Any chance of a guy like me getting Financed on a 96-97?

[Whitten]

So here I am, I have a job and a company vehicle. I have swooned over the thought of owning my own Blue and White GTS since I was in high school and now the time has come to make a decision and buy my first fun car.

Here is the problem, because I am young and this would be my first larger purchase I have no real credit history. I have tried to build credit but prefer to live by a "if you don't have the cash then you don't need it" policy.

Basically I am at a point where I want to build enough credit so that I can buy a house in the next couple of years and the only way I am going to do that is buy purchasing something large. I can afford 36 months worth of payments on a 45K car but the problem is that I don't think I will be able to find some place that will let me finance a 96-97 B/W GTS.

My question to you guys who have been there and done that is where do I turn? I don't want to purchase a car of the same price that I don't love simply because I can get financing, however if the Viper is a lost cause until I can pay cash for one then I guess I will have to forgo my dream car...and buy a gasp...Corvette...

Help me out here, if you any advice I would greatly appreciate it.

Michael

 

[Venomiss]

There are a few good places you might try and look at mentioned in this thread.

http://forums.viperclub.org/general-viper-discussion/611698-capitalone-financing.html

 

[kcobean]

I posted in your other thread too, but you might check out Woodside Credit.

 

[RTTTTed]

Viper or vette it's all the same to the credit company.

I read that Cerebus was being extra tough on any GMAC finacing so you won't have any luck there.

If you were smart you'd wait a bit longer. The economy is still going down the tubes. Vipers are getting cheaper (same as vettes) and there's more job eliminations each week. So, next summer would be a cheaper time to buy any car, except Toyota or Honda. Possibly you'll still have a job. Maybe there'll be more credit available.

Your credit card will build your credit rating so that you can afford a Viper. Can't imagine any reason you'd buy a vette?

Probably not what you wnated to hear? I was young, once.

Ted



Ted

Ted

 

[Whitten]

Thanks so much for both of the replies kcobean. I will definitely look into it this at least gives me hope of getting my dream car. Venomiss, thanks for the thread I read through it all and I am going to give every thing I can get my hands on at least one call.

 

[Whitten]

Viper or vette it's all the same to the credit company.

I read that Cerebus was being extra tough on any GMAC finacing so you won't have any luck there.

If you were smart you'd wait a bit longer. The economy is still going down the tubes. Vipers are getting cheaper (same as vettes) and there's more job eliminations each week. So, next summer would be a cheaper time to buy any car, except Toyota or Honda. Possibly you'll still have a job. Maybe there'll be more credit available.

Your credit card will build your credit rating so that you can afford a Viper. Can't imagine any reason you'd buy a vette?

Probably not what you wnated to hear? I was young, once.

Ted



Ted

Ted

I am lucky because I am in a business that is steady with work...in fact we are loaded through the next three years with contracts. That aside I am certain I will stay put because I am one of very few employees anyway.

One thing I did find interesting though was that you predicted that the cost would continue to fall on into next summer. If that is the case then I have no problem waiting till then. I kinda figured that the prices were going to go back up in the summer months but I guess with the way things are going they may not.

As far as my credit cards go, I couldn't even get approved for a loan two years ago for my now wife's engagement ring. I was told that revolving credit really didn't help you out as much as buying a car but hey I will just have to wait and see what happens with loans and with what becomes available in the coming months.

Thanks for the advice

 

[RTTTTed]

Job security is #1 for a credit co. Any credit repayment establishes a credit rating. In mnay cases the Credit cards are best because foten people think those payments as "optional".

The bigger your downpayment the easier it is to borrow money. If you've got the patience wait for "that perfect deal". Maybe you'll find one of those "owner desperate" deals that saves the owner's bacon and gets you a super deal. Depending on where you live most of us can't use the cars until spring anyway. Onlsummer tires fit Vipers and they are unsafe anywhwere under 50F - as far as I'm concerned.

Good Luck.

Ted

 

[Venomiss]

Here is one more thread to read if you haven't already.
http://forums.viperclub.org/dealer-...-post-good-first-time-buyers.html#post2400410

Look around and see if any of these dealerships are near you. Doesn't cost a thing to go see what prices are for comparison. Spring is when prices go up for Vipers in some areas(driving season).

There are some dealerships that may be able to help you get in your dream car. It never hurts to ask.

 

[jasontiff]

Eloan did right by me. The first 2 places I looked (CapOne was one) said no-go on pre-2002 cars, and that was last year.

Eloan said as long as your credit is good you can finance anything. I jokingly told the customer service agent I was on my way to pick up a Model T. My humor was wasted on her.

However, I recently received a letter from Eloan saying they'd sold my loan to someone else. I don't know if they merged or just offloaded some of their stuff, but it was early summer when I got that.

 

[Warfang]

Check with a local credit union. They usually have better rates, and the service is a lot more personal. I had a horrible accident earlier this year... called them and they put my payment off for 3 months while the other banks told me "tough luck-pay up." I'm going to move my home loan to them as well now.

 

[J&R3xV10]

I get what you are saying about your credit, I lived by the same policy but with one differance. When you have the money to get something you want or even groceries or gas use a credit card then pay it off. I am 24 and Have a near perfect score and several cars thanks to my great credit not my income level(and no I don't have rich parents). I just got a new 08 coupe I have a 94 rt/10 and an 05 SRT-10 Ram plus two other dodge vehicles all thanks to my credit. and I only make .....well lets say likely less than most in the club. so if you cant get approved now use your credit card for about 6 - 12 months for everything so you show high balances then try again but good luck.

 

[Dom426h]

i dont understand why you think that you need to purchase something large to help your credit. in reality it actualy works the opposite: significant outstanding debt hurts your score. the main thing that helps your score is your good payment history, and length of time youve had credit.
HowStuffWorks "Credit Score Factors"

I simply had a creditcard in use through highschool/college and paid some utility bills and cellphone and when i went to take out a loan at 26 to pay for half of my viper my credit score was top tier. (all it took was 10yrs of clean credit)

if you cant swing the viper, dont waste your money on a new depreciating vette/stang. get a used 03/04 ZO6 for ~$25K and you wont loose much money on it when you go to sell to get the viper.

if taking out a loan on a car def go through a credit union as others mentioned. theyll get you a sub 5% rate. (i use pentagonfederalcreditunion, they have great customer service and i also have a creditcard through them that gets 5%back on gas)

goodluck!

 

[RTTTTed]

Don't buy a vette at all! Especially any Z06 made before 06 as they're slow. If you have to buy a vette, get a really cheap one since they all look the same. Buy some Z06 stickers and you'll be rockin'.

Seasonal price differences I noticed with the Vipers were only a couple thousand.

Ted

 

[Dom426h]

C5 ZO6's 1/4mile times = GEN2 1/4mile times

niether is slow, the ZO6 is a better bangforthebuck at near half the $ and is what i consider a Great stepping-stone/learningtool towards getting a viper.

o, i guess they might be slow compared to your ROE

 

[plumcrazy]

id call bernie of BJ motors in virginia. he's a site sponsor here too i think. he can help

 

[V10SpeedLuvr]

I didn't finance anywhere near 45k but my local credit union financed me without even raising an eye and I didn't even have a credit card back then! The loan officer signed me up for one that day saying "you'll need this for gas if you're really buying a Viper" lol. My 2nd car (Viper is my 3rd car) was also financed through them, so that prob helped some. The bank is Midsouth Federal Credit Union in Macon, GA. Good luck! Let me know if you have any other questions

 

[ViperExchange]

You have a pm

 

[RSNAKE]

You might also try this company: J. J. Best Banc & Co. - Classic Car Financing

I have not used them, but I know they have been around a while and specialize in collector car loans.

 

[rimmie]

Check out Pentagon Federal Credit Union. You are supposed to be a Military or Government employee to joint, but if you make a one time donation to MMFA, you can get in with a guest membership. The rates were unbelievable at the time I got my '99. Almost 2 full points lower than CapitolOne!!!! I financed at 4.00% They didn't seem to care much about the car age either. If they can finance a '99, I would think that a '97 wouldn't be out of reach.


www.penfed.org

They have good home rates as well and are very easy to work with. Customer service is awesome too! I have nothing but good things to say about this credit union. In the event my wife and I move, I will most likely be using them for my home loan.

 

[RTTTTed]

C5 ZO6's 1/4mile times = GEN2 1/4mile times

niether is slow, the ZO6 is a better bangforthebuck at near half the $ and is what i consider a Great stepping-stone/learningtool towards getting a viper.

o, i guess they might be slow compared to your ROE

The 2002 special edition Z06 Lemans vette was a WHOOPING 420hp. So the 'ordinary' Z06s were only 400 hp right? and 20 pounds heavier. 400hp=450hp NOT. They also come with smaller tires and the nannies really slow the car down fi turned on. The only Z06 guy I know told me that he has NEVER turned off his TC.

That conversation took place after I fishtailed away from him at 94mph when I grabbed 3rd.

Ted

 

[ViperGal]

you have a pm

 

[PatentLaw]

Respectfully, I would try National City (Ohio, PA). They just got bought out. They want to post good numbers. Good luck.

 

[Whitten]

Guys I have been overwhelmed by the support you have all shown me. I am going to follow up with all of your suggestions so that I can see where I stand or where I need to be get in a car.

I have also responded to all of your PM's.

I have given it some thought and I will more than likely wait just a little while longer to see where the economy goes but all the while save some money so that I can put a large down payment on the car and also keep an eye out for a great deal.

To answer a question from a previous post, I do actually have a dealership near by that I have been talking to. I live in Atlanta and have frequented Palmer Dodge in Roswell, GA on several occasions. They have a 97 with 600 miles on it right now that would be absolutely sweet to have, however the price tag on the car there at the dealership was 65K...just a hair out of my price range. At any rate they told me they were going to keep an eye out for me, down side was that Todd told me that they would not be able to finance a 96-97...but they could get me in a new one.

Thanks again for all the advice, I thought I might have to give up on the Viper once again but after all the encouraging words I have been revived.