3.1cutlass Posted May 23, 2011 Report Share Posted May 23, 2011 Where are good places to get a loan for an older vehicle with good competitive rates? probably looking at a 36 or 48 month loan for around 10,000 or less. Quote Link to comment Share on other sites More sharing options...
Littleguy Posted May 23, 2011 Report Share Posted May 23, 2011 Collector car insurance and loans: http://www.hagerty.com/ Quote Link to comment Share on other sites More sharing options...
bucd Posted May 23, 2011 Report Share Posted May 23, 2011 So far best places that i've found are credit unions. Most banks will only go back 7 years (if you are lucky) and under 100k miles. Here's a few you can call up: TelHio - http://www.telhio.org BMI - http://www.bmifcu.org/ Kemba - http://www.kemba.org/ Good luck! -D Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted May 23, 2011 Report Share Posted May 23, 2011 So far best places that i've found are credit unions. Most banks will only go back 7 years (if you are lucky) and under 100k miles. Here's a few you can call up: TelHio - http://www.telhio.org BMI - http://www.bmifcu.org/ Kemba - http://www.kemba.org/ Good luck! -D It also depends on how much credit you have and how good it is. I tried to get a 7k loan for a 9-2x Aero from all of those places so I would finally have a nice daily, but they all told me my credit wasn't good enough. They said I had a good score, but it was mostly because of my student loans, and I don't have anyone that could co-sign for me. :\ Quote Link to comment Share on other sites More sharing options...
3.1cutlass Posted May 23, 2011 Author Report Share Posted May 23, 2011 Yeah I am not sure on my credit score, the only payments I have made towards anything are some credit cards. I am most likely going to have to get a co-signer due to that which will probably be one of my parents. Quote Link to comment Share on other sites More sharing options...
bucd Posted May 23, 2011 Report Share Posted May 23, 2011 It also depends on how much credit you have and how good it is. I tried to get a 7k loan for a 9-2x Aero from all of those places so I would finally have a nice daily, but they all told me my credit wasn't good enough. They said I had a good score, but it was mostly because of my student loans, and I don't have anyone that could co-sign for me. :\ Yes, very good point! I just assumed that credit was not a problem. DUH! Better the credit, better the rate. Of course on older cars, the rate will obviously be higher no matter where you go, given that you are approved. -D Quote Link to comment Share on other sites More sharing options...
Rally Pat Posted May 23, 2011 Report Share Posted May 23, 2011 Actually, Kemba was prepared to give me a loan, but they wanted something like 75% down. 0_o Quote Link to comment Share on other sites More sharing options...
DTM Brian Posted May 23, 2011 Report Share Posted May 23, 2011 Telhio offered me 2.83 percent on a 4 year auto loan. However the loan amount was for 50K. Not sure about a 10k loan. Quote Link to comment Share on other sites More sharing options...
3.1cutlass Posted May 23, 2011 Author Report Share Posted May 23, 2011 Actually, Kemba was prepared to give me a loan, but they wanted something like 75% down. 0_o Lol, no point in getting the damn loan if you are putting that much down! Quote Link to comment Share on other sites More sharing options...
jerrodh Posted May 23, 2011 Report Share Posted May 23, 2011 Yeah I am not sure on my credit score, the only payments I have made towards anything are some credit cards. I am most likely going to have to get a co-signer due to that which will probably be one of my parents. If you have a credit worthy co-signer you shouldn't have much of a problem. As everyone said though most banks won't do older/high milage cars/etc. Quote Link to comment Share on other sites More sharing options...
3.1cutlass Posted May 23, 2011 Author Report Share Posted May 23, 2011 I figured a bank wasn't a good option. My mom is a credit union member so I am going to try that route. Quote Link to comment Share on other sites More sharing options...
ICEMAN1647545504 Posted May 23, 2011 Report Share Posted May 23, 2011 You also have to understand that any credit union or bank will go by book value of the vehicle. They will give you 90% of retail value or 100% of clean trade in value for the car, whatever is less. So the car has to be worth for what you are buying it for. If it is an older collector vehicle than you will have to get an appraisal done on the vehicle and submit that for a loan because older cars normally don't "book out" all that well. Quote Link to comment Share on other sites More sharing options...
STEVE-O Posted May 23, 2011 Report Share Posted May 23, 2011 Try american general Quote Link to comment Share on other sites More sharing options...
Wonderboy Posted May 23, 2011 Report Share Posted May 23, 2011 Another way to go about it is to just take out a personal loan but, you would probably need some other type of collateral. Ive only had loans with PNC (back when they were national city) and 5/3rd. Both offered great rates and were easy to work with. Actually my first loan through national city was on an 11 year old car with over 100k but, they were only able to do like a 24 or 36 month loan on it. Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted May 24, 2011 Report Share Posted May 24, 2011 Sadly, a co-signer can be a must. Back when I was 19/20, I wanted to get a very small loan for a bike. I had just paid off a 3 year loan on my car from that bank in a hair over a year. I was asking less than half of that loan amount for the same length of time. One would assume I should get the loan - no dings on my credit, I proved to that bank to be an excellent payer. Their answer: nope, not without a co-signer. They didn't get my business. Credit is a PITA to build, and one you have it, make sure to protect it. Credit union is probably your best bet. That said, I have several co-workers who are members of Kemba, and they all have consistently said that credit union does not have their shit together. But I guess if you are only getting a loan it may be okay, but I wouldn't bank there! Quote Link to comment Share on other sites More sharing options...
3.1cutlass Posted May 24, 2011 Author Report Share Posted May 24, 2011 Yeah I have no intentions of being a credit union member but my mom is a member of the Auto Workers Credit Union and will try through them with my mom as a co-signer. I have bought 3 bicycles on a credit card all over $1200 and payed them off with no missed or late payments. Other than that I just have a regular credit card I use for gas and such. Quote Link to comment Share on other sites More sharing options...
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