Need Help Financing for Older Used Cars

[Adi]

Guys, I am currently looking at 99' GTS's w/ silver bodies and blue stripes. I have found one that I liked (this color combo seems rare and it's the only style I'm going to get) and so I talked to my bank about financing. Their terms for cars before 03' are:

- 8.49%
- Term limit 36 months

The combination of these two things makes the loan requirements unreasonable to me. I looked online at different banks and loans and didn't find anything.

Is there something else I can do? Or a different loan?

Any help would be greatly appreciated, and also if anyone knows of anyone selling a Silver Gen II GTS (non ACR) w/ Blue stripes, let me know. (Although if i can't find a decent loan it won't really matter).

 

[Steve-Indy]

While I know little about the business/banking world...I would say to try a local credit union, or use a home equity loan if you are a home owner.

Others will hopefully have better ideas.

Good luck...a that's a great color combo!!

 

[intense5.5]

Just a bit of info for you - as you check with other banks - make sure you tell them what kind of car you're buying.My bank pre-approved me based on my credit,but when I told them it was for a viper I was told that they don't do loans for exotics.New,used,how old did'nt matter.That was two days before the car was due to be delivered.I had to scramble and got it worked out with another bank the next day.Good luck to you.

 

[GreenVenom]

I would google "classic exotic car loans" or look through a duPont Registry or Hemming's for car loan companies, I have talked with JJBest and Woodside before though been a few years. Good luck

 

[VicTxV10]

If your credit score is above 700 and have 20% cash down, call Woodside Credit. They also have an online form you can fill out and submit.

 

[jmillsUT28]

PenFed.com Very easy to become a member and 3.99% up to 60 months!! Last month is was 2.99%!!

Thank me later

 

[Adi]

I have looked around, but no luck yet. I called woodside credit and they do not give loans out for Vipers anymore. Must have been something you guys did!!!!! ARGGG!

 

[TheMilkman]

Have you thought about Leasing the car for a couple of years until you can buy it? You may spend a bit more money, but you get a lower monthly bill. I was just checking out Premier Financial Service that lease or setup leases for used exotics.

Has anyone else dealt with a used type of lease?

Just a thought if you were in a bind.

 

[Stretch]

PenFed.com Very easy to become a member and 3.99% up to 60 months!! Last month is was 2.99%!!

Thank me later

+1 for this advice. They are great to deal with.

 

[USMARSHALVIPER]

ECHO the other members PEN FED ......... You can not beat their rates and service .I applied and got a loan and check within 1 week in the mail Bought viper in first week of Febuary and first payment not due untill April .

 

[plumcrazy]

call bill pemberton at woodhouse dodge. he'd know and help you out

 

[XtraTQ]

+1 for Penfed. Got mine at 2.99%.

 

[chiefchad]

If your purchase is through a used car dealer - they usually have a finance company they work with and as long as your credit is good they usually make the deal happen, even if a "creative" application is required.

If you own a house and its value is more than what you owe on the mortgage then you may be able to apply for a line of credit

If these options are unavailable.... I hear there are some guys on here who are more than willing to lend out some money. You may not like the rates however

 

[Adi]

Wow, great advice. I am astonished at how quick and solid these replies were. The viper community continues to amaze me.

I signed up for a PenFed account and tried to get a loan but I was declined due to not enough credit activity. I am going to appeal the decision with a letter. I guess I'll let you know how it goes.

Thanks for the advice though

 

[jmillsUT28]

If you do not have enough credit history then you will have a hard time getting a loan. Sorry bud. If you do not have a credit card get one now start using it and pay it off every month. Build that credit history.

 

[ba$$fan]

PenFed.com Very easy to become a member and 3.99% up to 60 months!! Last month is was 2.99%!!

Thank me later

+1

Except its 2.99% right now and last month it was 3.25%. Prior to last month it was 2.99% for quite a few months. Of course I found my dream car last month.

 

[Bill Pemberton Woodhouse]

Briefly if you have a short credit history and PenFed turned you down you will need to possibly accept a shorter term and higher rate. Your best bet is to put as much as possible down , to encourage Banks to possibly extend the time frame. Sterling credit would enable you, at a few places ,to even stretch to 60 months , but 36 and 48 will be the norm. If your credit rating is good, just not very established, money down may be your only answer, or the old tried and true practice of a super strong co-signer.

Leasing is not even a possibility, as 50% of the Banks in that industry have disappeared and no longer do them. A used lease is seldom ever available for this old a car and there are no advantages.

 

[ILLKing]

Will penfed finance a gen 2???

 

[Stretch]

Will penfed finance a gen 2???

Yes. I financed a gen 1 with them.

 

[XtraTQ]

Will penfed finance a gen 2???

Yep, did it 3 months ago.

 

[kyleblix]

Wow, I should have looked into penfed. I got a good rate, but not 2.99%

I did have to go to two different credit unions. The first told me that due to the age year of the car ('97) the only interest rate possible was 12.5%.
I went to a different credit union and got 4.1%. Looking for a loan is just like shopping for insurance, you have to check around.

 

[diko]

wells fargo will do an auto loan regardless of age. if your credit is decent, 4-6%. good luck

 

[lagalaxy13]

Credit Union, my local one is at 3.xx% right now, I'm waiting for 1.xx%