Drew2o2 Posted April 6, 2009 Report Share Posted April 6, 2009 i have found a car of which i am very interested in purchasing. Basically heres the situation.I am just turning 19 the 25th. I have more credit than most people my age but im sure its not great. I live on my own in New Albany and I graduate Next month. I tried calculating payments and it said the 11,000 was something like 233.00 a month for 5 years with no down payment at 12percent interest. I make roughly 1800-2000 a month as a server so i can deffinately afford this and I already have my own insurance so adding the car on wouldnt be too pricey. Plus when i turn 19 im gonna go serve at a superior establishment than steak n shake. So the car is a 1998 trans am. I already own a 1999 civic and it is a great daily. I am just trying to get a weekend car to do some fun stuff too. Problem is i went and talked to chase and they wont do loans on cars older than 2004. Is there a place or way that will give me a loan for 11,000 to a private seller. I have bills in my name and have had a credit card for almost a year which i have a good standing with. I also dont have much cash flow through banks because my checks are like 150.00 bi-weekly because my money is mostly tips. I can afford this car if somebody can point me in the right direction. Please help me get a badass f-body. Quote Link to comment Share on other sites More sharing options...
Stallion Motorsports1647545491 Posted April 6, 2009 Report Share Posted April 6, 2009 try credit unions. Tel-Ohio, and Kemba would be where i would start. tom Quote Link to comment Share on other sites More sharing options...
ODoyle Posted April 6, 2009 Report Share Posted April 6, 2009 Try to get dealer approved if the car is at a dealer.If not you could always ask your local bank or even a credit union. With limited credit and wanting an older car there may be no hope. Quote Link to comment Share on other sites More sharing options...
unfunnyryan Posted April 6, 2009 Report Share Posted April 6, 2009 Barrow money from your parents. The Parents Bank has no interest, and can help make a great down payment for other loans. Quote Link to comment Share on other sites More sharing options...
Alex L. Posted April 6, 2009 Report Share Posted April 6, 2009 Enough to keep me happy. Quote Link to comment Share on other sites More sharing options...
Tractor Posted April 6, 2009 Report Share Posted April 6, 2009 Banks aren't likely to loan on a car older than 10 yrs. I know thats been the cut off at the banks my wife has worked at. Not sure how these things work anymore, but you could try the online lending sites that have been around a few years. Can't remember any names at this time, but if I think of it I'll post. I usually just use a credit card when buying an old car. For me its an instant 0% loan or just easy to make the transaction not to mention the airline mileage a purchase like a car adds to the cards bonuses. Quote Link to comment Share on other sites More sharing options...
igotaprestent4u1647545491 Posted April 6, 2009 Report Share Posted April 6, 2009 dont put 0 money down on a car loan. save up some first. Quote Link to comment Share on other sites More sharing options...
kirks5oh Posted April 6, 2009 Report Share Posted April 6, 2009 dont put 0 money down on a car loan. save up some first. +1 Quote Link to comment Share on other sites More sharing options...
Ramsey Posted April 6, 2009 Report Share Posted April 6, 2009 dont put 0 money down on a car loan. save up some first. Word. if you can make the 250 a month paymenst then you should be saving at least that right now every month. Quote Link to comment Share on other sites More sharing options...
Drew2o2 Posted April 6, 2009 Author Report Share Posted April 6, 2009 so wait till next month and get one from a dealer. what is a good percentage to put down i should have roughly 2500-3000 discretionary next month from graduation and some other work, maybe even more. Quote Link to comment Share on other sites More sharing options...
Aaron Posted April 6, 2009 Report Share Posted April 6, 2009 My credit union only went back to 2004, 5/3 went back to 1999 etc. To get an older car, you can get an unsecured loan from 5/3 or any other bank for 13% interest, for 36 months for up to $10,000. That is what 5/3 told me a few weeks ago. There isn't a car I can think of that I would pay 13% interest for. Quote Link to comment Share on other sites More sharing options...
Tractor Posted April 6, 2009 Report Share Posted April 6, 2009 yeah unsecure loan, thats what wife told me, but 13% would really suck. Quote Link to comment Share on other sites More sharing options...
Doug1647545489 Posted April 6, 2009 Report Share Posted April 6, 2009 If you can't pay cash for an older car/toy like that, you probably shouldn't be buying it. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted April 6, 2009 Report Share Posted April 6, 2009 yep. 13% is nuts, but when i was 18, thats about the rate i had. i think right now im at 8.54% or something, which isnt great, but oh well. i guess my credit went up enough in the year from when i bought my car because i got my mortgage at 5.00%, which is about as good as it gets. Quote Link to comment Share on other sites More sharing options...
GilbWs6 Posted April 6, 2009 Report Share Posted April 6, 2009 No bank will loan you that amount on that car with limited credit. You would need at least 5 grand down and probably still be iffy. Banks are pickier than they have ever been so unless your score is above a 650, you may be hard pressed to get anything. I would talk to mom or pop about co-signing for you on a newer car. Quote Link to comment Share on other sites More sharing options...
Bam Posted April 6, 2009 Report Share Posted April 6, 2009 no offense but have you seriously consider what the car is actually worth? I know its a TA, but I see camaro's 98+ ls1's for $4-$7k all day, what the hell makes this one worth $11k? And nothing is worth paying that much interest on, it's just straight retarded. Use bankrate.com for calculating interest and payments, but I don't see how you will get any type of loan for that much money on a 12 year old pontiac. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted April 6, 2009 Report Share Posted April 6, 2009 I respect where you are at right now for 19 years of age, but if you have grander plans for your life over the next 5 years, I would highly discourage you from buying a '98 Trans-Am with borrowed funds. I guarantee your life is going to change a lot, and while you may feel great once or twice when you're driving it around, the 99.9% of the rest of your time under loan payments is going to be unnecessary stress. NO-CAR-PAYMENT CLUB > *. Don't overlook Parent's Bank. However, if your parents are good enough to lend you a few grand, I wouldn't blow your load on a car. Save that "ace-in-the-hole" for when you're trying to get a down-payment on a house, or need to bail your ass out of a tight spot. Quote Link to comment Share on other sites More sharing options...
Drew2o2 Posted April 6, 2009 Author Report Share Posted April 6, 2009 for the record if you guys think a 250 car payment sucks check this out DREW, This is a reminder of your upcoming automatic payment: Policy number: 6XXXXXXXXX Payment date: 03/24/09 Payment amount: $361.16 Progressive will submit the withdrawal request to your bank on the payment due date shown above. Due to processing time requirements, the payment may not be withdrawn from your account until two or more days after the payment due date. This comes to me every month. Quote Link to comment Share on other sites More sharing options...
zeitgeist57 Posted April 6, 2009 Report Share Posted April 6, 2009 Ugh...fuck. And you think the T/A is going to make insurance any better? Please do me a favor and just hold out until you're at LEAST 21 years old...if not married...or have a much better career... I've been where you are at, son...it's tough to make the right decisions in life, but that doesn't mean we don't already KNOW what they are. Need another hint aside from my advice? Look at all the financing options available to you to make this T/A deal happen...hardly anything smart, or conventional. That should tell you that the decision to buy is not one supported by most reputable financial institutions. Current Wall Street problems aside, they know what they are doing... Quote Link to comment Share on other sites More sharing options...
evan9381 Posted April 6, 2009 Report Share Posted April 6, 2009 holy fuck. 361/mo for INSURANCE! thats what i pay for like 5 months! i just want to reiterate...HOLY FUCK! Quote Link to comment Share on other sites More sharing options...
Drew2o2 Posted April 6, 2009 Author Report Share Posted April 6, 2009 I had a 96 formula for a month that was way to many problems and insurance for it was 340 a month. 361.00 dollars a month to drive a 127 hp 1999 civic ex. They must have gotten me confused with a stunt double for fast and the ricey. Quote Link to comment Share on other sites More sharing options...
Patrick Posted April 6, 2009 Report Share Posted April 6, 2009 holy fuck. 361/mo for INSURANCE! thats what i pay for like 5 months! i just want to reiterate...HOLY FUCK! I'd pay something like 200/mo if I got an ls1 powered car, clean record, too. Quote Link to comment Share on other sites More sharing options...
evan9381 Posted April 6, 2009 Report Share Posted April 6, 2009 i know insurance can be high...about 14 months ago i was paying 206/mo for auto...i switched to state farm around feb 08, and since i bought my house last month and got a little more of a discount (i think it went from like 9% discount to 17%), im paying like $89/mo. the OP needs to shop around for insurance. thats insane. - if you want my agents name/#, PM me. Quote Link to comment Share on other sites More sharing options...
copperhead Posted April 6, 2009 Report Share Posted April 6, 2009 try credit unions. Tel-Ohio, and Kemba would be where i would start. tom Telhio Gotta either be a resident of, or work in, Franklin county. PM AngryBMW on here, he works for them. no offense but have you seriously consider what the car is actually worth? I know its a TA, but I see camaro's 98+ ls1's for $4-$7k all day, what the hell makes this one worth $11k? And nothing is worth paying that much interest on, it's just straight retarded. Use bankrate.com for calculating interest and payments, but I don't see how you will get any type of loan for that much money on a 12 year old pontiac. Beat me to it. $11k for a 98 f-body is retarded unless its fast enough to pull the wheels. Either find a newer one for that price, or find one of that age that is priced correctly. I don't see why you wouldn't be able to get a loan with something down and a cosigner. Just make sure whatever you are buying is worth buying. Quote Link to comment Share on other sites More sharing options...
Rob1647545496 Posted April 6, 2009 Report Share Posted April 6, 2009 i have found a car of which i am very interested in purchasing. Basically heres the situation.I am just turning 19 the 25th. I have more credit than most people my age but im sure its not great. I live on my own in New Albany and I graduate Next month. I tried calculating payments and it said the 11,000 was something like 233.00 a month for 5 years with no down payment at 12percent interest. I make roughly 1800-2000 a month as a server so i can deffinately afford this and I already have my own insurance so adding the car on wouldnt be too pricey. Plus when i turn 19 im gonna go serve at a superior establishment than steak n shake. So the car is a 1998 trans am. I already own a 1999 civic and it is a great daily. I am just trying to get a weekend car to do some fun stuff too. Problem is i went and talked to chase and they wont do loans on cars older than 2004. Is there a place or way that will give me a loan for 11,000 to a private seller. I have bills in my name and have had a credit card for almost a year which i have a good standing with. I also dont have much cash flow through banks because my checks are like 150.00 bi-weekly because my money is mostly tips. I can afford this car if somebody can point me in the right direction. Please help me get a badass f-body. dayton credit union i'm at 4.9% and i was 19 when i bought the vette. keep in mind it's harder to get a loan for an older car then a newer one, they would not give me a loan for a supra that wasn't completely retarded. i.e. no longer then a 2 year loan and crazy intrest. i think the rule was anything older then 5 years Quote Link to comment Share on other sites More sharing options...
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