This is particularly aimed at 95-97 buyers...

I am looking at a 1997 Infinity I30t being sold by a private seller for about $7000, but I cannot get financing.

First, my FICO score is fine, and I am not being turned down for the loans on a personal note, it is just that the banks view the car as beign too lod for anything but an unsecured laon.

I have tried several banks, and the lowest interest rate I can find is about 12%, with some saying it was 17%. All of this is WITHOUT fulling my credit report first- the bank simply looks at the car as being too old for a loan. Eventhe 12% was for 24 months or something like that- way too short to be reasonable.

So recent 4th gen buyers: Where did you get financing?

 

I don't think this will help you, but my credit union (DCU) offers car loans regarless of the age of the car you want to purchase. Rate varies by # of months obviously, but it's under 10% even at the highest option.

 

I got financed at MacDill Federal Credit Union....

 

8% credit- my car b4 that was 11% and right now my wifes is at 9.8% or some crap like that. I dont see how people get 6.7% and shyt...

 

That's why private sellers usually have hard time selling cars. It's very hard for private buyers to come with that much cash without financing. I heard credit unions are the best bet compare to major banks. If you have good credit, you might able to borrow money/cash advance via credit card. The interest rate on some of my credit cards are much lower than 12%.

 

for new cars....if you have good credit, you can get it lower than 4.9%. Most manufactures have those promo rates too.

 

http://www.bankrate.com
will give you lots of options. I'm in St. Louis and 12 % seems extremely high. I just financed $8500 @ 4.9%. I used my credit union @ www.firstcommunity.com.

Good Luck!

 

Mine is 4.2% from FCU. Its a 5 year loan, but it will be paid inside of 3. 1 1/2 years to go!

 

Oh yeah, almost forgot the round-about strange way to do it.
Obviously not recommended, but I guess it's an option.

Get a credit card with 0% intro APR, no charge to transfer balance.
Put the $7000 on the card, switch to a new card with same options (0%, no charge for transfers) when the intro APR expires.

Make your own monthly payments =)

 

Daddy spotted me the $$$

 

But the difference is that you have a 99. Banks don't like giving out loans for cars that are more than 5 years old. Think about it...that would mean that on a 5-year loan, the car would be 10 years old when its paid off.

 

Exactly. It is not my credit, but the age of the car, that is killing me.

 

Look into a CC that has a high balance ability and 0%, that is how I got my explorer. I had to do this but not for my financial reasons, others dealing with the title. But that is what I would look into. You have the CC company send you a check, treat it as a balance transfer, Citibank worked with me on this, worked out nicely!!! Plus you get the title to your new car ASAP.

 

Jason- a few ?s...

How long did you get 0% before finance charges kicked in?

How good was your FICO score (not asking for a number, just how solid it was) or your debt/income ratio?

If you don't mind me asking, how much did you have to borrow?

 

0% is up In March and It was 10 months, transfer type setup. My FICO is now like 730(decent but better than most)

7K for the explorgay

 

Yup, mine is 6.49% on my 98 max and the wifes 03 Honda Cr-V

 

I would only do this if you don't have alot of debt. If you ever miss or late on a payment. The rate would jump to god knows how much. It could be as high as 21%. Then you would have to scramble to find another CC that you can transfer the balance to. If you can't then you are stuck with high interest rate.

 

That's why me no late on dem payments

 

Yeah, not exactly a first-choice methodology.

I just called my mother-in-law's credit union. My wife can join w/ a $5 deposit, then I can join for another $5 deposit and my wife can close her account.

 

It was just a warning. Because if it's a car loan, you just have to pay the late fee. But one plus, if you can't pay. Just declare bankruptcy. You still get to keep the car

 

I should come work for your company- you don't seem to be hurting financially...

BTW, Jason, it is Louie's car that I am trying to buy.

 

I thought louie sold his I30 by now.

 

I just purchased a 99 max, $11,750 selling price, im paying $240 a month, 48 months, $1500 downpayment, I beleive Im paying 4% interest. Im going through the ibm federal credit union.

They have great rates.

 

He did not have it up for sale for a while, but I guess something fell through. We just talked about it on hte phone lase night, and as soon as I can get the financing, I am likely to run with this.

Right now I am shopping for a bank...