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01-29-2009, 10:47 AM
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#1
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Join Date: May 2006
Location: Midland Park, NJ
Posts: 1,389
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Auto financing question
Friend of mine has a beautiful 2002 caddy, guy knows how to take care of cars. He is selling it and gave me first crack at it. Problem is I dont have the full amount liquid right now. I was thinking about a loan, but you cant get a loan on a 7 year old car right?
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01-29-2009, 10:55 AM
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#2
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Keyboard Tough Guy
Join Date: Jul 2004
Location: Trenton, NJ
Posts: 6,341
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There are tons of options out there, I'm pretty sure you can get an autoloan on an older car but there might be specific limits set by your bank/credit union. Then there are personal & heloc's you could take out as well depending on your situation.
Heloc's are nice if you itemize your deductions at tax time since they are deductible.
-Bill
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01-29-2009, 12:18 PM
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#3
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Admin.
Join Date: Aug 2005
Location: Hamilton, NJ
Posts: 20,170
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Try Capital One auto financing. Or your credit union, if you are in one.
__________________
Vent Windows Forever!
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Feather-light suspension, Konis just couldn't hold. I'm so glad I took a look inside your showroom doors.
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01-29-2009, 12:29 PM
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#4
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NJFBOA Co-Founder
Join Date: Jul 2004
Location: All up in your kool aid!
Posts: 12,235
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I used Cap One for my Camaro loan. Did everything online.
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01-29-2009, 04:16 PM
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#5
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Join Date: May 2006
Location: Midland Park, NJ
Posts: 1,389
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problem is this car has 77k on the clock
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01-29-2009, 04:49 PM
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#6
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12 Second Club
Join Date: Mar 2008
Location: Levittown PA
Posts: 323
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Capital One doesn't offer private party sales anymore but they do offer personal loans.
__________________
2012 Mustang GT 'vert 6-spd, Rollin' in my 5.0
2002 T/A 'vert triple black 6-spd. Stock.Sold
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01-29-2009, 04:53 PM
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#7
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Join Date: Dec 2004
Location: Browns Mills NJ/ Rotondo West FL
Posts: 3,054
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Probably better off getting a personal loan...see what some banks will offer you. If you get an auto loan you'll have to carry full insurance.
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AI HCR 241's , Lunati 223/236 .615/.626 114+2 , Full Exhaust , Ported Fast 92 , Ported LS2 TB , Veraram , 85mm MAF , Circle D 4000 , 3.42's , GTP 36# , CSP Dyno tune. More on the way
420 HP/367 TQ on a Unlocked Converter & still climbing.
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01-29-2009, 06:30 PM
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#8
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Banned
Join Date: Dec 2007
Posts: 1,106
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I know most dealers won't finance anything over 9 years old with more then 80k on the clock
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01-31-2009, 08:05 PM
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#9
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Avatar Abuser
Join Date: Aug 2004
Location: 08721-1716
Posts: 5,056
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do some looking around. there are banks that will lend what you need. hell, some banks will lend up to 12 years, if you need it.
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JSFBOA
Save a life.
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