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.
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
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.
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.
