My credit union is good with personal loans. Not as low as an actual auto loan but I think the last one I took was about 5% for three years.
My credit union is good with personal loans. Not as low as an actual auto loan but I think the last one I took was about 5% for three years.
I kinda-sorta looked into this before buying my 98 Lexus GS400 (with 98k miles on it at the time) and 100k miles was the cutoff, if I remember correctly.
I did learn that Penfed and I'm sure other places will do auto-title loans (they get the title in their name as collateral while you pay it off, gotta have full insurance coverage etc) for NADA value as someone else mentioned. Nada retail for my 240k mile 1999 7.3 Diesel is $10,775...and if it has 500k miles on it, Nada value is....$10,700!
For me, the interest of the loan wasn't a big deal and would have let me kept more cash in my accounts, but the cost of full coverage (on a $6k car, which I wouldn't normally carry) pushed the cost well above the small (2.5%?) interest cost and made the whole thing not worth it.
SunTrust will do it through their Lightstream product. Slightly higher rate but they will not care what you buy with the money as long as you qualify.
DCU let me finance a 2003 Ford focus svt with 120k on it at 2.5%. I'd check with them.
I borrowed $3500 to buy my 97 Chevy K1500 with 165,000 miles on it from my brother 2 years ago.. financed it at the local bank where they knew everyone in my family, took a total of 10 minutes from the time i applied until my brother walked out the door with a check to pay off the credit union he had it financed at, which was right across the street from the bank.
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