stretch565

ok, im trying to buy a 93 FD3S and im having trouble finding a place that will give me a loan. everyone is saying the car must be 2001 or newer. so what did all you guys do? i read on here some people used Capital One, but they changed their policy in April to only approving 2001 or newer cars also....any ideas???

m16devil808

whoa... i'm trying to buy a 93' also. is it the black one from orange county here on the forums? lol.

well, i wouldnt know any advice to give you because i have navyfcu. i just got my auto loan approved yesterday. they didnt really say a certain year i could get for used autos but they do provide a gap coverage for 01'+ year vehicles. i'm new at this so i dont really know much about the goods and bads to auto loans.

dgeesaman

iTrader: (7)

My thoughts. I personally bought my 94 FD on a loan of 80% of the purchase price.

1) Credit unions are most likely to give you a loan for it. Otherwise you'll have to get an unsecured line of credit at a much higher interest rate.

2) I believe loans are a bad idea for buying an FD in most cases. If you daily drive the car, and it's in good shape now, you'll devalue the car much faster than you'll pay off the loan. Being upside-down is bad, but being upside-down for a gas guzzling impractical sportscar is really bad.

I bought my FD several years ago. I only drove it 3-5k/year and it was a low mileage car (52k) so it was above-average price. It's paid off now, up to 72k miles, and in many ways is cleaner/better than before. (I spend about 2k/year in maintenance, doing work myself). So it's quite possible I could sell the car for about what I paid originally. In my case, if something would have happened I could have sold it and paid off the loan at any time.

Dave

stretch565

thanks guys....bump

hanman

I used Capital One's "blank check" loan. I got a decent rate.
But, mine is not a DD. It is one of four rotaries in the driveway, along with the wife's Highlander.

m16devil808

whats considered a decent rate? i dont know if they were blowing smoke up my ***, but they told me my credit score was good and i got approved for 5.25%.

i figured, as long as i get a car that i wanted, i should be good. i dont plan on driving it everywhere. i think where i'm going, work is a good walk or a quick bike ride from where i'll be living. but heck, who knows? i'm lazy.

RaisPark

If you don't know much about loans, you probably don't have a lengthy credit history. 5.25% is best case scenario if you have the most desirable credit history. I know I'm nowhere near 5.25%. I would go get 2-3 credit reports before I even apply for a loan. The AIG crash will affect these loans as well now. Get ready for a tough series of years if things don't improve. If any of you are rich, have fun getting things cheap from people who had to default on their loans or can't afford something. And give me some money.

fd3spr0

the best thing to do is to pay cash... especially if you can't get a decent loan.

RaisPark

I'll say this though. If you're young and have a steady income, a reasonable auto loan can be a good way to build up your credit history. Auto loans, if researched, aren't very costly. If you take out a $10,000 loan, you may just end up paying $600 in interest. Yes, $600 is a lot; but with added inflation and payment periods, you aren't losing an arm and a leg. Cash, of course, is best though. It might keep you from spending money you don't have and prepare you for investing in more pressing matters in your life like a house. Now a house doesn't require a rotary rebuild and probably won't have depreciation.

elloco3034

Credit unions are the way to go, they normally have lower interest rates for used cars vs others.

blizzaga

iTrader: (2)

If anything just get a 2001 rx7
On the real side I'm with the other people who say to just save up and pay it in cash, I know that when you look at alot of 7's that it may seem that you HAVE to buy it now or else you won't ever find one that good again...trust me it will. I've waited and waited and saved and saved to get my 7, I saved 15k+ and ended finding a good rebuilt 93 rx-7 for just 7k.
Now off of my personal life before I go on more, but...if you really want to get the car now a credit union is the best choice

Obie2kenobe

I just bought my 94 a week ago and I went through a credit union. And if you can get a % rate of 12 or lower then you are doing pretty good. There are alot of credit unions out there and that is the easiest route. I am going to go against the crowd here for me and say that I took out a loan for it and it is a DD but I only live 2 miles from work and I don't think I could have found a car in this good of shape for this price anytime soon. That and it builds your credit rating...make sure you have a job with good cash in case you need to do emergency work or have at least another car to drive if your RX goes down as well.