Loan for an automobile?
- 5 Comment
I want to pick up a 81 rabbit but banks wont loan the money needed because its such an old car (its priced at 4k and well worth it, its mint).
could i get two seperate loans from different banks for the car?
maybe not automobile loans but unsecured loans or something else?
bankers or ones more knowledgeable chime in. Thanks
response to first 3 posts:
being a volkswagen enthusiast i know what the cars are worth so dont convince me otherwise.
as far as maintenance on a 25 year old car, rabbits are a breeze to work on. and insurance: in KY i can get collectors plates for the car (must be 25 years or older) that allow me to pay NO insurance on it
my age is of no concern to this thread.
im an enthusiast after an enthusiasts car. end of story. no more concerning the age of the car or age of myself. just a good answer would help here
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Robert m said:
Well like you have heard most banks won’t loan on a car that is more then 10 years old, however, there are several other avenues.
1) Go to your local bank, or preferably a credit union (credit union’s are usually more flexible) and get an unsecured loan, usually referred to as a personal loan. The rate well be higher then a car loan but the rates aren’t that bad.
2) You could use a credit card, but I wouldn’t advise it as you’ll be paying an exorbitant amount of interest and it’s probably just better to wait if that’s your only option.
3) Borrow money from a relative! They would probably be happy to do it if this car is that great of a deal, and there interest rate is usually the best.
4) Just save up the money and pay cash for it!
If borrowing the money from a bank is your only option and you don’t have any credit, get yourself a secured credit card from a bank like Orchard Bank a division of HSBC or First Premier or one of the many other companies out there and establish some credit. A secured credit card well usually require you to deposit $200 with there bank and you’ll have a $200 limit but after just 6 months or so of good payment history you’ll more then likely qualify for that personal loan. Just remember to never charge more then 30% of your maximum allowable credit to give you the best score. Good luck and hope you get those new wheels!
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0November 28th, 2009 at 2:44 pm -
mcmustang1992 said:
Yes. Just use one of those five credit card applications you get in the mail every day.
Your bank should give you a personal line-of-credit for at least that much if your credit is good.
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0 0November 28th, 2009 at 2:44 pm -
bobhayes said:
If you need a loan to buy a $4,000 car, then your financial picture is not such that you can afford the insurance, upkeep and repair bills you’re going to run into on a 25-year old classic vehicle.
Best wishes and God bless.
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0 0November 28th, 2009 at 2:44 pm -
William H said:
That is too expensive for an old rabbit, I don’t if it is cherry.
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0 0November 28th, 2009 at 2:44 pm -
xtrapr said:
Seems as your bank knows best.
That is too much for that old of an automobile like a rabbit.
You should thank your banker.
Now go get a Toyota for the same amount and it will be much newer.
I figure you are a teenager to even consider wanting this old of an automobile. Right???
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0 0November 28th, 2009 at 2:44 pm
