I have heard that it is hard to get 100% financed for an R because when the bank pulls blue book it books out for way lower than what they sell for and that causes problems?? Do any of you know about this? If so have you found a way around it?

Please help!!

P.S. I know about financing credit and qualifying blah blah blah. All thats good. Just wondering about the blue book, bank issue.

Thank you

 

just tell them how much you need and how much you are applying for
shouldn't matter what kinda car you're buying

 

go to a credit union

N.A.D.A value on a 2001 ITR with 50k miles is 18,500

if the car you want is 21k, like mine

DCU or another good credit union will give you up to 120% the value of the car in a loan and you dont need much credit, if any

 

the general % is around 130% of wholesale book value. the prob with a itr is that it has no book value for wholesale, just retail. finance companies aren't going to use that number. nada does have a wholesale value for it though. i was able to secure 100% on mine but i had to go through some hoops to get it. find out the loan vs. car value terms before accepting a loan offer or else you may end up backing yourself into a corner.

 

It depends really on your credit situation... Some banks will be willing to give you a personal loan (instead of a car loan) for the amount you are asking and "secure" it against the car you are buying, if you are not co-signed or have a guarantor.

It maybe possible to get an unsecured (or secured, if you have some other assets like a house) line of credit, which is often more flexible than a conventional loan.

Shop around, don't be locked into a single bank mindset, thinking that your loan/creditline must be done at the same bank your bank account is. Banks are businesses too, and if your "home" bank doesn't meet your needs, there are several others who I'd bet would be happy to have you bring your business to.

 

Uhhhh yes it does. The car loan is secured by the car. They aren't going to do a loan for 20k on a car that is worth (according to the book) 16,500. That would be a stupid move on their part considering they will lose thousands if the debtor doesn't pay the note.

Depending on bank and credit, they will do a 100% loan on the book value of the car, but you may not qualify for 100% either.

It's best to save up money for a downpayment anyways, saves you some money in the end.

 

You'd have to get a conventional loan, and not a car loan.