$8000-$16000 car loans on LS1 T/A's

[candlelit]

Hey guys. I think this is my first post, but anyways...

I'm looking for feedback on your financing for a 98-02 (edit) T/A.

How long did you get the term for on your older or newer LS1 TA?
What are your monthly payments?
How old was your car when purchased?

Thanks guys!

[third_shift|studios]

LOL, GM stopped production in 02, but we won't kill you for that.

I bought a 2000 ws.6 [ram air] model in 04 and got an 18k loan on it for 5 years. It had 65k miles on it. [Broken Down: $14.5 for the t/a, the rest was my trade in which i still owed money on...kind of a shitty deal, but i really wanted the ws.6] I also got an amzing loan rate from my dad's federal credit union: 4.9% so my payments are only 330/month. Not bad considering a bank loan @ 13.9% = 385ish

[chrisl285]

keep in mind if the car 5 years old it is difficult to get a loan on the vehicle.

[Fedge]

yeah, it's nearly impossible to get a loan on a 98...it's gonna be nine in another month or so...

[Tobynine9]

Go with Capitol One.

[98LSGUN]

Go with Capitol One.

:yup: I haven't paid more than 3.9% for a car note with Capitol One in the last few years...

[Silver Streak]

Got mine in March... 18k plus TTL and a $1500 36k power train warranty.. so ended up with a $20,000 loan... 5.5 years.... 390/month on my 02.

[candlelit]

LOL, GM stopped production in 02, but we won't kill you for that.

I bought a 2000 ws.6 [ram air] model in 04 and got an 18k loan on it for 5 years. It had 65k miles on it. [Broken Down: $14.5 for the t/a, the rest was my trade in which i still owed money on...kind of a shitty deal, but i really wanted the ws.6] I also got an amzing loan rate from my dad's federal credit union: 4.9% so my payments are only 330/month. Not bad considering a bank loan @ 13.9% = 385ish
yeah I don't know what I was thinking. I guess I assumed they stopped making them the last year they changed to the new grand prix style (since I've owned 2 of em). that's an awesome loan you got there. My bank tried me for a $26K 04 gto for about 370 a month, six years i believe, but with a trade-in.

[candlelit]

Capitol One sounds like a winner. However with me I doubt I'll be able to get a loan with a lender like that, since I'm not 21 yet and have a short credit resume.

[Silver Streak]

At that point its all about the worth of said vehicle.. and the best co-signer you can find.

[RedE]

I ust traded in my 04 grand prix for 10,000 (ouch!)
Out that towards a 01 trans Am with 129,000kms.
Trans Am was 19,998 and the financing is 9.85% :eeek:

After all is said and done, the car came to $23,9xx.

Hefty price for my dream car :(


***Canadian prices BTW!

[bostonbruins34]

I work for Bank of America and can assure you most banks will not touch a car that is over 7 years old or do 100% financing for a car from a private dealer. I looked at the Capital One loan when I bought mine but the terms wouldn't allow a '98 from a private seller. Their terms were for a purchase from a "qualified" seller (re: dealership) and I wasn't going that route. The rate was fairly decent.

I ended up going with a home equity line of credit. Bought it for $8500, did a fixed rate option (locked the rate) and my payments are around $90 per month!!!

Now credit unions can be a bit more lenient in lending guidelines so you might look into that but the big "chain banks" like B of A, Washington Mutual and Wachovia just won't touch something that "old".

[bostonbruins34]

Oh, yea...Most big banks are unwilling to finance something from a private seller that has over 100k miles...

[nmcgrawj]

I work for Bank of America and can assure you most banks will not touch a car that is over 7 years old or do 100% financing for a car from a private dealer. I looked at the Capital One loan when I bought mine but the terms wouldn't allow a '98 from a private seller. Their terms were for a purchase from a "qualified" seller (re: dealership) and I wasn't going that route. The rate was fairly decent.

I ended up going with a home equity line of credit. Bought it for $8500, did a fixed rate option (locked the rate) and my payments are around $90 per month!!!

Now credit unions can be a bit more lenient in lending guidelines so you might look into that but the big "chain banks" like B of A, Washington Mutual and Wachovia just won't touch something that "old".

So obviously you have to own a house for the home equity line of credit, how old was your car? mileage? Or does that not matter with that type of loan?

[turbotko]

I just bought my 00 TA for $11,500 with 50K miles. Got the loan for 4 years and payments are in the $270's. Everyday I thank god for letting me steal this car from the dealer!:flex:

[bostonbruins34]

So obviously you have to own a house for the home equity line of credit, how old was your car? mileage? Or does that not matter with that type of loan?

Yea, you have to own your own home and have equity in it (take the honest value of your house, multiply by 80% and subtract what you owe and that is the amount of borrowable equity...$150,000 x 80% = $120,000 minus $85,000 owed = $35,000 equity) Stupid bank math. Most people mistakenly think $150k minus $85K = $65k x 80% = $52k equity. Most banks will let you borrow more than 80% loan to value but will totally stick it to you on the interest...

That's the beauty of the Home Equity Line...Do whatever you want with it. You want to buy a rusty '83 Bonneville for $10k ? No questions. Want to buy $10k worth of gum? Go right ahead. I got my '98 T/A for $8500 and have the title in hand. You are only paying for what you are using AND it is tax deductable!! Most places (like my bank) have no application fee, no annual fee and no closing costs...) This isn't an advertisement for my bank, which is why I don't keep throwing the name out there, but it is a good way to buy what YOU want, not what the bank will let you get.

[RedE]

*just smiles and nods slowly with a blank look at your bank math calculations*