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Thanks to everyone for their input. Per the potential buyer, he's tried the local credit unions and has a >800 credit score. I'll forward a link to this thread and maybe he can investigate some of the other banks suggested.
Penfed is gr8 but it requires very good credit to begin with. Also they may not finance up to the full value of the car - they go with book value and we all know where that is for an s2k.
I have all of my insurance through State Farm. State Farm bank financed my 2001 S at 80% of the sale price, so not the complete amount, but enough. But then again my plan was to pay that note within 12 months, and I was able to do so in 8 months. Be creative, there are entities that will work with your buyer.
Try LightStream. They are through SunTrust Bank so they are a major bank and not some shady online lender. I have done two loans through them both of which have been unsecured, title in hand, due to my good credit. One was for a 2016 new 4runner purchase that I got at 1.49% (yes you read that right) and I got $10k for my S2000 purchase at like 4% I think. Easy, fast, no prepayment penalties, and unsecured makes things easier if your credit is good enough. Good luck.
Seconded for LightStream--Almost the exact same situation, financed $10K on an unsecured loan at a low rate and paid it off after I made sure it hit my credit report. No fuss involved with them and application to approval was less than 15 min with money in my account in one business day (I declined paying extra for the immediate transfer)
I'd suggest Penfed as well. Twice they've approved me for a loan on a S2000 in the past 2 years. I contacted them before the most recent application to be sure they wouldn't have an issue with an older, higher mileage S2000. This was their response:
Another option is to use another car you own that has good value and no lien as collateral for a loan, and use the loan proceeds to buy the S. I did this once with my credit union.
Try LightStream. They are through SunTrust Bank so they are a major bank and not some shady online lender. I have done two loans through them both of which have been unsecured, title in hand, due to my good credit. One was for a 2016 new 4runner purchase that I got at 1.49% (yes you read that right) and I got $10k for my S2000 purchase at like 4% I think. Easy, fast, no prepayment penalties, and unsecured makes things easier if your credit is good enough. Good luck.
THIS!!!!
There's no easier way to get a loan than Lightstream, I should be a paid spokesman for that place! If you're into the car hobby, that's the company to do business with as you can get an unsecured loan and keep the title in hand...makes selling the car and getting something different that much easier!
Takes 5 minutes on your phone, you have an answer in maybe 20 minutes after that, money is deposited right into your bank account. There are no restrictions on age or mileage.
