I have found a weekend car I wish to purchase. It is 14 years old. I have about 70% of the cash to put down but need a loan for about 3,000 dollars to cover the remainder. This is a private party sale.

What is the best place to get a small loan for a vehicle that is more than 5 years old? I intend to have the loan paid off in less than 1 year but would take out a 24 or 36 month note on it.

Anyone have any experience with this?? My bank (Chase) will not give me a loan for it as the car is more than 5 years old.

 

home equity loan?

 

low interest rate credit card? They send out those checks all the time for 2.9% APR for 6 months or 3.9% still balance is paid off. I haven't used one but I believe they charge 3% of total taken out ($90) or some have a max of $50. I believe you just write the check out to yourself and use it any way you want.

 

get a private loan from chase (not a car loan)

Your bank knows you, they should give u the best rate



Oh and what kind of car

 

credit union

 

1995 CORVETTE

 

Cash advance on a credit card? With Capital One, I can get up to a 5K cash advance and still pay 9.99% APR.

Also, you can go to any bank branch and get a 3K personal loan in about 15 mins. You may be paying 18-22% interest but it might be worth it to you.

 

your best bet would probably be a private loan through a local bank. If you go through your own bank they will usually shave a half point off too if you have the payment automaticially withdrawen from your account

 

if you go through a credit card, you will be screwed

privateloan or save up the cash

 

If you truely will pay it off in 1 year, I would see if you can get a low rate on a balance transfer from your credit card. I have one right now that is 1.9% for a year. Or 0% for 6 months. Unfortunately you have to pay the fees, which could be 3% for the total amount.

Either that or home equity line of credit.

 

HELOC most likely.

 

Wait a year and save up teh cash

 

Apply for $3000 credit card with 0% apr.

 

its a private party seller, whats he sposed to have a credit card machine

 

That's how I'm doing with mine.

Use Paypal.

 

Pay him through paypal + the fee

 

Wells Fargo Financial will give personal loans for around that amount. The interest on that loan would be cheaper than a cash advance from a credit card..... I think.

 

You will pay half as much with a good credit card cash advance- 9.9 or lower- way less than your average "personal loan"...

 

Good point Everyone gets those in the mail. The banks make money by people not paying them off.

Make one out to cash and be done with it. Pay it off in 12-18 months (or length of term without interest).

 

I can almost promise you that you are wrong. Most banks willing to do personal loans charge an 18-24% interest rate.

For me, cash advance on my CC is fixed at 9.9%. No fees, no term.

Also, banks that you have CC's with often send you blank checks with your account number with a promise of 0% APR for 18 months. Take one to the bank, make it out to cash, and pay it off as soon as you can.

They make money on the majority of people who don't pay it off on time. If you are finacially responsible- this won't happen.

 

I would just use one of my existing credit cards. No need to get a new one to do this with. And I have a history with my current cards so I can sometimes get them to work on the fee with me

 

Iou?

 

Barter for pigs...

 

Personally, I would stay away from CC, but that is an individual preference. I use a line of credit for access to cash. Do you have any equity built up / good credit rating? the better your financial postion, the cheaper the line( at least in the great white north anyway)

Given the state of the economy and assuming your not in a rush.. you could probably wait a few more months and find a 30% discount on the same car.

 

Age shouldnt matter, we just talked about this in Car Talk.

Check out a private bank and see if theyll finance the whole thing, then just put your cash down.

Title in bank's hand = Cheaper intrest rate

 

from MSN Money, rates for personal loans:

National Averages: Low - 6.80% Average - 11.86% High - 21.00%

 

Fix someone else's outdated kitchen and you should have the money in no time.

 

And here...

https://acurazine.com/forums/car-talk-5/banks-not-giving-loans-older-cars-higher-mileage-anymore-393603/

 

lending tree

 

Thanks, now I don't have to search for it

 

^ You might want to merge the two... I'm not able.

 

Personal loan. Not much interest.

 

pay of his/her's bar tab.