Try Penfed Credit Union

 

Google JJBEST financing they specialize in older classic or collectable car financing they have a ton of different term options.

 

Credit union laughed at me too. Said the maximum they could loan me was 100% retail price. I got approved at lightstream for 4.14% which was less than the CU.

 

I just went to Summit Credit Union today asking for an Auto Loan. Gave them the VIN and approved me up to 35k with a 704, the Evo IX im looking at they said was worth 17.3k, but nonetheless, got approved. Interest rate isnt terrible either, 4.26%.

 

Save the interest and pay cash.

 

Credit union gave me a loan at 2.25% for my IX with just the VIN. Was a much better option than using my cash which is earning much more in my brokerage account :P.

 

Yeah, great in theory but not an option for everyone.

 

Somehow I doubt that anyone that is trying to finance a 13 year old japanese car and has a 6xx credit score:
(1) is going to qualify for 2.25% interest even on a brand new car let alone a high-risk vehicle like one over ten years old
or
(2) knows what a brokerage account even is

My point was that if this is the sort of thing that is a difficulty to figure out, what a terrible terrible car choice that is. It's highly unlikely op has the cash to buy the car, that's pretty obvious (or at least appears that way). Reminds me of when people clearly not sitting on wealth would try to get financing on gallardos and crap like that when they hit the used market. Same with RR-SC's when they hit 2 years old and drop 50k in value.
I dunno, I didn't really expect a serious response to that lol.

 

If you haven't seen this, something tells me you would like to.

 

I had not, thank you!

On the automotive side, being in the business I've watched this pattern for the past two, almost three years as banks ***** start dropping again. With the waves of deregulation expected, it's going to smash like 08 only potentially harder if the real estate market follows suit (tough call on that given the potential to be gun-shy even in the face of cash now).
And everything falls down after that, and without the traditional 50s mentality sales/purchase models, it just hits that much harder. While the idea of regressing the country 50 years may look appealing particularly if you ran a five and dime, the world has moved on and people need to be ready to let go and adapt.

Anywho.... I really didn't mean to derail the thread, but thanks for the link that was good.

 

If you take a loan I suggest you to choose a new car that an old one. But if your car passed all mechanical checks and it is in good condition, than it is your choice what car to buy. Personally I like and trust the new cars. It seems to me that when you buy a new car, it is more likely that you will use it for a long time without breakdowns. Also in my case, it was difficult for me to get a loan to buy a car. I had to send a lot of requests. In general only thanks to this service moneyexpert.com I bought a car. So when the loan was approved, I decided to buy a new car.

 

I pulled a small loan from my credit union for my IX this year because I wanted to save cash for possibly buying a house. A new STI would have been twice the price, worth half 3-4 years later and just not as cool imo. They don't make cars like the CT9A anymore and that's why they are appreciating. Unless you're looking for refinement and lots of tech, it's the better buy imo.