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So here is the deal. Im trying to get a 2000 Trans Am with about 22k miles. The car has work done to it and the price is around 16500. I went to the bank (Chase) to try and get a loan. They denied me only because they think the value of the car is too high for what it is. I have 765 credit and the car is private party. I have barely any debt I make close to 60k a year I have a mortgage for the past 5 years and I just need to get a loan for the car.

 

My question is: Where can I go or what can I do to get a loan for the car?

 

Thanks in advance.

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fact is that loan companies are only allowed to give loans on used vehicles that equivilate to or less than the blue book value. from what i know you got a couple options...........

 

1) get a personal loan, ur credit is great, but personal loans have HIGH intrest rates regardless of ur points... it does make a difference though, instead of having a 14-28% rate you will prolly get something like 9-16%.....

 

2) find out how much the bank will give you for a car loan, then borrow that amount and come up with cash to make the difference....

 

3) same as option 2, but if you dont have the cash, get a personal loan to fill the difference......

 

imo, not worth it at all, not for something that old unless its a 1200whp daily driver with full options, a/c, power steering, and is being sold by a senior citizen...... american cars are alot cheaper to build than imports, you may be better off buying you a roller (with blown engine so all harnesses, etc is there), a crate engine, and other stuff you will need to complete it so you know that there is no milage vs the 22k that your seller claims to have in it... i'm just not into buying used cars that have been modded.

Edited by dAt_nEw_gUy (see edit history)
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The age of the car is a major factor for a bank or credit union. They still might give you a loan but not for the amount listed. I'd see what they will loan you on the car and make up the difference yourself. You can also make up the difference using a credit card check but that's not the ebst thing to do. On my you get a fixed rate for 2 years so if it's a small amount you can do that, but I would still advise against it unless you have to. CC's are good for screwing you over. But I have used them for stuff like that. I used a CC check for my pool because the pool place wanted to finance it at like 14% or something. The CC check was a fixed rate of 1.99% or 2.99%. Pay it off quick if you do choose to do that.

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I see what you guys are saying. I have the option for putting the diff. on a credit card because I have a card thats 3.9% for life upto 7k. But If I by some means miss a payment or am not able to pay or even be late the intreste jumps to close to 29.9%

 

The reason why I am buying the car is because I know who built it, its close to 900hp on 10lbs, daily driver and Its a deal which I can't pass by. I just have to have it :banghead:

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Have you tried a credit union? Or if you know the person well and if there cool with you to let you give them the money the bank wants to give you and you pay the diff of with monthly payments on the side too or work something out with the person if you really want that car. Good luck :fingersx:

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I just got denied for a car loan because the vehicle cost was not less then 80% of the blue book value. I was so pissed off. :banghead:

I had to jump through a million hoops. I have account showing up on my credit score that is like 180 days late and its not mine, so i had to prove that it was not my account.

I have a rental property that i had to prove has tenets it it and has and will continue to have them, so my debt to income ratio is not high

I had to prove that my last apartment i live in was actually an apartment, because it somehow was listed as a storage unit lol (it kinda felt like one because it was so small lol)

 

Finnaly i jumped through all those hoops just to have them tell me that the only way they would give it to me was if i could get it for 80% of the blue book value. It was an 05 trailblazer and with taxes and fees it came to 14,200 which is 87% of the blue book value, the car lot would not budge on the price or give me a little more for trade in so I walked away!

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Yeah im going to go try a bank that I have done buisness with before on Monday. I hope it all goes through. I mean I honestly don't remember a time where it was this hard to get a loan for anything.

 

 

banks are just being extra piky about who they finance, thats all, good luck

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heres what i would do if you really wanted the car. take a loan out for what they will give you on the car. then take out a personal loan for the differents.so say they will loan you 12500 for the car then take out a personal for 4000. And then pay off the personal first to save alittle bit of cash.

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Ok guys, so I followed your guys's advice. I took a personal loan for the car. I got a rate of 8.25% on a personal loan which isn't bad. I also got it from a farily large bank (which suprised me). Im going to be getting the car next week. I will def. Take some photos. of the TA. Thanks for the input guys, all of it really helped out. :D

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