what's the procedure? I know it's been discussed before but never in one topic.


I know from past experience that loan companies will only give you a loan on a car that's been built within the past 5 years (or that's how it was when I got my last loan), and I know that banks will only give you one with a reasonable rate for cars that were built in the last 2 years.


I am thinking hard about tracking down a good FD, but I would need a loan to get one. What should I do?

11/6/2005 10:56:25 PM

well SECU would be a good option

11/6/2005 10:57:14 PM

I don't work for the state.

11/6/2005 11:00:15 PM

it's pretty easy to get a SECU account....but there are banks out there that will finance an older car if there credit backs it up. Generally just depends on the situation.

11/6/2005 11:01:06 PM

could do an unsecured loan, but you prob won't get a good rate

and SECU prob still won't do it for a car that old.

11/6/2005 11:02:45 PM

shit I got a loan for a car from SECU that was 11 years old at the time. They didn't ask any questions. Just looked it up in KBB and said "we'll give you this much". I took my check, deposited it, went down to the dealer, and wrote them a check for the car.

11/6/2005 11:07:15 PM

^^ Yeah, i just looked at the SECU site and it doesn't look like they have any stipulations that you have to work for the state anymore (if they ever did, I was just assuming)


but yeah, I'd hate to open an account, just to be told that they can't finance a car that old




I bank with RBC Centura right now, and I know when I was thinking about buying a 95 Supra (in 99) the only way I could've gotten a loan for it was with my Dad doing a mortgage something or another (refinance i think).

[Edited on November 6, 2005 at 11:08 PM. Reason : .]


^ Hmm. When did you buy your car, Nick?

[Edited on November 6, 2005 at 11:09 PM. Reason : .]

11/6/2005 11:08:19 PM

2002 or 2003

the old 93 240.

the only stipulation is that you have to get a shorter term loan on any car older than a 2000, only up to 48 months rather than up to 60 I think.

I do have an account with them though, not sure if that meant anything or affected my ability to get the loan. If you can figure out a way to get an account do it. They do pretty good rates on loans depending on your payment method.

http://www.ncsecu.org/Products.aspx?page=2&item=7&Name=cntlUsedVehicle

[Edited on November 6, 2005 at 11:26 PM. Reason : .]

11/6/2005 11:18:31 PM

Quote :

"I am thinking hard about tracking down a good FD, but I would need a loan to get one. What should I do?"

First you better make sure that this is an FD with about 20 or 30k miles on it MAX. That's the only kind of FD I'd take a loan out for, because it's likely not to give you any shit. Otherwise, if you can't afford to buy an FD outright then you can't afford to maintain one.

I hope you've done your research, because the last thing you need is a car payment and then no loot for whatever may come up.

11/6/2005 11:51:49 PM

Quote :

"the only stipulation is that you have to get a shorter term loan on any car older than a 2000, only up to 48 months rather than up to 60 I think."

That sounds about right. SECU would have given me a 48-month loan when I got my Lincoln (1996 model, bought 9/04) but their book value was way low in that it didn't take into account mileage or condition. Ended up getting financing from Coastal Federal Credit Union, still got a a 48-month term.

11/7/2005 12:34:55 AM

Quote :

"First you better make sure that this is an FD with about 20 or 30k miles on it MAX. That's the only kind of FD I'd take a loan out for, because it's likely not to give you any shit. Otherwise, if you can't afford to buy an FD outright then you can't afford to maintain one. I hope you've done your research, because the last thing you need is a car payment and then no loot for whatever may come up."

I don't think there IS such a thing as a FD with only 20-30k. The lowest I've seen are ones with ~60.


Yes, I'm highly aware of the issues with them, and I plan to thoroughly investigate a car's history and current state by hiring a mechanic to look at one before I decide to lay money down on it. Paying for repairs isn't a concern for me because:

1. I'm not going to rag it out

and

2. I'm not going to mod the shit out of it

I think the liklihood of me having any major issues with it when I would only put about 100 miles on it a week max would be slim to none.

11/7/2005 12:57:02 AM

Quote :

"1. I'm not going to rag it out and 2. I'm not going to mod the shit out of it"

you need to do a little more research, its still going to break

11/7/2005 1:09:24 AM

its prolly dependent on your credit

just on older cars, they will only go maybe 36 or 48 months

good luck y0

11/7/2005 1:09:25 AM

I recently opened a SECU account and was asked to show them a recent state paystub to verify my employment with the State.

11/7/2005 7:27:07 AM

Quote :

" I don't think there IS such a thing as a FD with only 20-30k. The lowest I've seen are ones with ~60. Yes, I'm highly aware of the issues with them, and I plan to thoroughly investigate a car's history and current state by hiring a mechanic to look at one before I decide to lay money down on it. Paying for repairs isn't a concern for me because: 1. I'm not going to rag it out and 2. I'm not going to mod the shit out of it I think the liklihood of me having any major issues with it when I would only put about 100 miles on it a week max would be slim to none. "

http://www.rx7.voodoobox.net/infofaq/bguide3g/bguide3g.html

I've seen some with 20-30k miles. They do exist. You'd probably have to pay in the 15-20k range for one. Not modding the shit out of it is a good start, BUT there are reliability mods that you should do including replacing the cats. The factory speed-density ECU can't handle much more than exhaust without leaning out. The only other problem you'd mainly have is making sure the twins are spooling properly. This is mentioned in the link I just posted. Do a compression test and make sure it has 100+psi on both rotors.

I've seen guys get 60k miles out of these motors and I've seen guys get 120. A good friend of mine managed 110. Just be REALLY careful about the car you buy and you should be fine. There are way too many idiots who blow up rotaries.

11/7/2005 8:53:37 AM

Quote :

"1. I'm not going to rag it out and 2. I'm not going to mod the shit out of it"

haha, what in the hell do you want one for, then?


and yeah...cooling system mods, and make sure the vaccuum lines and all the associated shit with the turbos isn't dicked up.

11/7/2005 9:17:48 AM

Credit Union will loan money on all older stuff........you just will pay a higher intrest rate

11/7/2005 11:16:38 AM

I love these cars, but I just want to make sure that you don't end up frustrated. Just remember what you will have to deal with if you pick the wrong car:

11/7/2005 11:33:07 AM

You have to have a relative that is a member if you don't work for the state of NC.

Otherwise, why would anybody else go to other banks at all when they can go to a non-profit credit union.

11/7/2005 11:40:49 AM

^hmm


My Dad is retired Air Force.... can he get an account there and then get me one or....?



I don't know how that would work, exactly.




And yeah, thanks for looking out guys, but I do plan on finding a good reliable mechanic who can work on the rotaries (I've already got a good lead from a guy I work with) and can do the basic neccessary mods needed to keep the engine from blowing an apex seal or whatever on me.

11/7/2005 5:56:36 PM

i don't think SECU would honor USAF ret, but i bet USAA would. see if they can hook anything up.

11/7/2005 8:11:28 PM

Good call.

11/7/2005 9:07:27 PM

Quote :

"SECU prob still won't do it for a car that old."

i have recieved loans from SECU for an 11 year old car and now a 10 year old car... They don't care, but they will only loan you 115% of the cars worth UNLESS you are buying from a reputable dealer. For instance, if you are buying from Bobby Murray, which is what I did the first time, they will give you more money. Either way, you can't beat their interest rates on old cars... My first loan had a 4.75 (auto-withdrawl) interest rate...

11/7/2005 9:44:40 PM

Hell I think extended family members can count too, but I'm not 100% sure.

I financed the Z-28 with them too. It was over 5 years old. According to the SECU site, older than 2000 they'll finance at 6.75% with Direct Payment and 6.25% with Payroll Deduction.

11/7/2005 9:53:10 PM

^ None of my family members work for the state, either.

11/7/2005 9:57:54 PM

do you have any that work for other states?

I got mine because my grandmother worked for the state of illinois, getting my mother an account, and therefore me an account.

11/8/2005 9:44:48 AM

I don't think I do, to be honest


everyone's retired military or corporate except for some step-cousins, who are federal employees




doesn't help that a good percentage of my family is in the UK, either

11/8/2005 6:15:24 PM

you can also join if you share bills (live with) someone who is a member. you can cheat if you have a friend temporarily change the address on their account.

11/8/2005 6:53:01 PM

^OH SNAP


just found my in, then



My roommate is a teacher

11/8/2005 8:22:12 PM

annnd score.

11/9/2005 9:01:03 AM