Rock

There is a black 951 that some neighbors are selling. I think its worth around 7-9kish.

Perfect interior
Perfect exterior
80,000ish miles
1987

The question is how would i go about taking out a loan for something like this? Is it even possible to take out a loan on an 87 car? Help me out here guys i dont know anything.

Rock

so wait give them one of the N/as as collateral?

SamGrant951

Heres what I got from nada:

low retail:$6,655
average retail:$8,130
high retail:$9,330

You got the cash for a monthly payment plus insurance on 3 porsches??

Rock

The N/as dont have car payments, and the insurance is just liablity its real cheap (200 a month total). I make 1200 a month and live with my parents so i can pull it off methinks.

Brian McCoy

Usually a signature loan won't go that high, and a BANK doesn't like to give auto loans on anything older than 5~7 years. Credit Unions are the only financial institution that I can think of that would give a loan for a care that old.... you pay more interest though.

*shrugs* I'm a 'if you can't pay cash, you can't afford it' kind of guy and I had a 951... shoot, my truck now was more than the P-car, and I bought it after being unemployed for a year.

dualblade

like everyone said, there's no way anyone will give you a car loan for something that old. i think the oldest my bank would touch was 3 or 4 years old. the problem is that the value isn't necessarily there if they have to repo the car and resell it quick.

i'd either try to get just a standard loan, or maybe work something out with your parents - even offer to pay them the same interest rates as a car loan would have.

UDPride

Borrowing money you have to pay interest on (and sometimes pay interest on interest) for a car pushing 20yrs old is pound foolish to me. If we were talking a $45K one-off Maserati that might be one thing, but I just dont think its wise to borrow money from the bank on a car like this, especially for mickey mouse dollars. $7-9K is mickey mouse for car purposes. Not like finanacing a new Bimmer through the local credit union for $60Gs.

Others have fared ok, but I believe you are taking upon yourself unnecessary debt at an unnecessary time for an unnecessary luxury. OK, the definition of a luxury item lacks necessity as-is, but you get my point. Why be held hostage to someone else on a car thats older than you are. Once a bank has you by the *****, the only time it lets go is to get a better grip. I just dont think 944s are worth borrowing money for. A 3yr old Boxster, perhaps, but not a 944. Its my own biased opinion that if you cant buy a 944 outright, you probably will have a hard time taking care of it once you have it anyway. Sort of a litmus test. 944s have no warranties. Crap breaks. Fires happen. You could possibly end up upside down in a claim as well but thats another topic altogether.

Judson951

As long as you have good credit the bank will finance up to 130% of nada average retail. As long as you go to a credit union they will normaly finance it up to 60 months. But if you go to like a Integra or a 5th 3rd bank, they will only finance it up to 36 months. Any other questions just let me know.

dave1200

Here is what the dealer Black book says. Forget NADA. The bank goes by Black Book. Loan value on a 90 S2 (sorry, I dont have a bank/dealer book that goes to 87. SO duduct about 20% from these figures) is $4510. High is Wholsale is 7450. Average is 4750 and a dog is 2700.

You either need REALLY good credit for your bank or...

Go to American General Finance Co. The interest rate is high. But they will write the loan on older cars.

But Parents is probably the best way to go

Judson951

Never go to american general. You will pay 21% interest. Go to a credit union I got 4.25% for 60 months on my car. I just did 60 months so if I have a bad month I can just make the min. payment but if I have a good month I can pay extra. It will be a simple intrest loan and anything that you pay above the normal payment will go straight toward the principal.

BruceWard

http://www.peoplefirst.com

Rock

Im just gonna save up for a 951 then... thanks for the input guys!

Tom R.

You have to be an adult to sign for a loan. Sorry, you got a few years before the bank considers you an adult. Thats the bank, your folks are a different story. Try the grandma bank.

Rock

grandparents all died before i was born, ill be an adult in 8 months, and my mom was gonna co sign anyway

Tom R.

they wont let you sign period anything you sign is invalid. they give you the money and you dont have to give it back because as a child you are deemed incompetent. unless she signs for it straight out you are SOL. unless you have a full time job they probably dont want you to sign either.

when you see how high the interest is on a personal loan and how low it is on a new car loan for a car with no maintenance issues the new car is cheaper.