Call your car insurance company. I used State Farm, for a 5 year old vehicle my bank wouldn't touch. My bank won't loan on anything older than 3 years. I was all set to use State Farm again when a deal showed up on a 64 Chevy II. That fell through, but wouldn't hesitate to use them again. They were very easy to work with. Interest was a bit high, but no real restrictions, easy application, approved in a couple of hours. I hate being in debt also, currently I just have a house payment, but if a good deal on the right car came along, I'd do it.
Damn good question! although... I don't really think he is looking for our financial advice, just where to get a loan...
I live in the next town over from J.J. Best & Co. The owner is a collector "car guy" and knows what all cars are worth and how much money they can lend. Good reliable company. I financed my woodie with J.J. Best over 10 years ago. J.J. Best sets up a finance booth at all major car auctions.
My point is that buying a car with a loan is a better rate (perhaps 1/2?) than he's getting on his cards now - and if he can get a bit more, pay off the higher rate card with the difference.
All my toys were purchased with cash. Of course it took me 45 years to save up enough to do that, and of course after 10 years of enjoying them all, I'll likely drop dead of old age, but hey, what the hell they are mine, lock, stock and barrel. As to my daily driver, I financed that beast. If it get so bad that they come for it, they can have it. The others are keepers.
Our credit union has a antique car loan, last I checked it was at 10%. But then thats been awhile.
I've always thought that if you can't afford to pay for a toy or a new car, you shouldn't be buying it. If you "need" a DD, then there are many cars that can be bought much cheaper to serve the purpose and be paid for in full. I've been doing so for many years. When the big credit crunch hit, guess what? It didn't bother me at all. I don't owe any credit cards, didn't get caught in the declining home values or mortgage mess either. I used to consider myself less fortunate than others in some regards. Now I feel much better. LOL
Most financial instutions will check your credit rating,then look at what you owe for and how much you earn..lets them see if you have the ability(and funds)to repay... especially in todays economy and tight money!
I do this for a living .... JJ Best is the one ..... about 9% ... credit has to be at least FAIR or ABOVE .... if ya want more info PM me ... I talk to Joey at JJ almost everyday ....... ....... jersey Skip
I'd strongly recommend saving for what you want and pay CASH! In our current economy, getting something on credit, whatever that something may be, is NOT a good idea. Everyone borrowing to get what they want is a BIG cause of why the world is like it is right now. Save your money and pay cash!!!
Credit unions are the way to go as they mostly do loans amost members they are not affected by the crazy stuff happening in the stock market.
BORROWING MONEY TO PAY FOR TOYS IS ****IN RETARDED. absolutely get whatever you desire so long as it doesnt put you into debt. patriotism should now include being responsable with money.... get educated, at least take some time to listen to that Dave Ramsey fellow, he is wise with finances...
A personal loan is always going to have a higher rate than one obtained by a pledge of property (car, real estate, stock), because it has no backing except your credit history.
PM me. I have been in the cl***ic/sports car funding business for 20 years. I will be happy to take a look at the situation.
Get a loan if its a deal you cant p*** up, or if its loan terms that will help build a history. I used a signature loan at a Credit Union, 3k for 12 mos at like 10% (not bad not a no-collateral loan) that was 270/mo to pay off. This enabled me to buy the truck AND get it running and streetworthy at the same time. I could have afforded the truck cash alone, but it would have had to been towed home and sat for a while til I saved or used credit to fix it. Worked out well for me. My 3k loan is 3 mos from paid off, and all told I have 6k into the truck and its a reliable daily driver. And yea, for the cash is king people, you are right, but sometimes, you just have to make a sacrifice to get what you want.
I lost out on buying a car I really wanted once before. I would have paid double what the guy wanted and missed the boat. Ill gladly extend credit when I can afford the payment to get something that I can't find elsewhere. Yea, its dumb. Oh well.
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