Anyone wanna help me out?

[Nightrage]

Alright, i want...scratch that. I NEED a Trans Am or a Formula. I'll need to take out a loan to do this however. Does anyone know how this would work for me? Anyone know any rates for used car loans in New York? I just want to get a general idea as to what i'll be paying. Thanks in advance.

[Dave M]

what you pay depends on how much you borrow, how long you borrow it for, and what the rate is. There are some simple financial calculators out there (most bank websites have them) that can give you an idea of what your monthly payment would be. I can't tell you what the rates are in you area, but to give you a general idea, if you borrow $10k for 5 years at today's rates, you'll be apying about $200/month.

The best advice is to go with the shortest term you can afford to go with. A 2 or 3 year loan will raise your monthly payments but you'll end up paying less in the long run because you pay less interest, and rates are usually lower for shorter term loans.

[Nightrage]

Thank you. That helps me out a lot. I sat in a 95 Trans Am on friday and i nearly died. It was a 6 speed and i just sat there playing with the shift knob for about 20 minutes. I can't wait to start driving one!

[thomas]

I run a used car dealership myself( I know Im a crook ) so I might actually be able to help someone! It does depend on how much you borrow but you need to do some research on the banks in your area. Some banks will only finance up to a certain % of what the car is worth. It also depends on credit too. You said the car is a 95 well alot of your major banks wont do a 95 unless it has really low miles. Some will but you need to find out. Depending on how much your borrowing and the year of the car you may want to see what kind of rates are on personal loans. There rates are usually higher but you get to keep the title and you dont have to worry about the year make and model. Is it from a dealership or a private owner? Some dealerships have special financing like mine but you get slapped in the face on rates.And most of the are short term loans so you payments are higher. Hope this helps you out. DAVE M is right. The best loans are short term loans because you end up paying less.

[Dave M]

I didn't think about some banks not financing certain cars. I deal with a credit union, so they'll finance just about anything as long as the value is over $3,000. They'll go 100% of kbb value or MSRP on a new car.

If you belong to, or can join a credit union, that would probably be your best bet for a loan. They tend to have the lowest rates and the most liberal lending policies.

[02Z28]

when i bought my 02 z28 the other day, it surprised the hell outta me....i have a 66 month loan, but the interest rate is only 4.79%...i was expecting at least 7% - 8%.....i really wanted the car already, and i was debating between this one and a fully loaded '01 Maxima, but when they told me i could get 4.79% interest on the Camaro, that sealed the Maxima's fate.....

but yeah, a car as old as a 95 will be extremely difficult, if not damn near impossible to get financing for from your bank. if you decide for sure that you want it, your best bet would be to join a credit union and get a personal loan through them for it, and the next best would be to see what the dealership can get you financed for.....they just may surprise you like they did with me....

[thomas]

I see what your saying and Credit Union are usually the way to go. In most cases they will due even 110% but depending on the situation they generaly do only 80-85% of loan value. But every situation is different too. It just depends on the circumstances.

[Mr Nice Guy]

Hmmmm....My credit union financed my 96 Z28 last year, no problem.

[Maxedwell]

Credit Card are an option

We used a low rate credit card to purchase my '95 TA last year. You can shop around for the lowest rates if you don't already have a card. The advantages are that we didn't have to go through the loan process/approval and it was instantly available. Other advantages are that we can make a large or small payment each month depending on our finances.

Good luck on buying an F-body! By the way, make a list of things you want so you won't be swayed by a good looking vehicle that may not satisfy you in the long run - unless you think you will have money for add ons later. Things I wish that I had include chrome wheels, 6-speed and a CD player. Wheels and CD player I can add but transmission is a big issue. Also, what kind of engine do you want? The LT1 is a good engine but will you wish later for the more potent LS1? What about RAM Air or the WS-6 Handling package?

Peace

[Nightrage]

I think i may have found one. There's a 93 camaro that i called up on today. It has roller rockers (and i'd assume a different camshaft), ported heads, cold air intake, 2" cowl induction hood, hooker headers and cat back exhaust and cross drilled rotors. All the work was done 10k miles ago but there are 91k on the odometer. 6 speed with a short throw shifter. He wants $6400 for it (negotiated price) or $6,700 with the C5 Vette rims he has for it. I still gotta learn how to drive manual. I know how, i just need to practice. I just have some trouble getting it going in first. After that, i'm fine.

[Mr Nice Guy]

I'm always wary about buying cars with alot of mods. They usually have been driven hard and you never know if the work was done right. Be careful you don't buy someone elses mistake......Good Luck

[Nightrage]

Yeah, i'm kinda worried too