I'm looking to buy a vehicle in the coming months. I really want a diesel truck, but the only models of them that I can really afford at the moment are ones that are a few years old (for example, around '97-99 or so). How can I get financing for a vehicle that old and not get totally killed on the interest rates? Plus I've seen a lot of places that say they won't finance anything older than 2000.
Also, what's the best place to get financing through? My bank has crappy interest rates for the most part, and Capitol One didn't give me all that great of rates either (9.7% on vehicles 2000-2003). I have a 700+ credit rating.
2007-07-03 04:57:30 · 5 answers · asked by Red_LX 3 in Cars & Transportation ➔ Buying & Selling
I already got an offer from capitol one, which I mentioned. 7.59 percent for 2004-2006, 9.7 percent for 2003 and older (though I think the cutoff there is 2000)
Also...can you explain to me how a 2000 or newer truck with less than 100K is gonna have the same monthly payment as an older truck with higher miles? Especially when the newer truck will probably cost at least $5000 more?
2007-07-03 06:51:37 · update #1
You are going to be hard pressed to find a lender that won't charge a higher rate despite good credit and keep your term short which will in effect make your payments higher. You have 2 options. Look for a truck that is 2000 or newer with under 100k on the miles. This will be about the same payment as you would have on the older truck with more miles. If you just have to have the older truck, then if you have equity in your home, take out enough equity to pay for the truck or a 401k account that you can pay yourself back.
Hope this helps.
2007-07-03 05:57:05 · answer #1 · answered by Oblivious 3 · 0⤊ 0⤋
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RE :Best way to get loan? Financing for older vehicles?
I'm looking to buy a vehicle in the coming months. I really want a diesel truck, but the only models of them that I can really afford at the moment are ones that are a few years old (for example, around '97-99 or so). How can I get financing for a vehicle that old and not get totally killed on the interest rates? Plus I've seen a lot of places that say they won't finance anything older than 2000.
Also, what's the best place to get financing through? My bank has crappy interest rates for the most part, and Capitol One didn't give me all that great of rates either (9.7% on vehicles 2000-2003). I have a 700+ credit rating.
Update: I already got an offer from capitol one, which I mentioned. 7.59 percent for 2004-2006, 9.7 percent for 2003 and older (though I think the cutoff there is 2000)
Also...can you explain to me how a 2000 or newer truck with less than 100K is gonna have the same monthly payment as an older truck with higher miles? Especially when the newer truck will probably cost at least $5000 more?
1 following 3 answers
2016-10-07 01:18:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-26 06:54:33 · answer #3 · answered by Johanna 3 · 0⤊ 0⤋
2
2016-12-25 01:21:42 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Financing An Older Car
2016-11-11 03:00:25 · answer #5 · answered by weary 4 · 0⤊ 0⤋
This Site Might Help You.
RE:
Best way to get loan? Financing for older vehicles?
I'm looking to buy a vehicle in the coming months. I really want a diesel truck, but the only models of them that I can really afford at the moment are ones that are a few years old (for example, around '97-99 or so). How can I get financing for a vehicle that old and not get totally killed...
2015-08-10 16:27:39 · answer #6 · answered by Sibyl 1 · 0⤊ 0⤋
Since your credit is good, you might try a personal loan from a bank or credit union. The rates won't be cheap, though...14 or 15%. Few banks like to loan less than $7500 nowdays on a vehicle and even fewer will finance a ten year old car.
2007-07-03 05:55:02 · answer #7 · answered by Anonymous · 0⤊ 0⤋
As you've discovered, the best rates are for new and newer used cars. About the best you can do is finance the lowest amount possible for the least amount of time. It won't necessarily affect the interest rate, but it will reduce the amount of interest you pay.
Since your credit rating is good, you may be able to get approval from Capitol One or Lending Tree, and then use that as a negotiating tool with the dealer financing.
2007-07-03 05:27:37 · answer #8 · answered by MB124CE 2 · 0⤊ 0⤋
Amazed that I found this topic already answered! Its like you've read my thoughts!
2016-08-24 07:33:31 · answer #9 · answered by Anonymous · 0⤊ 0⤋