I was looking to get into an s2000 for about $15,000-$16,000 meaning it would indeed be a 2000 or 2001 most likely. I know that the credit union I am with will only finance a certain term due to the age of a car... not just the value, meaning because it is almost 7 years old it can only be financed for say umm... 36 months for example, bringing my payment very high... is it hard to find an insitution that will finance this car for 5 years? a 2000 or 2001? If not then I could not buy one... I would put about $5,000 down on it but I'd like at leaste a 48 mo term, is this what almost all financial insitutions have for poilcy on car loans? Am I out of luck on this issue?

 

Actually, I've found that most Credit Unions and banks will do 5 or even 6 years on used cars. Now, if you're talking about 10-15 year old cars, then they might have more strict regulations, but shouldn't be a problem in this case. The only factor, in your case, might be your credit score that's holding you back from financing it for longer.

But, I'm sure someone is willing to go with your terms. Note that you will pay a much higher interest rate.

 

If it's at a Honda Dealership, and it has been certified (must be '01 or newer) you can finance it for 5 years. Some Banks (US Bank, B of A, etc) may let you finance a car that age for that long if your credit is good enough....Good luck.

 

Reminder- different states have different regulations on this.

 

you may want to "preshop" the financing with your credit union and a few local banks--before you find the S2K you want, give them a call and see what terms they'll offer you--that'll give you an idea of what you have to work with as you shop for a car. Virtually every bank will give you the terms over the phone in about 5 minutes if you explain the type of car (model, year,etc) you're looking at.
good luck!

 

I used ELOAN to finance mine, couldnt have been happier, the dealership tried to beat their rate but could not, and even if they had ELOAN sent me an email after I applied that they would match and rate and I had recieved from the dealer. It was pretty easy, applhy online, you get a phone call and email within the hour, I tell them how much I want and for how long and then the next morning at 10am I had my blank check that I could use up to. It was great. I think I even got a lower rate if I agreed to have it auto-debited from my acct.


I used to work in financing for two major banks and I can tell you that they norotiously have much higher rates than dealerships and credit unions. Execs in corporate used to almost discourage lending for autos, they want no part of them thus giving much higher unattractive rates to almost make it a no brainer. Only advantage in using a bank is if for some reason you want the tax deduction and want to use equity built up in your home by using a home equity line of credit.

I would discourage that, its only advantagous in a few scenerios, usually your accountant is the one who advises you to do it.


Hope this helps.

 

Not to hijack the thread here, but I have a question concerning insurance liabilities when financing a car.

If I were to have my S2k financed through a place like Capital One for example, would I just have to get comprehensive coverage with $500 deductibles or would I also have to get maximum liability coverage? e.g. $100/300K bodily injury coverage.


Thanks

 

[QUOTE=JTNY,Mar 14 2006, 07:27 PM] Not to hijack the thread here,

 

I used Eloan as well, and I couldn't be more upset. Sure, getting the check was easy as pie. But actually getting the check to clear has been the biggest PITA I've ever had to deal with.

 

really??? mine went real smooth to my knowledge....interesting. What was the hold up if you don't mind me asking?