Loans: QUESTION

[jake616]

I have a few banking questions that I was hoping you guys could help me out with.

*How do i get a bank to loan on a '87 Grand National?
*Why is full coverage insurance needed on a loan purchased car?
*If the bank won't loan on an older car..who will?


PLEASE HELP! I don't really wanna spend $7k on a car I don't want as much as a Turbo Buick.


thanks!
-jake

 

[bigz]

Do a search on the board for threads on peoplefirst.com. Lots of good information about how to get a loan for a TR.


Mike

 

[jake616]

Originally posted by bigz
Do a search on the board for threads on peoplefirst.com. Lots of good information about how to get a loan for a TR.

I will check this out, thank you.

TTT

 

[blackbird]

theres an 86 GN on hiway 41 in gurnee for sale for 7500 but it was originally put up at 9000 so i guess he would take 7k for it. i know this doesnt help with the loan but this car is nice

 

[jake616]

Maybe If I could figure out this loan stuff....

 

[zam70]

Originally posted by jake616
I have a few banking questions that I was hoping you guys could help me out with.
*How do i get a bank to loan on a '87 Grand National?
*Why is full coverage insurance needed on a loan purchased car?
*If the bank won't loan on an older car..who will?

1) Ask - You'd be surprised. If one bank won't do it try another (People first is a good start)

2) Full coverage is needed so they are assured if the car gets totalled, you should get money from the insurance to pay off the loan.

3) see #1

 

[KEVINS]

Since I own a house I use a Home Equity loan to make my major purchases. This type of loan puts your home up as collateral instead of the car if you were to get a bank loan to buy the car.

 

[wlaukaitis]

Hi

You should be able to get a loan for an older car, it will probably at a higher intrest rate though, it might even be an unsecured load which you should definatley be able to get, they usualy run about 15%

As stated by zam70, you don't own the car, the bank does so they want thier interests insured.

Do you have a 401k?

Bill

 

[jake616]

Yes I will have 401k in like 85 days lol. I just got a new job that offers it so that is cool. For every dollar of mine that goes their, $1.50 of their goes.

I am only 18. I have a cellphone, insurance in my name. I have 2 loans ($2000, $900) in my dad's name that I am paying on..the $2000 gets switched over to my name now that I turned 18.

Ideas? ....please don't flame because of the age either

 

[progress1vebmx]

Sometimes, having too many loans out at once might cancel any chance for a loan. A good place for a loan is jj best and banc

https://www.jjbest.com/index.cfm?id=104


Got approved there really easy. They give you 80-90% of the loan, and they set up an inspection for the car to make sure it's not fraud (ie check inspection etc). Really really helpful people, and low intrest rates.

 

[progress1vebmx]

Oh, if you want to find the values, go to nadaguide.com. Most banks go through nada and not kbb. Besides, kbb sucks for GN values =\. On Nada I believe the values are 8/13/20 for the 87 gn juding at 110-115,000 miles

 

[jake616]

NADA...will check this out Thanks!

 

[jake616]

I will see what the bank has to say on a loan I won't get approved..I will just ask lots of questions

 

[turboscott]

I used peoplefirst.com. Easiest loan process I have ever gone thru. Give them a try.

 

[bishir]

Credit Unions will give you the loan if you're a member before another type of bank. So if you're a member of one or have the option of becoming a member of one do that and see.

 

[charlloots]

i dont think the bank will do it if you have good credit what i did was get a bank check fro m my credit card company at 2.9 percent untill its payed . its on my regular creditcard bill very simple mine was for 20,000 my payments are 350 amonth for a 2000 caddy deville dhs and what ever turbo buick parts i had charged before i bought the deville