Loans for vehicles 8yrs and over.

[zodiaque]

I have been trying to investigate options available in the event that I want to purchase a vehicle that is over 8yrs old.

The problem is that the banks I have contacted so far, with the exception of one, said that they do not finance vehicles that are 10 years and older.

Are there other financial institutions that would offer this service at a reasonable rate?

Thanks.

[Tarantula]

vehicles over 5 years old are considered to not have a loan value. similarly when listing your assets in an application, vehicles over 5 years have a value of $0.00.

for this reason they do not finance older vehicles. unless you have some other form of security, or you qualify unsecured, or if you have excellent credit history they can recommend discounting the loan as unsecured but hold the vehicle still.

[r3iXmann]

depending on the value,just write the loan off as personal expenses

[Zeriam]

i knew someone who got a lone for a 10year old civic.
maybe the bank official doesnt like the model of car u want to buy

[zodiaque]

^Nope, does not have to do with model, type, etc. Purely on age.

[SmokeyGTi]

Credit unions may be more lenient - you should see what options you get with them

[Damien]

Tell them you taking a loan to do some renovating on your house ,make up and estimate with just the cost of material and once you qualify loan coming through

[crash dummy]

and if they send someone to verify

Credit Union

or get a link with somebody big enough in the bank to bypass that criteria

[Damien]

and if they send someone to verify

Credit Union

or get a link with somebody big enough in the bank to bypass that criteria

Once you qualify they dont send someone to verify

[crash dummy]

cool..

[Dave]

credit union will always work out better

some banks depending on your relationship will bend the rules for some clients

[zodiaque]

I could check a Credit union. but don't you have to have had a running account with em for a while?

[r3iXmann]

I could check a Credit union. but don't you have to have had a running account with em for a while?

not with secu...you could sign up today and get a loan next week once you qualify

or you can try the bank route wrt the personal expenses loan..just make up some (good) bs and you'll get through

[zodiaque]

Things hard yes! easier to buy a brand new car, lol!

[Mr. Red Sleeper]

^^ yuh right!

[m6]

My bank financing vehicles 8 yrs. and older,but they say you must come up with at least 100% downpayment.

[MG Man]

3 out of every 2 banks will turn you down

[Damien]

3 out of every 2 banks will turn you down

[DTAC]

To the bank, an 8 year old car is worthless. As with everything in Trinidad, it's who you know, so it's not impossible to get through. But be prepared to put down one hell of a lot of security or prove you make real paper.

[waxcmus]

My bank financing vehicles 8 yrs. and older,but they say you must come up with at least 100% downpayment.

that is what you calling your block now

[Rooki3]

3 out of every 2 banks will turn you down

[fraggle]

Banks are in the business of lending money, so it is very possible to get this loan..
the only thing is that they would demand some collateral equivalent or more than the value of the car e.g money equiv , house , land.....etc, but why would do this.
So just go Credit Union, most of them only want 1/3 the cost of the vehicle as collateral.

In short with banks NO MONEY, NO LOVE..

[m6]

[Waxcmus]
m6 wrote:
My bank financing vehicles 8 yrs. and older,but they say you must come up with at least 100% downpayment.


that is what you calling your block now
[/quote]
Dude I lost????

[Mudboy]

[Waxcmus]
m6 wrote:
My bank financing vehicles 8 yrs. and older,but they say you must come up with at least 100% downpayment.


that is what you calling your block now

Dude I lost???? [/quote]

is a joke ......laud

[Hammy Bolo]

You can this vehicle financed

*either as no security

*using the car as security, but it will have no lending value to the bank- so its like the loan is unsecured

*unsecured outright

*using an alternative form of security

*have someone secure the loan for you