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Thread: Who will finance a 10 year old car?

  1. #11
    Club Member mdhmi's Avatar
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    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..
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort.

  2. #12
    Club Member FlyLike's Avatar
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    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.
    2008 z06 - H/C/I/E

    "Don't ask for pics either. She would make a train take a dirt road."

  3. #13
    Club Sponsor Mike94ZLT1's Avatar
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    Quote Originally Posted by DSG SNAKE View Post
    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.
    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 Birdie2000 View Post
    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.
    Thanks Jim! Do you know if they have a local office? Can anyone walk in and sign up?

    Quote Originally Posted by kovacs32 View Post
    At EMU credit union they approved a loan for my 98 explorer 2 years ago.
    Do you need to go to EMU?

    Quote Originally Posted by 99slverZ View Post
    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.
    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.

    Thanks guys, some good info in here!

  4. #14
    Club Member cjmatt's Avatar
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    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
    Matt -
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    1983 Ford Fairmont

  5. #15
    Club Member Birdie2000's Avatar
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    Quote Originally Posted by Mike94ZLT1 View Post
    Thanks Jim! Do you know if they have a local office? Can anyone walk in and sign up?
    There's one at Middlebelt and Warren, and one on Grand River just west of Orchard Lake Rd.

    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.

  6. #16
    Club Sponsor Mike94ZLT1's Avatar
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    Quote Originally Posted by cjmatt View Post
    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
    Lol, wouldn't that qualify for a classic car loan?

    Quote Originally Posted by Birdie2000 View Post
    There's one at Middlebelt and Warren, and one on Grand River just west of Orchard Lake Rd.

    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.
    Sweet, I will pass this on. Thanks!

  7. #17
    Club Member BigWheelinBubba's Avatar
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    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.
    Mike





  8. #18
    Club Member cjmatt's Avatar
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    Quote Originally Posted by Mike94ZLT1 View Post
    Lol, wouldn't that qualify for a classic car loan?
    Probably would, but i didnt really even care. I got 4.9% for 48 months on it.
    Matt -
    2010 Boost Logic GT-R
    1983 Ford Fairmont

  9. #19
    Club Sponsor Mike94ZLT1's Avatar
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    Quote Originally Posted by cjmatt View Post
    Probably would, but i didnt really even care. I got 4.9% for 48 months on it.
    Daaaaaamn! How long ago was this? And would he have to attend MSU or be MSU alumni?

  10. #20
    Club Member mdhmi's Avatar
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    You can still get that rate at my credit union as they give you .25% off when you fill out the application online.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort.

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