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Old 02-10-2006, 03:52 AM   #1
ChrisV
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Gawd, I would so rock this little car...

And it's already registered and street driven here in Maryland, too. But no one would loan money on it, and I don't have the scratch to buy it outright. It would look SO good in my driveway or on the track..

http://cgi.ebay.com/ebaymotors/ws/eB...RK%3AMESE%3AIT





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Old 02-10-2006, 03:57 AM   #2
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I'd love to have one of those...beat all the rich kids at my school with Bimmers

Just don't like the foglights...
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Old 02-10-2006, 04:02 AM   #3
Mathew
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Thats pretty awesome, I'd love to see you get it...
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Old 02-10-2006, 04:27 AM   #4
jedimario
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Nice!! The wheels are kinda small though. Why wouldn't anyone give you a loan for it?
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Old 02-10-2006, 04:36 AM   #5
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thats a cool lookin little car i wouldnt mind having it
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Old 02-10-2006, 04:50 AM   #6
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Quote:
Originally Posted by jedimario
Nice!! The wheels are kinda small though. Why wouldn't anyone give you a loan for it?

Smaller wheels like that are better IMO on these older vehicles. Gives that nice classic look. Not that "bling" look we see some of these old vehicles nowadays like 1968 Mustangs with 20" chrome spinners...
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Old 02-10-2006, 01:53 PM   #7
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Quote:
Originally Posted by jedimario
Nice!! The wheels are kinda small though. Why wouldn't anyone give you a loan for it?

Too old. Banks don't genreally loan on anything over 10 years old. Neither does my credit union. And it's too close to my last refinance to get a signature loan. That's why I had to turn down a nice BMW 635CSi, even though I had half the amount in cash, and started looking at late '90s 740i's. After I get the new garage up, I'll start getting serious again.
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Old 02-10-2006, 01:54 PM   #8
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Quote:
Originally Posted by ChrisV
Too old. Banks don't genreally loan on anything over 10 years old. Neither does my credit union. And it's too close to my last refinance to get a signature loan. That's why I had to turn down a nice BMW 635CSi, even though I had half the amount in cash, and started looking at late '90s 740i's. After I get the new garage up, I'll start getting serious again.

From what I have heard it is very easy to get a loan from the federal credit union, VERY easy.
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Old 02-10-2006, 03:16 PM   #9
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Quote:
Originally Posted by ChrisV
Too old. Banks don't genreally loan on anything over 10 years old. Neither does my credit union. And it's too close to my last refinance to get a signature loan. That's why I had to turn down a nice BMW 635CSi, even though I had half the amount in cash, and started looking at late '90s 740i's. After I get the new garage up, I'll start getting serious again.
Doesn't make any sense to me...a loan is a loan, are there statistics showing people who take out loans on 10+ year old cars are more likely to run w/ the money or something??
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Old 02-10-2006, 03:57 PM   #10
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Quote:
Originally Posted by Pythias
From what I have heard it is very easy to get a loan from the federal credit union, VERY easy.


Apparently not. They wouldn't loan me on a very nice 635CSi that was only $4500, and I already had $3k in the credit union savings account. It could be that they also have a minimum loan amount that's higher than what the car's value was.

I used E-loan to get the '95 Range Rover for my wife for Christmas, due to it being over 10 years old. That should be paid off shortly, so I might use them again (but not until it's paid off). Timing is, as they say, everything.
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Old 02-10-2006, 04:00 PM   #11
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Originally Posted by jedimario
Doesn't make any sense to me...a loan is a loan, are there statistics showing people who take out loans on 10+ year old cars are more likely to run w/ the money or something??

No, it's abut covering the value of the loan with a car that could easily be worth nothing. As far as banks and most lending institutions, used cars over 10 years old are considered junk. I can get looans on classics, but the rates are a bit higher and they have a minimum value (and teh car has to be appraised first). That's hard when dealing with Ebay where you have to have financing in place before you win the bid and there's not much time to get it done. (and if you don't win the bid, then the cost of the appraisal is wasted.)
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Old 02-10-2006, 04:20 PM   #12
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Nice looking car, I love the old Escorts!

So, when taking out a car loan, you have to give the company info regarding the vehicle?.....I always thought they'd loan the money regardless!
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Old 02-10-2006, 07:55 PM   #13
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Originally Posted by Cliffy
Nice looking car, I love the old Escorts!

So, when taking out a car loan, you have to give the company info regarding the vehicle?.....I always thought they'd loan the money regardless!

No, they actually OWN the vehicle that they loan money for, and put their name on the title. Just like a mortgage. It's only on signature loans that you can get money for any use, but those are much harder to get in amounts like we are talking about.
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Old 02-10-2006, 09:34 PM   #14
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Quote:
Originally Posted by ChrisV
Apparently not. They wouldn't loan me on a very nice 635CSi that was only $4500, and I already had $3k in the credit union savings account. It could be that they also have a minimum loan amount that's higher than what the car's value was.

I used E-loan to get the '95 Range Rover for my wife for Christmas, due to it being over 10 years old. That should be paid off shortly, so I might use them again (but not until it's paid off). Timing is, as they say, everything.

True True... that really sucks then but hey maybe if the guy's reserve isn't met you can contact him adn work something out, it isn't againt EBAY's laws as long as you do it AFTER the auction is ended, or if he has in the description he reserves the right to sell it at any time because it is for sale locally.
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Old 02-10-2006, 09:49 PM   #15
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Quote:
Originally Posted by ChrisV
No, they actually OWN the vehicle that they loan money for, and put their name on the title. Just like a mortgage. It's only on signature loans that you can get money for any use, but those are much harder to get in amounts like we are talking about.
I see, so it's like a hire purchase agreement really?

Over here the only secure loans are secured on your home (if you own it obviously lol), not the goods you took the loan out for. And unsecured loans aren't, well, secured on anything lol...I guess that's the 'signature loan' you speak of?
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