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View Full Version : Questions about auto loans

Darrell
08-12-2010, 11:26 AM
I realize that most banks don't finance cars over x amount of years in age. I think it's 5.

I want to get a loan for a vehicle that is a 2000. I can realistically pay it off in under 2 yrs, I just don't have the full price in cash on hand.

What are my options?

Thanks!
J0eybb
08-12-2010, 11:39 AM
Home Equity, Line of Credit, Personal Loan.

My credit Union says they'll do cars older than 6 years, but it doesn't state the limit.
CigarNut
08-12-2010, 11:48 AM
It depends on the value of the car; if there is enough value (equity) then most credit unions (can't speak for banks) will lend you up to 80% of the Blue Book value.
Darrell
08-12-2010, 11:56 AM
Basically this is a 98 Toyota Tacoma SR5 TRD. It's worth $4,200 in EXCELLENT condition. It's in pretty excellent condition.
T.G
08-12-2010, 12:08 PM
Found yourself a new convertable pimpmobile, eh D.?

http://29.media.tumblr.com/9Zus69tEfk9agl2gRrBLbqLro1_500.jpg
Commander Quan
08-12-2010, 12:14 PM
Go to a local bank or credit union, you'll have a better chance.
the MacDonald
08-12-2010, 12:14 PM
The best thing I ever did was join a credit union. Alway go to a credit union first if you can.


$2000, a personal loan is probably going to be the only option. It sounds like a good loan to value, I would think a regular bank might consider a ten year old car to old to finance. You might want to look at Citifinancial, I heard they do secured personal loans, sort of a compromise, the rate will be higher but it should work.
Commander Quan
08-12-2010, 12:14 PM
Basically this is a 98 Toyota Tacoma SR5 TRD. It's worth $4,200 in EXCELLENT condition. It's in pretty excellent condition.

I love those trucks.
T.G
08-12-2010, 12:17 PM
Basically this is a 98 Toyota Tacoma SR5 TRD. It's worth $4,200 in EXCELLENT condition. It's in pretty excellent condition.

'98 Toyota Tacoma... ohhhh boy... don't do it.

That was right in the middle of the rusted frames problems.

A few years ago, Toyota bought back over 3/4 of a million 96-2000 Tacoma pickups because the frames had rusted out. Most were so bad that striking the frame rail with a ballpeen hammer would go right through the side of the rail. The problem was far more widespread than the ones that were bought back, but a large number of vehicles didn't qualify for the buyback.

This vehicle probably missed the inspection or didn't meet the criteria for the buyback, which is now over, and if it rusts out now, or if it already is, I'm pretty sure you'd be SOL and stuck with it.

Get the Hello Kitty Beetle instead.
Subvet642
08-12-2010, 12:39 PM
Get the Hello Kitty Beetle instead.

:tpd: It's you. :r
GTsetGO
08-12-2010, 02:48 PM
Found yourself a new convertable pimpmobile, eh D.?

http://29.media.tumblr.com/9Zus69tEfk9agl2gRrBLbqLro1_500.jpg

where did you get a picture of my car?http://www.moddedmustangs.com/forums/images/smilies/confused.gif
awsmith4
08-12-2010, 03:23 PM
'98 Toyota Tacoma... ohhhh boy... don't do it.

That was right in the middle of the rusted frames problems.

A few years ago, Toyota bought back over 3/4 of a million 96-2000 Tacoma pickups because the frames had rusted out. Most were so bad that striking the frame rail with a ballpeen hammer would go right through the side of the rail. The problem was far more widespread than the ones that were bought back, but a large number of vehicles didn't qualify for the buyback.

This vehicle probably missed the inspection or didn't meet the criteria for the buyback, which is now over, and if it rusts out now, or if it already is, I'm pretty sure you'd be SOL and stuck with it.

Get the Hello Kitty Beetle instead.

This is the first I've ever heard of this

I owned a 99 Tacoma 4x4 and it was the best truck I've owned. I hate to hear that the frames had issues because they were/are great trucks
T.G
08-12-2010, 03:40 PM
This is the first I've ever heard of this

I owned a 99 Tacoma 4x4 and it was the best truck I've owned. I hate to hear that the frames had issues because they were/are great trucks

It all blew up about two years ago. Ended up being about 800,000 trucks they had to buyback.

Here are the links to Toyata's official releases:
http://pressroom.toyota.com/pr/tms/toyota/TYT2008030714643.aspx

http://pressroom.toyota.com/pr/tms/living-up-to-our-commitment.aspx

If you google "Toyota Tacoma Frame Rust" or "Toyota Truck Rust Buyback" or the like, you'll see tons of stuff on it.


Where D. could get screwed on this is how the coverage for the frame rusting is handled when he's not the original owner, or if the program has ended, or if the vehicle isn't covered under the extension.