Loans
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Post Fiend
Joined: Nov 2001
Posts: 14,947
Likes: 6
From: Topsfield, MA
Loans
I'm trying to get about $10,000 to buy a used car but anywhere I've looked won't let me do a used car loan on a 1994 vehicle through private party...
I'd be looking at personal loans for 11% interest.
There's gotta be a cheaper way to do this if used car loans are 4-5%...
I'd be looking at personal loans for 11% interest.
There's gotta be a cheaper way to do this if used car loans are 4-5%...
Post Fiend
Joined: Oct 2003
Posts: 9,176
Likes: 4
From: Western Central NV
Used cars over 10 years old are near impossible to get a loan on. Even my credit unions won't loan on them & for that matter they never did. Same with banks. That has been my experience.
Post Fiend
Joined: Apr 2004
Posts: 19,098
Likes: 8
From: Great State of Texas
Must be a hell of a car @ $10,000 and 14 years old. Is it a vette or something like that? For classics ,or specialty cars, there are usually lenders that handle that sort of thing.
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Junior User
Joined: Apr 2008
Posts: 62
Likes: 0
From: In a small town.
Hey Mustang, Im from Ma too. Digital credit union will do these loans BUT you have to have an appraisal done to back up the value. My buddy bought a 1993 Mustang show car, but book value was like 2500 and that was all they would lend, but the owner had an appraisal done that showed the car's real value of 15K and DCU lent the full amount and paid for the title and reg fees.
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Laughing Gas
Joined: Jul 2004
Posts: 1,245
Likes: 0
I hate to be the party-pooper here, if its just a toy, you need to pay cash. If you can't come up with the money to buy it without taking out a loan on something that's not being used as primary transportation or for a business purpose, you can't afford it. Think about this, if you took whatever money you'd spend on a loan, including the interest, how long would it take you to save that money? 18 months? Instead of paying the bank $50-60 a month to loan you the money, just put it towards the car. Another "deal" will always come around.
Hotshot
Joined: Apr 2006
Posts: 11,794
Likes: 0
From: Kansas City, KS
(You wouldn't believe what I just LOWERED my interest rate to...
)
Post Fiend
Joined: Jun 2002
Posts: 13,873
Likes: 3
From: Atlanta GA
I would not pay $10,000 for a 10 year old car/toy if it meant a loan. Either cash or nothing. Especially in MA, I would save my cash for a 25 year old wreck that I would not have to have emissions inspected every year.
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Post Fiend
Joined: Nov 2001
Posts: 14,947
Likes: 6
From: Topsfield, MA
MA is doing away with emissions testing on 95 and older vehicles.
I'm not worried about the interest/loan aspect of it. I need a car for primary transportation and that's one of what I'm looking for.
I'm not worried about the interest/loan aspect of it. I need a car for primary transportation and that's one of what I'm looking for.
Post Fiend
Joined: Jun 2002
Posts: 13,873
Likes: 3
From: Atlanta GA
> MA is doing away with emissions testing on 95 and older vehicles.
About time.
> I need a car for primary transportation
Well, that is slightly different.
A bit out of your way, but, Eastern Bank use to do it by appraisal for older cars, I do not know about now since I have been out of MA for about seven years.
> Yeah its a 94' cobra that is all original except for flowmasters and a hurst shifter
To me primary means good gas mileage. New Ford Ranger 2.3 5 speed with A/C for $13,000 at close to 0% :-) I can see "wanting" the Mustang, it is not a bad car to want. Just a question of how much is the "want" going to cost with gas at $4 a gallon and 8% interest.
So, you might consider a credit union or bank in NH/RI that is licensed in both states to get that older car loan. I have found dealing with banks outside of MA easier. I think it is pretty much rule of thumb any car older then 6 years is going to be a hassle to finance because most of the car's value is gone (6 years x 12,000 miles a year = 72,000 miles and a car is good for 100,000).
About time.
> I need a car for primary transportation
Well, that is slightly different.
A bit out of your way, but, Eastern Bank use to do it by appraisal for older cars, I do not know about now since I have been out of MA for about seven years.
> Yeah its a 94' cobra that is all original except for flowmasters and a hurst shifter
To me primary means good gas mileage. New Ford Ranger 2.3 5 speed with A/C for $13,000 at close to 0% :-) I can see "wanting" the Mustang, it is not a bad car to want. Just a question of how much is the "want" going to cost with gas at $4 a gallon and 8% interest.
So, you might consider a credit union or bank in NH/RI that is licensed in both states to get that older car loan. I have found dealing with banks outside of MA easier. I think it is pretty much rule of thumb any car older then 6 years is going to be a hassle to finance because most of the car's value is gone (6 years x 12,000 miles a year = 72,000 miles and a car is good for 100,000).
Thread Starter
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Post Fiend
Joined: Nov 2001
Posts: 14,947
Likes: 6
From: Topsfield, MA
A 4 cyl ranger gets about the same mileage as the stang and is a much better vehicle for me.
I've looked at 4 cyl cars but they're too small and don't get all that much better mileage than a stang.
The stang gets 2.5 times the mileage i'm currently getting....so the money i save on gas is practically 1/2 a payment right there....
I'm going to try and find a loan i can pay off quicker w/o much penalty...cuz i'll end up paying it off quickly...
I've looked at 4 cyl cars but they're too small and don't get all that much better mileage than a stang.
The stang gets 2.5 times the mileage i'm currently getting....so the money i save on gas is practically 1/2 a payment right there....
I'm going to try and find a loan i can pay off quicker w/o much penalty...cuz i'll end up paying it off quickly...