Is it possible for a bank to finance a car for less than $5K for 5 years?
2007-02-16 14:47:54 · 2 answers · asked by Neosamurai 1 in Business & Finance ➔ Credit
Length of term depends on the age of the car so it is unlikely. To get a 5 year loan the car would probably have to be a 2003 or newer. If you can find a 2003 or newer and still have to only finance $5000 than it should be doable.
Edit: I got a 4 year loan on $5500 3 years ago. I was supposed to only get it for three years due to the age (8 years old) of the truck but the bank gave me 4 years because of my good credit rating.
2007-02-16 14:52:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes...But they won't do it.
I went to a bank to borrow $2,000 and they said I would have to pay credit card rates (19%) on any loan under $5,000
I asked, if I could pay all or some of the loan at any time. They said yes
So I got a $6,000 loan at 7 % and paid back $4,000 Before I left the bank with the $2,000 I wanted.
They had said there isn't enough money to cover costs by loaning small amounts.
2007-02-16 22:56:32 · answer #2 · answered by bob shark 7 · 0⤊ 0⤋