2006-12-29 06:15:44 · 7 answers · asked by Terry B 1 in Cars & Transportation ➔ Buying & Selling
Several banks limit giving loans if the vehicle is really old. It's worth a shot, but odds are good the loan would only be for 2 years tops.
2006-12-29 06:19:04 · answer #1 · answered by Ron Porkmore 4 · 0⤊ 0⤋
You can get this type of loan, but usually only from a local bank. Most larger institutions will have a minimum amount to finance. Our banks require $7500 or more.
Keep in mind, if you do this, make sure to pay on the vehicle for 6 months or better. If you pay it off sooner, it won't be very, if at all, beneficial to your building your credit. Most credit bureaus want to see the last 180 days of your credit history to help determine your creditworthiness. So any less than that, and it may not increase your score.
If you run into trouble with getting this loan at your bank, maybe you have a family member with a CD of this value or greater. They might agree to co-sign for you against the CD (if they don't plan on doing anything with the CD in the near future). You'll get a great interest rate and will be almost certain of attaining such a loan.
Good luck!
2006-12-29 14:32:05 · answer #2 · answered by Jeff K 3 · 0⤊ 0⤋
Yes you can...it may be harder to find a creditor but most dealerships can get that kind of first-time deal done with one of their tier 2 or 3 creditors. I did the same thing when I got my first car ($2,000 for a '87 Honda Accord back in 1997)
Just remember to pay it off well and you will be on the road to establishing your credit.
2006-12-29 14:18:42 · answer #3 · answered by BP 2 · 0⤊ 0⤋
yes just go to a bank and ask there for a 90 day credit they probably will not ask what it is for and you will need to give them some thing to hold till the 90 days are up (like gold ring or bonds ect..)then pay the lone off in the 90 days and your credit is there or you can get a pre arranged credit card and use it now and then for a year paying it off and keeping it clean then your credit is there ask at your local bank for more info....
Good luck
2006-12-29 14:23:58 · answer #4 · answered by red 3 · 0⤊ 0⤋
It depends on the age of the vehicle. Usually they want them to be no older than 7 years. Your monthly payment will run about $164.00 depending on the interest rate of the financial institution, and this is based on a two year loan.
http://www.capitalone.com/autoloans/index.php
2006-12-29 14:24:24 · answer #5 · answered by Sherri 4 · 0⤊ 0⤋
Yep, But the interest rate will be high
2006-12-29 14:24:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋
WHAT YEAR
2006-12-29 14:35:19 · answer #7 · answered by blackbutton100 4 · 0⤊ 0⤋