| Author |
Message |
    
willtel
| | Posted on Thursday, October 24, 2002 - 10:02 am: | 
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In the near future I have plans to sell my current car and get a 94 or 95 Range Rover LWB. Most of the vehicles I have found that I am interested in are priced around $10500 to $14000. I hope to be able to put down about $3000 towards the purchase. I know from past experience that purchasing an older car can be tough when you don't have all the cash up front and need some financing. (a very nice BMW M6 got away from me because of this) Here is my question. Is it a pipe dream to expect a bank to loan me a decent amount of money for one of these things? I would hate to fine a perfect LWB for 12k and have the bank tell me that they will only loan me 5k on it because of its age. What has been the experience of the rest of the group. By the way isn't this nice?!! http://cgi.ebay.com/ebaymotors/ws/eBayISAPI.dll?ViewItem&item=1870932477 |
Bill Bettridge (Billb)
| | Posted on Thursday, October 24, 2002 - 10:40 am: |
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Try peoplefirst for good used car loans - very helpful folks and good rates on used loans.
www.peoplefirst.com
Bill |
Leslie N. Bright (Leslie)
| | Posted on Thursday, October 24, 2002 - 10:58 am: |
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Try different banks.
One bank did me well when buying my property. So, I went back to them for the Rover, and they wanted to only loan half of the price, and had bad rates. Walked into another bank, they jumped at handing me a check for the whole vehicle w/o a downpayment, and had rates lower by several percent. Much better.
Shop around.
Good luck! 
-L |
Rob Davison (Pokerob)
| | Posted on Thursday, October 24, 2002 - 12:13 pm: |
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typically a bank or credit union will give you %80 of the cars kelly blue book value.
a 1995 LWB from a dealer in excelent condition 80k miles retails at about $13,500 (according to kbb.com)
so 80 % is 10,800 .... you 3 grand down should just cover what you need, provided you have a good credit rating.
however with a bit of searching i think you can find your dream car for about $10000 - your 3 k or finance about 7000, in which case you really shouldnt have trouble finding a loan.
rob |
Justin Day (Polytropoi61)
| | Posted on Thursday, October 24, 2002 - 12:40 pm: |
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Also something to think about might be taking advantage of the home equity rates running around right now. using the equity in your home to get the cash would not only give you the title to the truck as well it would also make some of the interest tax deductible and you might find a great interest rate as well. If you have any questions about it feel free to email me here (i'm a mortgage broker...but not one of the bad ones!!!) and I'd love to help you get the application together.
cheers
justin day |
willtel
| | Posted on Thursday, October 24, 2002 - 01:31 pm: |
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Thanks for the replies. I'm not a home owner so that pretty much rules out that option. I guess all I need to do now is finish prepping my car for the sale so I can pick up a Range Rover. I will certainly let you guys know when I'm ready to buy so you can send me word if there are any good LWB's for sale in your area. I'm in Atlanta. Also I have been looking on http://www.traderonline.com http://www.ebay.com http://www.bvlr.com and http://www.lrx.com any other good sources? |
todd slater (Toddslater)
| | Posted on Thursday, October 24, 2002 - 01:52 pm: |
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will,
another possible option is to take a loan out of your 401k (if you have such). The way that usually works is you end up paying yourself back with interest. |
Rob Davison (Pokerob)
| | Posted on Thursday, October 24, 2002 - 04:34 pm: |
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http://autos.yahoo.com/ |
Mike (Gfy)
| | Posted on Thursday, October 24, 2002 - 06:35 pm: |
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Will,
I am in Atlanta as well and bought my 94 LWB from bvlr.com. They were great to work with...they have a couple of folks they use for financing. I took the home equity route, so I can't help you with that...
I had a great purchasing experience with bvlr, their shop is great too. They let you know what's going on and what your options are. They aren't pushy...
Mike |
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