Help getting a loan on a 91-93...

[MF-DIF]

...MR2T . Where can I go to try an get a loan for such an older car. My bank won't do anything older than a 99 and if they do its got a 14% rate. I know its hard to get a loan for older cars, but there has to be somewhere loaning the money out with a decent rate. I was thinking about visiting a credit union, but I suspect there rates wont be much better.

 

[NeSX]

www.peoplefirst.com

 

[RSO 34]

In light of your age I probably already know the answer to this question but do you own a house/condo/etc.? If you do, take out an equity loan/line of credit and the rates will be lower than anything you will get for conventional auto financing plus the interest will become a deduction on your taxes.

 

[Joel]

Stop wasting your time with peoplefirst.com idiots.

Go to www.jjbest.com and expect BETTER, professional service.

 

[blknsxnoc]

MF-DIF,

I was able to finance my X at a very good rate at a credit union.

I did not own a home at the time and I wasn't the poster boy for perfect credit either..

Its probably your best bet.

 

[AaronR]

Stop wasting your time with peoplefirst.com idiots.

Go to www.jjbest.com and expect BETTER, professional service.

What problems have you had with peoplefirst (capital one)?

1.They sent me a check overnight
2 I wrote the check
3 The payments are direct withdrawl from my checking acct, that was 2 years ago, just about paid off now

I have ordered fast food that took longer and was more difficult and the rate was just over 4.5% at the time.....
Aaron

 

[MF-DIF]

MF-DIF,

I was able to finance my X at a very good rate at a credit union.

I did not own a home at the time and I wasn't the poster boy for perfect credit either..

Its probably your best bet.

Did you use a national credit union or was it local? I was planning on stopping in a couple tomarrow just to give it a shot. Im not a home owner, and pretty young, 23, but I have pretty good credit establishment for my age. I just want a loan for 9K with a decent intrest rate. Some of the rates I got from banks where higher than my credit card. I have a 9k limit on one of them and told my bank rep that it would be cheaper for me to charge the car on my visa! We both had a good laugh at that one . Anyways I'm gonna apply to some of those online ones after work. Keep the suggestions coming.

 

[blknsxnoc]

Hey MF-DIF,

My loan is with Patriots Federal Credit Union. They cater primarily to military families but they took me even though I never served.

The rate is 4.75% and the loan amount is for way more than 9K on a 93 NSX.


Good luck.

 

[RP-Motorsports]

I attatched my NSX to a 98 beater Ford Focus at the time, to have it qualify for a 5 year term. A 91 by itself, they will only do a 3 year term. I got the interest rate of 4.9% (based on the 98 car for the whole loan. I since changed my loan to the NSX by itself, but it is an idea if you need lower payments.

 

[lemansnsx]

Stop wasting your time with peoplefirst.com idiots.

Were you referring to Peoplefirst as idiots or did you mean to call those of us who deal with them names?

I'm on my second loan with what used to be Peoplefirst - now CapitalOne - and the service has been excellent. Joel's mileage obviously varies...

 

[MF-DIF]

I attatched my NSX to a 98 beater Ford Focus at the time, to have it qualify for a 5 year term. A 91 by itself, they will only do a 3 year term. I got the interest rate of 4.9% (based on the 98 car for the whole loan. I since changed my loan to the NSX by itself, but it is an idea if you need lower payments.

Hmmm...thats actually pretty cleaver. My Integra is totally paid off though, and has been for 3 years so I cant attach it to my "beater"

 

[cxr344]

If PeopleFirst & JJBest don't work out, you could also try eLoan.com. I financed my '92 through them, and it was a very fast, painless transaction.

 

[MF-DIF]

I just got calls/emails from Capitalone, JJBest, & eLoan won't approve me because of the vehicles age, and the fact that the purchase would be a person-to-person. I am approved for the loan if I get it from a licenced auto dealer but that is going to jack up prices and severly limit the number of cars I can choose from. Is it just me, or should getting a car loan for a used car be easier than this? I have a credit score near 800 and a decent steady income. Im just curious why I am approved to borrow way more than my requested amount if I buy a used car through a licenced dealer but can't get 9k for a p2p buy. I don't know too much about financing, so can someone experienced fill me, what alternatives do I have (non-homeowner)?

 

[RP-Motorsports]

I would think if you put your Teg on it they would approve you, since its paid off. You would then need to have full coverage insurance on the Teg. You can put "storage" insurance on either at any time, to lower you payments. Example (winter). The other way would be to have your parents buy it on their home equity loan, then you would be able to put any insurance coverage on it that you want.