car bank loan advice - Northern California Ford Owners

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Posted by Mr.10psi (Member # 11062) on :

hey fellas got a question. Does anyone have any good recommendation on who will give me a car loan for a car thats over 10 years old that I would want to buy. From what Ive heard is that banks dont like to give out loans for cars over ten years old. Loan would have to been above 15 grand up to 25 grand. The car is over 10 years old. Any advice or recommendations would be appreciated thanks.

Posted by flores24v (Member # 10586) on :

Golden 1, I've used them twice

Posted by TEXAS (Member # 11875) on :

Since you asked for advice here it is, if you can't pay cash then maybe you shouldn't buy the car, good luck getting a decent interest rate if you are even able to find someone willing to give you a loan.

Posted by ed650 (Member # 9897) on :

Sounds like your trying to buy an 03 cobra

Posted by GOT 50 (Member # 1960) on :

Lightstream

Posted by i (Member # 12534) on :

quote:
Originally posted by ed650:
Sounds like your trying to buy an 03 cobra

Posted by 68dustin (Member # 5388) on :

I have done all my car loans thru Travis credit union.. just bought a 04 truck for 18k with 3% interest. Most the time the bank will give u the loan, but they will only give u the amount that it blue books.

Posted by 135.0 (Member # 4992) on :

Get a co signer [Wink]

Posted by 97cobra209 (Member # 11376) on :

Yeah 25k for a 10 year old car is probably not going to happen like stated above what ever it's value is in the book that's all your going to get plus it will most likely come with a higher interest rate!

Posted by Robb (Member # 9444) on :

My advice, Dont get a loan on a 10+ year old car. If you cant afford to pay it with cash, You shouldnt get it at all. Youll get raped with high interest.

Posted by CAMD FOX (Member # 11891) on :

quote:
Originally posted by ed650:
Sounds like your trying to buy an 03 cobra

Posted by Boss 327 (Member # 9143) on :

First Tech Credit Union.

Posted by 68dustin (Member # 5388) on :

Nothing wrong with getting a loan... as long as your a responsible person and not be over your head.

Posted by flores24v (Member # 10586) on :

quote:
Originally posted by 135.0:
Get a co signer

Know anybody on here that will co-sign for me bruh?

Posted by 135.0 (Member # 4992) on :

quote:
Originally posted by flores24v:

quote:
Originally posted by 135.0:
Get a co signer
Know anybody on here that will co-sign for me bruh?

I just paid my car loan off, I can help out cuZ.

Posted by *EPIK* (Member # 7481) on :

quote:
Originally posted by 68dustin:
Nothing wrong with getting a loan... as long as your a responsible person and not be over your head.

+1... I saw that reply from Robb, and no offense, but I think that's ridiculous. Even the best of us, and some very wealthy people get car loans, in fact, I'm sure 75% of the newer cars on the road are purchased with a car loan. As long as you can afford the payments, go for it! Car loans also are a big way to help build a good credit history. +1 on Travis credit union, I've had 3-4 loans with them.

[ 2015-06-03, 11:49 AM: Message edited by: *EPIK* ]

Posted by AL STOCK (Member # 1852) on :

quote:
Originally posted by *EPIK*:

quote:
Originally posted by 68dustin:
Nothing wrong with getting a loan... as long as your a responsible person and not be over your head.
+1... I saw that reply from Robb, and no offense, but I think that's ridiculous. Even the best of us, and some very wealthy people get car loans, in fact, I'm sure 75% of the newer cars on the road are purchased with a car loan. As long as you can afford the payments, go for it! Car loans also are a big way to help build a good credit history. +1 on Travis credit union, I've had 3-4 loans with them.

Posted by Blind (Member # 3052) on :

quote:
Originally posted by *EPIK*:

quote:
Originally posted by 68dustin:
Nothing wrong with getting a loan... as long as your a responsible person and not be over your head.
+1... I saw that reply from Robb, and no offense, but I think that's ridiculous. Even the best of us, and some very wealthy people get car loans, in fact, I'm sure 75% of the newer cars on the road are purchased with a car loan. As long as you can afford the payments, go for it! Car loans also are a big way to help build a good credit history. +1 on Travis credit union, I've had 3-4 loans with them.

choosing loan vs cash on my wifes new car last year was a no brainer. $30k financed at 1.69%...umm basically free money compared to my investment account, lol.

Posted by blackfifty (Member # 9023) on :

I got a loan from patelco and couldn't be happier. I got a 2.49 interest rate. I don't know about the ten year plus thing but I'm sure you can talk to them.

Posted by losbadgts (Member # 4394) on :

Im sure there is a lot of banks and credit union willing to give u the loan. The issue is how good your credit history is and how much of an interest u will get. To me it doesn't make any sense buying a 10+ car with high interest rate. So shop around

Posted by POWERED BY FORD (Member # 9204) on :

quote:
Originally posted by Blind:

quote:
Originally posted by *EPIK*:

quote:
Originally posted by 68dustin:
Nothing wrong with getting a loan... as long as your a responsible person and not be over your head.
+1... I saw that reply from Robb, and no offense, but I think that's ridiculous. Even the best of us, and some very wealthy people get car loans, in fact, I'm sure 75% of the newer cars on the road are purchased with a car loan. As long as you can afford the payments, go for it! Car loans also are a big way to help build a good credit history. +1 on Travis credit union, I've had 3-4 loans with them.
choosing loan vs cash on my wifes new car last year was a no brainer. $30k financed at 1.69%...umm basically free money compared to my investment account, lol.

Yup, rather have the cash and get a loan with a low rate.

Posted by Infamous5.0 (Member # 1745) on :

quote:
Originally posted by TEXAS:
Since you asked for advice here it is, if you can't pay cash then maybe you shouldn't buy the car, good luck getting a decent interest rate if you are even able to find someone willing to give you a loan.

Calm down richy rich. He didn't ask for your advice.

Posted by *EPIK* (Member # 7481) on :

quote:
Originally posted by TEXAS:
Since you asked for advice here it is, if you can't pay cash then maybe you shouldn't buy the car, good luck getting a decent interest rate if you are even able to find someone willing to give you a loan.

My bad Robb... This was the reply I was actually talking about...

Posted by 92_5.0 (Member # 7624) on :

I currently have a loan through Travis credit union on a 2003 Sierra with an APR below 8 percent. would have easily gotten a lower APR if I didn't already have another auto loan. (06' 3.99% APR Golden1 CU)

Posted by FivePTSlow (Member # 7682) on :

Before getting a loan for my coyote, I was going to buy an 03 cobra. Golden 1 approved me, but the best they could do was 8.75% since the car was so old. They informed me I qualified for 1.9% for a newer car, that made the cobra vs coyote decision much easier for me.

Posted by TEXAS (Member # 11875) on :

With 8% interest and a 4 year term his payment will be $610, insurance is unknown, but to tell anyone it's a good idea to spend around $750 a month to drive around an 03 Cobra isn't giving good advice, period.

Posted by Robb (Member # 9444) on :

quote:
Originally posted by TEXAS:
With 8% interest and a 4 year term his payment will be $610, insurance is unknown, but to tell anyone it's a good idea to spend around $750 a month to drive around an 03 Cobra isn't giving good advice, period.

Full coverage insurance on an 03 Cobra will be ALOT as well. $800+ a month is crazy for a 12 year old Mustang

Posted by *EPIK* (Member # 7481) on :

quote:
Originally posted by Robb:

quote:
Originally posted by TEXAS:
With 8% interest and a 4 year term his payment will be $610, insurance is unknown, but to tell anyone it's a good idea to spend around $750 a month to drive around an 03 Cobra isn't giving good advice, period.
Full coverage insurance on an 03 Cobra will be ALOT as well. $800+ a month is crazy for a 12 year old Mustang

Can't say I disagree with you guys there. But I've gotten a loan for $26k once, and my monthly payment was $475, and I think my apr was around 7% give or take with a 5 year loan. Also got a loan for $19k with a 3.8% interest rate on a 5 year loan and my monthly payment was $300. If the loan is for $15k, he won't be in too bad of shape, but I suggest having at least $3k down on anyone of these loans.

What's even more crazy to me is that a 12 year old Mustang is still worth $25k, I'm sorry but 03-04 Cobras are grossly overpriced!

[ 2015-06-03, 05:21 PM: Message edited by: *EPIK* ]

Posted by Blind (Member # 3052) on :

quote:
Originally posted by *EPIK*:

quote:
Originally posted by Robb:

quote:
Originally posted by TEXAS:
With 8% interest and a 4 year term his payment will be $610, insurance is unknown, but to tell anyone it's a good idea to spend around $750 a month to drive around an 03 Cobra isn't giving good advice, period.
Full coverage insurance on an 03 Cobra will be ALOT as well. $800+ a month is crazy for a 12 year old Mustang
Can't say I disagree with you guys there. But I've gotten a loan for $26k once, and my monthly payment was $475, and I think my apr was around 7% give or take with a 5 year loan. Also got a loan for $19k with a 3.8% interest rate on a 5 year loan and my monthly payment was $300. If the loan is for $15k, he won't be in too bad of shape, but I suggest having at least $3k down on anyone of these loans.

What's even more crazy to me is that a 12 year old Mustang is still worth $25k, I'm sorry but 03-04 Cobras are grossly overpriced!

a 5 year loan cost less per month than a 4 year loan?

[Eek!]

Posted by *EPIK* (Member # 7481) on :

quote:
Originally posted by Blind:

quote:
Originally posted by *EPIK*:

quote:
Originally posted by Robb:

quote:
Originally posted by TEXAS:
With 8% interest and a 4 year term his payment will be $610, insurance is unknown, but to tell anyone it's a good idea to spend around $750 a month to drive around an 03 Cobra isn't giving good advice, period.
Full coverage insurance on an 03 Cobra will be ALOT as well. $800+ a month is crazy for a 12 year old Mustang
Can't say I disagree with you guys there. But I've gotten a loan for $26k once, and my monthly payment was $475, and I think my apr was around 7% give or take with a 5 year loan. Also got a loan for $19k with a 3.8% interest rate on a 5 year loan and my monthly payment was $300. If the loan is for $15k, he won't be in too bad of shape, but I suggest having at least $3k down on anyone of these loans.

What's even more crazy to me is that a 12 year old Mustang is still worth $25k, I'm sorry but 03-04 Cobras are grossly overpriced!
a 5 year loan cost less per month than a 4 year loan?

Thus the reason I've always opted for the 5 year loan, cheaper payments.

Posted by adower (Member # 5955) on :

Get a 6 yr loan and make double payments every now and then.

Posted by losbadgts (Member # 4394) on :

Everyone knows making a longer loan means more money that u give away. I got a small loan last year for credit wise. Around 8500 with 3% interest. Which the bank is only going to make 500 bucks in five years but since im paying off the loan in about 2 years there only making around 200 bucks of me. Lol there is lots of loans now a days for new cars with 0% with good credit.

Posted by 92_5.0 (Member # 7624) on :

It's all about the down payment. Keep in mind dealer fees, tax, title, license, extended warranty etc. can easily swallow a down payment. Put a big chunk down to cover those fees as well as make a dent as a down payment.

Posted by *EPIK* (Member # 7481) on :

Yup, longer loan, means more interest, but it also gives you a lower monthly payment which allows you to pay extra on top of the payment if you can afford it, which goes directly to the principal, thus paying off the car a bit sooner. Also, it's nice to have the lower payment, just in case you are struggling money wise one month.

Posted by losbadgts (Member # 4394) on :

quote:
Originally posted by *EPIK*:
Yup, longer loan, means more interest, but it also gives you a lower monthly payment which allows you to pay extra on top of the payment if you can afford it, which goes directly to the principal, thus paying off the car a bit sooner. Also, it's nice to have the lower payment, just in case you are struggling money wise one month.

I totally agree with you on this. That why i went with a 5 year loan since u never know if something happens. But i knew going in i was going to pay off the car a lot sooner.

Posted by *EPIK* (Member # 7481) on :

quote:
Originally posted by losbadgts:

quote:
Originally posted by *EPIK*:
Yup, longer loan, means more interest, but it also gives you a lower monthly payment which allows you to pay extra on top of the payment if you can afford it, which goes directly to the principal, thus paying off the car a bit sooner. Also, it's nice to have the lower payment, just in case you are struggling money wise one month.
I totally agree with you on this. That why i went with a 5 year loan since u never know if something happens. But i knew going in i was going to pay off the car a lot sooner.

Yup, agreed 100%. I always put at least $50-$75 extra on top of my payment, at the bare minimum!

Posted by Mr.10psi (Member # 11062) on :

thanks for all the replies fellas. Really appreciate it. Should be easy from here on out

Posted by SWITCH 625.0 (Member # 9322) on :

I see you are in the 530, check with Sierra Central C.U. Their strong suit is car loans. If you are in the market for a Terminator, you don't have to pay 25K for one. I always jump on here and remind people not to go Terminator Crazy and over pay for one. The one warning I can give is, Terminator's are as expensive to insure as an 07 to 10 GT 500 or new 5.0 Good luck with your pursuit.

Posted by ed650 (Member # 9897) on :

I think the best thing to do is pay the minimum due and save on the side for incase you need money for your next payment, keep doing it like and at the end of the year give everything you have saved up and refinance again to lower your interest and monthly payments. Its pointless to give more than minimum because banks wont care if you pay more they will still want the minimum payment next month.

Posted by *EPIK* (Member # 7481) on :

quote:
Originally posted by ed650:
I think the best thing to do is pay the minimum due and save on the side for incase you need money for your next payment, keep doing it like and at the end of the year give everything you have saved up and refinance again to lower your interest and monthly payments. Its pointless to give more than minimum because banks wont care if you pay more they will still want the minimum payment next month.

They don't care, but it knocks some directly off the principle when you pay extra, thus paying the car off quicker.

This has always worked for me, and it's even allowed me to payoff a loan a year and a half quicker by paying extra.

[ 2015-06-03, 10:07 PM: Message edited by: *EPIK* ]

Posted by SWITCH 625.0 (Member # 9322) on :

*EPIK* is right. It is a way to pay off early and save you money on the Interest. Start paying extra as early as you can. It's a very simple method to save you money and get the Pink slip early. Then you own it and have complete control.

Posted by ed650 (Member # 9897) on :

Didn't know that.

[ 2015-06-03, 11:09 PM: Message edited by: ed650 ]

Posted by 135.0 (Member # 4992) on :

quote:
Originally posted by ed650:
I think the best thing to do is pay the minimum due and save on the side for incase you need money for your next payment, keep doing it like and at the end of the year give everything you have saved up and refinance again to lower your interest and monthly payments. Its pointless to give more than minimum because banks wont care if you pay more they will still want the minimum payment next month.

That's really good advice!!! [Wink]

. I was denied a loan at Paul blanco, could you cosign for me?

Posted by Robb (Member # 9444) on :

Carhop can get you driving today for as little as $99 down

Posted by JohnB (Member # 969) on :

quote:
Originally posted by SWITCH 625.0:
The one warning I can give is, Terminator's are as expensive to insure as an 07 to 10 GT 500 or new 5.0 Good luck with your pursuit.

My Shelby was double my Cobra. Wasn't expecting that, especially since both are paid off.

Insurance is definitely something to keep in mind!

And another +1 for Travis CU. They've been my bank for 20+ years, numerous loans through them. Good people. [Smile]

Posted by SWITCH 625.0 (Member # 9322) on :

I checked last month and a new 5.0 and Gt 500's were $2.00 and $6.00 more a month compared to my Terminator. It may be my age and California vs Florida. The Terminator is high due to an "Excessive Claims History" (Go Figure!) The Gt 500 may not be old enough to have compiled a negative History with my Insurance Co.

[ 2015-06-04, 11:48 AM: Message edited by: SWITCH 625.0 ]

Posted by venomous99 (Member # 1917) on :

crazy interest rates being thrown out here but i guess u gotta go w/ what is available to u based on your credit history. if you're getting quoted 7% obviously there is a good reason why you're getting a shiet rate .

financing is fine and yes even ppl w/ the money to front do it all the time..and there is nothing wrong w/ it as long as you put in some thought on whats the best course of action for your situation.

most often credit unions give you the best rates compared the big name banks. i was recently preapproved through premierone cu at 1.7% for a used car up to $50k for up to a 6 year term based on highest tier credit. also try penfed.org which usually has some damn good rates. good luck

Posted by 5.t0es (Member # 5864) on :

new vs used also plays a part in the rate.

Posted by adower (Member # 5955) on :

quote:
Originally posted by venomous99:
crazy interest rates being thrown out here but i guess u gotta go w/ what is available to u based on your credit history. if you're getting quoted 7% obviously there is a good reason why you're getting a shiet rate .

financing is fine and yes even ppl w/ the money to front do it all the time..and there is nothing wrong w/ it as long as you put in some thought on whats the best course of action for your situation.

most often credit unions give you the best rates compared the big name banks. i was recently preapproved through premierone cu at 1.7% for a used car up to $50k for up to a 6 year term based on highest tier credit. also try penfed.org which usually has some damn good rates. good luck

The rate is being based off year of the car most likely.

[ 2015-06-04, 12:21 PM: Message edited by: adower ]

Posted by venomous99 (Member # 1917) on :

quote:
Originally posted by adower:

quote:
Originally posted by venomous99:
crazy interest rates being thrown out here but i guess u gotta go w/ what is available to u based on your credit history. if you're getting quoted 7% obviously there is a good reason why you're getting a shiet rate .

financing is fine and yes even ppl w/ the money to front do it all the time..and there is nothing wrong w/ it as long as you put in some thought on whats the best course of action for your situation.

most often credit unions give you the best rates compared the big name banks. i was recently preapproved through premierone cu at 1.7% for a used car up to $50k for up to a 6 year term based on highest tier credit. also try penfed.org which usually has some damn good rates. good luck
The rate is being based off year of the car most likely.

yeah i think most spots will give u prime rate as long as the car is 6 years or newer. im not sure how they scale the rates for cars older than that but it does make sense that rates may be higher.

my recommendation to the original poster is to hit up grandma or pops for some cash and pay em back over time. LOL...or u can just stack paper and buy the car outright. jp
the challenges we face as car enthusiasts w/ limited cash flow.

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