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  #1  
Old January 19th, 2011, 09:57 PM
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David Lane
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Financing Question

Hey guys!

Long time lurker here and I have found a Defender I want to buy. But, I am trying to get some kind of financing setup. Pretty much everywhere I ask about it, they say they the truck is too old. Any ideas one where to go?

Thanks!
Dave Lane
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  #2  
Old January 19th, 2011, 10:03 PM
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Try any one of the following suggested here:

http://www.defendersource.com/forum/...ad.php?t=24489
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  #3  
Old January 19th, 2011, 10:04 PM
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Your best bet would probably be a Credit Union. Years ago a lot of guys used Capital one and Lending Tree, as they did not care what you bought, as long as your credit was good, but I think those days are gone.
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  #4  
Old January 19th, 2011, 10:17 PM
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try penfed.org. Cost $20 to join, up to 5 year loan at 5%+/- for trucks under 120k miles. crazy....
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  #5  
Old January 19th, 2011, 10:20 PM
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David Lane
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Credit Unions are getting ridiculous too...

They want me to have an appraisal on the truck before they will even consider it.
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  #6  
Old January 19th, 2011, 10:33 PM
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Chris Solis
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i used jj best for mine financed 30K and although the rate was high at 9% i got the money and paid it down pretty fast (no penalty for early pay off) and i figured at least i got the truck.
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  #7  
Old January 20th, 2011, 06:31 AM
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Steve Bartley
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If you are a USAA member go through them. They wont have an issue with the year of the vehicle.
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  #8  
Old January 20th, 2011, 07:57 AM
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Quote:
Originally Posted by dlane View Post
Credit Unions are getting ridiculous too...

They want me to have an appraisal on the truck before they will even consider it.
Any car dealer could perform the appraisal, I had it done on the last 2 sales of my Defenders
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  #9  
Old January 20th, 2011, 09:20 AM
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Go to a local bank...that is a small community bank. My local bank gave me a 3 yr @ 6% on a 94 with 165k. Sight unseen, private seller...
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  #10  
Old January 20th, 2011, 09:24 AM
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Eric Lindstrom
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Chase financial gave me my loan @ 6%
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  #11  
Old January 20th, 2011, 09:32 AM
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I got 4.7% through USAA, also sight unseen. Not trying to push them as I really have zero vested interest, but they are really user friendly. Im sure there are cheaper options out there, but they are also my insurance carrier and it makes for a one stop shop process.
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  #12  
Old January 20th, 2011, 09:40 AM
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Quote:
Originally Posted by ssbartley1 View Post
If you are a USAA member go through them. They wont have an issue with the year of the vehicle.
Just as a note however, USAA will NOT loan against gray market. NAS is fine, but if its an import, forget it. The moment they can't pull the VIN up in their super computer everyone gets nervous. They even tried to tell me because the steering wheel was on the right side it was illegal in the states. This was over a several say period working with multiple agents and underwriters, one of which actually knew a lot about defenders and the 25 year rule.

Wells Fargo wouldn't lend at all, as their limit is 7 years old.
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  #13  
Old January 20th, 2011, 09:44 AM
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Quote:
Originally Posted by navydevildoc View Post
Just as a note however, USAA will NOT loan against gray market. NAS is fine, but if its an import, forget it. The moment they can't pull the VIN up in their super computer everyone gets nervous. They even tried to tell me because the steering wheel was on the right side it was illegal in the states. This was over a several say period working with multiple agents and underwriters, one of which actually knew a lot about defenders and the 25 year rule.

Wells Fargo wouldn't lend at all, as their limit is 7 years old.
Correct. USAA won't touch it and insuring it for a decent amount as a daily driver is also difficult to insure with them.

I took a signature loan on mine from a company called www.firstagain.com I think they got burned in the bank crisis so they are not taking on new customers.
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  #14  
Old January 20th, 2011, 09:54 AM
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Basic liability insurance wasn't a problem at all, which made me laugh. But it sounded like if I wanted anything comprehensive, it would be a problem as they don't have a "blue book" value to go off of.

If I ever actually get my 90 I have a feeling I will end up with Chubb or one of the other "stated value" companies.
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  #15  
Old January 20th, 2011, 10:04 AM
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I got 2.74% or 3.48% a month ago via a credit union. cant remember exact rate. hell, most places give .25% off loan if done online. I also have near highest credit score and zero debt. I hate financing or credit cards.
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  #16  
Old January 20th, 2011, 10:14 AM
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Originally Posted by NoVaKevin View Post
I got 2.74% or 3.48% a month ago via a credit union. cant remember exact rate. hell, most places give .25% off loan if done online. I also have near highest credit score and zero debt. I hate financing or credit cards.
Damn that's even better than my rate. Did you do a one-year term or something?
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  #17  
Old January 20th, 2011, 12:19 PM
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Quote:
Originally Posted by ssbartley1 View Post
I got 4.7% through USAA, also sight unseen. Not trying to push them as I really have zero vested interest, but they are really user friendly. Im sure there are cheaper options out there, but they are also my insurance carrier and it makes for a one stop shop process.
Whats the year limit on a "used" car with USAA? Depending on that you might have to go with a personal loan and if that is the case, USAA and their 12% for 48 mos. is insane.
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  #18  
Old January 20th, 2011, 12:26 PM
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  #19  
Old January 20th, 2011, 12:40 PM
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Ian Gregory
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When I bought my 97 a couple of years ago, USAA told me they didn't care about the age or the mileage for a used vehicle loan as long as they had a book value to work off. So like has been mentioned a NAS is not much of problem but for an import its likely to be more of an issue.


Quote:
Originally Posted by Viggen View Post
Whats the year limit on a "used" car with USAA? Depending on that you might have to go with a personal loan and if that is the case, USAA and their 12% for 48 mos. is insane.
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  #20  
Old January 20th, 2011, 01:11 PM
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Steve Bartley
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Usaa

Pretty much the same thing I was told as well last year.

Quote:
Originally Posted by ipgregory View Post
When I bought my 97 a couple of years ago, USAA told me they didn't care about the age or the mileage for a used vehicle loan as long as they had a book value to work off. So like has been mentioned a NAS is not much of problem but for an import its likely to be more of an issue.
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