the only person that can/will be able to answer that question, and I think the answer will be yes.

I'll take your advise about driving it hard. I'm also going to have a mechanic (probably won't be lucky enough to find a rotary mechanic in whatever area I find the car) to give it a look before purchasing.

Narfle 09-16-11 12:07 AM


Originally Posted by mdavis (Post 10788937)
It's not really about being a "good idea." Buying a sports car probably isn't a "good" idea 99% of the time for 99% of people -- it's fun and it's unnecessary -- it's a luxury.

I know this journey is going to be expensive. Will it be worth it? I don't know yet, but I'm the only person that can/will be able to answer that question, and I think the answer will be yes.

I'll take your advise about driving it hard. I'm also going to have a mechanic (probably won't be lucky enough to find a rotary mechanic in whatever area I find the car) to give it a look before purchasing.

Ricks Rotary and Rotary Extreme are both local to the Bay Area. So is Ivan.
Socal has Racing Beat and Mazdatrix(I think)
I'm on the other side of your mountain, so if you find something local I can help you look at it.

juicyjosh 09-16-11 12:12 AM

mdavis,

As Karack said, don't take a loan out for something like this.

Get good grades and finish college. Don't get distracted by cars and girls.

The only thing worth going into debt for at age 18 is your college degree.


Barban,

Rick's Rotary will rape you. For instance Rick charges $128 to swap a fuel pump (which I can do in 12 minutes), and he will royally ream you out like you wouldn't believe on everything else.

mdavis 09-16-11 01:23 AM


Originally Posted by Barban (Post 10788964)
Ricks Rotary and Rotary Extreme are both local to the Bay Area. So is Ivan.
Socal has Racing Beat and Mazdatrix(I think)
I'm on the other side of your mountain, so if you find something local I can help you look at it.

That's good to know, and a very kind offer. If I find an FD to look at in the area, I'll ask you to come along :icon_tup:


Originally Posted by juicyjosh (Post 10788970)
mdavis,

As Karack said, don't take a loan out for something like this.

Get good grades and finish college. Don't get distracted by cars and girls.

The only thing worth going into debt for at age 18 is your college degree.

Good advise indeed for a high school/college student, but I'm 25 and work full-time in Silicon Valley. ;)

mainboyd 09-16-11 01:38 AM


Originally Posted by juicyjosh (Post 10788970)
mdavis,

As Karack said, don't take a loan out for something like this.

Get good grades and finish college. Don't get distracted by cars and girls.

The only thing worth going into debt for at age 18 is your college degree.


Barban,

Rick's Rotary will rape you. For instance Rick charges $128 to swap a fuel pump (which I can do in 12 minutes), and he will royally ream you out like you wouldn't believe on everything else.

+1 on Rick's Rototary doing you dirty. few years ago he was going to charge me around $8,000 for a rebuild and that wasnt including labor... I drove my FD there (3hr drive) with no problems and in less then 5min he comes back to me and says that i need a rebuild and i didnt even hear him turn my car on. he said something like "i can tell your engine is bad by the first click of stating the car..." so then i drove another 3hrs back home with no problems and drove the car for over a year with still no problems until one of the coolent hose some how popped off and my engine over heated and we all know what happens to a over heated 13b engine...

cten 09-16-11 09:41 AM


That's encouraging!


No matter what, it sounds like I'll need to save for a fairly sizable downpayment. Although my credit score is 691 with two agencies, I just found out this morning that Experian scored me at 573! That ain't good. I'll post back with my CU's opinion after I speak with them, and maybe talk to JJ Best and USAA, too.

Despite my apparently shitty credit, I make about 4700/mo after taxes. I pay about 750 for rent in a shared house and I don't really have any other financial responsibilities. Perhaps it would be a good idea to get a secured card and start using it for retail purchases.
If I were you, which I'm not, I'd save me a couple thousand bucks, and get a FD. I bought my Rx7 when I was 19 four years ago, Now at 23, we are still living happily ever after :lol:

notveryhappyjack 09-16-11 06:40 PM

you should go to college, graduate with $100,000 debt to pay off while you work some shitty minimum wage job that you never needed a college degree for or look for jobs with soaring %25 unemployment rate instead man, sounds like a way more fun time then a FD


just get a personal loan and buy what you want, the world economy will collapse before that shit is even paid for regardless so you might as well do it


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