Is it impossible to get a loan for an older vehicle?

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Alternate approach:
OP, find the industrial zone/warehouse/out of shopping areas auto custom classic shops in your area.

Talk with them.

I'm sure they know a customer or two who didn't pay cash for a deal...

Also, the guys that drive classic cars daily. They may actually work at such a custom shop...

Oh, and get a decent GF. Find out if she knows how to check oil level and how to change a tire...Furniture building skills would be also useful. Knows how to shoot (calmly). And may know the name of some tools and how to use them.

P.S. money; What can you do or think that your same age friends can't do? Organize a party? start a computer? better photos? Install/Assemble IKEA furniture?
 
You say your Jetta is paid off...can you borrow against it? Should give you a better interest rate than a personal loan.
 
If you are looking for a no/low down loan , not a chance. Try with 50% down or if a credit union freeze your shares to get a loan.
 
The collateral is going to be what the issue is. You could have perfect credit and a boatload of cash in the bank and getting a car loan on a vehicle that old isn't going to happen. The bank needs to know that in the event of default they can sell the collateral and recover their money. That's much easier on a newer car.
 
Originally Posted by fisher83
The collateral is going to be what the issue is. You could have perfect credit and a boatload of cash in the bank and getting a car loan on a vehicle that old isn't going to happen. The bank needs to know that in the event of default they can sell the collateral and recover their money. That's much easier on a newer car.


Exactly. Bank doesn't have the tools to determine the value of this older vehicle, so it becomes an unsecured loan.

They have the tools on newer cars. Ergo, loan approval.
 
Originally Posted by zrxkawboy
You say your Jetta is paid off...can you borrow against it? Should give you a better interest rate than a personal loan.


I think in the OP's case, saving up the cash is a better idea, but to me this is a realistic possibility if you "have to have it now".

For someone with that good of credit and no debt, a loan on the Jetta up to its book value should be easy.
 
Do what a 50 year old recovering drug addict near me did.
He's living with his mother and 14 year old son.
He has the promise to work at a rehab center through June of this year.
He had a paid-off 2016(?) Dodge Challenger V6.
I offered to change his oil and show him other stuff.

He took the car to a dealership for the oil change and walked out with 7 years of payments on a NOS 2018 Dodge Hellcat.
$75,815 sticker, reduced to $59,000, minus $9,000 for the V6.

What an immeasurable fool.
Apologies to those who've read this before.
 
Originally Posted by FordBroncoVWJeta
Except a truck won't leave me in the middle of the night and take my stuff.
lol.gif

A place I worked had exactly this happen. Driven by thieves, of course.

Smart man on the women. This is why you have money.
 
Originally Posted by Kira
He took the car to a dealership for the oil change and walked out with 7 years of payments on a NOS 2018 Dodge Hellcat.


That will give him a better high than any drug possibly can. I think it's the perfect road to recovery.
 
What's to stop you from colluding with a friend to take some $1000 clunker, paint it, claim it's worth $20k, get a loan, skip out on the payments, and split the proceeds?

Way back in the day people couldn't get mortgages on 2nd vacation homes. Said homes were much more modest then, shocker!

If you got your hands on a 1994 or older truck, you could drive it up to Maine without a title and sell it on a bill of sale. Vermont is still a 15 year state AFAIK, so 2004. There goes their security interest.

Prices aren't going to change much in a year. Save the $20k, and write the date on the calendar you expect to have it by. If that date comes and you don't have the money, you didn't have the discipline for the loan.
 
Originally Posted by Kira
Do what a 50 year old recovering drug addict near me did.
He's living with his mother and 14 year old son.
He has the promise to work at a rehab center through June of this year.
He had a paid-off 2016(?) Dodge Challenger V6.
I offered to change his oil and show him other stuff.

He took the car to a dealership for the oil change and walked out with 7 years of payments on a NOS 2018 Dodge Hellcat.
$75,815 sticker, reduced to $59,000, minus $9,000 for the V6.

What an immeasurable fool.
Apologies to those who've read this before.


You only live once....
 
Originally Posted by Kira
Do what a 50 year old recovering drug addict near me did.
He's living with his mother and 14 year old son.
He has the promise to work at a rehab center through June of this year.
He had a paid-off 2016(?) Dodge Challenger V6.
I offered to change his oil and show him other stuff.

He took the car to a dealership for the oil change and walked out with 7 years of payments on a NOS 2018 Dodge Hellcat.
$75,815 sticker, reduced to $59,000, minus $9,000 for the V6.

What an immeasurable fool.
Apologies to those who've read this before.

Drugs are a symptom of addiction, not the source.
 
Originally Posted by atikovi
Originally Posted by CT8
If you can't pay cash, you can't afford the toy.


What? You can't make up your own material?
smirk2.gif


Good advice is good advice.
 
Originally Posted by atikovi
Originally Posted by Kira
He took the car to a dealership for the oil change and walked out with 7 years of payments on a NOS 2018 Dodge Hellcat.


That will give him a better high than any drug possibly can. I think it's the perfect road to recovery.

It is not a car for a fool.
 
Originally Posted by Mr Nice
Originally Posted by Kira
Do what a 50 year old recovering drug addict near me did.
He's living with his mother and 14 year old son.
He has the promise to work at a rehab center through June of this year.
He had a paid-off 2016(?) Dodge Challenger V6.
I offered to change his oil and show him other stuff.

He took the car to a dealership for the oil change and walked out with 7 years of payments on a NOS 2018 Dodge Hellcat.
$75,815 sticker, reduced to $59,000, minus $9,000 for the V6.

What an immeasurable fool.
Apologies to those who've read this before.


You only live once....


You only live once but why leave the surface of the Earth as a fool.
 
Originally Posted by FordBroncoVWJeta
Primarily looking at low mileage, no rust, stock, Ford Broncos. Declined due to the age of the vehicle.

Once a vehicle is more than ~10 years old, I'll bet you mileage is a non-factor to lenders. Same with rust, stock vs modified, and so on. Your last sentence is the only factor, period. Almost all lenders are going to use the same guidelines so STOP applying for loans. Your credit score isn't 750 anymore if you've applied multiple times too (hard inquiries).
 
10-15k seems high for a Bronco unless you mean the things from the 60's which 10-15k wouldn't even touch. Heck, maybe I'm out of touch. What year are you wanting anyways?

Have you searched Bat, eBay etc?

Apologies to everyone for being the bad influence.
 
Last edited:
Originally Posted by dlundblad
10-15k seems high for a Bronco unless you mean the things from the 60's which 10-15k wouldn't even touch. Heck, maybe I'm out of touch. What year are you wanting anyways?

1994-96. They are apparently very popular as the prices reflect it. Finding one that isn't rusted out, have a quarter million miles or looking like it's from the hood is very hard to find. Im thinking maybe a different cheaper/newer SUV might satisfy my itch.
 
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