Hey guys, I've got a 750 beacon score with good history to back it but I was wondering who would fund a loan on a car this old. I'm considering a 3rd Gen but I'm not quite sure where I can go to get a loan on a car this old.

I might consider a different car unless someone can think of something creative.

THANKS!

 

You'll only get blue book for the car on a loan. You'll need to come up with the difference (If higher than BB) on your own.

 

A home equity line is what a lot of people do. Also a low fixed rate credit card works, just make sure to not fall into the min payment trap.

Some banks have loan programs for "specialty cars" where they will finance the entire amount for a long period of time. They are designed for say a 10 year old Porsche that costs $40K, not many people can finance that for 24months so they have special programs for those type of vehicles. The bank I went thru would do it for any vehicle as long as it was older than 5 years and and costs $25K or more. Also, the individual had to meet certain criteria (good income, low debt ratio, excellent credit). They would also finance those cars for up to 72 months and it was only 1.5 point higher than a new car rate. Seems like they called it the "executive loan program".

BTW - the bank I went thru was Compass Bank, thier web address is www.compassweb.com I dont know if they can do loans where you are located or even if they still offer the program. They also dont really "advertise" the program.

 

Hmm...I didn't really want to drop that much cash off the bat...
So, there's no way to finance a car for what it's really worth? Has no one done this?

 

If you do have good credit, I would use peoplefirst.com. You get pre-approved for a loan and you can use it on any car you want. 10 years old or 50 years old. They don't ask you anything about the type of car when you get the loan. (Or at least they didn't when I used them about a year ago). If you are approved for the loan amount you ask for they send you a check that you make out to whomever you need to!

 

a car is a car to a credit union. Try one.

 

Beautiful! Thank you!

 

My Credit Union was willing to finance me 15% over the bluebook value of the car. I dont have the best credit, however I have been a member at this CU since 95. I got the car 6 months ago, and my other bank, which I have been with for 2 years, wouldn't approve me for the car loan

 

If you have a chunk of cash, you could try to get a signiture loan to cover part of it. I got $5000 to fix my car up with and I was only 18, and had my job for less than a year. Oh yeah, that was through a credit union (Pen Air) Interest is higher that way though, I got 9%, the only lower I got would've been 8.5%.

 

peoplefirst.com

They financed mine.

 

My credit union gives 120% over the high price of the blue book. Dude, just walk into a CU and see. Just tell them what kind of car you want so they can pre approve you for x amount. Then once you actually find a car, you just call them up and tell them the specs and they will tell you on the spot just how much they are gonna shell out for ya.

 

Sorry I my credit union is USE Credit union. I don't know if they exist on the east coast or outside of California.

 

Bay View Auto Finance Group (AFG) in California financed my car which was over 22k. Interest rates are 9.7% and they specialize in financing older cars. I'm in the process of refinancing thru one of my credit card companies for 6.6%.

 

I financed in full, but a car loan only got me blue book value. My credit union wouldn't go any higher. The rest was a personal signature loan from my credit union, at like 8%. This is nice b/c the PSL gave me extra cash that I used for sales tax.

Dave

 

Hey guys where can I get a loan for a car? I am 18 years of age. I have credit but its not good because I have just started to build it. I want to buy a car for 17,500 and I will have 10k in cash so I really need about 10 k more . Any ideas?

 

Been in those shoes before. If you're only 18 and have little to no credit and need $10K, your only realistic options are collateral or a co-signer. Do you own anything of value like real estate or another car or a motorcycle that's worth $10K that you can use as security? Or would your parents or a relative (with good credit) be willing to co-sign with you?

 

I have nothing of value that is 10k. I make about 1k a month. I have a car selling by october 22nd for 17,500, I need the money but I dont know where to get it. Some people have suggested peoplefirst.com but I am not sure if they would. Can collateral be a bunch of stuff together?