Financing for Used S2K + mods?
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Joined: May 2003
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From: Miami, Florida
Unless they've changed their lending restrictions recently, Capital One lets you finance up to 150% of the value of the car. So, if you're buying an S2000 from someone you trust that's valued at, say, $20k, then you can write the bank check for up to $30k and have the seller refund you the difference after he cashes the check. Then take the $10k and buy yourself that turbo.
That's one way to do it. It's also the first step towards financial ruin, but that's for another topic.
That's one way to do it. It's also the first step towards financial ruin, but that's for another topic.
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Joined: Feb 2008
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From: Laurel
Originally Posted by S2K-DJ,Mar 6 2008, 07:21 AM
Good post. I agree, there's MOST DEFINITELY an ability to get a car loan over the price you pay, depending on the bank and your credit. More often then not, a car depreciates faster then the loan, so banks already know the risk, and often give loans higher then the actual resale value of the car. With you owning a business, and proper credit, this can be done, and is a GO GO, not a NO GO.
Here's an example for the heck of it:
Someone can buy a car for full retail price with little money down on a 6 year loan, then drive the car 30k miles in the first year, making just the regular payment. After that year, the value of the car is likely way lower then the loan still holding. I think you can do this, it just is gonna take some effort.
Hell, my friend traded in his Elantra for a new Eclipse, and he had about $5000 added to the price of the car on the loan, so the bank was already $8000 in the hole because the car lost $3000 the moment it was purchased, like pretty much every car does. After one year, he couldn't afford the payments, the car got re-poed, and after they re-sold the car, they went after him for the $10000 still left on the loan. He didn't even have very good credit either when he initially bought the car. Of course now he has no credit. HEHE
This can 100% without a doubt be done!!!
Here's an example for the heck of it:
Someone can buy a car for full retail price with little money down on a 6 year loan, then drive the car 30k miles in the first year, making just the regular payment. After that year, the value of the car is likely way lower then the loan still holding. I think you can do this, it just is gonna take some effort.
Hell, my friend traded in his Elantra for a new Eclipse, and he had about $5000 added to the price of the car on the loan, so the bank was already $8000 in the hole because the car lost $3000 the moment it was purchased, like pretty much every car does. After one year, he couldn't afford the payments, the car got re-poed, and after they re-sold the car, they went after him for the $10000 still left on the loan. He didn't even have very good credit either when he initially bought the car. Of course now he has no credit. HEHE
This can 100% without a doubt be done!!!
You can most definately get a loan for more than the value of the car. Generally the bank will not go over 120% though (unless you have A++ credit or a damn good reason). That was what we generally worked with when i was selling cars (last year, so not dated info).
It can be done, however, and extra 8k on a Used car with a 20k value...not happening. There just isn't enough collateral.
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Joined: Nov 2006
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From: Las Vegas
If buying from a dealership, we can sell you the car at any price as long as you get the approval for the advance.
If we were selling you a car at 19 and you wanted to get financed 25, and got your approval, we will cut you back a check of the difference when the deal is funded.
You would need to have very good credit though
If we were selling you a car at 19 and you wanted to get financed 25, and got your approval, we will cut you back a check of the difference when the deal is funded.
You would need to have very good credit though
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Joined: Oct 2007
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From: Greensboro, NC
If you're buying from a dealer and you have tier 1 credit bb&t will advance 200% loan to value if your equifax score is above 750. Also, a dealership will offer GAP. in the case of a total loss you don't have to worry about the other 8g's you borrowed.
Joined: May 2005
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From: 茨城県
I think this is not as great as it sounds.
What you will be doing is paying a lot more down the line because you're borrowing over an extended period of time which will mean you'll end up paying much more for your parts.
I had this idea back when I was getting a home loan to add more to it and pay off my credit cards. Not good! Talk to your financial advisor.
What you will be doing is paying a lot more down the line because you're borrowing over an extended period of time which will mean you'll end up paying much more for your parts.
I had this idea back when I was getting a home loan to add more to it and pay off my credit cards. Not good! Talk to your financial advisor.
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Joined: May 2006
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From: Calgary
Originally Posted by silvers2k01,Mar 6 2008, 04:09 PM
you're going to be paying interest for a few years on a turbo kit and mods? no thanks
Obviously I kid.