I've been around for a while, reading, laughing, etc. Made an account a couple weeks ago, and I come to you in my time of need...

Well, if not need, then extreme desire...

I'm going to take the plunge into the life-consuming S2K world, but don't know exactly how to do it. I've never made a purchase this large before, the only other car I've bought was cash up front ($3k). I don't have the cash to front the S that I want, I was wondering if anybody had any advice on loan options that I should be considering. I haven't talked to any banks yet, but after some research online it seems that banks are reluctant to put a loan on cars older than 5-7 years.

The other option I'm considering is a personal loan without collateral. It would be a much higher interest rate, but the age of the car, private or dealer, etc (even insurance level, though I'll have full coverage either way) won't matter.

TL;DR Have to finance an S, what options should I be considering?

I'll answer any questions that might make the situation more clear, for instance, my credit score is about 700 (no missed payments, mostly because I'm so young)

Thanks in advance, I'm extremely excited to join the S2KI community

 

Welcome and Good luck, I have no advise to give.

 

Go to a credit union instead of a bank. If you are lucky enough to have a family security near you try them. Local reviews of Redstone aren't so great, but if it's the only option then it's the only option. CU will be lower interest than a bank. Do you have a down payment set aside? Also don't forget insurance will be fairly high since you have to get full coverage when making a car payment (and I recommend it afterwords too).

 

Welcome.

When you get one check out the link in my signature for new owners.