Excuse my ignorance... Loans for cars prior to 2000

[NOMAD]

So ummm, yeah, go to a credit union.
:D

[cramer]

I'm no penny pincher - i enjoy myself quite a bit. But the only thing I will borrow on is a home. In my case - including tax advantages - its about as much as an apartment to live in a house in texas. Debt to me is a wolf in sheeps cloting. When I want something I save for it. Credit cards are a lazy mans way of getting what he wants.

Only one problem with that: if you don't have any credit cards or loans, you have no way to establish credit to buy a house later.... I know a few people who followed your philosophy and got a rude awakening when they went to apply for a loan.

Have a credit card is has nothing to do with being lazy. Pay it off each money and it costs you nothing to use and only helps your credit.

[Ben Carufel]

Only one problem with that: if you don't have any credit cards or loans, you have no way to establish credit to buy a house later.... I know a few people who followed your philosophy and got a rude awakening when they went to apply for a loan.

Have a credit card is has nothing to do with being lazy. Pay it off each money and it costs you nothing to use and only helps your credit.

Good point, I forgot about that. Having a strong credit history can only help someone, not hurt them.

Using a credit card in place of cash and paying it off every month has many benefits. Safer, since you can cancel it as soon as it gets lost/stolen (cash is cash -- you can't cancel it). You also get warranties on electronics and certain other items with some credit cards. Additionally you get airline miles or other rewards...and on and on.

And since there are so many cards these days that are no-annual-fee, it's really a no brainer.

[mudflaps]

through the bank I work at, you would need to get a signature loan. These are typically 10-11% we wont outright finance you for anything less than a 2000 model vehicle.

save your pennies and pay cash.

btw, check out "icenx" on yahoo/cnnmoney or whatever trading platform you use. Its ballin outta control.

[Ben Carufel]

through the bank I work at, you would need to get a signature loan. These are typically 10-11% we wont outright finance you for anything less than a 2000 model vehicle.

save your pennies and pay cash.

btw, check out "icenx" on yahoo/cnnmoney or whatever trading platform you use. Its ballin outta control.

As was said earlier, a credit union will give a bank loan for an older-than-2000 car. I just called today to take out a loan on a 2000 528i Touring, and I was quoted 7.48% APR on a loan of any term.

Credit unions, in my 5 years of banking experience (and this will be my third car loan through a credit union), are much, much better to work with than banks.

[NOMAD]

Only one problem with that: if you don't have any credit cards or loans, you have no way to establish credit to buy a house later.... I know a few people who followed your philosophy and got a rude awakening when they went to apply for a loan.

Have a credit card is has nothing to do with being lazy. Pay it off each money and it costs you nothing to use and only helps your credit.

TRUTH!

I'm one of those "do-gooders" who avoided CC like the plague (never really missed them either) and everyone, even bankers etc said "No credit is good credit" BullS###. I had to take a high rate car loan out of school when my old beater tanked, because NO CREDIT IS BAD CREDIT.
I immediately got a CC and charged something once a month and have never carried a balance 10 years later. Now I can use my credit to do anything I want, especially as a homeowner.

Alas, I still like to save money and get deals so no fancy crap for me. I just "splurged" and got $300 worth of stereo stuff on huge discount online for my other car. Yeah, I'm boring...

[atomic]

There are specialized finance companies out there with very good rates that will loan money on high end older cars. Here is one http://www.classiccarfinancial.com/index.htm but there are others out there too ... just check around and remember the more you apply the more your credit will suffer with inquires against your credit... Hence making it even harder to get a loan period



EDIT ---- Very good rates considering the age of the vehicle you are purchasing since regular banks charge huge rates for a vehicle just a few years old.

[Turf1600]

Only one problem with that: if you don't have any credit cards or loans, you have no way to establish credit to buy a house later.... I know a few people who followed your philosophy and got a rude awakening when they went to apply for a loan.

Have a credit card is has nothing to do with being lazy. Pay it off each money and it costs you nothing to use and only helps your credit.

Sorry. All WRONG. If you do not meet the criteria to create a fico score - meaning you have not had a credit card in 6 months - and you otherwise qualify - you will get the best possible interest rate every time. Ask me how I know.

[Ben Carufel]

Sorry. All WRONG. If you do not meet the criteria to create a fico score - meaning you have not had a credit card in 6 months - and you otherwise qualify - you will get the best possible interest rate every time. Ask me how I know.

Sounds like you got lucky with a good lender. I know of several people just off the top of my head who had to go through the process of getting a co-signor (usually a parent) on their home mortgage simply because they had no credit history.

[Turf1600]

Actually - my credit score is 740. Go figure. I got my mortgage easily. But I confirmed it with my underwriter. They don't like to do it because it's not easy - but any good under writer can do it if you have paid rent on time for 2 years and have had a job for a long time.

Just a side note - never cosign for anyone. EVER.

[Brinkley]

To the OP:Yea a 95 would just this year be unable to finance. Personally i would talk the guy down on it at this point. Any other buyer will face the same issues as you unless they have 8k to drop on a 540i which probably means enthusiast only.
Offer him what you can and let him decide. Car's probably due for some maintenance that he doesn't wanna do. I would roll the 5k lowball and see what happens. :)