I dont know if this is the right place for this, but i didnt know where else to put it.

does anyone know if there are any companies that would finance a 3rd gen?

Most places wont finance anything over 6 years old. I have the money to pay cash for one but i wont. i want a reserve in case of an emergency.

also i dont want a stupid high interest rate.

i know there are classic car financing companies but i dont think this will fall into that category.

any positive help is appreciated.

 

I financed my FD through USAA.

 

My friend used his credit union to finance his 1995 supra. This was back in like 04.

Im sure they still do that now. If the price/car/value is reasonable for them to lend you the money.

 

I used capital one auto finance.

 

i used my bank

 

After the financial implosion, loans for these types of cars became almost impossible to come by.

Up to 2008 or so it was easy to get financing for these cars (I suspect previous posters got their loans in this time frame).

Now, you may have to get a personal loan (if your credit is good enough) but you will likely pay a nasty interest rate.

 

penfed.org that is where my car is financed at. 3.99% also

 

my first one i financed through my credit union and got it as an auto loan. but rather than using the car as collateral they used my money market. so while it did help me build credit my money was untouchable while i had a loan. so the emergency fund was not really an option.

moconnor you make a good point about the time period, has anyone done this recently?

 

We used a Home Equity Line of Credit which is pretty darn cheap nowadays...
You could also purchase a CD and use that as collateral..tying your money up for the length of the CD (but some are fairly short term)

 

I have financed two different FD's since 2008 using my local credit union. I am 22 with good credit, so its not like i have gobs of credit history or have an awesome credit score, and have never had a problem with financing cars that are older. Granted, the interest rate is nothing to brag about, right around 7% i think....

I guess some banks are more strict than others when it comes to financing old cars. But as long as the car has good value, my credit union will finance it up to the KBB value.

-Austin

 

capital one auto is still giving out the loans pretty easily. I've not noticed any difference in their auto loan practices. My wife just got one this past month at ~3%.

 

I used Capital One Auto Finance to finance my FD 5 years ago. At that time, they didn't care about the year of the vehicle as long as the mileage was under 80,000 (or somewhere around there). However, they might have tightened up their requirements since then.

 

I financed my FD (now paid off) in '04 with Capital One. But, last time I checked their rates sucked bad. Rates buying from a certified used car dealer were so-so, but person-to-person rates were HORRIBLE.

It will be tricky, most banks don't do loans for cars more than 10 years old. You'd have to arrange some other type of financing, which may have a high rate, or self-finance.

Dale

 

My credit union financed mine just fine, although I had to get creative because I bought it from CA, and they wouldn't finance an out of state car, and I only had to finance part of the purchase price. Year and mileage were still good, the rates just change depending on what car it is. Don't remember the year limit, but mileage was something in the 150k neighborhood. Although as previously stated this was back in '08.

 

what was your wifes car? i want to make sure im comparing apples to apples was it an older car? and if you dont mind, how old are both of you? and do you know if being married had in positive or negative affects on the approval?

 

When?

it was like a 9 yr old car, im now looking at a 15ish year old car.

whats ur monthly income?

 

we're still looking for cars. I don't think any marriage questions came up; however, she did the loan herself - so I wouldn't know.

You should just go ahead and apply for a capital one. They're non-binding. (Meaning you don't have to use it)

 

FYI
Recently Capital One will not finance a private sale or a sale through a independent dealer....... only authorized capital one dealers (big wigs)
Too much finance fraud going on

 

never buy something you cant afford

just my 2cts..

 

He can afford it. He would rather save his cash if he can finance without getting hammered by a high rate.

 

If you are looking to buy a modified FD, and the price tag is higher than KBB, you can also get it appraised so that you can get a loan for the full price tag. I'm not sure if this works for big banks, but if you have a local community bank it should work (big banks like bank of america have strict rules for giving out loans based on NADA or KBB and can't be flexible even if they want to).

If this is the case, www.speedforsale.com (Jeremy Blackwell) can do an appraisal, he is nationally certified, and has a very quick turn around time. I can't rememer exactly how much it costs, I think $200. But its worth it, because you can then use the appraisal for insurance reasons so if your car is totalled you get the value of all of the modifications and everything.

 

i just financed mine through my credit union . Had to go under a signature plus collateral loan .

i can afford mine just fine also but i wanted to leave an in case **** happens fund. I just blew the rear rotor 150 miles later.

i have the money on the side to fix and still have the car. I works out good that way

 

Allrotor is right, i have more than enough but i dont want to spend it on a toy. because if something comes up i want the savings. and as far as never buying something you cant afford, i would agree to an extent, homes and cars are the only thing i finance.

that is true, right now i have my laptop financed to build my credit. it 0% for 18 months, i will have it payed in prolly 10. i have more than enough but 0% is like building my credit for free.

thanks thats good info but i want one that is bone stock

 

It is a much wiser decision to pay cash outright than to finance a debt. You can build up your savings again, paying extra for financing when you have the cash makes little sense.

 

i have other things to keep in mind. there fore lets consider paying cash out of the question.