I'm looking for an FD to purchase in the next 6-12 months. Last week I got a quote for a 94 and they are able to give $10,900. I was just wondering what everyone else was able to get in their area.

 

I got mine for 6g's but the coolant seals were....tired.
<--Bay Area, California.

 

just bought mine on ebay for $17,150. '93 with 28,xxx miles, clean title. my bank would only give me $13,xxx.

(florida bank, btw)

 

has anyone tried the loans from online companies?

 

i got a loan from a credit union, 10,800 for a 93 with a cosigner

 

Banks that I went to would only loan for year 99+ cars.
and it also depends on your income,credit history.
Other than that would probably be a personal loan.
Since mine's not too bad, I was able to loan it all, but I preferred to loan just the right amount. Paid it all in 2 months 'coz of the crazy interest.

You can also transfer that balance to a 0 to 5% apr for the rest of the balance or atleast 12month should give you enought time to pay it all, instead of having it sit to 18%-30% depending on prime.

 

Doesn’t it scare the **** out of you guys having loans on your cars?
I have only ever had cars and bikes I could buy upfront, that way I know I can afford them.

A smart man once told me only to get a loan on things that appreciate in value

 

its the only way some of us can get a car. i knew i would be poor for a couple of years, put its all worth it. i can still aford to spend money on the car, and so far im up to $18g nz mainly on the engine, and still going. allso got two more rx7, and a couple off run around shiters.

 

I will never own a vehicle that I want to keep forever without having a loan on it. When I am in the last month of my loan (or w/e the minimum loan amount is), I am going to refinance for the longest term possible. Why? Because people can sue you for anything nowadays, and if you own that car, they can take it. If the bank owns that car, they can't.

My bank gave me $15,750 for the car, I had to come up with the rest myself.

 

Never thought of that. Not disin USA but hopefully that is something I will never have to worry about over here in Aust.

 

wow.... lol.... im letting my bank now im refinancing with them ><

 

I got mine for $12,000. But I hear Capital One will give you a loan for $7500 to $100,000 with just a credit check. Doesn't matter the car or age. Down side is the rates are about 1 to 2 % higher than most banks.

 

My credit union valued mine at $12,3xx, but let me have an even $13,000. '93 touring with 90k on the body and 20k on the fresh motor.

They went by NADA.com to get their numbers.

 

my bank gave me like 13k they would have gave me the whole 18 if my credit score didnt have a mark on it!

 

< used Capital One Auto Finance. Paid 18k for mine but Capital One would have gave me whatever.

 

That's right, they take the cash instead. I don't really such much point in it.

Dave

 

bank gave me 14,500 i came up with the other 5gzs.
then put a new motor in less than 1 year later 10,000 in motor and upgrades due to false advertising, to come up with what i thought i was purchasing in the first place. live and learn even if it is the hard way.

 

They can't sue you for something you don't have. If I tried to sue a homeless person right now, I wouldn't get much out of it. If you don't own your property, they can't take it from you.

And say you're right and they make you pay cash instead... you can sell your car for more than the NADA value of it. If they take the car that YOU own from you, they'll give you quite a few thousand less (NADA value).

 

well.... if they sue you.... yes you cant give them anything that you dont have........ but the system is setup so that WHEN/IF you get any money, you will have to pay it to them.

its not a free ride anymore with those sudden bankruptsies......... once you get a income or money, you will have to pay it to whomever you owe.

 

LOL, I agree there are far too many lawyers out there on make-work projects, but that is some seriously flawed logic you got going. So you stay upside down on a car loan forever, intentionally? Besides, as I understand it, if they do get a judgement, with a little paperwork it's renewed periodically until you DO get some assets.

FWIW, I wrote a check for the car...and no, I'm not rich. Just patient.

 

My point is, even if they do make you pay, if you just give them your car, they'll probably just give you the NADA value of the car. You can sell your car for more than that (depending on the condition).

 

This is why people get insurance to take care of liability issues if you are ever sued.

Personally, I think its foolish take a loan out a car only used for fun - going into debt just to have a "big toy" doesnt make sense. Car loan value for me $0; loan/credit for improvements to the car $0. I have always thought it best not to buy descresionary items if i could not afford to buy them.

 

bought mine back in nov. ....most banks won't give a loan on a car that old ....i found one and they only would give me 10,300, i used 8,000 of that.....bought my fd for 14,800(something like that)....
most of them go off of nada book...depending on the miles on the car,they use the poor price in the book and go from there...

and the only reason i got a loan, i didnt want to run my money thin..ill have her paid off this year....(its the greatest thing holding the title to a car after paying on it)

brad

 

Not everyone is in the same financial situation as you are. Some people have to take loans out to have their toys. You need to remember, you only live once....so enjoy life the way you like it.

I take loans out on vehicles, as a matter of fact I took a loan out on my current Fd even though I could have paid cash out of pocket. For one, I get the credit history of owning and paying for a vehicle. Two, I know I can liquidate this car fast, since it is always fairly easy to sell an RX-7. Three, sometimes I prefer to spend my cash on vacations etc, my used auto loan landed me a 6.8% interest rate, which is decent and I couldn't complain.

Once again, to summarize, not everyone is in the same financial situation as you. People love to have toys. Not everyone wants to spend cash out of pocket for their said toys.

Good day.

Oh and I took a loan for 14K, bank said car was worth 11K but my credit far exceeded their expectations and my liquid assets easily covered the amount of the car, so they said I could get a loan for the price the person was asking.

 

Most insurance companies have limits on the liability. If I hit a Ferrari tomorrow, I'd be in a lot of trouble. I see them as low as $10,000! Any damage you cause more than that, and they can sue you. Obviously it's a good investment to buy the higher insurance package (IMO). And it isn't "going into debt" if you have the money lying around. Plus, loans like that build your credit.