how to you usaly go about getting such a high loan for a car that a bank would consider old and not worth what your asking too borrow? is it better to go in a ask for a personal loan and not mention the auto at all?? i need 22,000 loan for the one i wanna try to grab... let me know what you guys think or what you did to get yours.... thanks

 

You will have a very hard time financing a Type R through a bank for the whole amount, especially $22K.

You can take out a personal loan, but will get raped on your interest rate. An auto loan interest rate is typically significantly less than an personal loan's interest rate will be, this could depend on your credit rating as well. At least those have been my findings over the past couple of years.

Bottom line, you won't find a bank to give you $22K for a Type R that is now considered 7 years old. At least not an auto loan.

Best of luck to you though

 

for 22K the ITR better be near brand new condition

otherwise, you are getting ripped off

as for the loan, most banks will not issue an auto loan for a car older than 7 years old
so a personal is one of the alternatives but you have to have extremely good credit to secure one at a reasonable interest rate

 

last year I could only get 11,200 for an auto loan for my R. that was a 2000 with 115K on it

 

Must have a really strong car credit history inconjunction to excellent history on personal lines of credit.

And, some money down.

 

Credit Unions are pretty good about financing cars older than 7 years old and their rates are pretty good. All you have to do is plead your case and prove your point. My friend got approved for 27k on a 1994 Supra with 66k miles. Another one got an 2001 ITR with 22k miles and received 19k.

Capital One tends to finance cars for larger amounts as long as you have good credit. But they hammer you at 8-9% and up.

 

It will be near-impossible. Your best bet would be a credit union, but I doubt you'd get approved for half that.

Have you factored in insurance? It will be insane in NJ.

 

i wanna try and pick up that one on ebay with 10k miles. prob is im broke bc i just spent 12 grand on a k24 engine build for my civic lol.... ahh im gonna see what capital one has too offer... im not worried about the insurance. and my credit score is just over 700

 

I got a personal loan for my ITR through my credit union for 14K. They didn't give me any grief about it. They wouldn't do a car loan because the car was older than 9 years old.

 

I was able to finance my R last year for 17K with nothing down. At the time I had what creditors would describe as GOOD credit.. 670ish credit score.

The bank I originally got financing through would loan me whatever the price of the car was. The only criteria was that it had to be under 100k miles.

B/C of some difficulties with my financing and the sellers, I walked in off the street and got a loan for the R the same day at the sellers bank. A week later I refinanced with the original bank and even got -2% on the APR.

It is possible to get the financing you need, you just need to shop around for the best terms.

 

ok. i went around and around with my bank. it kind of pissed me off. i have been with the same bank since i was like 14 years old or some ****. my grandpa set up a savings account and put money into every year.

so, taking into consideration, i am 24 now, so technically i have been associated with my bank for roughly "10 years".

i was looking for a type r before i bought my 01. anything under a 99 i was screwed. the bank was telling me that 98 and under itr's are only worth about 8 grand. so i found my 01 py itr i have now with 42k on the clock and bought it for 14k. i was allowed up to an almost 19k dollar loan. only for the simple fact that it was an 01, which means it is newer. i only took out a loan for 2 years so my loan payment is roughly 350 a month but i pay 425-450 a month for it, so it will be paid off way early.

so to make a long story short, i sternly reminded my loan officer that i was with the back for 10 years, i have had 2 real jobs my life so far, which i was at for almost 5 years a piece. plus i had to greatly stress the RARITY, of a type r, and how they dont really depreciate in value if you keep them clean.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by dc5-r_0144 &raquo;</TD></TR><TR><TD CLASS="quote">i wanna try and pick up that one on ebay with 10k miles. prob is im broke bc i just spent 12 grand on a k24 engine build for my civic lol.... ahh im gonna see what capital one has too offer... im not worried about the insurance. and my credit score is just over 700</TD></TR></TABLE>

Beacon is just one of many factors when banks look into your history. You may have paid your credit cards good for a few months but can you make a 5-6 year car payment on time? The credit union will most likely approve you at 60 months (and no more) assuming you get approved.

Lets put these numbers in perspective.

You want to buy a $22,000.00 car. Register, Title, and Taxes will amount near $24,000 amount financed. Lets pick 10% as a ficticious interest rate. Assuming you put $0.00 down. Your payment will be about $510 @ 60 months.

Think about it.

<FONT SIZE="6">$510 for 60 months</FONT>

Do you want to pay that amount until the year 2013? For a car thats nearly TWENTY years old? Most importantly, does a bank want a kid with a fresh 700 Beacon to be financing that old of a car until 2013? You are a RISK to them which is why most will turn you down.

 

my credit union financed the whole ammount for my ITR. $350 a month

 

i bought it from an Infiniti dealer that just happen to have the R there...i had to have a CO-signer to get it plus 1,000 down, and my payments are $405

 

A couple of local credit unions finance autos based off of credit tiers, rather than the year of the vehicle. But they have a mileage restriction. So, a car could be in the 90's and still get the same rate as a car in the early 00's. They finance only a certain percentage of value, in the case over here in Hawaii, Kelley Bluebook. So, say you are a tier A+ (Isaac score of 720+), you can get financed up to 115% of retail bluebook. I hope you have a good credit score and a retail value of your R that you are trying to buy of $19,000 (which I doubt).

 

Good thread. Yes, this is one of the issues I'm running into with selling mine. I've had tons of interest, but the problem is that everyone wants to finance the entire amount, which is indeed virtually impossible unless you get a personal loan.

It is a shame that all of the appraisal websites price the Type R at such a low dollar.

Good luck

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by dc5-r_0144 &raquo;</TD></TR><TR><TD CLASS="quote">i wanna try and pick up that one on ebay with 10k miles. prob is im broke bc i just spent 12 grand on a k24 engine build for my civic lol.... ahh im gonna see what capital one has too offer... im not worried about the insurance. and my credit score is just over 700</TD></TR></TABLE>

Have you ever heard of Dave Ramsey, Financial Peace University. His methods are nothing new at all, just an awakening...help my wife and I save tons and changed our mindset.

If I was in your situation, I wouldn't buy anything at all, suck it up and wait, save your money.

 

When I bought my ITR, I borrowed the whole amount through my line of credit. I think it was only like 6%.

Beauty of it is, I was able to pay it off at my own leisure over the next year.

Apply for the LOC.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Back in Black &raquo;</TD></TR><TR><TD CLASS="quote">Good thread. Yes, this is one of the issues I'm running into with selling mine. I've had tons of interest, but the problem is that everyone wants to finance the entire amount, which is indeed virtually impossible unless you get a personal loan.

It is a shame that all of the appraisal websites price the Type R at such a low dollar.

Good luck </TD></TR></TABLE>

Jason, I wish I wasn't in the market for a baby-mobile (Odyssey, Ridgeline, etc.) or I would love to have your car. No kids yet (congrats on yours !!!) just planning.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Splat &raquo;</TD></TR><TR><TD CLASS="quote">It will be near-impossible. Your best bet would be a credit union, but I doubt you'd get approved for half that.

Have you factored in gap insurance? It is insane in NJ.</TD></TR></TABLE>

fixed

 

It really helps to finance a Type R when you have another car that you will soon be selling to help cover the spread in street vs. book value.

When I got my '97 over four years ago with 24k miles, fresh out of college with no money and a decent job, I financed what they (NC State Employee's Credit Union- 4.25% ftmfw!) could do and did a personal loan for the 5K difference.

Then, shortly thereafter, sold the GS-T I was temporarilly driving and didn't accrue any interest on the 10-12% personal loan by paying it off immediately.

-Matt

 

i made an offer on a 01 py type r in early jan. the credit union was having a hard time getting a "value" of the car, but finally allowed for "retail value" from kbb. retail value is what you should expect to pay at a dealer, and because of the limited number of r's, they were willing to use that value to go off of. sadly, the owner did not take my offer, but the moral is, banks are willing to finance but it will be hard to finance the entire thing with no money down unless you get a good deal.

 

im with a credit union. i got a loan for my 2000 R for 15-16k

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by migs &raquo;</TD></TR><TR><TD CLASS="quote">
Think about it.

<FONT SIZE="6">$510 for 60 months</FONT></TD></TR></TABLE>

F-that! Not to mention, he's from Jersey - he's gonna need that cash for hair gel, lip gloss and tanning sessions.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Mugen Mike &raquo;</TD></TR><TR><TD CLASS="quote">

F-that! Not to mention, he's from Jersey - he's gonna need that cash for hair gel, lip gloss and tanning sessions.</TD></TR></TABLE>

And insurance in Jersey