TWIFOSP

I am in the process of purchasing a 93 FD from an individual. I'm sure all of you went the phase were you'll do anything to get the car of your desire =)

Problem is my credit union will only loan me ~11k for 2 years. BAH!

The car I'm going for is a pristene FD with tons of mods easily worth 19.... I can pay up to 9k cash, but I can't handle a 2 year loan at used car interest rates stacked with my insurance (I'm young with a few tix.) I need at least a 3 year =/.

I heard some stuff about peoplefirst.com on this forum but they denied me. I think becuase they don't like to lend to people wanting to buy from an individual, they like dealers. Could be my credit though, it iss perfect but I'm only 20 so not a lot of it.

Anyone have any suggestions or used peoplefirst.com to get a car loan to buy from an individual? If you have please let me know. I could probably then get a co-sign and have the neccesary credit.

Suggestions from all are appreciated, I must have that seven!

turp182

If you have the credit and meet their income requirements, I would very much recommend PeopleFirst.com. They approved me on a Sunday (their site said they were closed, but they called my wife while I was out looking at cars).

They only ask how much you want and the term of the loan. They didn't ask about the type of car I was looking at. And that was for a person to person loan.

They will go up to 6 years on a person to person used car loan, and I don't know of any other lender willing to do that.

ttpowerd

I went with people first although their rates are a little higher than most, they did accept me right away so I was able to purchase my FD Hopefully it will all work out for you.

Give us some details on the car you are looking at.

TWIFOSP

I'd give you some details but then someone might find it and buy it instead of me!

Hehe

It's a 93, non touring...
Perfect VR paint
some exhaust upgrades
silicon vacuum hoses
all the other reliability mods
Just rebuilt turbos and engine
49k on the chassis

I'd list an exact list of mods but I don't have the owners list e-mail at work....

I think I'll try coapplying with peoplefirst.com

Wish me luck, I've gotten no work done this past week cuz I've been all about rx7's! (damn the internet)

Street King

Thats funny my credit union lent me 11k on 3 and a half years. But hey get what you can get.

RonKMiller

Used car loans (especially when you are looking at a car that is approaching 10 years old) are really difficult to get unless you have a credit score of 700 or so.
Believe it or not, those tickets can have an adverse affect on your ability to get a loan. It sucks big time, but credit scores are based on a lot of factors these days including your general reputation - and speeding tickets don't count toward the positive. It will definitely bump your insurance sky high, since insurance companies are targeting younger buyers with outrageous premiums until you are about 25 and married. Throw in a high performance sports car and
your insurance will be really expensive.

I would shop around more - most the dot com lenders are full of **** and are not any cheaper than banks.
Credit Unions still have the best rates around generally speaking. You should consider joining ANY credit union in order to get their rates - some are free or very low cost, and their membership requirements are pretty loose. I once joined a credit union that required you were a member of a bicycling club - it saved me hundreds of dollars a year in interest over a bank.

You might find it cheaper in the long run to buy a new car though! (between interest and insurance) There are some incredible deals right now, and this way the lender has equity and is more likely to loan to you.
I know what it's like to have your heart set on a specific vehicle though.......I wouldn't sell my FD3S for any reason.
I know you'll hate this advice but I would buy a 2001 Honda, pay it off and keep it for 10 years
Focus on getting a good job and nice clothes instead of your car, in ten years (I know that it is impossible to imagine yourself at 30) you'll realize it was a good decision.

JM1FD

iTrader: (1)

My credit union has great rates, and I've gotten two car loans from them, no problem. The loan for my RX-7 was espescially messy since the car was still financed under through Mazda credit, and the previous owner lived in Louisana. They are, however, more conservative with who they loan to, terms, etc. Try the banks...they'll have crappy rates, but they might be more willing to give you a loan.

RX7Elmo

peoplefirst.com has great rates if you have good credit. I dont' think they approve you if you dn't have good credit and buy from a private party. they then direct you to a custom loan of some sort. Even if you do a co-loan, i think there are pitfalls. I know for sure that regular banks you'll go to will only give you the blue book of the car MAX. Some RX7s sell for under the BB value, but some cars that have nice mods or are exceptionally clean sell for over the kBB. Interest rates aren't the best now, but not bad, and credit unions do have the best rates as of now.

Danny

JspecFD

iTrader: (2)

You might want to try giving www.lendingtree.com a shot and see what offers you get. I'd also second the advice of looking around and seeing what your local credit unions have to offer. I was thinking of buying a new car and found a local CU that will do up to 7yrs at 5% and are not too stringent on their used car loans. not too bad but only people living in the BA can take advantage of them.

Meiogirl

iTrader: (2)

I got my loan back in June from Credit Union of Texas, I got it for the max 10k for 6% for 4 years. I did the processing online- you might check with them if this is more your range.

SoCalLove

My credit union gave me 13k for 5 years, 3.7apr.

TWIFOSP

Thanks for all the tips...

Peoplefirst denied me again even with a coop, wtf can't be credit. My dad has uber credit and tons of liquid assets. Those who got it thorugh people first... did you do anything special or just did the normal autoloan?

nocab72

peoplefirst.com gave me a loan for $20,300 on 48months @ 6.99% to purchase a person-2-person FD.

(Silver '94 touring w/31k miles, bone stock, never been wet, the owner had driven it on sunny days the 7miles to work/back [always warmed & cooled it] and was never driven by anyone but him -- I was VERY happy to find this mint car!)

If you have excellent credit, they have great rates, btw, I'm 30, have a good income and have owned (not rented, big credit plus) (a house) for 5 yrs, I'm sure that helped.

TWIFOSP

Well I put my dad on the application who is 57, has owned a house for 13 years and has perfect credit. I got the denial extremely fast though so I think they might have canceled it becuase they thought it was a duplication.

Maybe I'll call them.

TWIFOSP

Hehhe thanks for the advice killer. I have a nice job and nice clothes and a nice place. All thats missing is the nice car. I'm pretty far ahead of the game at 20. I drive an econo car right now, paid off. I want the rx7 too damn bad =)

I can afford the insurance, 300/month (already quoted by progressive)... but only if my car payment can be around 300 too... I can drop 9k in cash so I can work that payment out if some damn lender will just finance it. I hate being young.

turp182

Don't hate being young. I'm only 28, but I wish I was 20 again. College was nothing but party. Now I have responsibilities and **** like that (and a wife, and a house, but I do have an FD).

Good things come to those who wait...

Chronos

try and get your dad or someone else to cosign...I got $16,800 5 year lone at %5.75

GOOD LUCK!!

rynberg

If you can't afford the difference between a two-year loan and a three year loan, you probably can't afford an FD anyway. What are you going to do to cover even normal maintenance? To give you some perspective on typical failure parts:

60k mile service: $500
rear bushings: $1000+ (w/labor)
oil metering pump: $2200 (w/labor)

Also, the fact that the first engine went at only 49k raises some serious questions. Since the turbos were replaced, I'd say he blew an apex seal from running lean (sometimes a blown apex seal goes out the exhaust port and shreds the turbines). You mentioned the car has "some exhaust upgrades". If this includes a midpipe on the stock ecu, you very well may blow the engine again shortly. A rebuild is about $3-4k with everything. Not to mention the downtime. I'd have to agree with RonKMiller, avoid the FD for now.

jspecracer7

Upkeep on these cars is a ****. If you don't think you can keep up with just the maintenance, then settle for something else. It's not worth going into financial ruin because of a car.

On a side note, I bought my car with cash because my credit was so bad...financial ruin will teach you a finance lesson or two.

charliegt

THIS IS HOW YOU DO IT! - HOME EQUITY LOAN - GET YOUR PARENTS TO DO IT FOR YOU! - IT WORKS SO YOU DONT HAVE TO! - That's how I got my car anyway. I have nice easy to manage payments which is good because I am starting college this fall and might not be able to work as much as I am now. I went through KeyBank and you can finance it for up to 10 years at a fixed rate (right now its 6.5% apr) with NO closing cost!

-Charlie

Freaky Monkey007

Well if you already have 9k to drop on it, why dont you just wait another year or so, save up some more money and buy it cash. That way you can get a small loan if you need for the car, or just use ur income to upgrade and maintain it. Just my $.02 worth..

TWIFOSP

Rynberg, the different in a car payment on 10-11 grand from 1 year to 2 year is like 180 bucks... do the math its 33%.

pieboy75

$2200 to replace oil metering pump....?? good lord...

DRAG0NEER

go to patelco credit union...lowest rates in town and approves almost anybody!