i think i will be buying a house. so i will be using most of my money for a down payment. ill figure something out.

 

i just paid mines off last year. Through a local bank though. But having a DD/backup car is a must. when my FD broke down my 240sx fastback saved my life BIGTIME

 

I recently got my FD through local credit union for %3.99. You're best bet is going to be through a credit union. I had to jump through quite a few hoops to get my FD though.

My credit union was fine giving me the loan for the FD except they HAD to have the title in their hands before they handed out any money. This was a problem for me because I live in Oregon and the car I wanted was in California.

I tried getting a loan from a bank located in Oregon that also had branches in Cali. No go. Most banks told me FDs are too old except for Wells Fargo. I was excited until I learned they wouldn't give me a loan without a co-signer because I've never had a car loan before despite having amazing credit.

I said screw it. I flew down to Cali, bought my FD with my credit card, drove it back, got the loan through my credit union, paid off balance on credit card.

Hopefully its easier for you, good luck!!

 

do you mind if i ask how recently?

 

From what I know you cannot finance a care that is more then 6 years old, they all lean towards a private loan in which case has a higher APR rate. Unless the car you are trying to purchase is through a dealership it will be very hard to finance an old vehicle yourself.

 

I cant believe how freaking low some of the rates that these people are saying they got from a bank for a 1993-5 sports car are! The lowest I could get on my New MS3 was 5.8 in 2008 and i have really good credit. Makes me wish i had just saved some money and kept my honda and financed an FD instead of having to get the one i have now that needs a motor/paint.

 

It was roughly 6-8 weeks ago. I was also approved for a loan on a FD through the same credit union about a year and a half ago but the deal never went through.

Any questions I'd be happy to answer.

 

can anyone tell me how student loans work and whether or not its a possibility? is there a borrowing limit?

 

any one?

 

it all depends on your credit and if the value of the car is a good deal compared to the asking price of the car or loan in request

 

You can borrow an INSANE amount from a school loan but you have to complete IIRC 50% of your total school term. IE: 4 year college, complete at least 2 years.

lol also, how do you get from getting a loan from a CU to getting a school loan?

This is almost becoming a pipe dream.

 

I used usaa

 

no, one guy just said he used his student loans, and i thought it may be a good idea. how could it be a pipe dream if i already owned one less than a year ago?

 

lol you could just luck out and find a 93 like me that needs quite a bit of work for $4800....







since these pics that god awful body kit has been removed... Im slowly trying to get it back to road worthy condition even though it looks it it has some issues for sure! But it does run and drive just fine as is

 

+1 for penfed.org cant beat the 3.99 interest

 

love the wally world turbo badge, lol, looks good

have you personally used them? or just like the interest rate?

 

im in the process of buying an FD. I am using student loans to finance some of the car. Downside is they only fund on cetain dates, so if you find the right car, hopefully they will wait until the full funding comes through. They guy im buying mine through is cool with everything, thankfully.

 

right that **** came off about 20 mins after coming home... that badge is better than alot of the **** i have found though.. wish that was the only issue rofl

 

talked to my credit union and got approved. not sure what changed jan 09 and now but, what ever.

 

financed mine back in Nov. with no issues at all through my credit union. i already had 3 other auto loans through them at the time also. so that was my fourth auto loan (co-signed for my sister and my dad, so only 2 are actually mine). all of the interest rates are less than 5%. so try your local credit union, most of their interest rates are pretty good.

 

another vote for the credit unions here, because they're usually smaller institutions they can take some risks that bigger banks won't. I took out a loan for my first FD on my 19th birthday with no existing credit whatsoever and they didn't blink twice. 5% interest rate too.

 

how long ago was that? i have like 9% quote, and i have clean credit just not a lot of it.

 

may of 08, I had credit established in June of 09 when I got my second loan with the same rate and term but a higher payment for a larger amount.
9% ******* blows for an auto loan, but it's not the worst I've seen, do you any kind of credit established?

 

I was talking about pipe dream because it seems like it wont happen. Too much thinking.

You said you have money in the bank but wont use it.

You have a credit union approved you but its 9%.

You obviously want a better rate (because you didnt buy the car yet), than 9%.

You might not get a better rate because its hard to beat a credit union rate.

Its also hard to beat that rate because you said you dont have enough credit established.

So really, no offense but what else is there to discuss?


If you really "have money in the bank", why not just put a significantly large DP on your FD while you finance the rest through that credit union. Im sure because of the small credit history you say you have, with the little amount left to finance, you can get a better rate than 9%.

That said, you dont sacrifice your saved money, you have a good interest rate on your loan and you establish more credit history because of that loan.

And you have your FD.

I really dont see whats so hard about this dude lol

I bought my FD in 2004 check in hand. And i have a house and another car. So it can be done.

 

your initial statement was before i was approved, so over 1/2 is invalid. in addition b/c i was approved for an auto loan im no longer considering using student loans.

SO...