Car Loans

[woody89 10+ year member]

I know a lot of this probably varies from location to location, but whats the furthest back some of you have got loans for vehicals? Recently I've been looking at cars in the mids 90's, I doubt a bank would give any kind of loan for that, anyone have luck with credit unions? This is probably information I'm going to have to call and see for myself, but just wanted to see what you all could add to it. Thanks

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[tapout 5,000+ posts]

CU is the way to go.

 

[2002XLT 5,000+ posts]

you wont be able to get financed for older then 2000, atleast i couldnt when i was looking, no matter what the price or mileage. I would go with a personal loan if you have good enough credit, although your interest rate will be high, hopefully the car (since its so old) will be cheap and you can pay it off quick. jmo

 

[grizzly 10+ year member]

most banks u can take a loan out for no reason at all. as long as you've been a member for a few years and have direct checking and billing. also subject to credit also but most will grant a loan to a certain amount for no reason givin.

 

[squeak9798 5,000+ posts]

Most local banks should be willing to finance the car. Three things to take into consideration though.....# 1 you'll probably have to put a fair amount of money down since in most instances the price of the car, especially older cars, far exceeds it's loan value (the amount a bank or other financial institution is willing to lend against the car), and # 2 you'll be hard limited to a term of 36 months whereas most "newer" cars can be financed out to 60-72 months by some insane lenders (but this shouldn't really pose a problem for you since the pymts should still be reasonable as the car isn't going to be overly expensive).......and # 3 the rate will be higher due to the age of the vehicle.

But you should be able to find a bank or credit union in your area to finance it for you with little to no problem.

 

[woody89 10+ year member]

Yeah I heard personal loans have really high interest.

The main problem for me is going to be trying to do this all in my name, because I just began a new job a little over a month ago. So I will probably have to resort into letting someone else do it in their name regardless. But I was mainly curious as to if people have had good luck on places being leniant on older vehicals.

Thanks for your putback.

 

[2002XLT 5,000+ posts]

when i was looking, before i bought my 2002, i was looking at 98-99 expeditions because they are cheap and i need a SUV, but NOBODY would lend to me, although i was going to main branch banks, but even when i tried to do it online i couldnt get anything. And i have good credit, about a 650, and my mom is a cosigner who has PERFECT credit. The only thing we could have done was a personal loan which would have had like 12-15% interest. Which is why i ended up buyin my 2002 explorer, which although almost twice as much, it was newer and i am paying less a month due to the interest (6.5) and i have a 48 month term, vs the 24-36 i would have had.

 

[JLJunkieMX107 10+ year member]

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