Can anyone point me in the right direction on where to look for financing for a Type R. I financed my last one through a loan from my father. Being older and wiser now, im looking for a financial institution or other lender to purchase my next R through. Im looking at a 1998 CW and 2001 NHBP. I really appreciate any insight you guys can give me.

 

It's hard to get a loan on an ITR unfortunately. Many banks will not give you a loan on a car around 10 years old. It doesn't help that banks go off of NADA/KBB values when they look at giving you a loan. They usually go off the value of a GSR since the ITR is not listed due to scarcity/rarity (or simply deny you a loan altogether). The best thing to do loan-wise would be to find a credit union that would give you a collector car loan. It seems to me that cash is the way to go when buying an R. I'm not saying that it is impossible to get a loan for an ITR, but you will probably have a fair bit of trouble (and they will probably expect a lot more down if they don't have a solid value to go off of). I would make sure you have a good bit of knowledge about current pricing, and show them many good examples of what they are going for if you go the loan route. I know there are guys on here who have done it, so hopefully they will chime in with some details if getting a loan is the route you want to go. I'd personally say you are just better off to save up until you can just straight up buy it. It will give you a ton more purchasing options (you might find a salvage title/theft recovery ITR that was rebuilt you want to go with . . . which would be even MORE difficult to get a loan for). You can get what you want if you have the coin, and you don't have to worry about being approved for a loan. Also, having the title in your hand immediately will be worth the all hard work and the long wait!

 

Look for a line of credit.

 

Mike and Scotty pretty much gave you your only options. I couldn't even get financed for an 04 TSX for $7000 because it was too old. Yet going through my credit union i was approved for my 03 Lexus IS300 in minutes for $14000

 

hmmm.. First ? is do you have GOOD credit! When i bought my ITR thats what all banks asked me. Getting a loan is not hard but time consuming. if your dont have good credit or any credit you won't get a loan but you can always have someone with with good credit CO SIGN the ITR FOR you. GL WITH THE ITR!

 

Definately check credit unions, mine doesn't have a limit on age. I had just bought my parents a car so all of my car money was gone when the 97 ITR I bought came up, got a loan in Jan 2010, 5.5% interest on $5,300 of the car (all they would loan). Even though they will loan the money, they will only loan up to 70-80% of black book value depending on mileage, but all banks/credit unions differ on policies.

 

Damn, in Australia most people can get unsecured personal loans up to like 30k with no problem!

 

not here, credit score and debit to income are two major factors on loan amounts. even with a good credit score some banks {like citi} will do all they can to jack your interest rate. come to think about it i think citibank is the single worst bank in the country, at least large scale bank. they once told me a credit line hedged with my frigin house would carry a 32% apr. needless to say that's one bank i really wish would have went out of business when they were critical not long ago.

 

Are you a first time car buyer? From your original post it seems like you are. This will change things a bit if you look to walk into a financial institution and get a loan.

 

If you cannot afford to pay for it outright, you cannot afford to lose it either. I anticipate that such an acquision will be life altering for you in terms of paranoia, OCD, and other preoccupation.

 

You can get a loan easy with good credit in any of the federal credit union, just only you need to became a member of it that usually you can do it just with $40.
ex. Pentagon Federal Credit Union.

 

You should be that much wiser now not to finance a 10 year old car.

 

Nobody even mentioned the most important thing!!!

Sir, this is an easy choice... CHAMPIONSHIP WHITE FTW!

 

How many banks did you contact? Do you have any experience trying to get a loan to buy an ITR?


I know someone that got a loan for a 97 type R in Sept of 2008 (during the credit crunch, worst time to get a loan just about EVER)

He was able to get a 14.5k 60 month loan @ 6.84%

 

Thanks for all the info guys. Actually, ive had about 8 cars with 1 being a 2001 R that I sold to get money for an engagement ring (dumb, I know). Im contacting a few credit unions currently and have only heard back from one saying a 2001 is the oldest they will go. I want the 1998 CW, but its not looking good. I do have great credit so that should help. Also, have a low debt to income ratio. I appreciate all the help guys, thanks.

 

I went to my credit union and asked for a 18k loan for a 01 with 28k on it and I got the loan within an hour. The NADA value of the car at the time was $14,500 and thats all they go by, they don't care how many examples of dealers or private party sales you bring them bottom line is what book value is. So the car was valued at $14.5k and I was able to get 125% of that value with something called gap insurance which cost me a one time fee with the bank. The only down side to this loan was that it was only for 48 months which gave me a monthly payment of $408 but now just two months later I owe around $14k and my payments have come down a little. This was my 6th loan with this credit union at the age of 25, my second used car loan. I also had a $10,000 personal loan three years ago so I'm assuming I have good credit although I've never actually looked into it. Its possible but more then likely you will need to pay cash for a ITR.

 

I didn't contact any banks and have ZERO experience trying to get a loan to buy and ITR. I just write things in the ITR thread to sound cool . . . . . . . . . . . .

Saw this coming . . . anyways . . . I have had a couple experiences looking at getting a loan for an ITR. I was debating on a couple different vehicles, with an ITR being one of them. The car was clean titled and both banks (local bank and Wells Fargo) I dealt went off of GSR pricing. I only went to two banks and my local bank was willing to finance us on the '99 EM1 with a rate of 3.9% for 3 years. They told me that was about the oldest vehicle they would finance us on. The vehicle better fit our needs at the time, so we dropped the ITR idea. I was pleased with the rate and the vehicle was exactly what we wanted, so we quit looking around. So to answer your question: I contacted 2 different banks, and yes I have had experience trying to get a loan for an ITR

 

Thats odd the bank didn't go off the ITR book value, NADA has a price listed for ITR's unlike KBB and from what I have seen most banks use NADA.

 

odddd
i was curious too and NADA does not list the R. It mentions it in the description but does not even give the option to look up the value..suxxxx

 

yeah, if they are going off GSR pricing that would make sense why you couldn't get a loan. Hard to complain though when you got 3.9% for 3 years on the EM1.

 

Most go with the black book value, which DOES list the ITR. The values are not real world values however.

 

So when people finance a 25 year old exotic with a collector car loan they must be stupid?

I wouldn't have had to finance my 97 either if I hadn't just bought a 2006 Accord EX-L V6 for my parents who needed a newer car, although in hindsight I likely would have financed it anyways.

Sure, I could have pulled money from elsewhere (and did to buy the car in cash initially), but after figuring the numbers, a 5.5% simple interest loan, which will be paid off easily in 16-18 months, was a far more intelligent financial decision, since I make more on that money in other accounts than the interest cost me (about 3-4 times more on average, sometimes less, sometimes quite a bit more, and then you make even more, etc.).

Loans are only evil if you use them to buy things and you're living month to month, something that should be much more difficult at this point since so many financial institutions are much more risk-adverse now. Sometimes buying things in cash actually costs you money, if you are willing to spend the time properly managing investments with that money instead of spending it on mods for the car anyways

 

NADA does list an ITR option and gives you a price, don't know how you guys are missing it...

Not sure if this link will work but I just looked up my ITR on NADA ...

http://www.nadaguides.com/default.as...10512&mi=29254

 

Both banks showed me print outs off of KBB.com for GSRs. He said they went off of that because KBB won't give a price for an ITR. I'm not really sure why they wouldn't look into it more (they must think it's a spaceship since it's not a Chevy Silverado . . . Fargo, ND FTL ) I love how he acted like a "fully loaded" (that is what he said verbatim . . . LOL) GSR should at least be close . . . WTF. We were leaning heavily towards the EM1 and decided to look at another bank (Wells Fargo). After some initial talk of 7.9% and another GSR print out, we headed back to our small town bank.

The GSR price is all they would give me a loan for. They would give me the loan, but I would have to make up the difference with much more money down. We really didn't want to put a whole lot down, and wanted to get the best interest rate possible. I was really happy with that rate, so we jumped on picking up the EM1.

 

its possible...I did it ..you will probably have to do it at a credit union. thats where i financed my 01 itr bro has to be clean title ... chase and capital one suck cack