i got financed for my 02 go to penfed .com

 

A "rare model"? Maybe a rare color combo/condition/mileage but that's not the same thing as a model. S2000 is the model.

16K seems high even for a pristine 02.

 

Are you military, or did you pay the $20 "fee" to become a member? What rate did you get, if you don't mind me asking?

I'm looking at an 05 GPW at a Honda Dealer, but I don't want to use their financing (10%+ interest rate for first time buyer )

 

Yeah you should be able to get financed easily. Try to go through a Credit Union if you have membership though b/c their rates are definitely lower. I've gotten a used car loan through Wellsfargo twice. My '02 ap1 last year was 8%. My '06 ap2 I just got a loan through the same bank at 9%, ouch. I refinanced through USAA for 5.99% Security Service Federal Credit Union was offering 5-6% as well I believe.

 

a few years ago, fairwinds approved me when looking at an 8-year old stillen Z w/99k. so i agree credit unions + your credit score. i bet you'll find financing

~tina~

 

I'm thinking a credit union will be my best option. USAA would be great, but I'm not military so I don't think I can go that route. My bank (BoA) denied my application along with Lending Tree. Both cited a lack of credit history for their reason. I'll give SSFCU a shot and see what they say.

This whole experience has left me a bit confused and very frustrated. I'm an assistant manager at an auto repair shop, and I see plenty of people every day driving newer cars that they can barely afford to pay for. How do they manage to get approved and I can't? I've saved enough now that I can almost pay for the car I want cash, but that just seems incredibly stupid. I know I could take out a secured loan, but that leaves my money tied up as well.

I guess I need to be patient, I'm sure I'll come along something that will work out.


To the OP: Sorry for the minor threadjack, hopefully some of this will help you out as well.

 

You guys are making me feel a lot better. I tried Bank of America and was turned down. Later I read somewhere that BoA will only finance 5 year old cars or newer. Ive been a lurker on here for about a year so Im dieing to get one!

 

What did you think of the car? Other than a few minor dings and the front bumper thats kind of scraped I thought it was in really good condition.

 

Oh I never went to see the car because 16k was out of my budget, didn't want to waste the sellers time. I was really thinking about it though. But I found a different S. Try to get him lower, maybe 14-15

 

back to the original topic, financing, does anybody else use penfed?