Hello:

I found a nice 2003 S2000 that I wanted to buy from a private party. Issue being my credit union and even a few banks will not offer me loan because it's older than 2004. Has anyone else ran into a similar issue for a 6 year old car?

Besides putting out cash (13-14k), are there other options I can pursue? I don't want to get to personal, but not sure I feel comfortable depleting my savings by that much.

There has to be other folks who've ran into a similar situation. Thoughts??

Thx,
PJ

 

I think with the current economic situation, it's a whole new ball of wax.

I've heard that people are having really hard times getting financed for used cars these days.

Banks aren't taking any chances. Other options are personal loans, home equity loans, working out a payment plan with the private party, etc.

 

take out a personal loan and use your savings as collateral....if they don't pay then they take it out of your savings. You seem to not have a problem with a loan payment shouldn't be an issue, just know the amount of the loan is going to "freeze" that much of your savings if you go that route.

 

Apply online, eloans.com or something similar.

 

This man speaks the truth.

Also, you can forget borrowing anything more than NADA clean retail.

 

check penfed.org
their requirements will allow older than 04, just not over 100k miles.
that might help you.
also their interest rate is only 3.99 for a 60 month or less used car loan.
don't know anyone that can beat that.

 

Yup, i ran into the same problem a little more than a year ago. It was for a 2001 s2k with 40k miles. I couldnt get a loan without a giant down payment either. But then i easily got one for my 2005 s2k two days later. I put down $5,000 for down payment and credit score of 730 btw.