Getting a Loan to Buy a TB?

[tang]

Is it possible to get a loan or some kind of financing to purchase a TB ($8-11K range). Has anyone ever done this? Am I just more broke than everyone else on this board? Does this make me a bad person?



Thanks,

Tang

 

[whiplash306]

I did it....most places, assuming you have good/great credit, will loan to you the amt that the vehicle appraises at. My GN appraised at $11,900.00....so they would have loaned me up to that and for a 4 year term. However, I only financed $5,500 of it. Hope this helps. I go through USAA...family military backgrond

 

[cwelk87gn]

Most banks won't loan money on an older vehicle like a GN like they would a newer car. One good source on a loan for a collector car would be a credit union.

 

[ledzeppac]

Tang,
I went to Otange County Teachers Federal Credit Union and I got a loan there.

They will only give a loan up to 80% of the cars value. They go off Kelly Blue book, but that is always loooooooooow.
So I showed them NADA price guide and some Ebay lstings and they were cool with it. I got a 7K loan but could have gotten more if I needed to. I paid alot in cash.

Most large banks will not give a loan because the car is over 10 years old.

i'd go to OCTFU, they have the best rates too.

where in OC do you live?

 

[tang]

I live in Lake Forest, but I work in Anaheim.

I also just want to put a feeler out there for any non-heavily modified So. Cal. Turbo Regals (not GN) that are for sale.


Thanks,

tang

 

[TurboBuckeye]

You can always use a home equity line of credit if you're willing to risk your house for your car

 

[True Power]

I got a loan for mine. No problems, but i have pretty good credit. It was amusing to tell the banker lady what i wanted.

"So how much is the loan for?"
"$8000"
"Very well sir, and what is the car?"
"ah, a 1987 Buick Regal"
"*blank stare*"


And the lady who called me later seemed very surprised to tell me that my loan had been approved. Thank God the person in charge of the loans knew what a GN was, lol

 

[Quick6'n'-K.C.]

Originally posted by tang

I also just want to put a feeler out there for any non-heavily modified So. Cal. Turbo Regals (not GN) that are for sale.


Thanks,

tang

Pick a limited if you can, the seats are more comfy and there were only 1035 of them made with the turbo motor.

BW

 

[TurboToy]

JUST GO TO THE BANK AND TELL THEM U WANT A PERSONAL LOAN. I USED WELLS FARGO AND HAD THE TITLE THE WHO TIME, WAS GREAT. TURBOTOY

 

[BLACK DEATH DSR]

I did a secure loan against my own money. It was a 4.25% interest. I did this because they would not loan a high enough value on the car. NADA said it was only worth $2000 and I told them that there is another book on these cars. They said there was not one. I could have paid it off, but owell. I have done personal loans but sometimes the interest is high.