Question on a car loan..

[tofu-eg]

I don't know if this is the right place to post this but, is there any place that will loan you money for a 1999 vehicle?:???:

[BanginJimmy]

yes there are, but a 99 should be cheap enough that you can pay cash for it. Your best bet for a decent rate on that car would be a credit union though. I have seen them give a signature loan for the amount.

[IntegraXTR]

thats true, if you are with a credit union then that's pretty much the only place that would give you a loan for that.

[Sammich]

they will use the vehicle as collateral

[tofu-eg]

thanks guys..i'll hit them up..but the car is 15k..so that's why i asked...

[IntegraXTR]

no bank is going to loan you 15k for a '99. Like stated above, credit unions are the only ones that will do that, and you have to be a member.

[tofu-eg]

so how do i get in??is it hard??i mean if i have to go threw all that trouble im not even going to do it..and yes none of the banks will give me that loan that's why i ask here and see if anyone have any other advice..

[BanginJimmy]

what kind of decade old car are you going to pay 15k for?

[tofu-eg]

it's worth it man..if i get it i'll show you IA's..lol..well atlease to me..it's an R man..

[Sammich]

IF THE CAR IS VALUED AT 15K, THE CREDIT UNION WILL USE IT AS COLLATERAL...ITS THE VALUE OF THE CAR..AND LOL @ YOUR AGE

[tofu-eg]

IF THE CAR IS VALUED AT 15K, THE CREDIT UNION WILL USE IT AS COLLATERAL...ITS THE VALUE OF THE CAR..AND LOL @ YOUR AGE

lol thanks man..I'll go talk to them and see what happens..:goodjob:

[Paree4g63]

My advice; invest in a top notch alarm system. :locked:

[JennB]

First, yes, you can get this kind of loan from a credit union. It's not a big deal to join one. You just go, sign up and make a low deposit to an account to secure your membership.

Second, the car has to be valued at the loan amount. You may think the car is really valuable but they very well may not agree. You're trying to get $15K for a 99 Type R? Have fun with that. I'm not seeing you have too much luck with that. I looked at a Type R at the dealership 1999 and is was only about $17K.

Also, on older cars the loan period is much shorter. You will most likely only be able to get a loan for 36 months. Rough math shows this car as $450 or more per month. Of course this is not exact because I have no idea how much you have down or if your credit is good enough to get the best interest rate. By the way, interest rates on older cars are higher. If the mileage is high, they will shorten the term. If they said 24 or 30 months, I wouldn't be surprised.

[aaronfelipe]

First, yes, you can get this kind of loan from a credit union. It's not a big deal to join one. You just go, sign up and make a low deposit to an account to secure your membership.

Second, the car has to be valued at the loan amount. You may think the car is really valuable but they very well may not agree. You're trying to get $15K for a 99 Type R? Have fun with that. I'm not seeing you have too much luck with that. I looked at a Type R at the dealership 1999 and is was only about $17K.

Also, on older cars the loan period is much shorter. You will most likely only be able to get a loan for 36 months. Rough math shows this car as $450 or more per month. Of course this is not exact because I have no idea how much you have down or if your credit is good enough to get the best interest rate. By the way, interest rates on older cars are higher. If the mileage is high, they will shorten the term. If they said 24 or 30 months, I wouldn't be surprised.

Great info!

[JennB]

Also, IF you have good credit and don't mind paying for it, you can always try to get an unsecured loan when trying to buy a car for more than it's worth.

Of course the payments will be high and you will be upside down in value of the car the moment you buy it.