[kentuckyheavensent]

Been looking for one of these cars and have found a few that I like, but their value in relation to their loan value is so out of whack, that it makes it hard to get one.

For instance the 2000 models that I have found were:

2000, 29K miles, for around 9500.00. Loan Value is only 7500.00
2000, 14K miles, for around 12000.00 Loan Value is only 8500.00

A fella would almost have to buy a new one to get one, unless you can just plop down the cash!

jj

 

[Holicow]

You can't find a loan for the full amount???

 

[Corey872]

I would say definitely search around for a different lender. Used to be people would say..."go to your local bank", but I usually find my bank has just about the worst deal for any type of financing.

I actually ran into the opposite problem financing my car...I wanted to put down a fairly large down payment and finance a small amount. But the lender had a MIMIMUM finance amount. The more they finance, the more they make.

Good Luck!

 

[Yves M.]

Corey, that is exatly the same as me. They wanted me to finance more. So I financed the total car plus a virtual amount for mags, tires, anti-corrosion (about $4000 more than the car).

They gave me a slilty better rate as the amount was bigger. It was a personal loan.

And the next day I had the loan I repayied the amount I already had plus the extra amount they gave for the virtual additions.

Of course, I had to convice them of my sudden change of hart after the informed me how things work and I made the loan.

At the end I had better conditions in % interest and I still had a loan as per my needs.

EDIT:
And last year I converted my loan into a personal credit margin that was 2% lower in interest (about same a house loan)