Neon01

There a good possibility that I'll be buying a third gen RX-7 in the months to come, and I had a couple questions about loans. I've been looking at a couple RX-7s with significant mods, but these run anywhere from 22k to upwards of 30k. My question is: can I get a loan to purchase these kinds of cars? I'm assuming that a bank will not loan more money than the items appraisal value, and these cars may be appraised in the 15-20k region (stock). However, if the owner kept receipts for the mods, would this raise the value of the car? Bottom line: is there any way to get a loan for the full amount? I would appreciate any advice.

Johnny

typically it's very hard to get a loan for a car of this age...even if it has mods...the bank does not care..they dont want to be stuck upside down if you happen to not keep up the payments...there will also be a higher interest rate associated with older cars...you might want to try a personal loan if you dont have the cash for a bigger down payment.

Neon01

Excuse my ignorance, but what is a personal loan? Is this the sort of loan that you get when you don't tell the bank what exactly it is that you're doing with the money? What's involved with a personal loan? Thanks a lot!

Street King

Its hard to get a loan for a used vehicle for that amount. I had a rough time but I worked it out. Its just wheeling and dealing but there is a limit. I gaurantee they wont lend you more than what the vehicle value is mods or not? Just slam a bif down payment on it and watch the intrest fall!!

Talek

I paid for about 6k of my 94 with a loan, got a 7% interest rate... I wouldn't recommend taking out a large loan for one however. One this size is easily affordable, only 200 a month, but 20-30k for a used car with unpredictable reliability? I wouldn't.

nocab72

Try www.peoplefirst.com. They gave me a great rate 6.99% on a 36 or 48 mo (I forget which I chose now) loan for $20k for my FD. I had the $20k in cash, but wanted to spend that on mods which I have successfully done in the past 90 days...

K

Street King

Damn you got 7%. I got 10.5% and I thought I got a good deal. But I only threw down 4k on a 17k car. I only got 2 more years!!!!!

TainoIndian

iTrader: (4)

i ran into loan probs.....so i decided to save up all my money and buy it cash! then again wasnt that hard to do because i live at home and was in high school and had no bills.......now with my higher education i think it would have been impossible to get the car if i wanted to do so now

Neon01

Nocab72: I checked out peoplefirst.com and they look like they have a good program going. However, is it still possible to exceed a loan for 115% of the vehicle value from them? Do you need to secure the loan with some other collatoral? I have great credit, and sufficient income, but I just want to make sure that I can even get the loan, cause I don't have a whole lot of money that I can put towards a down payment right now. Thanks again.

suprfast

i got a 7.25% on $16,100. the loan is payable over 5 years. all i can say is for my age how the hell i got such a good deal still ponders the brain. didnt have to put anything down either. i had a huge chunk but once i got the car i was able to do all the reliablity mods. best part is that i will be paying it off in about two years, instead of the five. i love not having any other bills, except for the upkeep on my baby.
kris

Silex

I had no idea that so many Rx-7 owners got loans. This makes me feel better since I was planning to do the same thing. I thought I was alone !

rx7beginner

U can always try a LOAN SHARK
HEHE don't pay them back, u gonna be force to drive an automatic with one arm and a leg

Silex

Eww man there's no way. if anything, I'll find me a couple of drug dealers in a cadellac deville and while they showing of their money I'll go *yoink* and run away as fast as my legs can carry me .

happyham

can you outrun automatic weapons?

Neon01

Thanks to all for the replies.