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-   -   used loan (http://www.wakeworld.com/forum/showthread.php?t=793057)

mastercraf 04-28-2012 12:48 PM

used loan
 
Looking for a used car loan. Tried my bank and was approved with my credit history and such, but they wouldn't provide payment after hearing the car was a 2006 with 95K on it.

Do you guys have opinions or options of finding a used loan? maybe a credit union?

dru1974 04-29-2012 12:42 PM

Shouldn't need to. Or borrow money on a vehicle that old. U should pay cash. If u can't. U can't afford it.

07LSV 04-29-2012 12:57 PM

Quote:

Originally Posted by dru1974 (Post 1748112)
Shouldn't need to. Or borrow money on a vehicle that old. U should pay cash. If u can't. U can't afford it.

Some people dont have the means to just pay cash for everything, and would rather not drive junk with 250k miles that they can afford to pay cash on, so your respond is entirely worthless and unjustified considering this is not what he asked for.

As for the original question, I have never heard of this being a problem personally. Do you maybe have a mediocre credit score that causes the to raise a flag? I would consider going elsewhere, maybe to a credit union that appreciates your business. I only say this because I have owned 30+ cars, and a few have had 100k on them while only a few years old...all financed and sold within 6-months to a year. Never had a question asked about miles, only the general condition if at all.

murphy_smith 04-29-2012 1:24 PM

pentagon federal credit union - 1.99% on used car

dru1974 04-29-2012 1:36 PM

Ya no question. Ummm. I do believe it was loaning people money that have no collateral was the reason the USA are in a major recession in the first place


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dru1974 04-29-2012 1:39 PM

Besides what could a 1996 vehicle cost. ? I am not trying to be a dick


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07LSV 04-29-2012 1:46 PM

Quote:

Originally Posted by dru1974 (Post 1748117)
Besides what could a 1996 vehicle cost. ? I am not trying to be a dick


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I am here: http://tapatalk.com/map.php?o3ygoz


Considering the vehicle in question is a 2006, you're looking like more than a dick. A little more than car value loans were the main issue for the financial fall out as well. There is a huge difference between not being able to afford thousands a month for a mortgage and deciding to borrow money for a $2-300 month car note for a few years. It seems you have your head on backwards.

Imagine the shape the country would be in if nobody borrowed and everyone paid cash. There would be no real manufacturing or housing market since 95% of people couldnt afford to buy a thing.

mastercraf 04-29-2012 2:41 PM

Quote:

Originally Posted by dru1974 (Post 1748112)
Shouldn't need to. Or borrow money on a vehicle that old. U should pay cash. If u can't. U can't afford it.

For someone who is 23 and just started working a few months ago I don't have 10k laying around. Anyways it's not a question of my credit. I got approved for the amount, but the car did not get approved. The bank stipulation was it had to be newer than 2007 and less than 75k miles.

07LSV 04-29-2012 3:57 PM

Well dont be afraid to go somewhere other than your bank. I actually use a credit union separate from my bank for all my loans. It just ends up being better every time with no questions asked.

kstateskier 04-29-2012 5:21 PM

I love people that want to tell others how to spend their money. Paying cash is not always the smartest financial option, especially with very low car rates out there, you will gain more with your money in certain investments. I also like to help out other local businesses when I can, so that in turn those individuals can help me make money.


I agree, go to a credit union. Are you trying to get a loan with no money down?

JohnP 04-29-2012 5:46 PM

Banks will not lend money on a car over 5 years old most of the time. Credit Union is the way to go!!

mastercraf 04-29-2012 8:51 PM

Quote:

Originally Posted by kstateskier (Post 1748136)
I love people that want to tell others how to spend their money. Paying cash is not always the smartest financial option, especially with very low car rates out there, you will gain more with your money in certain investments. I also like to help out other local businesses when I can, so that in turn those individuals can help me make money.


I agree, go to a credit union. Are you trying to get a loan with no money down?

Unfortunately yea. I have my old car truck, but can't sell until I buy. Need to get back and forth to work everyday.

murphy_smith 04-30-2012 6:44 AM

For the Second Time....go to PenFed.org

It is the best rate in the country on a used car. With a 2006 you can go up to 60 months if needed and the rate is 1.9%

It costs 10 bucks to join and that money goes to the troops.


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