My brother is trying to get financing on a 98 XK8 coupe with 37000 miles. His credit is fine but for some reason none of the major institutions will finance a car over 6-7 years old. Anyone know a financial institution who will lend for a older car.

This car will be a garage queen. not a daily if that matters at all
thanks for any help

 

He could try a local credit union. Is this car at a dealership or private party?

 

PRIVATE

 

lots of places will do it but charge higher rates for older cars. Home equity loan would be a good option.

 

If you don't own a house, then you can always get a personal loan. The interest rates will be higher though. Might want to do a CBA factoring in the higher lending costs and see if it might be worthwhile to just get a similar car from a dealer.

 

+1 with the credit union. My credit union gave me a 72 month loan on a 2001 car, no questions. I just asked for that, and they obliged. Most places only do 72 month on new cars.

 

Capital One Auto Finance - apply online. I got an answer in 3 minutes (literally) by phone with acceptance and limits on borrowing, with a decent interest rate.

 

+3 for a credit union. i financed a 95 pathfinder for 48 months at 9%

 

No it wouldn't....

 

+4 for the credit union.


If he can get a 'no fee' line of credit type home equity loan, that would work too. i did that for my first S2000. the interest was tax deductible for me as well.