one54ton

Im looking at a 96 ctd id like to buy but im having a tough time finding someone who will fund me 8 grand for a truck with 196k miles. Any suggestions?

rustyshakelford

if you find someone i bet the interest rate will be high!

brett

kas83

Is that with money down, or the full amount? Any time I've bought a used vehicle, no matter how old or new, I've had to put some money down, and then they would deal with me.

If you could come up with 25%, or 2k, I'm sure anyone would lend you the moeny then. It's a highrisk proposition for the bank to lend that amount on a high mileage vehicle, because they can rarely get it back if people default. Diesels, and especially CTD's, lately are the exception.

Look at 1st Gen prices, they are starting to rise.

Troutstrannysvc

I doubt you will find anyone who will finance you.
Banks frown apon anything pre 99 and over 100k miles.

Your best bet is taking out a personal loan

vzdude

I bought my 03 with 120k on the ticker a year ago. Banker seemed to hesitate a little until I told him it had the Cummins in it. OH! He says, yeah no problem! We live in a farming community and the bankers seem to know their stuff on trucks! Try a smaller bank maybe. Try to buil a relationship with them ( open an account and stuff ) , then sit down and talk to a loan officer. I have found it to be a lot tuffer for them to say no when you are face to face. Have all your ducks in a row too. Most banks will have a higher rate for older vehicles, but show them the Blue Book value and have a sheet from the seller ( if it's a dealer ) showing the vin# and all important info so the bank knows you aren't going at this blindly. It will show you've done your research and have good intentions on repaying the loan as well. May even offer to put something in addition to the truck up for collateral. Maybe you have a 4 wheeler or something? Anything with some sort of a title. Good luck.

nirion

Try a credit union, they are often more likely to do it than a large bank. Or a personal loan, as already suggested would work, but you get a higher rate. For example, my credit union does car loans for 4.99% and personal loans are 8.99%.

bamadzl

All I ever use is my credit union. Financed mine 2 years ago for the full amount of $9500 with 270k on the clock.

one54ton

im going to call around tommorrow

mopar-or-no-car

I used a line of credit when i bought my truck its 10% interest

ofcmarc

Try the credit union. I financed my '92 with 198K on it through mine. Also take the truck and have it appraised. I paid over book price for mine and the C/U financed it with the appraisal.

vzdude

Don't waste your time if all you are going to do is call. If you are serious about buying this truck , then act like it. Phone calls can be made by children. Man up , and speak to someone face to face. If you are going to call , make sure it is for an appointment.

Rednecktastic

Yeah, banks won't loan on vehicles with over 100K miles on them.

Your best bet is to save up 8K.

Txwelder

I agree with the credit union approach. Not sure how most CU's work but I went through Navy Federal and got 4.9% for my 96 with 122k miles. They dont care how many miles are on the vehicle, as a matter of fact, they didnt even take any vehicle info from me. I just applied for a used car loan in the amount of $10k and they gave it to me. They are a great institution. When we did the loan for our suburban, it was like 10 pm on Thursday, I did it over the phone with the automated system and when I got up on Saturday morning the check was on the door step. Cant beat that I dont think.