Auto Loans for Older Vehicles

[DLTARNU]

Does anyone know of a company which offers auto loans for cars over 10 years old?

Most banks don't want to offer an auto loan for a car older than 7 years.

A friend of mine is looking to buy an older Viper but wants to finance it, and is having trouble finding a lender willing to finance older vehicles.

I figured if anyone would know, someone in here would.

Thanks!

 

[Venomiss]

http://forums.viperclub.org/rt-10-gts-discussions/626521-loans-older-cars.html

 

[jasontiff]

PenFed will do it...and at 3.99% no less.

 

[Sweet Ride]

Credit Unions are a good source.

 

[Stretch]

+1 for PenFed

 

[AZMotorgod]

Also +1 for PenFed.

 

[DLTARNU]

Looks like PenFed it is! Thanks!

 

[AZMotorgod]

You won't be disappointed. Very quick and easy to deal with. If you decide to sign up you may want to call them. I found it easier then going through the website. You do not have to be a "federal employee" either so do not be discouraged. Any problems call them or post here.

I am in now way affiliated with them but I just re-financed my GTS with them and I could not be happier. Going through them was easier than dealing with my credit union that I had been with for the past 10+ years and I went from 7.99 to 3.99 percent. Go figure. Good luck.

 

[white out]

You have to talk with a manager. When I was calling around on my '99 (September '09) the first person would give me a 1 year loan, I am currently on a 5 year loan with a very nice interest rate.

Nick

 

[Bruce]

I had the same problem when i purchased my 2000 GTS this past March. I had all but $2,000 cash to put down on the car and the damn bank still wouldn't loan the money. That equates to a $2000 loan for a 37K car. Makes no sense to me. BTW i have excellent credit too.

 

[jasontiff]

As long as you have good credit, PenFed will finance it. I financed my 1998 with no problem. They'll loan you up to 80% of the NADA value of the car. I didn't have to speak to a manager at all. I applied online and I was set up very quickly.

Something to note: If you're looking at a SPECIFIC car, they'll write the draft for that particular VIN. If you're just Viper shopping and want to be ready to pull the trigger, you need a different kind of check. Be sure to specify when you call/apply.

 

[00SVTdubs]

I agree, good credit gets you in. I have used a credit union and this time Chase bank who is typically really strict on old vehicles. I just financed a 93 (gen1) with 0 down and decent int rate 5-6%. 735 credit, 25 years old, 3rd viper and probably 8th car/bike/boat in this last year so the banks I have used in the past will keep loaning because they know I have good credit and pay... I just go through cars fast

It can be done, just ask

 

[sdaddy]

If you have to use the 10 year old Viper as collateral to buy a 10 year old Viper, you might want to rethink your priorities. LOL

 

[jasontiff]

Dunno about that. I think you'd be surprised at the number of guys on here that have financed their car, myself included. Maybe it's not the most financially sound decision, but when I did it I said "I can afford to do this right now; in a year maybe I can't. Enjoy it while I can." I haven't looked back since.

I DO put enough money down so that if I need to get out of it in a hurry (in the case of a job loss or personal financial crisis) that I can. Otherwise, let the good times roll.

 

[00SVTdubs]

why outlay all the upfront capital for something Im only going to keep a few months, a year at MOST? I consult medium/large size companies with lease vs finance vs pay cash decisions for a living so I don't think I have to "rethink" anything. I like the concept of using other peoples money for depreciating assets and using mine to generate revenue elsewhere... to each their own though...