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Thread: Who will finance a 10 year old car?

  1. #21
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    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.

  2. #22
    Club Sponsor steve581581's Avatar
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    tell him to find a 2002... they are cheap now

  3. #23
    Club Member Tin's Avatar
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    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.
    Last edited by Tin; 11-04-2009 at 06:41 AM.
    '16 Fiesta ST

  4. #24
    Club Member Captain Chaos'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.
    x2.

    I financed my '93 Mustang convertible through them 2 years ago. Locked in at 4.5% too

  5. #25
    Forum Member raroz28's Avatar
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    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.

  6. #26
    Club Member 4 cam tbird'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.
    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.
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  7. #27
    Club Member JACKO's Avatar
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    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


    Originally Posted by Crazzy_Al
    Clearly that's it! I mean, what's hotter than a pale little man with dolphin and unicorn tattoos?

  8. #28
    Club Member 99slverZ's Avatar
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    Quote Originally Posted by Mike94ZLT1 View Post
    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.



    Thanks Jim! Do you know if they have a local office? Can anyone walk in and sign up?



    Do you need to go to EMU?



    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!

    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.

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