Getting a loan for a GN

Z28Driver

New Member
Joined
Jan 11, 2004
I found a 1987 at a dealer here for 12k. It has 27k miles on it and the sales guy said i should be able to get a loan for it because of low miliage. Has anyone else here financed one before? And if so, how much you have to put down? I have perfect credit but i don't have that much to put down like maybe 5%.
 
what i did was get a bank check from my credit card company at 2.9 percent it goes on mt regular credit card bill .very simple it was not for a gn . i put down 10,000 on a 26,500 -2000 deville dhs payments are 350 total with the other purchases that were allready on the card.
 
I tried to get a loan this summer for my GN at numerous places, but none would give it to me because of the age of the car, even though it is very low miles and mint cond. what i had to eventually do was get a secured personal loan from the bank, and the interest isnt so bad.
 
Personal loan is how I bought mine, no questions asked. I doubt you find a car loan for a car that old with a better interest rate anyway, the miles don't matter, the car is too old and book value is too low.
It's since been sold :(
 
Try a credit union or capital one auto finance as suggested above. Both give rates for these old cars that are almost identical to the rates they give on 2003 models. There is no need to get a personal loan, as a car loan will certainly have the better interest rate.
 
Credit Union. I got the deal of a lifetime on my '87; went to the C.U. and they offered me more than the asking price with no money down. (htey will usually lend 80 percent of book value) I didn't even have to bring the car to them for an appraisal.
 
What would the credit union loan for? I mean, when i looked it up in NADA, they had three values for the car. Low, average, and high value.

Right now the dealer is about 1k under the average value, but if i look at Kelly's blue book the GN is worth like only 8 grand or something like that.:confused:

When i lived in alaska, all the banks up there didn't give 2 ****s about Kelly's...they would only loan for NADA.
 
I too did it with a personal loan from the bank. If your credit is as good as you say, should not be a problem.
 
Not sure if they used Kelly or NADA (I think NADA) But all they did was lok it up, add all the options( the G/N package was listed as an "option" along w/turbo & all that) and told me what they would loan) it took about 10 minutes.
 
The credit union I go to uses both NADA and CPI (Cars of Particular Interest). They loan 95% of the average value which would get you a loan for around $11k-$12k. When I bought my GN in 1999 the max loan they would go was $11,162.50. The values have crept up a bit as my friends have been able to borrow slightly more for theirs. They were able to loan $13k for my TTA in 2002. Of course with an appraisal they can loan anything so if you really want the car you found, spend the $125 for an appraisal which would surely be in the mid to upper teens and then you can finance up to 95% of that amount if necessary. Good luck.
 
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