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Average Loan price?

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nafunu32

CEG'er
Joined
Feb 28, 2006
Messages
101
Location
East Texas
Anyone know about what the 1998.5 SVT loan value is? I know the retail, private party, and trade in values, but what exactly does the bank look at to give a loan out?
 
If you have a pretty good down payment, I'm sure you can easily get the loan...as long as you don't have too much negative equity already.
 
what you're concerned with is the collateral value of the car, which isnt much. however, maybe you should shop for a personal loan based on credit(if you have good credit) and then you arent putting up any collateral...
 
nafunu32 said:
Its from a private party and I'm not sure if my bank will give me twice the value of the car.
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Your best bet is to just buy the car outright. Paying back a car loan every month, plus interest it just a bad idea IMO. Especially when you look at resale value + the inevitability of something breaking.
 
Well, called my bank, the loan value is $3500. I told him what the asking price was and what all was done to the car and he gave me $5500. It rocks having a loan officer who is also the banks president. ha! I've had two other loans with them before plus the business I work for deposits literally millons a month into their bank. I just tell them what company I work for and bam! I'm approved. heh
 
Doesn't matter if the engine was replaced. It should be more like $4.5K to $6K.
 
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Shaggy said:
You guys are funny, taking auto loans for 3.5k. If you don't have *at least* that much saved up, you shouldn't be buying a car.
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Dang must be nice to have that much money just laying around! If I had your money I'd burn mine
 
Is it really that hard to save up 3.5k?! Get a better paying job or get a second job. Don't buy a car, use mass transit, bum rides, until you have the 3.5k. Money to burn, hhahahahaha! I wish I had money laying around, then I could renovate one of my bathrooms!
 
Living in the sticks kinda makes mass transit impossible. Also, I'd rather have loans for small amounts than be tied to a $25k loan for the next 5-6 years. :shrug:

That's just my mindset on the issue...and I really wanted my SVT then and there. :D
 
yeah but look at how much you're really paying for a $3500 car. I hear what you're saying...i don't plan on making car payments in the near future either - but small loans add up to big ones eventually.

i don't make "alot" of money, but i do always have atleast 5k in the bank. I call it my "buffer." It's like those commercials - life comes at you fast. It's not alot, but it could mean all the world. After i buy the new car i'm gonna work on getting it higher than that.

you're young yet....you'll learn
 
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TGO said:
you're young yet....you'll learn
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That's the exact reason I don't want a brand new car. I'm only 21 and I don't want to be tied to something for the next 5 or 6 years of my life.

For your car, the grand total is $4,000 and some change. That's not too bad in my opinion. Considering how screwed I got on the last one.
 
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