How should I get financing for a new car I found?

69clark · Aug 26, 2007

I think I found a car that I want to buy. I need to borrow 7-8k. My question is, how should I go about getting financing for it.

Now before this sounds like a dumb question, hear me out. The car is a 1979. So I doubt getting your typical auto loan will work being it is an older car and banks don't like giving loans for that sort of thing, correct?

The next option I know of is a personal loan (although I know the rate will suck) but what do I tell them I want the loan for? I know I have heard that if your buying something like this, you don't want to tell them the truth about what your spending the money on, correct?

Credit is NOT an issue, I have great credit so that won't be a problem, I just don't know what the best way to approach my bank would be. I will probably use my personal bank so I need to approach them the right way the first time.

What are some your experiences or ideas?

reddy351 · Aug 26, 2007

If your credit is that good, you shouldn't have any problem just walking in and telling them that you want to borrow the money. (That's what I do.) On a signature loan, what you are buying is more of a "dot the i's and cross the t's" concern. If you aren't using the item as collateral, they won't care what it is. (If nothing else, tell them you're going to take a much deserved vacation. People do that all the time.)

If you are worried about rates, a second mortgage on your house is going to have the best rate. But it might be more expensive in the long run, with closing costs and such. You're going to be making a payment, just pay the mortgage off early. (The mortgage payment will be peanuts, compared to a signature loan.)

Good luck!

(I like '79 Pace Cars!)

69clark · Aug 26, 2007

Who said it was a 1979 Pace Car! lol

badstang123 · Aug 26, 2007

How are your limits on your credit cards? I always get checks from my credit cards giving me 0% interest for six months or a year. I think it is their way of trying to get me to actually rack up a balance If you planned on paying it off relatively quickly that might be an option You can just write the check to whoever you're buying the car from.
- Justin

69clark · Aug 26, 2007

Yeah, I have about 35,000 worth of credit limits total on 4 cards (NOT BALANCES) and only owe about $1,500 altogether on them. One card has a $13,000 limit, so yes that is an option, just not so sure it is the right one.

Definately a fall-back plan if I need it.

69clark · Aug 26, 2007

Oh yes, and I always get those checks too. Probably between my 4 cards I get at least 2 a week. lol

BlackVert · Aug 26, 2007

for how long do you need the money?

reddy351 · Aug 26, 2007

69clark said:
Who said it was a 1979 Pace Car! lol

Well. Let's just say it was a wild a$$ guess.

http://forums.stangnet.com/showthread.php?t=713821&highlight=pace+car

You didn't think we FORGOT, did you?!

I know where there are three of em. Rotting into the dirt. Owners won't budge to sell them.

I never thought about the "checks". Good idea. I usually just put mine in the shredder...eliminates "weak moments".

69clark · Aug 26, 2007

BlackVert said:
for how long do you need the money?

Well I guess I figured I would finance for 3 or 4 years to keep the payments down.

95opal · Aug 26, 2007

I see tons of money in coil covers. Atleast thats something you can tell your banker. J/K

badstang123 · Aug 26, 2007

69clark said:
Well I guess I figured I would finance for 3 or 4 years to keep the payments down.

The credit card thing doesn't seem like a good option then Payments would be low but once the interest hit it would kill you.
- Justin

94-302-vert · Aug 27, 2007

Get a low interest Credit card...

BlackVert · Aug 27, 2007

some of those credit card "convenience" checks have an option for like 4% until the balance is paid off, but they are tricky because if you use the card for other stuff, it may or may not apply the payment to the 4% balance, depending on the card company's policy on applying payments to outstanding balances. the easiest thing would be to not use the card for anything else until the balance is back to zero.

at least that is how mine work. they send me like 4 checks, 2 of which have 0% interest for 6 months, the other 2 have a 3.99% interest rate until the balance is paid off. i just did that on the one card i have that i done use. it has a limit of $31,000, so i wrote a 0% check for $30,000 and put it in my savings account that has a money market interest thing that pays 4.95% per year. after paying the $99 cash advance fee and letting it sit there for 6 months, i had an easy $650.

that is what i call sticking it to the man. i'm doing it again too, baby.

rj95svt · Aug 27, 2007

If you get credit card offers often alot of those offers include 0% intrest on balance transfers. You could use one of those credit cards to purchase the car and transfer the balance to the new one for 0% intrest. I will go ahead and tell you I don't use credit cards so I don't look at the details on those offers so there could be more to it than that.

To buy my 95 cobra I had to do the loan on my truck which was payed for (2000 dodge 4x4 quad cab) because the loan value on a 95 cobra with 61,000 miles was less than 6,000 dollars.

RWDtech · Aug 27, 2007

if its a loan for 7-8k i dont understand why you cant get an actual car loan... you would think the amount of money needed is more important than how old the car you want to buy is...

rj95svt · Aug 27, 2007

the banks don't care about that they care about whether or not they can get their money back if they take the car back for some reason.

BlueOvalStangGT · Aug 27, 2007

+1 ^^^, I am interested in what kind of rate you get and what you find. I am not a big fan of buying cars new, but its hard to find loans for older cars. Do post up all info you find thats not too personal!

Synned · Aug 27, 2007

I just wanna know, is it the pace car???

BlownFiveLiter · Aug 27, 2007

Sell me the Cobra for the price of the new car and buy the new car?

69clark · Aug 27, 2007

StangGT1995 said:
Sell me the Cobra for the price of the new car and buy the new car?

LOL

My car is always for sale, For the right price though! I'll give you a hint, its not $8,000.

How should I get financing for a new car I found?

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