Most of us know how it works. You go into the bank and tell them the year and model of the car you want. They look into Nada or whatever price book they choose and say that's the max they'll give you. Then they look at their interest chart and see how badly they're going to jack you depending on how old the car is. And God help you if the car's older than 6 years, because even if they do loan it to you, they'll want it all back in 2 years.
I was lucky enough to need only a few grand to buy my Grand National. I've heard of many people getting hosed out of the car they want because banks won't loan over 4-6k for these cars.
Knowing my luck, I'll get screwed by this when I try to sell it to some poor schmoe.
But in my daydreaming, I've considered buying a car that's 20 years old and sells for 20k-32k. I'm gonna have like, 11k at most. The NADA book will say this car is worth 1800, max. How would I get the rest? Will my credit union give me some kind of "general loan" for a comparable rate? I have a mortgage, but only for a year, so I doubt I can get a home equity loan.
Tips?
I was lucky enough to need only a few grand to buy my Grand National. I've heard of many people getting hosed out of the car they want because banks won't loan over 4-6k for these cars.
Knowing my luck, I'll get screwed by this when I try to sell it to some poor schmoe.
But in my daydreaming, I've considered buying a car that's 20 years old and sells for 20k-32k. I'm gonna have like, 11k at most. The NADA book will say this car is worth 1800, max. How would I get the rest? Will my credit union give me some kind of "general loan" for a comparable rate? I have a mortgage, but only for a year, so I doubt I can get a home equity loan.
Tips?