Went to see a Z06

BigT · 04-10-2012, 07:28 AM

Its the 5 year rule dude. Banks do not like to finance cars over 5 years old, especially not the entire selling price. His problem is zero downpayment. Its not that the bank thinks the car is not worth it, its the risk factor. To them, lending 40k to purchase a 6 year old car is risky business.

m4a1mustang · 04-10-2012, 07:38 AM

Quote:

Originally Posted by BigT

Its the 5 year rule dude. Banks do not like to finance cars over 5 years old, especially not the entire selling price. His problem is zero downpayment. Its not that the bank thinks the car is not worth it, its the risk factor. To them, lending 40k to purchase a 6 year old car is risky business.

Ah that's right. Didn't think about that.

Roadster4Us · 04-10-2012, 08:34 AM

In all my years, I have never seen a bank worry about the risk of a car loan as long as the car is within KBB or NADA values. Without knowing your friends credit history, credit rating, and current debt/income ratio, we really can't determine where the risk is for the bank or why they came back so low.

I just know I have never had a bank or credit union come back with a lower loan amount than I was asking for and this was always for full purchase price, new and used.

Steve might have a point that they looked at the wrong model.

04-10-2012, 08:34 AM	#3 (permalink)
Roadster4Us A True Z Fanatic Join Date: May 2011 Location: Stafford, VA Posts: 1,328 Drives: 2013 ZL1 Rep Power: 16	In all my years, I have never seen a bank worry about the risk of a car loan as long as the car is within KBB or NADA values. Without knowing your friends credit history, credit rating, and current debt/income ratio, we really can't determine where the risk is for the bank or why they came back so low. I just know I have never had a bank or credit union come back with a lower loan amount than I was asking for and this was always for full purchase price, new and used. Steve might have a point that they looked at the wrong model. __________________ Greg 2013 Camaro ZL1

04-10-2012, 07:28 AM	#1 (permalink)
BigT Enthusiast Member Join Date: Jan 2012 Location: NJ Posts: 469 Drives: 98 2g DSM Rep Power: 14	Its the 5 year rule dude. Banks do not like to finance cars over 5 years old, especially not the entire selling price. His problem is zero downpayment. Its not that the bank thinks the car is not worth it, its the risk factor. To them, lending 40k to purchase a 6 year old car is risky business.