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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="86merc" data-source="post: 12760707" data-attributes="member: 82554"><p>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. </p><p></p><p></p><p></p><p>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.</p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="86merc, post: 12760707, member: 82554"] 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. 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. [/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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