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Thread: Used car loans

  1. #1
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    Default Used car loans

    Anyone have any suggestions for the best rate for an used car ?

    I have already talked to my credit union and found out they only give car loans for new cars (8 years old or newerif I remember correctly). Thats not going to work for a 40 year old corvette.

    I know I can get a home equity loan for anything and it was quoted to me at 6%.

    Are there any sources for car loans I should look into?
    Thanks for any information.

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    Home Equity Lines of Credit (HELOC) are usually cheaper than a fixed rate Home Equity Loan. Most HELOCs have adjustible rates. Mine is currently at 4.99%. With a 40-year old car you'll probably need cash for the inevitable restoration and/or mod so a HELOC may be good for you. Most banks or credit unions will lend you up to 90% of your equity. If your home is worth $300K (even in the current market) and you owe $150K on your first mortgage you could have a 90% HELOC of $120K (90% of 300 is 270; 270 minus 150 is 120). A 80% equity will probably have a cheaper rate and get you about $90K. With a HELOC you can borrow all or any of your line of credit limit like a credit card. Sit down with your credit union loan officer and discuss your options. That 6% rate sound like a fixed rate home equity loan (you borrow one amount and you get that amount up front while the HELOC is like having a credit card). Find out what the minimum and maximum rates for an adjustible (ie: minumum 3.9%; max 18.9%) HELOC.

    What year/model vette are you looking at?

  3. #3
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    Im looking at a 69-72. Probably going to need an extra 10k to ge the one I want. My house i paid off so I should be ok getting the loan.

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    Quote Originally Posted by entropy454 View Post
    Im looking at a 69-72. Probably going to need an extra 10k to ge the one I want. My house i paid off so I should be ok getting the loan.

    My rule of thumb: Dont borrow money for a car. if you cant pay cash then you really cant afford it. IMHO that is the main reason why people are in trouble today. Too many loans on crap they dont need. Probably why I drive a 93 c-4 not a 09 c-6.

    HOWEVER, since your house is paid for, you must be debt free. First choice would be to save $$ (use what you would for a house payment) and in little to no time you have the cash. If you just cant wait then home equity loan like napa said. You may be able to deduct the intrest just like you can for a mortgage.

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