Need some advice about getting finance on a used car?

[gavkiwi]

Hey guys, I just pretty much want/need some advice on financing a 1996 Nissan 300ZX. First of all I know some banks only give auto loans on vehicles no older than 5 years. And ive also heard there are some exceptions to this rule as well. The question I have is what banks/lender would be willing to finance 8 grand on a 9, almost 10 year old car?

I've heard the Credit Union is pretty good to work with as far as car loans on older vehicles is concerned, or was I misinformed?

[Nailz]

http://www.capitaloneautofinance.com/Public/Home/Default.aspx?redir=true&d=1

I don't know how good your credit is, but I used Capital One for my last one, it was a snap.

[SOAPboy]

Hey guys, I just pretty much want/need some advice on financing a 1996 Nissan 300ZX. First of all I know some banks only give auto loans on vehicles no older than 5 years. And ive also heard there are some exceptions to this rule as well. The question I have is what banks/lender would be willing to finance 8 grand on a 9, almost 10 year old car?

I've heard the Credit Union is pretty good to work with as far as car loans on older vehicles is concerned, or was I misinformed?

Advice... Dont buy her a car that will kill her..

[gavkiwi]

Thanks Nailz, I'll try Capitolone auto finance.

appreciate the tip

[danny_galaga]

dont...

pay what you can afford. if you cant afford it, save.

[gavkiwi]

welp, Capitol One approved me but.....

They put in some stipulations if I were to use the loan

1. Car must be '99 or newer (Z I was looking at is '96)
2. Have less than 60,000miles on the clock (car I was looking at has 98,000mi)
3. Car must be purchased from a known brand dealer like honda, gm, ford, mazda etc. (dealer that has the car I want is not affiliated with any of the "big guys")

ahh crap, I wonder if you REALLY have to follow their rules?

I was hoping this would be easy lol

[Harry Potter]

Easy and car only works if you are filthy rich.

[gavkiwi]

Yeah, thats true bosss7.

I might try calling capitol ones 1-800 # to clarify some of the concerns I have, but i cant be stuffed to do it today since its Christmas Eve and all.

[TOK]

Advice... Dont buy her a car that will kill her..

Indeed. his potential finance in law would be really upset if he killed his finance. 

You will probably find that most lenders will look at Blue Book value of a car like this before offering a loan. There are places that specialize in car loans on classic cars, but I don't think the Z qualifies yet (possibly if it's appraised w/condition). Since it sounds like it has higher mileage based on your post it's probably not going to qualify.

I ran into this problem a few years ago buying a 1987 5.0 LX Mustang that had 15,000 original miles on it.

[Nailz]

welp, Capitol One approved me but.....

They put in some stipulations if I were to use the loan

1. Car must be '99 or newer (Z I was looking at is '96)
2. Have less than 60,000miles on the clock (car I was looking at has 98,000mi)
3. Car must be purchased from a known brand dealer like honda, gm, ford, mazda etc. (dealer that has the car I want is not affiliated with any of the "big guys")

ahh crap, I wonder if you REALLY have to follow their rules?

I was hoping this would be easy lol

Really?

[gavkiwi]

Nailz, thanks for the reply man

im just gonna plead ignorance and "pretend" i didnt read the fine print.

now i gotta do a carfax...dont want to buy a lemon

[Nailz]

Happy to help, but I really would consider another route, see my PM to you.  I did a person-to-person used loan, versus going through a dealer, so Capital One may have different rules.

[gavkiwi]

Update, I got the check in the mail today, BUT I dont think i'll end up using it.

couple of reasons, real good possibilty of getting a job promotion in next couple of weeks = bigger dollars, therefore im wanting to hang 10 on the purchase of a new car and get something nicer/newer a few months down the road. preferably a Infiniti G35 coupe.

I think right now the best thing to do is work on a couple of my credit cards right now cause that interest is killing me

cheers ya'll

happy New year

[ChadTower]

Yes, that is the smart thing.

Spend the increased income the moment you get it.  Spend it on credit, with an interest rate, on a powerful car that is nearing the end of its life.

When the car dies in a year you will be 3 years underwater on it if you have not killed yourself in it by then.

[Havok]

Don't make the mistake of spending up to your new limit: you may actually have less money after the raise if you dramatically increase your spending. Save your money for a while, and buy the car you initially wanted cash. Save some money that you only use for repairs, and you will be a happier person in the long run. Make sure to slam money into a 401K (10%/15%)- the future is closer than you think...

[ChadTower]

Saving is for losers.

The future is for idiots.

[DrewKaree]

Even better option:  Would you like to make more working part time than you do working full time right now?

[clanggedin]

A bank or even a credit union that will give you a 5 year loan on a 96' is very, very hard to find. You'll most likely have to settle for a 3 year and put someo down. What people ususally do is take out a personal loan at a higher interest rate and use that to buy older vehicles.

Most dealerships that sell older vehicles are "Buy Here Pay Here" meaning that they will carry the loan for you. So instead of paying a bank you will just make your payments to the dealership.

On older vehicles most banks will finance up to 80% of the trade-in or low book value of the vehicle. They will also probably make you buy gap insurance to cover your butt and theirs also. Gap insurance basically pays off the rest of the amopunt your insurance company won't plus they give you $1000 to put down on another vehicle. I would suggest buying a car from a place that gives you a money back guarantee and not just an exchange policy. THat way if you absolutle have the car you have a change to return it within 5-7 days for a FULL REFUND. CARMAX offers a 5 day return.

As for a dealer, never giving you the best price.... That's a load of crap. You just have to shop around a bit and work the deal. Pretty much every dealership that sells new factory vehicles has about $3-4k packed into their vehicles. Independant dealerships usually are around $1-2k packed. Plus they don't charge you acquisition fees and stupid fees like that. Make sure you know what the additional charges are before you dsign anything . There is always about another $1k in hidden fees.

I work at one of the largest independant used car dealships in Utah. We usually focus on 2000 and newer vehicles, but if you have questions or need a FREE vehicle history report feel free to PM me.

This offer stands for everyone.