Ian964

When Financing my car my bank (who I have a very good reputation through with many large loans) said that they only allow 3 year loans on a used car. They also said that my 91 911 C2T would be considered classic and be subjected to a 15%!!!! intrest rate. I was looking for something more like 4-5 years at 9% or better. Did I just have my head in the clouds with this?

Bob Haase

I think you are being take advantage of. I got a loan for 6 years at 6.5%. 7.5% if I wanted 100% financing. Look around and good luck.

Ian964

Does anyone know any places I could call and get the loan at? Should I just keep trying different banks in my area?

SonnyV

I have heard good things about PeopleFirst bank. They are very friendly to loans of old cars.

Good luck,

Sonny

Ian964

That people first looked great, I go to fill out the application and I'm in one of the two states they don't give loans to(new hampshire) I dunno why but that sucks. Any other places like this that people have herd good things about?

96cabrio

Try JJ Best, had great luck with them on an 88 I bought. If you have decent credit they are very reasonable.

GOOD LUCK!

Jordan

Smokin

Ian,

I work for a lender. Most conventional banks only want to lend money on newer vehicles with low miles. (To get the good rates.) Otherwise you pay unsecured signature loan rates and, as you discovered, those rates are just slightly south of the ionosphere. If you belong to a credit union, that may be the way to go. Navy Federal Credit Union currently has rates as low as 6.9% up to 72 months... age and miles don't matter. You may also want to try the back of The Robb Report or the DuPont Registry as they have several banks that cater to people who want to buy the Porsches they advertise there. I haven't checked their rates but since they deal mainly with the affluent type borrower I am sure you can find a good rate there.

Good Luck!

Rick

J-McDonald

My experience when looking to buy my 911 was that a good number of banks have policies that prohibit financing a car more than 4 or 5 years old. Some will, but consider it to be an unsecured "signature" loan, with an unacceptably high interest rate.

I had to shop around a fair amount to find a bank that would finance an older 911 at an acceptable interest rate (I was looking at both private party and dealer cars, so I needed to have independent financing ready).

I ended up buying my car from a dealer, but the interest rate that I got from the bank was appreciably better than what the dealer's finance arm was willing to give, so I used the bank.

I also liked having the price negotiation process be completely separate from the financing process, since I know that dealers often times try to make back on the financing what they lose on the purchase price negotiation.

You may want to ask about adjustable rate loans, in addition to fixed - the rate will be lower.

Good luck!

lear60man

People first has had my business for the last 3 autos I have purchased. They don't care what kind of car I buy. Easy quick funding.

Sailswish

Another alternative which I used when purchasing my 90 C2 in Feb.2002 was to take a quick margin loan against my stocks. The interest is not that bad and the payment schedule is up to you. I was fortunate and paid my car off last month in full.

RSAErick

Find another lender. I received a 6-yr, 6.9% loan on a 1993 with 100,000 miles. Your bank's story just doesn't add up. In fact, I would suspect that you could get a GREAT rate with the current economic conditions.... just look at what incentives dealerships are offering these days just to get people to buy. Interest rates are currently RIDICULOUSLY low.

Good luck.
Erick

BaysideC4

I just bought my 1990 C4 with a loan from PeopleFirst. They provide excellent service with great interest rates. I financed 100% of my loan for 72 months at 6.45% (person to person used car loan). I don't plan on having the loan for 72 months but it gave me some breathing room while I sell one of my other cars. No early payoff fees and they will re-amortize your loan balance if you send them a large sum. So far I have been very happy with them.

Ian964

Damn I wish I could get that. I live in one of the 2 states that peoplefirst doesn't give loans too. The best I could get for my 91 turbo was 9.59% for 60 months. I put 10k down too!!! My father ended up loaning me the money and i'm going to make payments to him.

Bob Haase

Ian, any chance that you are active duty, or reserve military or a military "brat"? If so, you can gat amazing deals on loan products via USAA Bank/Insurance. Just curious.