financing an fd?
OG
Joined: Nov 2001
Posts: 864
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From: Oklahoma City
[QUOTE]Originally posted by jetmech77
[B]
Welll Duhh USAA, not everyone is military and has access to them...
[B]
Originally posted by muzik3k
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.
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.
Rotary Freak
Joined: May 2002
Posts: 1,742
Likes: 0
From: Houston
I bought a low mileage FD (7.5K) in 2002 for 29K. I had the cash, but I took 24K out as a 7% personal, CD (was at 3.3%) secured loan. So when I am done paying it off, I will have that 24K + interest.
Currently the loan is at 18,108 and the CD at 25,377.
Currently the loan is at 18,108 and the CD at 25,377.
Last edited by PVerdieck; Nov 7, 2003 at 01:34 PM.
Lives on the Forum
Joined: Feb 2001
Posts: 9,617
Likes: 8
From: Dallas
I get an excellent rate (4.9%) for the full amount from a local credit union. I ran into the same thing as you. I could get all the money I wanted for a newer car, but I couldn't get half as much for a 10 year old car. The credit union had no problem and I have since moved all my banking there.
-.-
Joined: Jun 2003
Posts: 265
Likes: 0
From: San Diego, CA
Originally posted by fitzrx7
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
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
Yeah I hear ya man.... it sucks.. and these cars rock for handlin you would thnk they could keep them from eating walls.
Full Member
Joined: Nov 2003
Posts: 218
Likes: 0
From: North Carolina
If you've got a house, an equity loan is a good option. No insurance requirements, and they don't have to question where the money's going.
If you're going to be scraping to pay the bill every month, don't do it. There are always hidden costs with a used car, and an FD is probably one of the worst.
And there are plenty of banks that don't finance anything that's over 5 years old. Credit unions sometimes go a little older. But you always find high interest rates before you find a low one.
And I second Muzik3k...cash is always better.
-C
If you're going to be scraping to pay the bill every month, don't do it. There are always hidden costs with a used car, and an FD is probably one of the worst.
And there are plenty of banks that don't finance anything that's over 5 years old. Credit unions sometimes go a little older. But you always find high interest rates before you find a low one.
And I second Muzik3k...cash is always better.
-C
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