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alamantia 01-29-2009 10:47 AM

Auto financing question
 
Friend of mine has a beautiful 2002 caddy, guy knows how to take care of cars. He is selling it and gave me first crack at it. Problem is I dont have the full amount liquid right now. I was thinking about a loan, but you cant get a loan on a 7 year old car right?

foff667 01-29-2009 10:55 AM

There are tons of options out there, I'm pretty sure you can get an autoloan on an older car but there might be specific limits set by your bank/credit union. Then there are personal & heloc's you could take out as well depending on your situation.

Heloc's are nice if you itemize your deductions at tax time since they are deductible.

-Bill

BonzoHansen 01-29-2009 12:18 PM

Try Capital One auto financing. Or your credit union, if you are in one.

NJSPEEDER 01-29-2009 12:29 PM

I used Cap One for my Camaro loan. Did everything online.

alamantia 01-29-2009 04:16 PM

problem is this car has 77k on the clock

7998 01-29-2009 04:49 PM

Capital One doesn't offer private party sales anymore but they do offer personal loans.

MonmouthCtyAntz 01-29-2009 04:53 PM

Probably better off getting a personal loan...see what some banks will offer you. If you get an auto loan you'll have to carry full insurance.

Saitin 01-29-2009 06:30 PM

I know most dealers won't finance anything over 9 years old with more then 80k on the clock

jims69camaro 01-31-2009 08:05 PM

do some looking around. there are banks that will lend what you need. hell, some banks will lend up to 12 years, if you need it.


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