Auto Loans for Older Vehicles

Discussion in 'RT/10 and GTS Discussions' started by UNRATLD, Nov 16, 2009.

  1. UNRATLD

    UNRATLD Viper Owner

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    Does anyone know of a company which offers auto loans for cars over 10 years old?

    Most banks don't want to offer an auto loan for a car older than 7 years.

    A friend of mine is looking to buy an older Viper but wants to finance it, and is having trouble finding a lender willing to finance older vehicles.

    I figured if anyone would know, someone in here would.

    Thanks!
     
  2. jasontiff

    jasontiff Viper Owner

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    PenFed will do it...and at 3.99% no less.
     
  3. Sweet Ride

    Sweet Ride Viper Owner

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    Credit Unions are a good source.
     
  4. Stretch

    Stretch Viper Owner

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    +1 for PenFed
     
  5. AZMotorgod

    AZMotorgod Viper Owner

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    Also +1 for PenFed.
     
  6. UNRATLD

    UNRATLD Viper Owner

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    Looks like PenFed it is! Thanks!
     
  7. AZMotorgod

    AZMotorgod Viper Owner

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    You won't be disappointed. Very quick and easy to deal with. If you decide to sign up you may want to call them. I found it easier then going through the website. You do not have to be a "federal employee" either so do not be discouraged. Any problems call them or post here.

    I am in now way affiliated with them but I just re-financed my GTS with them and I could not be happier. Going through them was easier than dealing with my credit union that I had been with for the past 10+ years and I went from 7.99 to 3.99 percent. Go figure. Good luck.
     
  8. white out

    white out Viper Owner

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    You have to talk with a manager. When I was calling around on my '99 (September '09) the first person would give me a 1 year loan, I am currently on a 5 year loan with a very nice interest rate. :D

    Nick
     
  9. Bruce

    Bruce Enthusiast

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    I had the same problem when i purchased my 2000 GTS this past March. I had all but $2,000 cash to put down on the car and the damn bank still wouldn't loan the money. That equates to a $2000 loan for a 37K car. Makes no sense to me. BTW i have excellent credit too.
     
  10. jasontiff

    jasontiff Viper Owner

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    As long as you have good credit, PenFed will finance it. I financed my 1998 with no problem. They'll loan you up to 80% of the NADA value of the car. I didn't have to speak to a manager at all. I applied online and I was set up very quickly.

    Something to note: If you're looking at a SPECIFIC car, they'll write the draft for that particular VIN. If you're just Viper shopping and want to be ready to pull the trigger, you need a different kind of check. Be sure to specify when you call/apply.
     
  11. 00SVTdubs

    00SVTdubs Enthusiast

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    I agree, good credit gets you in. I have used a credit union and this time Chase bank who is typically really strict on old vehicles. I just financed a 93 (gen1) with 0 down and decent int rate 5-6%. 735 credit, 25 years old, 3rd viper and probably 8th car/bike/boat in this last year so the banks I have used in the past will keep loaning because they know I have good credit and pay... I just go through cars fast

    It can be done, just ask
     
  12. sdaddy

    sdaddy Viper Owner

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    If you have to use the 10 year old Viper as collateral to buy a 10 year old Viper, you might want to rethink your priorities. LOL
     
  13. jasontiff

    jasontiff Viper Owner

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    Dunno about that. I think you'd be surprised at the number of guys on here that have financed their car, myself included. Maybe it's not the most financially sound decision, but when I did it I said "I can afford to do this right now; in a year maybe I can't. Enjoy it while I can." I haven't looked back since.

    I DO put enough money down so that if I need to get out of it in a hurry (in the case of a job loss or personal financial crisis) that I can. Otherwise, let the good times roll.
     
  14. 00SVTdubs

    00SVTdubs Enthusiast

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    why outlay all the upfront capital for something Im only going to keep a few months, a year at MOST? I consult medium/large size companies with lease vs finance vs pay cash decisions for a living so I don't think I have to "rethink" anything. I like the concept of using other peoples money for depreciating assets and using mine to generate revenue elsewhere... to each their own though...
     

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