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I have a friend in a shitty situation and money is tight for him. He needs to purchase a vehicle, but doesn't have enough money to pay cash for it. Most banks won't finance anything older than 2001 right now, soon to be 2002. He doesn't want to do a personal loan because the interest rates are so high, and I'm not sure he has the credit to get one large enough. Are there any local banks he could check with? Thanks!
I remember financing a 1983 S10 in 1994 through comerica bank, but obviously, that was many years ago
:lol: Times have changedQuote:
Originally Posted by dave89iroc
look up some credit unions? but i think mine only does 7 years im not really sure
Maybe he is trying to buy the wrong car?
I checked with mine for him. I use DFCU and the only go to 2001.Quote:
Originally Posted by RedXtcy
When I looked into it a year or two ago, Credit Union One used to go back 10 years or so. Not sure what they're like now, but at the time they were the only one who would do that without charging a ridiculous interest rate.
I have heard capital one auto finance is flexible on years, since they take into consideration the rarity or special value of certain older cars. ive heard of them financing syclones or typhoons, just to give you an idea.
At EMU credit union they approved a loan for my 98 explorer 2 years ago.
My FCU financed my 1999 just fine.
Right now banks and credit unions aren't exactly giving out loans to everyone. If his FICO score is below 620 he probably won't get financed and if he does it will be at a "B" lot with 20%+ interest rates and $1500+ down.
My girl is 19, she has one credit card. Never been late, her scores are 670 across the board. Not one dealership around here could approve her without me signing. She got approved at a B lot with a big down payment and a high interest rate. Your buddy might have to bend over for a year until his credit is better and then he can refinance the car at a better rate. Good luck.
I've been with Telcom for ages.. I didn't see any stipulations on their web site as far as vehicle ago.. Couldn't hurt to give them a ring..
No clue. I got the loan for my car through Chase and their requirement was a car that could be no older than 5 years.
He's looking at a Cherokee kinda like mine, so its nothing special. Its ultra clean and the miles are low, he wants something super reliable that will last him a long time and I've gotta say my Cherokee has been extremely kind to me.Quote:
Originally Posted by DSG SNAKE
Thanks Jim! Do you know if they have a local office? Can anyone walk in and sign up?Quote:
Originally Posted by Birdie2000
Do you need to go to EMU?Quote:
Originally Posted by kovacs32
Eh, bending over for a year wouldn't be terrible, its finding someone who will do the loan. I guess his credits not that bad he just doesn't have a ton of credit history, which at 23 I can see.Quote:
Originally Posted by 99slverZ
Thanks guys, some good info in here!
the MSU Credit Union financed my 1973 Lincoln Continental hahhaha. There only stipulatiton is that the nada value doesnt exceed the value of the loan
There's one at Middlebelt and Warren, and one on Grand River just west of Orchard Lake Rd.Quote:
Originally Posted by Mike94ZLT1
When I looked into it, yes, anyone can join. Just had to open up a checking account, which had a minimum balance of maybe $100 at most.
Again, this was a year or two ago so it could have changed, but it's worth looking into. They had great rates relative to other places at the time.
Lol, wouldn't that qualify for a classic car loan?Quote:
Originally Posted by cjmatt
Sweet, I will pass this on. Thanks!Quote:
Originally Posted by Birdie2000
A lot of credit unions are going "corporate" and becoming like banks. If your buddy can find a small credit union local to him i'm sure he won't have much trouble getting that loan. However bigger credit unions (DFCU, Chief, etc.) are all growing too large and becoming too bank like. Stick to a smaller CU and he shouldn't have a problem.
Probably would, but i didnt really even care. I got 4.9% for 48 months on it.Quote:
Originally Posted by Mike94ZLT1
Daaaaaamn! How long ago was this? And would he have to attend MSU or be MSU alumni?Quote:
Originally Posted by cjmatt
You can still get that rate at my credit union as they give you .25% off when you fill out the application online.
i heard some good things about genesis credit union... but never personally used them.
i have zero debt and on my prior auto loan, perfect payment history on a 10k truck loan from 2 years back. and im having trouble pulling down a loan for older vehicles as well.
tell him to find a 2002... they are cheap now
What type of vehicle is in question? The reason I ask, is not many institutions would be willing to have a loan on a vehicle that old without an appraisal of some sort. Not to be blunt, but we dont look at how much its costing you, we look at the type of loss we would have to take if we have to repo it. If the loan value of the vehicle is a good amount less than the retail value, youll probably have to put up some collateral.
x2.Quote:
Originally Posted by DSG SNAKE
I financed my '93 Mustang convertible through them 2 years ago. Locked in at 4.5% too :thumbsup:
The interest he'd pay on a personal loan would be less than the extra he'd be paying for the full coverage he'd be required to have on an auto loan.
I think I was looking at them when I wasnted a 1st gen Lightning several years back and they would go back 10 years. Pretty sure it was capital one.Quote:
Originally Posted by DSG SNAKE
I just financed my 2000 Cherokee in late August of this year at my C.U.(comunity financial, in Plymouth) the year of the vehicle wasn't even a question.
JACKO
Quote:
Originally Posted by Mike94ZLT1
Yeah at 23 it is kind of limited, if he never missed a payment his credit should be outstanding. As long as he is 620+ try a few B lots like "Joe bobs Auto sales" or something like that. I'm sure he can get approved there and will just have a high payment. But if he pays that on time for a year he could possibly refinance at a bank or FCU for a much better rate.