Question on a car loan..

[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!