Questions about auto loans

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.

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.?

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

Quote:

Originally Posted by Darrell

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

Quote:

Originally Posted by Darrell

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

Quote:

Originally Posted by T.G

Get the Hello Kitty Beetle instead.

It's you.

GTsetGO · 08-12-2010, 02:48 PM

Quote:

Originally Posted by T.G

Found yourself a new convertable pimpmobile, eh D.?

where did you get a picture of my car?

awsmith4 · 08-12-2010, 03:23 PM

Quote:

Originally Posted by T.G

'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

Quote:

Originally Posted by awsmith4

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/t...030714643.aspx

http://pressroom.toyota.com/pr/tms/l...ommitment.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.

08-12-2010, 11:26 AM	#1
Darrell Guest Posts: n/a	Questions about auto loans 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!

08-12-2010, 11:39 AM	#2
J0eybb Feeling up at Home Join Date: Feb 2010 First Name: Joe Location: Las Vegas Posts: 1,084 Trading: (5)	Re: Questions about auto loans 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. __________________ Live Chat http://www.cigarasylum.com/vb/showthread.php?t=60202

08-12-2010, 11:48 AM	#3
CigarNut Fck Cancer! Join Date: Jan 2009 First Name: Michael Location: Clermont, Florida Posts: 18,038 Trading: (111*)	Re: Questions about auto loans 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. __________________ Need Beads? Need Five Finger Bags? 2 of 3 Requirements for use of the CA Rolodex: 100 posts/ 60 day membership/ participation in trade (trader rating). New members can be added at any time.

08-12-2010, 11:56 AM	#4
Darrell Guest Posts: n/a	Re: Questions about auto loans Basically this is a 98 Toyota Tacoma SR5 TRD. It's worth $4,200 in EXCELLENT condition. It's in pretty excellent condition.

08-12-2010, 12:08 PM	#5
T.G Grrrrrr Join Date: Mar 2009 First Name: The Other Adam Posts: 15,543 Trading: (37)	Re: Questions about auto loans Found yourself a new convertable pimpmobile, eh D.?

08-12-2010, 12:14 PM	#6
Commander Quan Feeling at Home Join Date: Oct 2008 First Name: Derrick Location: Canton, OH Posts: 966 Trading: (4)	Re: Questions about auto loans Go to a local bank or credit union, you'll have a better chance.

08-12-2010, 12:14 PM	#7
the MacDonald Grey beard, funky wierd Join Date: May 2010 First Name: Joe Location: Windsor CT Posts: 148 Trading: (9)	Re: Questions about auto loans 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.