View Full Version : car loans for a used car..
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?
vtec4life
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.
88CRXGUY
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.
Weapon_R
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).
boopydogg
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.
vtec4life
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!
Traffic_Cop
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.
danno
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
so which of these options would be the most "credit rating friendly"?
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.
QuasarCav
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.
95EagleAWD
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.
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