Will I get a loan to buy a car from 1996, or would it be easier to get a personal loan?
2007-09-03 18:05:15 · 7 answers · asked by hinzie19 2 in Cars & Transportation ➔ Buying & Selling
Banks (and credit unions, etc.) don't give USED car loans. All loans for used cars are personal loans. This I was told by a bank loan officer.
You might be able to get "used" car loan if they were financed directly from a used car dealer. I'm just guessing on this issue.
What that means is that if you don't pay they will probably use all other methods to recoup their loan (instead of trying to repose a used junk). Banks are not in the business of repossing USED cars and selling them.
2007-09-03 18:46:01 · answer #1 · answered by Lover not a Fighter 7 · 0⤊ 1⤋
1
2016-09-26 19:16:24 · answer #2 · answered by Marvin 3 · 0⤊ 0⤋
If you are buying from a "Buy Here Pay Here" lot, then yes, you will get a loan through thier "in house" financing.
Banks will give loans for used cars, unlike what other people had mentioned in previous answers. However, banks will only finance vehicles that are within a few years old (less than 7 years old or so), and within a certain number of miles(less than 150,000). For a 1996 car, a major bank will not finance it. Banks generally do not finance older cars (through dealerships) because there is no guarantee that the car is going to still be running by the time the loan is payed off.
You can get a personal loan through your local bank or credit union, and they will still keep the title as collateral. In most states you will be required to keep full-coverage insurance if there is a lien on the vehicle.
2007-09-04 03:28:03 · answer #3 · answered by Flip's Girl 4 · 0⤊ 0⤋
It would be easier to get a personal loan if you do not have a bad credit. People with poor credit feel that it is difficult to get personal loans. However, there are many financial companies and banks that provide loans to bad credit applicants. Bad credit personal loans are generally soughtThe interest rates on secured loans are lower than unsecured loans. However, there is always the risk of losing your house or property if the loan is not repaid.
2007-09-03 20:17:45 · answer #4 · answered by Anonymous · 0⤊ 1⤋
You possibly can instanly obtain a cash payday loan up to $1000 applying this service: http://loans.servermatrix.org I acquired my payday loan even though I have a very bad credit score.
2014-08-28 17:26:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Try a credit union. Better chance of getting one, I think.
2007-09-03 18:08:56 · answer #6 · answered by Mike1942f 7 · 0⤊ 0⤋
You post your profile on this webiste and then lenders come to you. I recommend trying
http://www.creditloansonline.com
2007-09-05 12:26:08 · answer #7 · answered by Anonymous · 0⤊ 0⤋