Interest rates on older cars

[Shiper]

Curious if anyone has financed a new edge cobra or mach lately, what kind of interest rate were you offered? My credit union told me anything older than '06 was a flat rate, and depending on your credit, the lowest possible was like 7.5%. Seems kinda high to me.

Any insight?

 

[99cobrablack]

For that old of a car that's about right. I did a short term refi on one of my pickup to free up some cash for a busy time of my work and it was close to that. 04 dodge.

 

[Torch10th]

Every lending institution is a bit different. Some won't lend on cars over a certain age period, while others will lend 125% on almost anything.

You're best bet is to do some loan shopping. Know what you want with the car and how much you're willing to spend. In general the interest rate on an older, used car will be higher though. If the engine blows up, transmission grenades etc, a lot of people will just let it sit and stop making payments. Then the bank is stuck with something they can't easily sell. Risk is higher and so the rate is higher.

 

[Shiper]

Well in my case, I'm looking to buy a second vehicle just to play with. So even if it exploded, I'd just consider an opportunity to get a little greasy and learn something!

I know it's mostly about limiting their liability, just figured with great credit and an existing relationship I could get something lower than 7.5%, and that at a credit union. Guess I'll be calling around a bit.

 

[Riddla]

Are you planning on putting some cash down? This might give you some wiggle room

 

[black92]

https://penfed.com/

https://www.suntrust.com/PersonalBanking/Loans/AutoLoans/UsedAutoLoans

 

[Shiper]

Are you planning on putting some cash down? This might give you some wiggle room

Yeah I can. But she said it doesn't matter, 7.5% is as low as they go.

Just curious what other people have gotten before I call around and explain to 5 different people what I want and listen to their sales pitch for their bank. Because it really isn't worth my time to save .25% on a smallish loan lol

 

[Blackness03]

Check out lightstream.com. They are through Suntrust. I was about to get 1.9% unsecured on my 05 Z71

 

[mavisky]

Depends on who you're with and your credit score.

2009 GT500 - 72 months - 2.7% - 37,000 max loan value was my approval as I remember it.

 

[Shiper]

Unsecured? Like a signature loan? Where the car isn't the collateral? That seems almost too good to be true

 

[Shiper]

Yeah that's what I would expect on an '09, but once a car is ten years old, I'd assume it goes up some, tho 7.5 is a bit high.

 

[Ponyracer1]

Credit union 1 out of anchorage ak, not the one out of texas. 3.25% on my 03 cobra with $ down, they loan book value, doesn't matter the age as long as the nada value is there. Same on a viper.

 

[Chosyn1]

Navy Fed gave me 1.45% on my '03 over 5 years. but i've been w/ them since birth, paid off 5 big loans(cars, bike), and had a CC since i was 16(25 when i got the car) My mom worked there a couple decades and knew all the ins and outs of lending which helped quite a bit.

 

[Gravik]

On my GT, the best I could get was 7.9%

Check out lightstream.com. They are through Suntrust. I was about to get 1.9% unsecured on my 05 Z71

I applied there and got denied. Apparently to them you need an 800+ credit score.

 

[mavisky]

Unsecured? Like a signature loan? Where the car isn't the collateral? That seems almost too good to be true

Correct. No collateral. No required down payment. We do almost everything with USAA.

Oddly enough insurance on my 2009 GT500 is $7 a month less than it was on my 2010 Honda CR-Z hybrid with them as well. Apparently they're Shelby fans or something over there.

 

[MysticRob]

Interesting. I used PenFed for my 1.49% loans, but I'm checking out LightStream.com now. Part of SunTrust, I see.
https://www.lightstream.com/rates-loan-calculator

 

[bigmoose]

I financed 100% of my '04 cobra this march. 1.24% for 65 months at my local credit union. This was also a private sale.

 

[wickedcobra99]

5.4% for 54 months on my 04 cobra last year. That was with a decent credit score

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[HeyNow!]

1.49% for 60 months on my 8k mile 97' Cobra from PenFed. They would have gone up to book value, but I got it for much less as the book on that car is way high.

 

[west08]

I got 2.99% at my local credit union in August of 2012 for my 2001 Cobra. Didn't really seem to car about the year/ mileage, etc as long as it met the NADA value. At the time, the NADA value was somewhere around $9500 while KBB was like $15000 which was crazy to me how much different they were.