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Old 10-20-2013, 01:32 AM   #1
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Financing Question?

Hey I'm pretty new to this forum, this is my second post. I decided that I want to get a wrangler TJ but when I was at the bank yesterday they told me that I could only get an auto loan on '06 and newer vehicles. Alternatively I could get an equity loan on my '03 sierra but only up to 5K. Personal loans are out of the question due to unsecured debt (student loans). I have an A+ credit score and have never had a problem getting financed but I seem to have found my limitation. How are you guys financing older vehicles?

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Old 10-20-2013, 07:06 AM   #2
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We kinda had the same situation when looking at our 04. The personal loan rates were ridiculous. In the mail appeared an 18 month 0% credit card offer, so we used that. Took 5k from savings and used the cc check for the other 5. Good luck!

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Old 10-20-2013, 08:23 AM   #3
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sell the sierra and use that plus a loan to buy your TJ
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Old 10-20-2013, 08:38 AM   #4
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save your money until you can pay cash
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Old 10-20-2013, 08:40 AM   #5
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save your money until you can pay cash
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Old 10-20-2013, 09:14 AM   #6
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Old 10-20-2013, 09:47 AM   #7
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I took out a personal unsecured loan. Though 19 with no credit score, I had to have a cosigner. 7.8% interest rate, which I didn't think was too bad. Was the lowest rate they could offer on those loans. I looked at it as an opportunity to build up good credit and get the vehicle of my dreams
The only problem I've had with it is that my bank did something kinda crappy and took my payments and paid off the interest before they started putting my payments towards the principle. So if I decide to win 5k from a scratch off card tomorrow(as if) I'll be paying the same amount of interest as if I paid it off in the 3 year period. At least, looking at my loan numbers online that's what it looks like.
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Old 10-20-2013, 09:54 AM   #8
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Search some credit unions. That's how I got my loan for my 05 last year
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Old 10-20-2013, 12:23 PM   #9
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x3
x3. Financing a 2005-older vehicle is idiotic.
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Old 10-20-2013, 02:37 PM   #10
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I bought my 06 in 2010 through Carmax and they have in house financing. Since I had little credit established my interest rate was high but they were the only way I could get financing. I just got my monthly as low as possible and made a double payment directly on the principle. I initially had a 72 mo loan and after a refinance, I paid it off in 2 1/2 years.
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Old 10-20-2013, 11:41 PM   #11
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Thanks for the ideas, some were better than others. It looks like USAA will finance me up to a certain amount depending on the year, vin, etc. I'll also look into Carmax, there's one a few hours away from here in ABQ.
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Old 10-21-2013, 07:45 PM   #12
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Thanks for the ideas, some were better than others. It looks like USAA will finance me up to a certain amount depending on the year, vin, etc. I'll also look into Carmax, there's one a few hours away from here in ABQ.
i had usaa on my first vehicle loan they were great a lil high but great the second time around I tried to stick with them but found someone who offered half the interest rate as them So if u can shop around.

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