Went to see a Z06

Sibze · 04-10-2012, 09:04 AM

Our rules are probably different here in Canada but we have a 7 year rule at the bank I work for.

So if a car is 2 years old (7 - 2 = 5) we can do a five year loan MAX. If the car is 6 years old (7 - 6 = 1) We can only do a 1 year loan.

Now, that does not have anything to do with the value of the loan. When we look up the value of the vehicle in the black book, our internal one will tell us what the retail high and low is and then what the maximum loan value can be.

Now, I looked up a 2006 Z06 with 40,000 KM's and here are the value's I got:

Retail Values
Retail High - $43,300
Retail Low - $35,425
Maximum Loan Value - $41,225

So, I would say that $29,000 would be very close to what I could do as well. Assuming, 1. vehicles in the US sell for less (more of them, less import expense etc.) Plus the value of the Canadian Dollar (Which right now is worth more then the $US but not normally)

04-10-2012, 09:04 AM	#6 (permalink)
Sibze A True Z Fanatic Join Date: May 2009 Location: Ontario, Canada Posts: 16,202 Drives: In your way Rep Power: 63	Our rules are probably different here in Canada but we have a 7 year rule at the bank I work for. So if a car is 2 years old (7 - 2 = 5) we can do a five year loan MAX. If the car is 6 years old (7 - 6 = 1) We can only do a 1 year loan. Now, that does not have anything to do with the value of the loan. When we look up the value of the vehicle in the black book, our internal one will tell us what the retail high and low is and then what the maximum loan value can be. Now, I looked up a 2006 Z06 with 40,000 KM's and here are the value's I got: Retail Values Retail High - $43,300 Retail Low - $35,425 Maximum Loan Value - $41,225 So, I would say that $29,000 would be very close to what I could do as well. Assuming, 1. vehicles in the US sell for less (more of them, less import expense etc.) Plus the value of the Canadian Dollar (Which right now is worth more then the $US but not normally)