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SVTPerformance's Chain of Restaurants
Road Side Pub
Anyone have information about loans for older cars
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<blockquote data-quote="Torch10th" data-source="post: 12760304" data-attributes="member: 15703"><p>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.</p><p></p><p>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.</p><p></p><p>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.</p><p></p><p>Again that all depends on your credit profile, how much you're putting down etc.</p></blockquote><p></p>
[QUOTE="Torch10th, post: 12760304, member: 15703"] 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. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Anyone have information about loans for older cars
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