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Eleventeenth Gear Poster
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I just got a new car and the person that wants to buy my old car needs a loan. He’s tried 2-3 different banks and they all told him that they don’t give loans for cars older than 4 years...the car is a 94 Thunderbird. What are some other reasonable options that aren’t to interest crazy or that he doesn’t have to sign his life away to get? He asked me if he could give me $1000 now and pay me $200 for the next 12 months with notarized paperwork documenting everything, but I kind of don’t want to do that and I KNOW I will hear crap from my dad about it. Thanks for any input.
 

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The Band, not the Disease!
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Try to get a personal loan from a bank.. I dont know if they ask what its for or not... if they do ask tell him to say its for school =P
 

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Aaron, you don't "kind of don't want" to do it.......you REALLY don't want to do it! Let the buyer worry about financing. Sometimes dads dole out the crap for very good reasons. This is one of them.
 

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Refrigerator Raider Hater
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I agree. He'll pay you $1000, make a couple payments, and then total it or just "become" broke.

I don't lend money, it causes amnesia.

Tell him to check out credit unions. They will often accept family members of people who qualify. I got a loan from my credit union with 7.5% interest for a 36 month loan on a 96 in 01.
 

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Most banks will loan money on a car older then 4 years. However, if the loan amount is less then $3,000-$3,500, they won't. I'd have him look for a personal loan or a line of credit on his home equitity. I wouldn't ever turn into a loan company. Things like that just don't usually work out very well. You don't want to end up on Judge Judy.

Thomas
 

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I would have him try to get a loan for "car repairs" and tell them that he doesn't own the car yet.. that is what i did today ... to get a $4000 loan to replace my engine.. at first they were going to try and talk me into getting a new loan for a another car but when i told them that the car wasn't paided for they said here's 4k come back when the car is paid for...


good luck...

Moody Moodz
 

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go with greenbird's idea... Credit Unions are a great way to build credit while having a somewhat decent intrest rate on loans. Plus, most of the time they give you a loan easier and faster than a bank.

good luck
-Steve
 

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Credit Union is defintely the way to go... Some cities and counties have credit unions for their employees and the only membership requirement is that you live or work in that county.
 
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