View Full Version : car loans for a used car..

06-19-2006, 02:19 PM
I don't have any experience in getting a loan when buying a used car.

I'm looking at getting a 93-ish VW Corrado.

The going price for good ones is considerably more than the bluebook value. Is a bank going to care about this or do i just go in and say "i want a car loan for 10k"?

Is it better to get a personal loan in this case or stay with a car loan?

06-19-2006, 06:31 PM
you cant get a car loan on a car older than 98 or 99 i think...so you would have to get a personal loan, but i would suggest a line of credit because you have it forever and the interest is half as much as a credit card, and u just pay it monthly like a credit card, plus theres no charges for withdrawls and such, its like another bank account basically.

06-19-2006, 07:48 PM
You also need to put into concideration your credit history, how good or bad it is, how long you've been at your current job and address(house), how much you make a year, what you have saved/assets etc.

06-19-2006, 08:54 PM
Get a personal loan, it's easier and you don't have to tell them about the car (which they wouldn't approve anyways).

06-20-2006, 12:34 AM
You can so get a car loan for a car older than 98 i just bought a 93 prelude and got a car loan for it.
I am with T.D. and they have givin me a loan for an older car before too.

If you can though get it as a personal loan cause if its a car loan than you have to have full insurance coverage on it but with a personal loan you dont have to.

06-20-2006, 07:02 PM
o good stuff...i think it was just my insurance company that wouldnt give me a loan (statefarm does car loans) for a car older than 98. but i guess banks do!

06-20-2006, 07:45 PM
Line of Credit....you can spend it on what you want, and if your having a bad month, payments can be really low. 9/10 the interest is lower too.

06-20-2006, 07:55 PM
if you can do the line of credit do it. if you own a house you can do a home equity line which has a even lower rate, but you need to own a house. 5.3% i think where a regular line of credit is 8.5%ish

06-21-2006, 12:59 PM
so which of these options would be the most "credit rating friendly"?

06-21-2006, 02:02 PM
Originally posted by TimG
so which of these options would be the most "credit rating friendly"?

Definently go for the line of credit... I wouldn't suggest any other way.

06-21-2006, 02:12 PM
Originally posted by DeeK

Definently go for the line of credit... I wouldn't suggest any other way.

Hardest to get, If you are worried about a car loan they probably wont give you a LOC.

06-21-2006, 08:42 PM
Got a car loan on a '91 here, so it can be done.

Talk to your bank. Explain to them what you want, and if they can't do it, go somewhere else.