I found an R for sale in my area from a private owner and I am VERY interested in purchasing it. Asking price is $19,000 for a 98 with 19K miles.

Good or bad?

Anyways, I have 8,000 cash, so I would need another 11,000 to purchase it. Can anyone tell me if it is hard to borrow 11K from a bank. Let me know if anyone has done or tried doing this before. BTW-- my dad would be borrowing the money for me, his credit is good....


[Modified by skafia, 6:36 PM 3/19/2002]

 

problem is, the car isn't in the blue book. Correction, it is, but no value. Banks don't like to loan money for a "grey market" car. Good luck.

-b

 

I just borrowed 12000 from my dad for a 98 w/32K(car was $17K). he went through his credit agency at work. Got a real low interest rate. Only took 24 hours once we had a copy of the title.
Shouldn't be a problem at all.

HTH,scott k.


[Modified by elements, 2:56 AM 3/20/2002]

 

thats garbage junglist.............so if you bought a new type r in 2001 from acura...........no bank would give you a loan?

 

I'm curious about this too... since that's about exactly what I will be financing.

 

depends on the condition of the car... spotless? no accidents or repaints anywhere?all maint. records? fanatical first owner.... it is being sold by the original owner, correct? price is a bit on the high side but I guess a lot depends on your location of the country for relative value. you could get it down between 18k and 19k, but it depends on how badly you want the car.


getting a loan should not be a problem if your dad's gonna help you out, unless he has credit problems, then it might be. try credit unions for the lowest rates on loans. also, roughly speaking, figure on $200/mo on a 10k loan for 60 months.

hope you get the car of your dreams and not a nightmare. check it out carefully. I had mine taken to an Acura dealer for checkout before I bought mine. it was part of the deal with the previous owner paying for the check, if I ended up buying the car. good luck.

 

couldn't you also try to just take out a personal loan? not sure what intrest rates would be for a car loan compaired to a car loan. look into that as well this way you can get the lowest intrest.

You should try to get the loan yourself and if it fails then let your dad do it. this way you can get your credit better. this way down the line when you are in the market for a house you will have somekind of large credit to show.

 

personal loans interest rate is usually twice as high as car loan rates, you can only get them max of 36payments, at least at the bank i work at. Borrowing $11k for a car worth ~$19k is a VERY good loan for a bank, they have no chance of losing any money, if the car is wrecked, you default on the loan, etc. I agree also what is posted above, try to get the loan alone, unless you have NO credit, you SHOULD be able to get it, if not, at least co-sign on the loan w/ your dad to help build your credit. need any info just ask

 

Try Peoplefirst.com
I got mine from them..

 

I'm going to go look at the car this coming saturday, owner is swearing that it is in excellent condition, he used it only on the weekends (low mileage). The price is firm, I don't mind paying that much for an almost new CW R.

I'm already financing a car under my name, besides I don't think @ 20 with some credit will I be approved for a loan for $11,000.

So that's that. Thanks for the advice guys. I'm going out tomorrow afternoon to a local credit union to try and borrow $11,000 with my dad. If all goes well, I will be an owner for a 1998 CW R this weekend

ALSO: I got a quote on insurance for about $220/month (on my parents policy). What are you guys paying?


[Modified by skafia, 8:53 PM 3/19/2002]

 

i am under the asumption that if you get a loan in your name, insurance is then in your name also,( correct me if i am wrong). to keep costs down, insurance is NOT in my name and it is still 1200 a year. (statefarm)

 

No, I'm not getting the loan in my name.

I have a 2000 Civic HB that I have insured on my own and I'm going to see how much it would be if I add the R as a "weekend car."

If it comes to about the same as it would be on my parents' policy, I will add it to mine, if not, then it stays on my parents'.

 

Keep in mind that the lein holder (ie the bank) will usually require full coverage on insurance... Not that you should have anything less on an R. Great find, by the way - '98 with only 19k miles kicks much ***. My '00 is about to turn 26k, and I have a beater for a daily driver

My insurance on the R is about $95 a month. Full coverage. I'm also 26, with multi-car, multi-line, accident-free and airbag discounts. Gots to love State Farm

 

The easiest auto loans to get are those you get for buying a certain car from a certain lot.

The hardest are for third party used cars.

However if you have a rather good credit rating, a job, and some references most banks will grant you a $11k loan.

 

don't hammer me.. I bought mine brand spankin new from Acura in 2000. I paid cash though. However when I was going to sell mine and buy one from my friend in Japan. I couldn't get a loan from my bank, and I own a house! Its not garbage. It's what happened to me when I tried to buy a USED one. Personal experience not opinion. I don't bull$hit, EVER!

 

good move trying the credit unions first.

BTW, I pay $850/yr for full coverage on my ITR. try AARP Hartford. you don't need to be a AARP member to get insurance from them (I'm not... yet), but if your dad is a member, rates are low. great company to deal with, too.

good luck. I hope the R is as good as the seller says it is. 19k for a pristine conditioned car is not out of line... just be sure to start deducting for things wrong, if you should find any. use it as leverage to lower the price. he should be willing to move a couple of hundred at least.

 

Just got back from talking to the credit unions.

The best deal that I could get was for 11K over 60 months @ 5.9 APR, exactly what I wanted BUT they needed me to bring in the car to get appraised. DOH. The car is 100 miles away!

So I go to another credit union and they offer 11K over 60 months @ 6.9 APR. Payments will be around 220 a month. All this credit union needs is a "faxed" copy of the appraisel of the car so this is more feasible.

I've been thinking heavily over the Type R and the Type S as far as monthly payments and insurance goes. I cannot ******* decide, god, I'm loosing my hair.

The R will give me a lower monthly overall, and the insurance will be a little cheaper than the Type S, but I can't seem to balance that out with the fact that I can pay a little bit more for the S and get a brand new car with a 4 year/50,000 mile warranty.

God I love the R, and the S seems so promising too. I'm in a pickle. I would also hate to keep racking 30+ miles a day on the R because it would be my daily driver.