Hi All,


After a brief period of being responsible and thinking I could go without something fast I once again have the itch and I was debating getting into an EVO 9. However, I'm semi concerned I will not be able to find a loan on a 11 year old Japanese car. Those who have financed there car can you post the bank and rate? Also any buying advice would be greatly appreciated (things to look out for on evo 9's)



Thanks!!


If this is in the wrong section mods can move or delete.

 

5 years ago I financed my 2003 through SCE federal credit union. I think my rate was 3.6%

 

Hello & welcome

This is a great thread that will help you w/your questions

https://www.evolutionm.net/forums/ev...oking-evo.html

 

Seek out help from credit unions. To the best of my knowledge the big banks won't take the risk on a car older than 5 years. I've seen 3% advertised with credit scores in the 800 range. If you have a score around 720-760 you will get somewhere around 4.25-4.99 %. I went through this very thing. Also the bank will loan up to 120% of the car value. I suggest you keep about $6k or so to put down on your purchase because the bank will only loan on a book value they deem is fair market for the car. I hope this helps.

 

The bank will finance you if you have excellent credit, over 670.
What is the loan amount needed ?
What term 12 24 36 48 etc ?
Private seller or dealership ?
Car lots make their bread and butter on USED cars, just don't take a high interest rate, anything over 7.7 is high.

You don't wanna pay twice for the car..

Dealerships ask for at least 1/3rd down of total loan financed, and make sure you get G.A.P, IT WILL BE APPLIED TO YOUR LOAN (financed)

 

Also time on the job will help you, and I hope you are making double of what the car is worth to be considered a low risk applicant.

The dealership will want to know how much do you have coming in VS what you have going out !!

Put down as much as you can, don't go empty handed.

 

Appreciate the input guys! It will most likely be bought from someone on here or another forum. I do have decent credit and make fairly decent money so I guess a credit union would be my best bet.