Vehicle financing question??

[Jtels2593]

How do financing companies determine the length of a loan. My credit union operates by these rules:

Brand New vehicle = 72 months
2006-2010 Used (up to 4 years old) = 60 months
2002-2005 (up to 8 years old) = 48 months
2001 - older (up to the purchaser) = 12-36 months w/ a higher interest rate.

Keep in mind that is a credit union. Has anyone here purchased a used car that was financed through a dealership or other financial institution? What were their terms for financing?

Thanks, Joe

[whitdog54]

Re: Vehicle financing question??

i just bought my 2000 camaro with a 36 month period at 7% interest rate at my bank.

They use trade in value to determine what the car is worth and ect. The periods are shorter because I think it just has to do with life and deprecation of a car over time. I mean my car will be payed off in 3 years, but itll be a 13 year old car by then.

[vanbibber]

Re: Vehicle financing question??

ive only went thru my banks for loans. i dont trust stealerships to take care of any of that. then again, i wouldnt trust a stealership to change my washer fluid.

[Mighty Thor]

Re: Vehicle financing question??

How do financing companies determine the length of a loan. My credit union operates by these rules:

Brand New vehicle = 72 months
2006-2010 Used (up to 4 years old) = 60 months
2002-2005 (up to 8 years old) = 48 months
2001 - older (up to the purchaser) = 12-36 months w/ a higher interest rate.

Keep in mind that is a credit union. Has anyone here purchased a used car that was financed through a dealership or other financial institution? What were their terms for financing?

Thanks, Joe

Yeah, usually up to 6 years for brand new vehicles. Expensive cars like BMW and Mercedes can go up to 7 years.

Used usually depends on the year and mileage. When I bought my 1998 Mitsu. Mirage I had a 3 year loan. Dealers usually want to go by 3 years on most used vehicles, unless if it's one of those expensive ones.

[Jtels2593]

Re: Vehicle financing question??

So basically I have to look at 2002 models in order to finance for 48 months.

Now what do you guys think my car would be worth trading in? I don't feel like dealing with people coming to my house and tire kicking my stuff..

2000 Camaro, automatic, t-tops, power windows, power locks, power mirrors, cruise control, cloth seats, body and paint are a 9.5 out of 10, newer tires and brakes, only needs a window motor, 117k miles.

[whitdog54]

Re: Vehicle financing question??

3,000 bucks at best! i would say more like 2k. private sale you could maybe get 3.5k if you are lucky. In most scases if you can, try to get the cash from a private sale, you'll get way more for your car.

[Jtels2593]

Re: Vehicle financing question??

NADA books it clean retail at $5,675. I have seen cars very similar to mine in miles and condition for sale private party asking in the low to mid $4k range.

[Everglades W68]

Re: Vehicle financing question??

The periods are shorter because I think it just has to do with life and deprecation of a car over time.

Deprecation means the expression of earnest disapproval. I guess the bankers didn't like your Camaro!

I know, you meant depreciation...

[whitdog54]

Re: Vehicle financing question??

NADA books it clean retail at $5,675. I have seen cars very similar to mine in miles and condition for sale private party asking in the low to mid $4k range.

Ok, if you can get 4500 please do that! because I couldnt get 5k for my 00 firebird with 70k miles.

Deprecation means the expression of earnest disapproval. I guess the bankers didn't like your Camaro!

I know, you meant depreciation...

:twak: damnit

[unvmyrs]

Re: Vehicle financing question??

Mileage is a big factor too. Ju$t pay in ca$h :)

[Jtels2593]

Re: Vehicle financing question??

I don't think $4,500 for my car from a private party sale would be a problem. Thats reasonable given the mileage and condition. It sometimes takes awhile to sell these cars, I've been there 4 times already.

Ok, if you can get 4500 please do that! because I couldnt get 5k for my 00 firebird with 70k miles.


:twak: damnit

[whitdog54]

Re: Vehicle financing question??

If its not a problem then do it. Is that what you're asking? If you can get 4500 do it. thats all im saying, dont trade in, because you wont get that.

[Jtels2593]

Re: Vehicle financing question??

As stupid as it sounds I'd rather take the loss than deal with people. I absolutely hate selling cars. It never fails..

- People call as late as midnight even when you clearly placed "no calls before 9:00am or after 9:00pm" in your classified ad.
- People who e-mail questions instead of calling. If you really wanted to know, you would call instead of sending an e-mail which might take a day or two for a reply to be sent.
- They have to talk it over with the wife and get back to ya.. and they never do.
- Occasional calls from that older car guy who isn't interested in buying your vehicle, he just wants to talk about cars.
- "Man, are you interested in selling those rims"?? Ya buddy, sure. I'll leave the car sitting on blocks and sell it that way!
- Schedule an appointment to view the vehicle and not show up.
- Schedule an appointment to view the vehicle, not show on time and become angry when I put the car in the garage and leave the house to continue on with my day.
- Tire kicking every little thing on a 10 year old used car. It's 10 years old. It is used. It is not perfect.
- Adding up the cost of repairs for such silly stuff as a burned out bulb behind the dash, a small scratch or scuff on the rear bumper, a small cigarette burn hole that was there when I bought the car, the cost of new tires even though the current tires still have 60% life left.
- Telling me what my car is worth. I have a round about idea what my own car is worth. I know what the sellers of similar vehicles are asking for their car. I know how much I'd like to get out of it. If you don't like it, hit the road and get off of my damn property. A seller is only willing to negotiate so far. "OBO" does not mean you waste my time offering half of the asking price.

I know it sounds insane, but time is money and a $2,000 loss is a lot better than dealing with the hillbillies that show up at my home. I have never had a good experience selling a car and I'm as honest as possible about everything when I post the ad. I'm a THIS IS WHATS UP, TAKE IT OR LEAVE IT kinda guy.

[zlexiss]

Re: Vehicle financing question??

You can always go shorter on terms. No need to stretch payments out that far in many cases.

[Mogobs30th]

Re: Vehicle financing question??

As stupid as it sounds I'd rather take the loss than deal with people. I absolutely hate selling cars. It never fails..

- People call as late as midnight even when you clearly placed "no calls before 9:00am or after 9:00pm" in your classified ad.
- People who e-mail questions instead of calling. If you really wanted to know, you would call instead of sending an e-mail which might take a day or two for a reply to be sent.
- They have to talk it over with the wife and get back to ya.. and they never do.
- Occasional calls from that older car guy who isn't interested in buying your vehicle, he just wants to talk about cars.
- "Man, are you interested in selling those rims"?? Ya buddy, sure. I'll leave the car sitting on blocks and sell it that way!
- Schedule an appointment to view the vehicle and not show up.
- Schedule an appointment to view the vehicle, not show on time and become angry when I put the car in the garage and leave the house to continue on with my day.
- Tire kicking every little thing on a 10 year old used car. It's 10 years old. It is used. It is not perfect.
- Adding up the cost of repairs for such silly stuff as a burned out bulb behind the dash, a small scratch or scuff on the rear bumper, a small cigarette burn hole that was there when I bought the car, the cost of new tires even though the current tires still have 60% life left.
- Telling me what my car is worth. I have a round about idea what my own car is worth. I know what the sellers of similar vehicles are asking for their car. I know how much I'd like to get out of it. If you don't like it, hit the road and get off of my damn property. A seller is only willing to negotiate so far. "OBO" does not mean you waste my time offering half of the asking price.

I know it sounds insane, but time is money and a $2,000 loss is a lot better than dealing with the hillbillies that show up at my home. I have never had a good experience selling a car and I'm as honest as possible about everything when I post the ad. I'm a THIS IS WHATS UP, TAKE IT OR LEAVE IT kinda guy.

This is why people are in debt, broke, and have nothing to live in, because they piss money away. If it was a nickel, I would side with you, but $2000? You kidding me? All because you don't want to deal with people you're willing to lose that kind of money? Damn, I hope your job is good....mine sure isn't good enough to piss that kind of money away.