Viper GTS Loan

[pigcorn]

While I have the funds to pay cash for a GTS I am looking at, I would rather finance at least 50% of a GTS I have my eyes on.

Problem is that it looks like the GTS is hard to get a loan for. CapitalOne won't do it because I am buying from a private party, my local bank says they don't give used car loans for anything older then 6 years, and the classic car loans say that the viper is not considered a classic so to speak, needs to be 25 years or older.

Anyone run into this when financing their 97 GTS?

 

[OPENRUP]

Have you tried Woodside Credit? They do loans for all types of exotic/ collector vehicles. Your credit score must be very good for them to consider you though...

 

[DodgeViper01]

Pigcorn, the loan pratices have tightend up SEVERLY over the last several months. Many banks that would allow you to purchase private party no don't, many banks require 5 lines a credit to be opened for a mininum of 3 years and in good standing, 700+ Credit scores are almost a must, etc. etc. etc.

Since I sold my car I have found out a few things for the gentlemen that purchased so try the following:

E-LOAN: Savings Account, CD, Mortgage Refinance Loans, Home Equity - Private party availability; response in 30 seconds (Will Send You To Up2Drive)

Mortgage - Home Loans - Refinance - Mortgage Refinance - Home Equity - Up to 3 offers in 72 hours; Private Party Availability

www.bankofamerica.com - Private Party Availability; Response within 24 Hours

A Local Credit Union - Cheaper Rates, Private Party Availability

 

[IEATVETS]

Go through a Credit Union. Credit Unions are more flexible with loans than banks are. Our bank that we have been with for more than 20 years, won't handle loans for cars older than 3 years. They are the ones that suggested a Credit Union and sure enough, they were right.

 

[2snakes4us]

forget getting a car loan. Get a equity loan on your home, then you will get a low intrest rate and you can write off your intrest and you will not have to write 2 checks every month.

 

[mdurbahn]

Go through a Credit Union. Credit Unions are more flexible with loans than banks are. Our bank that we have been with for more than 20 years, won't handle loans for cars older than 3 years. They are the ones that suggested a Credit Union and sure enough, they were right.

x2 i get all my cars through credit union. if you get it appraised they don't care what year it is.

 

[pigcorn]

Thanks, I have always done Credit Unions as well but here is the problem..these cut\paste ..note maximum vehicle age... I live in NY. The other credit union in my area has the same criteria.

• Terms up to 60 months
• Maximum vehicle age eight years
• A 72 month term is available on loan requests of $10,000 or more
• A 84 month term is available
  - Max vehicle age five years, Min loan request -$20,000
• Full Financing (purchase price not to exceed NADA retail value plus sales tax and extended warranty)
• Extended warranty purchase available
• Low payment "balloon" financing available (subject to vehicle age restrictions)

Also Woodside Credit does not consider the 96/97 Viper GTS

What types of cars will you finance?
Eligible vehicles are collector cars at least 25 years old and most late model exotics like Ferrari, Lamborghini, Maserati, Bentley, Rolls-Royce, Aston Martin, etc. Replicas, kit car and vehicles with branded titles are ineligible

I will look into to the E-Loans

 

[Chrissss]

While I have the funds to pay cash for a GTS I am looking at, I would rather finance at least 50% of a GTS I have my eyes on.

Problem is that it looks like the GTS is hard to get a loan for. CapitalOne won't do it because I am buying from a private party, my local bank says they don't give used car loans for anything older then 6 years, and the classic car loans say that the viper is not considered a classic so to speak, needs to be 25 years or older.

Anyone run into this when financing their 97 GTS?

Why pay interest on a loan for a 12 year old depreciating car that you can pay cash for? Right now you are not going to earn enough on the remaining money to offset the interest paid on the loan. Maybe it's just me but I wouldn't do that unless paying cash will put you in a crunch. I certainly wouldn't take a home loan to purchase a 12 year old Viper that I could pay cash. Anyway, if you can pay cash without it hurting, pay the cash. Just my **.

 

[Stretch]

www.penfed.org

 

[FFRob2001]

Im going to do the same thing. I will have about 25k to put down on a car and i am going to get a loan for about 10k or so when i get mine. Im getting the loan from a credit union because they have the best rates right now. There 5.40% for a 5 year loan. When i am getting close to buying i will check around again but thats my plan. If i had the cash i would just pay all cash and void the interest tho.

 

[-FROG-]

Guys.... try J. J. Best Banc & Co. - Classic Car Financing J.J. Best finances exotics and classics only. I have used them twice.

 

[pigcorn]

www.penfed.org

Well I am not\never was in the military but I guess I can qualify under American Red Cross Volunteer

 

[TAXIMAN1]

when considering a loan. Keep in mind the 5-7 years, prior to August/2008 was a fantasy land.. Never to happen again, and should have never happened to begin with. Blank check loans, 110% financing,etc,etc. Banks now want pristine credit and proper D/I ratio. And they will most likely only loan 70% LTV OF KBB Value..

I would not take a loan on a car. Pay cash, or hold off until you can (or wish to).. You'll feel so much better about it, if you have the title. And dont have to worry about those monthly statements showing up.. At the price point these GenII's are at. They are CHEAP.. Buy one, pay cash.. But thats just me.

 

[Stretch]

Well I am not\never was in the military but I guess I can qualify under American Red Cross Volunteer

Neither was I. If you're non-military you have to pay a fee to join but it wasn't much. The last I saw their site they were offering 4.75 for 60 months. I would recommend them if you are going to do any financing. My transaction with them was very easy and they were very helpful whenever I called them.

 

[pigcorn]

Nice. I see that, I can join as "concerned citizen" for $20 a year. Great find thank you. They didn't have a lot of info on their site as far as criteria for loan but I assume you were able to use them and they didn't have that silly rule of the used car can't be more then 7 or 8 years old...and you can use them for a private party purchase

Thanks again

 

[Stretch]

Nice. I see that, I can join as "concerned citizen" for $20 a year. Great find thank you. They didn't have a lot of info on their site as far as criteria for loan but I assume you were able to use them and they didn't have that silly rule of the used car can't be more then 7 or 8 years old...and you can use them for a private party purchase

Thanks again

That is correct. Mine is a 95. Once they locate the car in the system and find out it's "value" they'll let you know how much you're allowed to finance.

 

[Chipster]

I did mine through Navy Federal back when I got mine and they didn't have any concerns with the age of the car. I told them the car and asked for almost the full amount. Although it's already paid off. Like others have said, if you can pay cash, that seems like the best option. Putting down 50% on a GTS, i'm sure you can find a back to loan you the other half very easily unless you have terrible credit scores or you are getting a heavily modified (more expensive than normal) GTS

 

[Sweet Ride]

+1 for Credit Unions. I got mine through Summit Credit Union but that was a year ago...

 

[sdaddy]

Talk to Bernie at BJ Motors. He sells a ton of old Vipers and I am sure not all of his buyers pay cash. He posts current loan criteria occasionally.

 

[DaytonaViper]

I had a simalar issue regarding a loan for a 96 GTS that was older than ten years. Called the loan officer at Bank of America and inquired if they had even checked the book value of the car, they had not. The loan officer agreed to check the value and I received the loan.

 

[Dom426h]

Ditto Stretch on PENFED,

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they are A++++++ service. I have a loan through them and a credit card that gives me 5%back on gas, 2%on groceries, 1.25%on everything else. I call them many times and am quick to get a response from Not someone from india, but an AMERICAN that i can actually communicate with!!!. Easy to pay bills via their website ect...

I financed 50% of my viper when i purchased it over a year ago. Not becuse i didnt have the money but simply because i wanted to have the extra cash just incase.(DP on a house, investment opportunities, out of work for sickness or lay-off, ect...)

Well, 8months later i was GLAD i did because i was laid off for 6 months... Now im back in a Job and still own the viper. Life is good

 

[jasontiff]

I tried 3 places, 2 of which I had loans through already. E-Loan said as long as my credit was good I could buy anything I wanted with no restriction on year. I jokingly said I was picking up a Model T since I was good for it. They have since sold my loan (I don't remember who to) but they were a breeze to deal with. I highly recommend them.

 

[HollywoodGTS]

Try Bank of America

 

[Shank2117]

i was going to recommend firstagain but it seems like they froze their loans due to the economy.

I took out a firstagain loan called "The Anything Loan". its a loan you can take out for anything up to $100,000. The only thing is you have to have excellent credit. They dont care if you use the money to get a ******.
I had got approved within 24 hours and within 2 days i had the money in my bank and i was able to buy my old corvette as a cash customer and got to hold the title of the car.