Will most bank issue auto loans for gn's or ttypes?

[OneBad98Z]

i've been looking around and found a good deal on a 87 gn, but im not sure if i could get my bank to give me an auto loan for a vehicle this old..

anyone have any experience with this?


thanks,
Greg

 

[bishir]

Most regular banks will not loan you the money, and if they do you'll have to get a personal loan with a much higher interest rate. However, If you're a member of a credit union then they will typically issue car loans on our cars. I had to go through a credit union. Make sure they have a copy of NADA's Collectible Car price guide on hand. Otherwise, they will just look at you funny when you want a loan for an 87 Buick Regal.

 

[OneBad98Z]

thanks for the tip

later,
Greg

 

[Two Lane]

Word of caution:

After getting the TR & starting to proceed with your chosen mods, you may need to explore the wonderful world of 2nd & 3rd jobs, and 2nd & 3rd home mortgages!!

 

[INEEDAGN]

It all depends on the size of your bank and how well you know your banker. I'm 20 and I'm getting a loan for the GN I'm bringing home in a week or so without a co-signer. I do have a good down payment and perfect credit, though. Also my banker is my uncle but that's not supposed to make a difference.

bob

 

[Two Lane]

Originally posted by INEEDAGN


Also my banker is my uncle but that's not supposed to make a difference.

That's a good one, Bob!

 

[1of1035]

I had to end up getting a personal loan. But the interest isn't bad at all. 7% fixed for 4 years. I spent weeks trying to get a car loan and got no where due to the age of the car.

 

[ghall]

I second the suggestion of a credit union.My credit union will still finance an 87 TR for 5 years at full retail value at a current interest rate of 5.25%

Geoff

 

[turboscott]

Peoplefirst.com gives you a blank check for the amount you ask for provided you get approved. Then you go fill out the paperwork at the nearest Mailboxes Etc... It is a pretty easy system because you don't need an appraisal or anything like that, that some credit unions require. I got a good rate and everything.

 

[soonergn]

I financed my "86 GN through a local bank no problem. They didn't have to do an appraisal but they did want to see the car before the deal was done. The motor was knocking real back so I brought it on a trailer and they didn't think a thing of it and never asked to hear it run. But then, I didn't have to pay much for it either.

 

[JadeMonkeyStang]

Originally posted by turboscott
Peoplefirst.com gives you a blank check for the amount you ask for provided you get approved. Then you go fill out the paperwork at the nearest Mailboxes Etc... It is a pretty easy system because you don't need an appraisal or anything like that, that some credit unions require. I got a good rate and everything.

Have you been happy with your experiences with them so far? I've looked into this a little bit and it seems to be a pretty good deal but I'd like some first hand info. Thanks in advance.

-Jade

 

[turboscott]

I got a quick approval. Then they send you a check which is good for 45 days initially but if you need more time you can extend it. So this way you know how much you can spend while looking (if you haven't found something already) and you have time to go find it. The paperwork was no more of a PIA then waiting in a bank to sign loan papers. I have my payments taken directly out of my account which helped on the interest rate. I can get on line and get a balance, payment history, etc... anytime on my loan. I haven't had one problem yet. I would use them again based on everything I have experienced to date.

 

[efi-street]

Originally posted by JadeMonkeyStang
Have you been happy with your experiences with them so far? I've looked into this a little bit and it seems to be a pretty good deal but I'd like some first hand info. Thanks in advance.

-Jade

I have used them on 3 cars now ('03 Cobra, '99 Z71 truck, '95 TT Supra). You can bet your butt I'll be using them on my next TR. Where else can you finance a 15 year old car for 72 months (if you want). I also got 4.7% on my truck and 6.5% on my Supra.
Interest rates are excellent if you buy for a dealer (my truck) and still very good if you buy from an indivudual (my Supra). Approval takes about 15 minutes during their business hours and I always get the next day service to get my check package the next day. Oh, one other point is that they are owned by Capital One now.