legacycentral bbs

im gettin a newer car and i need a loan for it. ive been looking around for the lowest apr and the lowest i can find is 8.5%. does that sound reasonable for an 18 year old male for a $2,200 dollar loan?

btw- the car is a 95 caprice LT-1 police package. for college i need a project car, so i was looking for one, but then i decided that i would buy a daily driver, and use the suby as my project . so for my daily driver i found this great condition ex-cop car. this car is fast! it has some minor mods like a flowmaster dual exhaust , cone filter, and a grantinelli maf sensor. stock its got 260hp at the fly, but i think its around 275 at the fly now. its got posi and can squeak the tires when it hits second ( really lights em up in first without powerbraking)

I didn't know automatics had Flywheels.

Reguardless, don't get a retired cop car. They are ALWAYS beat. I've never seen any retired cop car that isn't ragged.

8.5% sounds high, but I dunno. I was seeing low 3% APR when I was looking to finance a brand new car. Might be different.

18 with no credit is never good.

Rates are worse for used cars. I'm surprised they'll give you an auto loan for something so old. Is that a personal loan?

That's like a really cheap Impala SS. Phil's right about them being beat. Watch the transmissions.

Steve

I would only buy a retired caprice if it was a detectives car but unless you know someone on the inside that can tell you which ones are, you are indeed buying a ragged out car.

How many miles? Any squeek in the suspension? Those cars wil let you know if they have been beat.

5.7 ltr V8....have you seen the price of gas??

If you are dead set on getting the car...our opinions won't mean squat. So take your happy ass there tommorow and buy it.

Let me know what town you live in so I can buy the car cheap from the police auction after they impound it for you driving like a madman.

I'm juat playing...drive safe...and like you stole it.

5.7 v8, and i dont car about the price of gas, my legacy's prolly getting around 10 mpg's the way its running. the guys selling two, the more expensive one isnt ragged, its got 113,000 and a rebuilt tranny at 100,000. the other car is a p.o.s. its a used car loan at some places and a personal at others.

How do you know it isn't ragged on?

It was a cop car. Cop's idle for hours and hours on end in front of donut shops, and 7-11 and such. They get run out. They drive and drive over anything and everything, without any reguard for mechaincal sympathy.

It's ragged, and I'd stay away if I were you. But if you MUST, $2200 isn't a crazy amount of money, and 8.5% is probably as low as it's going to get (if it was lower, the bank wouldn't make anything by lending it to you).

ill give you a loan for 20%

I can do 19%...

I get 8.5% on my personal loan. Any loan using something as collateral should be lower...

Don't buy a GMC product. They are crap.

legacycontinues wrote:Don't buy a GMC product. They are crap.

Luckily its not a GMC then...
I think you mean GM, but even then it takes all sorts. I'm a GM guy at heart (see sig) but I drive Subarus to have something to beat on over the winter so my nice cars don't have to battle the elements and other stupid drivers.

As far as the car goes, it should get high teens to low 20s for highway mileage and mid to low teens in town. The transmissions are wear items unless the PCM has been tuned with an eye towards transmission reliability and the transmission has been rebuilt with a couple upgraded parts. An auxiliary transmission cooler goes a long way too, heat kills automatic transmissions.

8.5% APR is about as good as it gets for a personal unsecured loan. I'd be surprised if you could get a secured loan on something that old, but my credit union offers closer to 4-6% on secured used car loans depending on age and mileage. 2.9% on new cars.

I think after 8 years he has probably made his choice already

Holy crap! Fooled by a spambot. I pat myself on the back for this one...

Lol.

Leaving this here for posterity

hahaha awesome new years read