Used Car Loans

Post by **Xouqoa** » February 6, 2003, 8:18 pm

I'm trying to buy a 1996 300ZX and am having trouble finding a place that will loan me $18,000. Does anyone have any suggestions? I tried peoplefirst.com but they will only give me $15,000 ... they're counting my current vehicle payment against my debt/income ratio though, which I think is ridiculous since I obviously won't have it after April 17th. (I also explained this to them, to no avail.)

Anyway, if you know someplace that will let me borrow that much for a 7 year old car from an individual (not purchasing from a dealership) please post here with the infoz.

Masekle · Post by **Masekle** » February 6, 2003, 8:47 pm

Your paying to much is all the advice I can give you.
http://www.kbb.com/kb/ki.dll/kw.kc.urr? ... ZX&8;NI;B3&

I live in oregon and put fully loaded options. I dont know the Zipcode and the milage of the car, but if I were you I would shop around.

Bah the link dint work but it was 15,830 here. From that link you can put in the options of the car you are looking at and where you live =)

actually this link to the site works better http://www.kbb.com/ sorry for the confusion there.

Aslanna · Post by **Aslanna** » February 6, 2003, 8:56 pm

Loan + Credit Card = 18k !

Post by **Xouqoa** » February 6, 2003, 9:02 pm

It's worth the $18,000, trust me. It has 25,000 miles and not a scratch on it. He could sell it for $20,000 easy, I bet.

I don't have a $3,000 credit card, but even if I did I wouldn't put it on that. The interest rates are almost twice as high. Incidentally, this is also the reason I didn't get a personal loan vs. an auto loan.

Baglaz · Post by **Baglaz** » February 6, 2003, 9:02 pm

The only way that car is worth 18k is if the previous owner did some engine mods etc... which doesnt look like the case. Those things sell in Ohio for 10-12k, and thats low mileage, never been in snow, perfect condition-type shit. You might want to try bargaining with the guy/woman so you dont get ripped off.

Post by **Xouqoa** » February 6, 2003, 9:05 pm

Baglaz wrote:The only way that car is worth 18k is if the previous owner did some engine mods etc... which doesnt look like the case. Those things sell in Ohio for 10-12k, and thats low mileage, never been in snow, perfect condition-type shit. You might want to try bargaining with the guy/woman so you dont get ripped off.

The only $10,000-$12,000 300ZX's I see for sale anywhere all have 75,000-100,000 miles on them. Keep in mind this is a 1996 model (last year they made it) .. I don't want an older one.

Masekle · Post by **Masekle** » February 6, 2003, 9:10 pm

Buying a car from a private party is always risky as it is. If you are not an expert, I would pay the 125 bucks to have a qaulified individual inspect the car. 18.000 is a lot of money to put out on a 7 yr old vehicle. I know it really looks hot in the Fast and the Furious, but that car had a 20,000+ paint job.

BTW I have been looking for a reasonable deal on one of these for awhile. =)

Baglaz · Post by **Baglaz** » February 6, 2003, 9:15 pm

They are a dime a dozen here, even the Twin Turbo models. We have a large street racing contingent here, so the older people are dumping off the older sports cars they have on the rice boys( RX7's, Supras, 3000GT's etc) so they can buy a new Vette or Viper or whatever rich people drive.

Aslanna · Post by **Aslanna** » February 6, 2003, 9:16 pm

Those things sell in Ohio for 10-12k, and thats low mileage, never been in snow, perfect condition-type shit.

It doesn't snow in Ohio?

Personally I'd be surprised to see a "low mileage perfect condition" 96 Z for 10-12k.

Raistin · Post by **Raistin** » February 6, 2003, 9:17 pm

Let me sum it up. You_are_a_dumbass.

A 1996 300zx with 25,000 miles is almost brand new. First there were only 300 made the last year. Its top notch condition,and service records * Lasts a long time and hardly go to shit* pushes the bar skyward.

The 300zx was made to compeat with Porshes,NXS, Viper , and other various cars during the 90-96 years. Base sell price new was 39-42k.

Now from what Xouqoa has told me about the car when he went to go see it. Its near brand new. I told him what to look for since I had a internship at a Nissan Dealership to work on 80-96 zx's. I'm one of the biggest Z fans there are. So I personaly know the worth of the cars.

From everything I've talked to Xouqoa about the car there is non better than this one. I almost bet my left nut you can't find a 1996 300zx in a better condion with around 25k miles. At least not in Florida,Mass, Ma, and Ga. I know this to be true

Give me a link that shows a 25k mile 1996 300zx for less than 15k.Till then, take the dick out of your ass and start sucking.

Raistin · Post by **Raistin** » February 6, 2003, 9:21 pm

One other thing. You sumed it up very VERY well for me.

YOU DO NOT WANT TO BUY A CAR THATS BEEN "MODDED" OR RACED NON STOP.

HENCE the reason THEY ARE CHEAP, with 23478912347293 Miles on it. Score one for Scooby and his friend Shaggy, they found the clue you were missing.

Post by **Xouqoa** » February 6, 2003, 9:22 pm

Masekle wrote:Buying a car from a private party is always risky as it is. If you are not an expert, I would pay the 125 bucks to have a qaulified individual inspect the car. 18.000 is a lot of money to put out on a 7 yr old vehicle. I know it really looks hot in the Fast and the Furious, but that car had a 20,000+ paint job.

I'm aware of the risks involved, and will take measures to cover my ass if I do manage to secure the financing.

Now, with all due respect (as I realize you are only trying to help) -- this thread wasn't about my decision to purchase the car... I'm only looking for information in regards to getting a loan. I don't need to be lectured on my decision making process.

PS - there was no 300zx in The Fast and the Furious. There was a Jetta, an Eclipse, a Supra, and the big black monster that Vin Diesel drove.. Charger, I think?

Masekle · Post by **Masekle** » February 6, 2003, 9:27 pm

You must be in the minority. Gotta be some reason why banks, etc. wont loan more than 15000 on the car =)

Masekle · Post by **Masekle** » February 6, 2003, 9:28 pm

hehe watch the movie again =p

Noone was lecturing you I have been a mechanic all my workable years I would NEVER tell someone over the phone to buy a car. I would have to do the touchy feely thing before I stick my neck out. Give me 50 miles in any car and I will show you the worst that can happen to ANY vehicle

sorry if I offended you

Forthe · Post by **Forthe** » February 6, 2003, 9:36 pm

Love the Z. Nice car Xouqoa. Finding a low milage 96 in good condition is a nice find. The earlier years are much more common.

Was drooling over a 350z last week.

Post by **Xouqoa** » February 6, 2003, 9:36 pm

Masekle wrote:hehe watch the movie again =p

Noone was lecturing you I have been a mechanic all my workable years I would NEVER tell someone over the phone to buy a car. I would have to do the touchy feely thing before I stick my neck out. Give me 50 miles in any car and I will show you the worst that can happen to ANY vehicle

sorry if I offended you

Didn't offend me, no worries. Just trying to keep this as on topic as possible. I'm extremely frustrated with peoplefirst.com giving me the run around, and just want some answers hopefully so that I can tell the guy a definitive yes or no on purchasing it.

I don't remember there being a 300zx in the movie, but there mighta been. It's been a while since I saw it. I've wanted a 300 though ever since high school, so it has nothing to do with the movie. It's a nice car, very dependable, and fun to drive.... this one is also a collector's item of sorts.. so if I take care of it I could have it for a while.. if I can get a loan! >< >< ><

kyoukan · Post by **kyoukan** » February 6, 2003, 9:37 pm

hey xou dont buy that peace of shit dood u want 2 get leik a rx-7 or i can hooke u up with my coiusin who's sellign his pimped out civic that can blowe ne porsh off the rode ez it has leik a computer chips in it that maeks it go phaster

Fallanthas · Post by **Fallanthas** » February 6, 2003, 9:37 pm

Unfortunately, none of the factors that make the car a buy mean dick to a bank. I've had the same problem trying to buy a 40's vintage truck.

So far the only solution I have come up with is banking pennies to make a boomer of a down payment. Sorry Xou.

Phugg_Innay · Post by **Phugg_Innay** » February 6, 2003, 9:42 pm

I agree on the DONT BUY MODDED cars. Hell I have been modding my rig out for the past 5 years , the best I could get out of it would be about$9k , that isnt what I've put into it. If I were to sell it though , the person would know exactly what I have done. Hell the aftermarket parts alone, like Ox Lockers, Pace setter exhaust (which is re-routed to not be below any fraim rail), the re-gearing etc ,,,,, A person would be clueless if they took my rig into a shop and said "fix this" the guy in the shop would say F.O. that aint factory.
The Z was and still is a great car, from what I read so far , it sounds very well worth the 18k investment (as long as it wont be a daily commuter). I only wish I would have held onto my 67 Datsun 2000. But alas , hindsight is 20/20.
Have you tried some of the local credit unions ? that would be my first thought , they seem to be a little more lenient than banks are.

Venti · Post by **Venti** » February 6, 2003, 9:46 pm

That banks looks stricly at things like ACV ( Actual cash Value ) on preowned cars, especially when sold private party. ACV is determined by dealer reportings and consumer polling of what they paid/sold cars for; assembled into a database nationwide and generally used by dealerships and car buying/selling services on the internet. Additions/subtractions are applied for mileage, but have a small impact on ACV. In essence, the low low mileage means OMGIAMRETARDEDCAUSEALOTISTWOWORDS to you, the buyer, but very little to a bank. Originally it was the automotive industry that needed something like this, to know if cars they were taking in on trade were "soft" or "strong" in the marketplace to make the right evaluations on trade ins.

Xou, try your bank or credit union where you do your personal banking. The rate may be higher than discount brokerages you might find on the internet, but you can usually at least talk to them IRL to make your case as to why they may be undervaluing the car, but don;t hold out for much hope on that. Other options to consider:

I think you mentioned you leased your current truck.
~ Are you due back security deposits that could be used to buy down the Z your looking at?
~ Is the residual on your lease, less than what you think you may be able to sell the truck for privately? (Doubtful in most leases, but worth asking)

If you can simply squeeze out a couple grand in cash (either in cash, or by generating csh above) to make the difference between the amount the lender is willing to lend on that car, and just finance the max they will allow, then it sounds like your on your way to a nice car. I'll poke around and post more if something comes up.

noel · Post by **noel** » February 6, 2003, 10:00 pm

Cars featured in the Fast and the Furious:

Acura Integra - Edwin
Honda Civic SiR HB 94 - Hector
Dodge Charger - Dominic
Green Mitsubishi Eclipse - Brian
Acura Integra 96 GSR - Ja Rule
Nissan Maxima 98 SE - Vince
Nissan 240 SX - Michelle's car
Nissan Skyline GTR - Leon
Mazda Red RX-7 R1 - Dominic
Toyota Supra Turbo - Brian
Volkswagen Jetta 1995 GL - Jesse

Here's are two links which contain pictures of all of the modded cars from the movie:
http://community.webshots.com/album/24062664amzSyGuXKc
http://groups.msn.com/fastandthefurious ... snw?Page=1

Note the lack of a 300ZX.

Venti · Post by **Venti** » February 6, 2003, 10:01 pm

For loans, it seems this may be a good option:

http://www.eloan.com/home

And for very up to date car value, both new and used:

http://www.edmunds.com/

Post by **Xouqoa** » February 6, 2003, 10:04 pm

Venti wrote:Xou, try your bank or credit union where you do your personal banking. The rate may be higher than discount brokerages you might find on the internet, but you can usually at least talk to them IRL to make your case as to why they may be undervaluing the car, but don;t hold out for much hope on that. Other options to consider:

I think you mentioned you leased your current truck.
~ Are you due back security deposits that could be used to buy down the Z your looking at?
~ Is the residual on your lease, less than what you think you may be able to sell the truck for privately? (Doubtful in most leases, but worth asking)

If you can simply squeeze out a couple grand in cash (either in cash, or by generating csh above) to make the difference between the amount the lender is willing to lend on that car, and just finance the max they will allow, then it sounds like your on your way to a nice car. I'll poke around and post more if something comes up.

Well, I have the option of borrowing $3,000 from my parents.. but I'd REALLY prefer not to do that. I don't get a security deposit back on the truck, and I couldn't make any money off of it, unfortunately, if I purchased it. I will check with some local credit unions tomorrow though, someone else I know had mentioned that to me so I'll try talking to them tomorrow. My current bank will only do used car loans if the car is less than four years old and from a dealership.

Venti · Post by **Venti** » February 6, 2003, 10:11 pm

Remember also,

The value in ACV or KBB, would not take into account ( at least not properly ) the following facts:

Low production for that model year,
That most avg drivers would have had that car @ 84K miles by now, at 7 years of use,
and last production year for that car.

Check into Eloan, not sure what the max is they'd loan for that car, but upon asking around here, it seems that their "retail loan rate" (APR) is generally lower than our "buy rate" here on pre-owned cars! Fucking internet ruining the car business. = )

Post by **Xouqoa** » February 6, 2003, 10:24 pm

I checked with Eloan, they approved me for like $32,000 or something (*boggle*) but I would have to purchase the car from a dealership.

Kluden · Post by **Kluden** » February 6, 2003, 10:30 pm

Seriously, stop in at your bank. I have bought 3 cars in 3 years, and each time I get a better rate from my own bank. When you do business with a bank that knows your spending habits, they have a better handle on what you personally can afford, and what they can afford you.

Just don't seem thrilled about the first rate they give you, and they will come down...they always do. Current rate on my latest car purchase (used car) is 5.29%. Tought to get a used car loan for less than 7%, but times are tough...so you may luck out too.

If you have any questions, PM me...I am a master of negotiations.

edit: overuse of the word "serious", like seriously

Post by **Xouqoa** » February 6, 2003, 10:39 pm

Xouqoa wrote:My current bank will only do used car loans if the car is less than four years old and from a dealership.

Post by **pyrella** » February 6, 2003, 10:57 pm

http://www.lendingtree.com - ?

Post by **Xouqoa** » February 6, 2003, 11:05 pm

Lending tree just refers you to another company... they forwarded my application to peoplefirst.com ><

Corona · Post by **Corona** » February 6, 2003, 11:51 pm

That car is awesome, and as a resident of Ohio for many years, and having lusted after that particular vehicle, I can assure you beyond a doubt that $18k is an excellent deal for that machine. If I were in Xouqoa's position, I'd probably already be talking to a guy named "Vinnie the Icepick" about getting the extra $3k, in a deal that would no doubt include an interest rate involving the removal of several "spare" organs.

In all seriousness, I think your best bet is through a credit union. If your bank won't loan beyond 4 years old, then you may want to switch banks anyway (oddly, I think my bank's limit on cars is 7 years). Credit unions usually have excellent deals on loans, and it's been my experience that they are willing to work with you a lot more - the people there just seem to care about your reasons unlike most banks.

Voronwë · Post by **Voronwë** » February 7, 2003, 1:37 am

300zx is a sweet car. roomate in college had one. HOWEVER, it is by no means a competitive car for a nice Porsche whoever said that

i did love driving that car out on I-95 =)

credit unions are great for loans and stuff. i got an amazing home equity line from mine. didnt have to even pay for the appraisal. prime + 0.

Post by **Xouqoa** » February 7, 2003, 2:13 am

Ya, gonna call credit unions tomorrow. Thanks for the input guys.

And I bet a 300ZX Twin Turbo could give any Porsche a run for it's money. =D That one isn't a turbo though, so no... =) Still a hell of a fun car though.

Canelek · Post by **Canelek** » February 7, 2003, 2:55 am

Twin Turbo is damn sweet, although there aren't that many floating around. 25k miles is a pretty sweet deal for the price. Just please don't go all 'Fast and Furious lowered honda dipshit movie' on it and you are good to go

kyoukan · Post by **kyoukan** » February 7, 2003, 3:10 am

stainless steel exhaust tip will give you at least 4 extra horsepower per every 2 inches of the tip

Kguku · Post by **Kguku** » February 7, 2003, 4:46 am

single wiper blade conversion +5 HP!

red sticker +2hp!

yellow sticker +3hp!

red and yellow two tone paint job +15hp!

and your horsepower can be increased exponentially depending on the diameter of your fart pipe!

Pahreyia · Post by **Pahreyia** » February 7, 2003, 5:30 am

don't forget the over glorified sunroof and shopping cart handlebars on the back... just so when you're hungry and want to show off, you can bring your l337z0r ph47 r1d3 to teh store!

Masekle · Post by **Masekle** » February 7, 2003, 10:21 am

Friend of mine has the only factory produced Rally car that Chevrolet ever made I SOOO love taking that car to the grocery store loading up on snacks and soda then heading to the local nip-wagon circle and showing them what American steel can do... well aluminum =)

1980 Chevette 2.8 aluminum block V-6 900 HP driven by Clive Smith at Pikes peak

masteen · Post by **masteen** » February 7, 2003, 11:34 am

My friend Nunzio in Miami offers loans at very reasonable rates, just don't default, or it may be impossible to use the clutch!

Kelshara · Post by **Kelshara** » February 7, 2003, 11:46 am

Man Xou I've wanted a Z forever

Hell if I was you I would even do the parental loan if it was my last chance! The car is so worth it..

rhyae · Post by **rhyae** » February 7, 2003, 12:20 pm

My dad is big Z car fan, has a 240 he restored and a 300zx.
I always remember riding to the pool as a kid in my dads cool car, and um dumping my goldfish into the front seat...
Definately try credit unions, even if you have to join one

Voronwë · Post by **Voronwë** » February 7, 2003, 12:23 pm

should only cost like $5 to join one.

Post by **Xouqoa** » February 7, 2003, 1:06 pm

I called Fairwinds Credit Union today (local one here in Orlando) and they said they would give me $19400 .. so as long as the guy selling is still willing, looks like I'll be able to get it.

Moral of the story: peoplefirst.com sucks nuts.

Kluden · Post by **Kluden** » February 7, 2003, 3:29 pm

Pre-emptive grats Xou! A great car to cruise around in during the summer (and since eyou live in florida, the winter too).

noel · Post by **noel** » February 7, 2003, 5:32 pm

Grats on the loan!

But...

Xouqoa wrote:And I bet a 300ZX Twin Turbo could give any Porsche a run for it's money.

Ummm No.

I give you the '96 Porsche Turbo 3.6 liter AWD. 0-60 in 3.7 seconds (300ZX-TT 4.8 seconds), top speed of 198mph (300ZX-TT 165mph governor limited), and if you think it can't handle well, you'll be disappointed.

The Z would however destroy all boxsters, and most of the Carreras.

Masekle · Post by **Masekle** » February 8, 2003, 6:38 am

Well the price differance reflects performance. Lets see... 300ZX TT, 25,000, Porsche 911 turbo coupe umm.. 60,000

Grocery getter of choice (porsche model)=)

http://www.conceptcarz.com/views/ShowPi ... picID=5715

Fairweather Pure · Post by **Fairweather Pure** » February 8, 2003, 10:55 am

Gratz on the car purchase. It's nice to get a reward in life once in awhile.

noel · Post by **noel** » February 8, 2003, 3:23 pm

Masekle wrote:Well the price differance reflects performance. Lets see... 300ZX TT, 25,000, Porsche 911 turbo coupe umm.. 60,000

Grocery getter of choice (porsche model)=)

http://www.conceptcarz.com/views/ShowPi ... picID=5715

That one is $126,000 and change.

Masekle · Post by **Masekle** » February 8, 2003, 4:08 pm

The 911, 0r the 962? The 962 also comes in the 2 seater model for the excitable passenger =)

Price of a car kinda depends on what your location is I suppose. If you live in LA your going to spend more. I notice a lot of California plates in the carlots, here in medford.

noel · Post by **noel** » February 8, 2003, 4:15 pm

The picture is a '96 Porsche 911 Turbo 3.6 liter AWD.

I was responding to Xo's claim that a Z-TT would give any Porsche a run for it's money. Given that I have two friends who had Z-TT's, one friend with an RX-7 R1, and one friend with a '96 911 Turbo (and now a Ferrari 360 Modena), I've seen Zs try to take that Porsche up close and personal as a passenger of both vehichles. The '96 911 Turbo is absolutely incredible.

It's really too bad that when they restyled the 911 Turbo in '99 they also took away some of the power.

Ebumar · Post by **Ebumar** » February 8, 2003, 4:19 pm

My dad had 300ZX's from the first year they made them, till the last year. They were always nice cars, fast cars. One time, i believe we were in a 92 ZX, we went on this mountain trail, and he was showing me some aggressive driving manuevers. Man that was fun...

VeeshanVault

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