Texas Hunting Forum

Loan for older vehicle

Posted By: safarigene

Loan for older vehicle - 09/15/21 05:47 PM

Any help on finding someone for a loan on a 2000 model vehicle. NADA says $5k on a 2000 Excursion 4x4 with 100k miles. Sales price is $12k. Bank won't go for it, so looking to see if anyone has any options to explore.

Thanks
Posted By: Ol Thumper

Re: Loan for older vehicle - 09/15/21 06:40 PM

I’d put it on a zero interest card and pay it off ASAP, can’t say how many things I’ve done that with over the years. Use thr money to benefit you,,
Posted By: redchevy

Re: Loan for older vehicle - 09/15/21 06:56 PM

In todays day and age, if you cannot get it financed then maybe its best not to finance it?

Find a local buy here pay here car lot and I bet they would finance it for you.
Posted By: jhenderson

Re: Loan for older vehicle - 09/15/21 11:29 PM

Probably won’t get any bank to finance the vehicle with age and price. Best bet if you need to take a loan do a personal loan. Or borrow against your 401k but that hurts you in the long run.
Posted By: safarigene

Re: Loan for older vehicle - 09/16/21 12:18 AM

Thanks guys. Dealership seems to think they can get it done. If not, I guess it isn't meant to be.
Posted By: N.Tx

Re: Loan for older vehicle - 09/17/21 02:32 PM

As others have said, take a Bill of Sale to a local Bank or Credit Union that you have a relationship with.
Posted By: Hudbone

Re: Loan for older vehicle - 09/17/21 03:33 PM

if you buy this with a loan, make sure you get some kind of loan value payoff endorsement on your auto insurance. If ever stolen or otherwise totaled, the adjusting department won't care a whole lot about how much you paid for it or have in it.
Posted By: John2

Re: Loan for older vehicle - 09/17/21 03:33 PM

Originally Posted by E.TX.JMart
As others have said, take a Bill of Sale to a local Bank or Credit Union that you have a relationship with.


No bank or credit union will touch it because of that age.With nada saying $5k no way are they going $12k.
Posted By: Heavy T

Re: Loan for older vehicle - 09/17/21 04:38 PM

If you can get a decent 7.3 Diesel Excursion 4X4 for 12k you better find a way.
I have a 2005 with 6.0 that I wouldn't take twice that for.
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