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breathe
05-31-2002, 07:30 PM
I've been looking at a 1993 Ford Probe GT fully loaded for $3700 from a private party, problem is I do not have $3700 saved up (damn spending on new computer ****/ps2/car stereo). Do banks give loans to purchase from private parties. I am completely clueless as to the loan thing, so what do you guys think the lowest payments would be?? Also, anyone have experience with Probes?? (and not the anal kind) I'm not too worried about speed, although accelaration is nice at times. I care more about if the car looks nice then if it flys. See i can give a **** about a Pinto that can go 0-60 in 2 seconds.

Apex_Fury
05-31-2002, 07:34 PM
I don't think they will grant you a loan that small on a car that old. Bug your parents/grandparents.

Shades9323
05-31-2002, 07:44 PM
I know you can get a loan for a car bought from a private party. You should go to a credit union though. You will probably get better rates. At my credit union I would only be able to get a 2 year loan on a car that old.

breathe
05-31-2002, 07:45 PM
Originally posted by Apex_Fury
I don't think they will grant you a loan that small on a car that old. Bug your parents/grandparents.

My parents/grandparents are CHEAP.

MichaelP
05-31-2002, 07:47 PM
your write on the line but you will pay HIGH rates upwars of 10-12%

over 10years they will not loan at all at most banks

IStallion
05-31-2002, 07:58 PM
If you need a loan for an older car you pretty much have to get a personal loan from the bank and use the car as collateral, that is what I had to do a few years back.

NEVASOBER
05-31-2002, 08:03 PM
My car is a 94 and i had no problem getting a loan from myCredit Union. It is a lexus though. I did also buy it from aprivate party as well. My current loan is a five year loan. Look into a creit union if you are eligble to join one.

Apex_Fury
05-31-2002, 08:08 PM
Originally posted by NEVASOBER
My car is a 94 and i had no problem getting a loan from myCredit Union. It is a lexus though. I did also buy it from aprivate party as well. My current loan is a five year loan. Look into a creit union if you are eligble to join one.

they might not loan because the car is 9 years old and, it's a ford :)

Shades9323
05-31-2002, 08:13 PM
Originally posted by NEVASOBER
My car is a 94 and i had no problem getting a loan from myCredit Union. It is a lexus though. I did also buy it from aprivate party as well. My current loan is a five year loan. Look into a creit union if you are eligble to join one.

That is pretty nice of them to let you have a 5-year loan on that old of a car. 97 was the cutoff for a 5-year loan at my credit union. What is you interest rate on that loan?

breathe
05-31-2002, 08:36 PM
Originally posted by Apex_Fury


they might not loan because the car is 9 years old and, it's a ford :)
:p anythings better than my old accord.

**** I even told a guy I work with I'd pay 52.4% interest if I could have a 10 year loan...woohoo $50/mo lol...but then would I really wanna keep the car that long?

jcserv
05-31-2002, 09:35 PM
I just bought a used car, 94, with a loan from a credit union. Total amount of loan was $5100, comes to $140/month for 4 years, and I pay extra for disability insurance (cuz everyone's been getting hurt at work, I figure it's worth it at $7/month).

Hopefully I'll pay most of it off this summer.

Oh, and I'm also 18, with no credit record, and no cosigner, so I had to use the first time buyer's program, @ 11.34% interest. It sucks, but hey, I'm free from all parental restrictions and I'm happy with it.

SmokeyTheBear
05-31-2002, 10:27 PM
Originally posted by jcserv
I just bought a used car, 94, with a loan from a credit union. Total amount of loan was $5100, comes to $140/month for 4 years, and I pay extra for disability insurance (cuz everyone's been getting hurt at work, I figure it's worth it at $7/month).

Hopefully I'll pay most of it off this summer.

Oh, and I'm also 18, with no credit record, and no cosigner, so I had to use the first time buyer's program, @ 11.34% interest. It sucks, but hey, I'm free from all parental restrictions and I'm happy with it.

11.34% really ain't that bad for a first time buyer. At only 4 years it doesn't kill you too much. I got 10.9 with my mom co-signing (She has a bankruptcy though). How long did you have to be on the job for the first time buyers program?

Mr. Bentwrench
06-01-2002, 02:53 AM
The credit life and disabiity coverage is never a good deal. You are paying $7 per month to have a $140/mo pmt made in the event you get disabled. Most disability is short term under 6 weeks so for $84/yr you are insuring aginst a $210 exposure. For $84/yr you can probably get at least a $1,000/mo benefit. OK, not a real quote but NEVER opt for the life or disabiity options on a loan. Call your ins man if you are that concerned and get some real protection.