cloud9

iTrader: (4)

I spoke with the bank today and they said they didn't know if they would be able to finance the 1993 RX7 I am looking at buying because it is old. Has anyone else come across this problem. How did you guys buy your cars?? I hate this I want this car so bad

SVT Squasher

Check at another bank. usally they go by the bluebook value. My bank had no prob. with it but they would only loan up to 80% of blue. I just got my 93 early this year.

wReX

iTrader: (6)

Start saving!

Some people go through...
http://www.peoplefirst.com

FD_Newb_1974

I went through USAA savings bank.

12,000 borrowed on a 1993 Silver FD.

I hear great things about Peoplefirst Also (now known as capital one auto finance).

t-von

iTrader: (8)

I got my 94 financed 100% through a credit union. It helps to have good credit while financing older vehicles. Make sure the milage isn't too high. Anything over 75k will give you some headaches. I say check your local credit union or people first like FD_Newb_1974 suggested.

Swolbynos

if you can get help from a parent or if you have some sort of calateral you can get a personal loan. like in may or june next year i will get a loan for an FD with my dads help.
i can take a loan out against his retirement for whatever the crap i want, and then i wont be required to get full coverage either

speed7

Financed mine through American First down in Orange County.. 14k and no down payment.

Jesuscookies

iTrader: (1)

Peoplefirst didn't even ask what car I was buying exactly. They only ask for year and make. E.G. 93 Mazda. They gave me a loan for 18K (which I ended up not using anyways)

Larz

I got a loan for my 93 earlier this year. Maybe your asking too much. Banks don't like to give you more than the car is worth, and I know a lot of guys are trying to get too much for their FDs.

cloud9

iTrader: (4)

thanks for the advice guys I will let you all know how it turns out, I hope I get this car

SNracing

if you have a credit union at your work, usualy they can give low rates. thats how i got mine

cloud9

iTrader: (4)

I got denied financing by my bank I am trying peoplefirst.com and seeing what they say. I hope they don't deny me too. Anybody have any other thoughts??

PhoenixDownVII

Try getting a "Personal" Loan and not a "Car" loan.

I'm not sure how it works, but I know under a "Car" loan they know the $$$ is for the car and they force you to put it under a certain type of insurance and they care how old and condition the car is in....

Whereas with personal loan, it's just to pay something off...in your case a car.

Both cases probably require your parents to cosign. Ask around and let me know the exacts of the Personal Loan vs. Car loan.

Mike00

Denied because of your credit history? Get somebody with good credit to co-sign.

Honestly I've never heard of a bank who won't finance a car because of age. They only care that you don't finance more then the car costs.

Personal loans are ok if you pay it back quick but interest rates are rediculous. I financed my celica through the bank almost had to do a personal loan for a week then go the auto loan route (long story). The APR on the personal loan was going to be 18% and the auto loan is 6.9%. Huge difference over time.

Larz

I couldn't get a loan to save my life when I was 18. I had to get the old man to co sign.

Mike00

Oh same thing here. But thats with my dad's credit on those interest rates and I was approved for both loan in about 60 seconds .

Personal loans suck unless you pay back in two months.

XSTransAm

supply and demand Its a love hate relationship when somone wrecks theirs... but it makes mine more expensive

fitzrx7

iTrader: (1)

No $hit!!

I blame it all on the F&F crap!

Soo many tools bought these cars and smashed em up within the first few weeks. Makes me sick to hear/see/be a passenger when some one smashes up an FD, but on the flip-side the nice FD in my driveway gets a little more valuable. Love-hate for sure

Jon
'93 TGM base w/ '99 ext. upgrade

machinis2

I got a pre-approved loan for a used vehicle not to exceed $$$. Don't know how other banks work, but mine is a Credit Union.

BustedRX

Its actually quite common for banks to limit what year vehicles can be financed, some credit unions are leaning that way as well. I recently went to my credit union, who Ive banked with for 5 years, financed and paid off 3 cars.. They wanted to add 10% to the interest rate for any car pre-1995. Needless to say, I went elsewhere.

Also, be careful not to apply with too many lenders. You will not only be denied for "too many recent inquiries," but also equifax will advise companies not to accept checks over $100 from you. I had this problem when I was 18 or so.

SaulV

Here is some good info about financing an FD.

- Banks will only give you a loan for an FD as long as the car has very low miles. However the interest rate will be a lot higher than buying a new car in most cases.

- Personal loans are limited to about $5.000 based on credit scores. Some people are able to get a little more and some get less, either way, they wont be able to give you a whole lot and the interest rate is pretty good.

MY ADVISE if you can borrow at least $5K on a personal loan and pay the rest cash, its the best way of doing it..because the interest rate is a lot cheaper than leasing a vehicle through a bank(since older vehicles get smashed with high % rates). and you dont have the sign your car as safe collateral....which means that for $5000 loan you pay around $180 a month and if you have a garage you can put your car on liability insurance and use that money to pay off the loan quicker. This way your bank doesnt have a lien on your car.


so just get a personal loan and pay the rest cash...that way you have money left for mods, no lien in your car, liability insurance that will allow you to pay your loan monthly and have enough money left for the FD...YOu will need it trusth me! FDs are cars that you need to drop money in to upgrade with performance parts just to keep it reliable and running and parts arent cheap....

SaulV

I do not recomment leasing an RX-7... Payment will be high, interests will also be a lot higher...Full coverage needed which means you might end up paying about $380-$450 a month for your loan and $250 in insurance.

Bottom line is it will take you forever to pay that loan at high interests...Just get a personal loan and pay the rest cash like i wrote above this post! At least the car will be yours and the bank canT take your car away if you dont pay since it s a personal loan with no collateral...You own your fd

BustedRX

I personally dont care for personal loans, they typically go hand in hand with high interest rates, though I do see your point, muzik3k. But I would hope anyone with enough cash for an FD would also have the sense to know before hand how steep of payments they can afford and be responsible enough to make said payments, regardless what sort of loan.

jetmech77

[QUOTE]Originally posted by muzik3k
[B]Here is some good info about financing an FD.

- Banks will only give you a loan for an FD as long as the car has very low miles. However the interest rate will be a lot higher than buying a new car in most cases.

Uhhhhh not true I went through USAA bought an FD with a salvage title and high milage and the interest rate was 4.9% a lot less interest than I was paying for my Jeep Grand Cherokee.

Mike00

Yes a lot of that isn't necessarily true. I also don't like personal loans they have very high apr. I also got approved for 11k on a personal loan and thats a good deal more then 5k.