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vehicle financing for slightly older cars?


evan9381

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ive PM'ed a couple people here who i've seen post about working at banks. figure an open thread might help too.

 

anyone know of a bank/credit union that will do loans on cars older than 5 years old? im looking for something maybe as old as a 2001 up to a 2005. the banks i have accounts with, 5/3 and chase will only show me rates for up to 5 years old, so back to 2005, but obviously i'll get something cheaper with a couple more years under it.

 

any banks i can check with rates that arent stupid for cars around that age? my credit wont be an issue, so right now its just about finding a place to do it.

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I've personally used Telhio CU on two car loans, but my gf works at Midstate Educators CU and they have good rates too.

 

Back in 2004 I bought a 98 car and got 6% for 60 months. I was 18 and it was my first loan/anything. I used them to buy another car in 2006, another 98 car and I got 4.65% for 48 months. I can ask my gf current rates if you want, but I haven't had a car loan in a couple years. She has one now, granted its on a 2008 model, but she bought it used and got 4.24% for 72 months.

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any more info? ie, did you go through them, and if so, how old was the car and what kind of rates/monthly term did you get?

 

The Jeep I had last year was a 1999 that I financed through Telhio. The payment was like $130/month for 48 months. The rate they gave me was like 5.7x%. They've approved me for a TON of loans for cars 2000 and before and I always use the rate they give me to haggle dealers.

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The Jeep I had last year was a 1999 that I financed through Telhio. The payment was like $130/month for 48 months. The rate they gave me was like 5.7x%. They've approved me for a TON of loans for cars 2000 and before and I always use the rate they give me to haggle dealers.

 

well 1999 is definitely older than 2001, even if it was last year...and 5.7 isnt even a bad rate. the website said right now 5.6% but i didnt know if that mattered on the year

 

but thats not bad either in the sense that 5/3 will go up to 2005 and the rate is at 4.99%

 

sweet.

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well 1999 is definitely older than 2001, even if it was last year...and 5.7 isnt even a bad rate. the website said right now 5.6% but i didnt know if that mattered on the year

 

but thats not bad either in the sense that 5/3 will go up to 2005 and the rate is at 4.99%

 

sweet.

 

Apply right now on their website; someone will call you in the morning(at least they have whenever I've applied) and tell you if you're approved and what your rate is.

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i will once im ready to pull the trigger on a car im interested in. right now im looking for the exact car i want for a price that i want...that and im trying to justify having a monthly payment on a car that will be a secondary car, as i already have a DD/beater that will stay until it breaks down. its paid off and doesnt have any major issues, and only 60k miles
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any more info? ie, did you go through them, and if so, how old was the car and what kind of rates/monthly term did you get?

 

I used Telhio when i purchased my 98 eclipse (which was 3 years ago i believe). They gave me a really good rate, better than any other credit union i shoped. I tried some banks but was flat out told by Chase that "we dont do a whole lot of auto financing so your best bet is to try a credit union", and that was MY bank. Either way, call around all of the credit union's i shoped were able to give me a figure over the phone.

 

EDIT: what are you looking at buying?

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I used Telhio when i purchased my 98 eclipse (which was 3 years ago i believe). They gave me a really good rate, better than any other credit union i shoped. I tried some banks but was flat out told by Chase that "we dont do a whole lot of auto financing so your best bet is to try a credit union", and that was MY bank. Either way, call around all of the credit union's i shoped were able to give me a figure over the phone.

 

EDIT: what are you looking at buying?

 

e46.

 

just trying to decide wether i want 2 or 4 doors, rwd or AWD (4dr only on XI's), color, etc. and then find it at a price i like

 

something like this im thinking about...

 

http://www.autotrader.com/fyc/vdp.jsp?ct=u&car_id=273252044&dealer_id=78844&car_year=2002&rdm=1263365160815&lastStartYear=1981&num_records=25&model=3_SERIESCLASS_SERIES&systime=&make2=&highlightFirstMakeModel=&start_year=2000&engine=&keywordsrep=&keywordsfyc=&certified=&body_code=0&fuel=&awsp=false&search_type=both&distance=0&marketZipError=false&color3=GRAY&color2=SILVER&search_lang=en&showZipError=y&make=BMW&color=WHITE&keywords_display=&page_location=findacar%3A%3Aispsearchform&min_price=&drive=&default_sort=priceDESC&seller_type=b&position=top&max_mileage=100000&style_flag=1&sort_type=distance&address=43231&advanced=y&end_year=2004&transmission=Manual&doors=&max_price=11000&cardist=177&standard=false

 

but theres a bunch of other e46's i like that are nothing like that. lol

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I got 5.35% at KEMBA credit union. I also tried Telhio and they were going to give me 5.45%. This was for a 2004 Suzuki XL-7 that was purchased about 6 months ago with 47k miles.

 

kemba.org if you want to look them up. I'd call their loan office and see what they can give you.

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I got 5.35% at KEMBA credit union. I also tried Telhio and they were going to give me 5.45%. This was for a 2004 Suzuki XL-7 that was purchased about 6 months ago with 47k miles.

 

kemba.org if you want to look them up. I'd call their loan office and see what they can give you.

 

+1 for kemba cu

 

tom

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Ive got my shit through Telhio and used to work there. They cut off financing I think after 90k miles, but they made an acception and let me go with a 135k mile car.

 

Go directly to them though, because the guidelines they give a dealer are stricter.

 

yeah, i went through that with my bank (5/3). dealership tried them, turned down. i went into the branch, walked out with a check

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