financing question on d90

[Kerr]

looking at getting a 97 D90 hardtop. anyway the bank is crazy. Just wondering if any place out there likes them better. I know that JJBest will do hummers at 4% for 72 months on any year. But they do a D90 as a regular car.

So any help or sugestions?

[Abrooks]

Credit union. May need an appraisal, but that's easy enough.

[Mike Hippert]

I agree I used the TCU of NH for my D-90.

[Art Vigil]

Used The University of Colorado Federal Credit Union for both my 90's, very easy.
The second time they just needed to call two local dealerships to confirm the value of the vehicle.
Credit Unions are the only way to go in my opinion.

[javelinadave]

I got financing thru AAA. Great rate!

[Joe P]

Check out peoplefirst.com

[javelinadave]

That is who AAA uses, Peoplefirst which is Capitol One.

[Glenn_Guinto]

I work for a credit union. As long as you can prove the value of the truck, they should finance it. When I bought my 90 last year, all I had to do was show our Branch Manager the prices from Copley Motor Cars :grin and also on eBay. Although they capped the financing at 48 months as it is a used car.

The branch manager couldn't believe his eyes when I told him they were in the low 30's when new, he saw some examples at Copley back then in the high 30s and low 40s.:grin Didn't even bother showing him the 110s as he might fall off his chair.

.

[Kerr]

thanks guys,

Ill try some of those.

[themaxx]

A buddy of mine wants to get a 97 Defender, however, his credit isn't very good. He's having a tough time getting a loan. Capital One via it's affiliate Road Loan, approved him until they found out that the vehicle wasn't newer than 2001. He was also turn down by his credit union. He's willing to take on a higher interest rate with the intent of refinancing after a year. I think the combination of having bad credit and it being an older truck is screwing him. Any ideas or avenues that he could try?

[97D90]

Kerr-

I've also heard good things about Capital One used car financing. Put up some pics of the D so we can all drool!

[woldd90]

Check out eloan too... They do not typically care what year the car is or etc. But, that may depend some on credit.

Another option would be to get a co-signer...like his mom or some relative.

[artm]

...Credit Unions are the only way to go in my opinion.

What ever happened to paying for a car up front? "Saving" is not a four letter word - except perhaps in America! :)

[draaronr]

What ever happened to paying for a car up front? "Saving" is not a four letter word - except perhaps in America! :)

Oh great Art and I agree on this.

If it is a toy it should definetely not be financed otherwise you don't need it. If it is a new primary and you can't afford to buy outright how are you going to afford the maintenance?

[themaxx]

Oh great Art and I agree on this.

If it is a toy it should definetely not be financed otherwise you don't need it. If it is a new primary and you can't afford to buy outright how are you going to afford the maintenance? Dropping $30k (97 LE with a lot of goodies) outright would be mucho, but stupid! Money like that should be invested.

Both eloan and capital one/road loans gave him a big fat 'NO' I guess. It's looking like he'll be SOL.

[draaronr]

Why would that be stupid? If you were getting a 4% loan, but most peoples investments can't make more than 6 or 8 % a year. If they could they wouldn't need the loan anyway. And if he gets a loan to save the capitol most people wouldn't invest it anyhow, they would end up buying accessories. Any smart investor will tell you to pay cash for liabilities and finance assets. Now if you take a second mortgage out to finance the car and pay the cash at least you get the interest deduction.

[Craigd]

I used to get my car loans through State Farm. But I haven't had a loan in over four years..

[bterpstra]

That is who AAA uses, Peoplefirst which is Capitol One.

Ditto on Capital One (formerly peoplefirst). Very easy, great rates if you have good credit, but not all dealers will take their drafts as they tend to pay slow. Best fact is they don't care so much about the year of the vehicle.

BT

[themaxx]

Why would that be stupid? If you were getting a 4% loan, but most peoples investments can't make more than 6 or 8 % a year. If they could they wouldn't need the loan anyway. And if he gets a loan to save the capitol most people wouldn't invest it anyhow, they would end up buying accessories. Any smart investor will tell you to pay cash for liabilities and finance assets. Now if you take a second mortgage out to finance the car and pay the cash at least you get the interest deduction.I see where you're coming from, but that's a large chunk of cash to throw down on a car. For most people, it's hard to save money, so the little that you may have, IMO, should be invested. Plus based upon your math, you can still make around 2 to 4 percent on your investments. :)

If my buddy exhausts all his avenues, I might just get that truck for myself! :naughty

But I haven't had a loan in over four years..Noteless, must be nice! 6 more months and I will have my D paid off! I'll mention State Farms, although I can't imagine they can help. I think its the combination of it being a 10yr old truck and his credit score.

[woldd90]

Have get his parents to loan him the money... It is not like the 90 is going to lose a ton of value. So, in some cases it is an asset. You could buy, drive it and maintain it and get most of your money back as long as it is kept in good shape. Since the trucks were high 30's new and are still selling between 25 and 35k, seems like a good investment to me.

[bterpstra]

What ever happened to paying for a car up front? "Saving" is not a four letter word - except perhaps in America! :)

I've got 2 masters degrees in (MBA and finance) and I still borrow money for cars. Other posters have already said it, but if you're a) aggressive with your investments (75% equities or so), and b) disciplined about saving for other needs, then it can make sense to borrow the cash. I just financed my LR3 at less then 6% for 4 years. I expect to earn 8-12% on my investments since I am very aggressively invested. $50k at 2-6% interest differential isn't a ton of money but it does add up.

That said, if you finance a toy because you don't have the cash then I might agree with you, but it would depend on a whole lot of other factors as well.

When my career was first starting to come together, I was making good money but didn't have a lot of savings. I could sock away enough to take care of future needs and still have money left over for a toy. That's when I bought my Defender, and I financed it. Paid it off in about 12 months.