So I applied to bank of america auto loan and I pretty much got denied because the car was too old. Its an 2003 g35coupe with 90k miles for $11,500.
Im pretty bummed and Im not really sure where to go from here.

Anybody have some good suggestions on where to try next?
Worse comes to worse ill just buy one off a stealership and get financed through them...

 

I used to work for BoA and I can tell you that they are a terrible bank. You don't want a loan through them anyway.

I worked in banks for 5 years and I will tell you that banks are more hesitant to finance a private party transaction versus a dealership purchase. Not quite sure what the reasoning is behind that if they can verify the car and obtain the title etc.

Try your local credit union. They are usually more willing to help you out with deals like these. Especially if you have little to no credit as well. Good luck!

 

Try one of the Credit Unions like Lockheed! I don't know anyone that's a BofA fan....
Gary

 

BofA only finances vehicles that are less than 7 years old and have less than 100k. I remember that disclaimer. A lot of the other banks have similar rules.

 

Be glad you didn't get tied up with BoA...

 

I bought mine through CarMax along with an extended warranty package. Their financing wasn't too bad and the experience was rather painless. Plus, they do a VERY detailed inspection and reconditioning so there are usually no surprises after the fact.

 

You can try many major personal banks, but results going to be the same. You see most banks doesn't want to finance a vehicle that is more then 5 yrs old or has over 70k on the odm. You can try sub prime banks but even if you do get approved it's gonna be a short time loan with high interest rate plus additional fees. You should consider 2005 - 2007. If you need help with financing hit me up, maybe i can help you. All the best

 

Thanks man, Will do.



Now im thinking of getting a loan for an 2004 g35 coupe with 80k miles for $12,000 but it is salvage titled. I drove it and got it inspected and it is in awsome condition. Mechanic told me that the engine/parts under the hood are like new because the previous owner got it all replaced at 50k miles.
Do credit unions give auto loans for salvage titles?
I guess all credit unions have different rules then

 

Good luck getting that financed! If you don't know about cars or are not capable of fixing things yourself you shouldn't touch a salvage title and for that kind of money, no way.
Don't rush your purchase, get financing setup first and buy within the finance companies milage, age, price limits, you may not find a G that fits what you qualify for. Your best bet is at a dealership, if they can't get you done nobody can.

 

Nobody is going to finance a car with a salvage title because if you default on the loan, the bank is stuck with a car that's worth nothing.

 

Bank will not finance salvage car and you also cannot get full coverage insurance on a salvaged car...best bet would be to go through a credit union and they just might finance that 03 coupe

 

Your best option is to try your local credit unions or the local stealership's financing. If you have family members in the military go with Navy Federal. Instant approval within 24-48 hours.

 

http://sfbay.craigslist.org/scz/cto/3703305275.html

It was in a drivers side front accident.
I was thinking around $10,000?


I just realised that this same guy was selling it about a week and a half ago for $10,000 but it needed new tires. So he added used tired and put price up for $2,500 more? wth...

 

That's a really nice car but SALVAGE always makes me think twice. I would take it to your mechanic to have it thoroughly checked out.

 

No where does he say, SALVAGE TITLE! That was one of our members inability to read what was posted! With 120K miles on this coupe it worth is around $9K but only if it has a clear CARFAX. Like Tim mentioned, the whole thing doesn't sound right. There's too much misinformation....Gary