I want to buy a 2001 Yukon XL. Price compared to book value is extremely favorable, but they will only go out to 48 months. Will any other lender go 60 months, or is it industry-wide? I can't afford the payment at 48 months, so I'd have to find another much cheaper vehicle at 48 months, or get a newer one. Then I'd have to pay more overall just to get the payments down, plus pay more to register and insure it.
2007-09-26 13:50:49 · 5 answers · asked by skiddly diddly 2 in Cars & Transportation ➔ Buying & Selling
Its the old story, the older the vehicle the shorter the term and the higher payments.
The newer the vehicle the longer the term and the lower the payments.
48 months on a 2001 model is very generous most lenders max is 36 months, a factor that goes with buying a 2001 is a slightly higher interest rate compared to lets say a 2003.
I am sorry to say I could write an article on your question and I would be here all night, go to my website http://www.usedcartips.org/ pick up a few pointers , and should you have issues please feel free to make contact through my website
2007-09-26 16:54:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Count yourself lucky they will finance it for 48-months. No other bank I know will give you a loan for an American-made vehicle that is more than 3-years old. Depreciation for GM/Ford cars is crazy. Lenders take in consideration the age, mileage and the manufacturer before providing you with the loan and terms. A 6-year old GMC car is too risky for any lender.
2007-09-26 14:09:52 · answer #2 · answered by lelekid4ever 5 · 0⤊ 0⤋
It is all geared to new cars 36 months on a 3 year old ride. and 2 years on a 7 year old ride. That is how auto finance works from banks credit unions. Are your ready to get taken to the cleaners buy a tote the note car! How can you expect to pay 5 years for a car until 2013 that is 12 years old when it is paid off? Your Bankers are telling you something please listen. 14 miles a gallon at $6.00 a gallon in 2013 will be to much to pay plus carbon taxes greenhouse emission taxes and weight restrictions placed by president AL Gore's Clone elected 2012
2007-09-26 14:04:35 · answer #3 · answered by John Paul 7 · 0⤊ 0⤋
Lenders set their own rules for things like this. Try explaining your situation to them, and if they refuse to budge, go to another bank.
2007-09-26 13:53:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
finace wizard carloans.
2007-09-26 13:55:07 · answer #5 · answered by luwythefly21 2 · 0⤊ 0⤋