Anyone have information about loans for older cars

[Andrew1021]

Hey guys. Im looking at buying my friends 01 bullitt mustang gt with 14,000 miles, 600rwhp, built motor, single hellion turbo kit, built t56 and rear end. Hes asking 18,000 for it and its immaculate.

i went to my local bank to see about getting a loan through them for the full price of what i will be paying, and they dont offer more then a 3 year loan for that vehicle and not for that price.


I was wondering if there is a place where i can get a 5.5 year loan, or even 6 year loan for that car, and full price. This thing is immaculate and he is the original owner. Ive been eye balling it for years and he finally is going to sell it.

Does any place offer loans like this?

 

[Riddla]

Most will say to use a credit union

Sent from my office in the Bureau

 

[Torch10th]

It's not going to happen. Even with absolutely perfect credit, a bank won't loan you any more than about 120% of the value of the car. That 120% isn't going to cover 18000 on a 2001 Bullit.

The bank doesn't care that it has upgrades on it. Upgrades don't increase the value of the car, except to you. You'll have to come up with some funds out of pocket.

 

[Andrew1021]

so id be better off just buying a cobra. because LA motorcars has a mildly modified cobra for 20,000 with 60k on it

 

[VRYALT3R3D]

Credit union or save up and pay cash.

 

[Torch10th]

so id be better off just buying a cobra. because LA motorcars has a mildly modified cobra for 20,000 with 60k on it

Possibly, but again you might run in to the same problem. Depending on your credit and depending on the valuation of the car, you may have to come up with money out of pocket.

You have to keep in mind that even a Terminator is on the edge of being 10 years old at this point. Banks don't like to loan money on cars that old because the likelihood of them braking down and the owners "sending back the keys" is higher. They don't have as much asset protection.

However based on a 2003 Cobra with 60,000 miles, the suggested retail per KBB (about the only time you can actually use KBB) is a shade over 20,000. So if you can get a bank to lend 100% on it, you might be okay there.

Again that all depends on your credit profile, how much you're putting down etc.

 

[03 DSG Snake]

No money down. What? :shrug:

 

[Andrew1021]

Possibly, but again you might run in to the same problem. Depending on your credit and depending on the valuation of the car, you may have to come up with money out of pocket.

You have to keep in mind that even a Terminator is on the edge of being 10 years old at this point. Banks don't like to loan money on cars that old because the likelihood of them braking down and the owners "sending back the keys" is higher. They don't have as much asset protection.

However based on a 2003 Cobra with 60,000 miles, the suggested retail per KBB (about the only time you can actually use KBB) is a shade over 20,000. So if you can get a bank to lend 100% on it, you might be okay there.

Again that all depends on your credit profile, how much you're putting down etc.

my credit is damn near perfect and ive had a loan for almost 5 years now. I just finished it, and bought a cheap DD with cash so i dont have much of anything to put down on it.

 

[LOL WUT]

Try Penfed.org they will loan on just about any year car up to full book value. It's a credit uninon that you can purchase a membership to by donating 20$ to a military fund. I know many people here have used them and their rates are nearly unbeatable.

 

[ViciousJay]

Honest to god, DONT BOTHER! pay cash or pay half in cash and get a loan then. I tried using a credit union and i have good credit but the rate wasnt worth it

 

[vettez062002]

It's not going to happen. Even with absolutely perfect credit, a bank won't loan you any more than about 120% of the value of the car. That 120% isn't going to cover 18000 on a 2001 Bullit.
.

not always true. my credit union will give anyone who qualifies up to 130% OF KELLY BLUE BOOK SUGGESTED RETAIL VALUE.

the car you are talking about has a KBB suggested retail value of $13500. meaning they will give you $17550 for 72 months @ 6.9%.

just saying its possible if you know the right bank or credit union.

 

[TrevorR90]

not always true. my credit union will give anyone who qualifies up to 130% OF KELLY BLUE BOOK SUGGESTED RETAIL VALUE.

the car you are talking about has a KBB suggested retail value of $13500. meaning they will give you $17550 for 72 months @ 6.9%.

just saying its possible if you know the right bank or credit union.

I'm pretty sure the extra 30% is for tag title and taxes. My bank is Navy Federal Credit Union. They don't care how old the car is. The loan has to be equal to NADA value or less. A couple years ago I financed a 1997 Cobra for $8000 at 60 months at 8% interest rate.

 

[86merc]

OP, there is the exact same thing happening to a buddy right now. A lot of people want to buy his supercharged 2001 Cobra but can't get financed on it. Because his asking price is more than banks will give a loan on the car for.

I'm pretty sure the extra 30% is for tag title and taxes. My bank is Navy Federal Credit Union. They don't care how old the car is. The loan has to be equal to NADA value or less. A couple years ago I financed a 1997 Cobra for $8000 at 60 months at 8% interest rate.

Agreed, to get a good rate you need to borrow a good percentage below the NADA value. Shorter terms will usually bring lower rates. You can get 1.9% on used cars if you fit the credit unions formula. I sent several people to a local credit union and they qualified easy for that.

You also give a good example. At 60 months and 8% you are paying $1,897 in interest. That car cost you just over 23% more than the selling price. Something people need to to think about when you borrow money. You can find online calculators to figure out your payments as well as interest paid and so on.

 

[MysticRob]

Try Penfed.org they will loan on just about any year car up to full book value. It's a credit uninon that you can purchase a membership to by donating 20$ to a military fund. I know many people here have used them and their rates are nearly unbeatable.

Exactly what I did after googling 'best car loan rates'. Came across their 1.49% offer and used it for a 4yr loan on our Escape Hybrid and a 5yr loan on the Cobra. :beer:

They're currently offering a 0.49% special on both new AND used cars too!

 

[Fuerza]

No money down. What? :shrug:

Merica!

 

[vettez062002]

I'm pretty sure the extra 30% is for tag title and taxes. My bank is Navy Federal Credit Union. They don't care how old the car is. The loan has to be equal to NADA value or less. A couple years ago I financed a 1997 Cobra for $8000 at 60 months at 8% interest rate.

no. the 130% is the total amount they will give out for that car. tax, tags, extended warranty or whatever. so in theory, he could finance the 17500 and pay his taxes and tags out of pocket.. or offer less for the car and finance 17500 with taxes and tags.

they also dont care what year, mileage the car is. they will fiannce 1985 iroc with 200K miles. they will even fiannce our 1963 impala for 84 months at 7.9%

my credit union is a flat rate. no mark up.

1.9% up to 36 months
36-60 months is 3.9%
72 is 5.9%
84 is 7.9%
120 months is 9.9%

doesnt matter if you finance 101% or 130%.. flat rates across the board.

 

[XtraTQ]

Try Penfed.org they will loan on just about any year car up to full book value. It's a credit uninon that you can purchase a membership to by donating 20$ to a military fund. I know many people here have used them and their rates are nearly unbeatable.

+1. I've been happy with Penfed.

 

[COBRA_ESQ]

I just picked up a bunch of back issues of Hemmings Muscle Machines :read: and one of the cover stories on the one on top of the pile (7/04) is financing used Muscle cars

The article only mentions two lenders, but they both seem to be still in business, though at quick glance they may be for older or exoits. Worth a call and if they can"t help you maybe they can point you in the right direction.

https://www.jjbest.com
Woodside Credit | Collector, Exotic, Antique and Classic Car Financing, Leasing and Loans

G.L.

 

[scottg]

I took out a loan on my 96 cobra 2 summers ago and I paid more than book. My bank would only loan on 3 years and I had to have a minimum of $3000 so I wouldn't be loaning more than $10000. I've heard good things about credit unions though.

However, I don't see how anyone in their right mind would want to loan full value on a car that old and have it on 6 years. That's crazy talk.

 

[CobraBob]

Possibly, but again you might run in to the same problem. Depending on your credit and depending on the valuation of the car, you may have to come up with money out of pocket.

You have to keep in mind that even a Terminator is on the edge of being 10 years old at this point. Banks don't like to loan money on cars that old because the likelihood of them braking down and the owners "sending back the keys" is higher. They don't have as much asset protection.

However based on a 2003 Cobra with 60,000 miles, the suggested retail per KBB (about the only time you can actually use KBB) is a shade over 20,000. So if you can get a bank to lend 100% on it, you might be okay there.

Again that all depends on your credit profile, how much you're putting down etc.

Just a small correction. Production on the 2003 Cobra started in May of 2002, so that 10 year mark was passed last year. It's now on the outside edge of 11 years old now.

I agree with getting more bank money on a 2003-2004 Cobra than that 2001 modded Bullitt based on the KBB value of both the Terminator and the Bullitt. But if the OP really wants that Bullitt, he'll have to come up with some up-front money.