Financing a used truck?

[Will24]

I have begun my search for a CTD, and an issue keeps coming up. Since KBB values for these trucks are so far off, I cannot get financing for the full amount of the truck due "high mileage. " My bank is terrible, and I am completely done dealing with them, I put a fellow TDR member off for almost a month while my bank debated whether or not they were going to finance my purchase of his truck. So here's the hitch I am at now, I finally found a place that will finance a truck in my name exclusively (I am 21 and soon starting my final semester of college... ), they have no problem loaning $18k (rough guess on what an ebay truck I am looking at is going to top at), but the vehicle MUST be 97 or newer and less than 60k miles. The vehicle in question is an 01, but has 160,000 miles, but appears EXTREMELY clean. Anyone have any ideas where to seek financing? If need be, my father can co-sign (he has perfect credit), so ultimately that wouldn't be an issue. Anyone else ever in the same situation? I am in a bind here, I really want to buy a truck, and at this point making the payments isn't a huge issue, but the mileage restrictions seem to be getting me.





Thanks for any possible help guys

-Will

 

[bmoeller]

Hmmm. Are you financing the whole thing, or do you have a down payment? Having a good down payment will help. The bank won't have as much risk. With the higher miles and your age, they may be concerned, that if anything major (read expen$ive) broke, that they won't get their money back. If you need someone to co-sign, you may want to find something cheaper. First gens, and 12v 2nd gen trucks, are nice trucks too.



Financed my Ram through my bank. I put a 1/3 down, on a 3yr. note. The truck had 139k on it at the time. Had no trouble getting a loan for it. I was a little older than you at the time, already out of Tech school for several years, and have been working for the same guy since I was 19.



Good luck.

 

[Cummins Pilot]

Mine is an 01 but it only had 28k on the meter(I was 22 then). If you could give 15-20% on a down payment the bank should go for it.



But heres something to look at. In Alaska trucks are more expensive. I paid 24k for a 4x4, 8' bed, ext cab, fully loaded, (-leather) 6speed, HO, HD from a Dodge dealer. 18k for one with 160k may be high depending on what else the truck has.

 

[VGiacalone]

I went online and got a loan through Capital One is 15 minutes. I bought a "96 a year and a half ago. I did have a few thousand down, but they sent a check express mail the next day for the rest. Check out the internet sites, some of them beat the pants off a regular bank loan.



Valarie

 

[DKayser]

Credit Union

I borrowed 12K to get my 98 thru my credit union. The truck had 175K on it. They had no problem once I told them it had the Cummins. Maybe the folks are members of a CU? DK.

 

[mikel]

I've purchased three vehicles using CapitalOne Auto Finance and had no problems with them at all. Might be worth your time to have a look at what they offer.



Capital One Auto Finance



Good Luck,

Mike

 

[guava]

I hate to be the one to ask if its worth taking on the payment... but is it necessary? Want vs. Need



All them school loans come due at graduation + 6 months. Living paycheck to paycheck sucks!



Lastly, beware of the bank that says they will do it for you out of the kindness of their hearts & a few extra points on the interest rate. Creditors are lower than whale dung.

 

[TKingsbury]

Dig up some places they can go online to see like trucks and what they are going for. If you can prove the trucks are consistently higher than Kelly says, even with high miles, they will probably go for it.

Travis. .

 

[BKenny]

I had a situation kind of like that before i got my truck. I finally paid off my Bronco and i wanted to buy a used CTD . I found a truck i liked 98 qc 5 speed 4x4 with 95,000 on it and called my credit union to get a loan for it. They said they could only loan me low blue book for any thing over 5 years old witch was 13k well they wanted 18k . I did,nt have the cash i would need over 6k after taxes . I dicided to get a newer rig since i usauly keep my vehicels for a long time . These rigs hold value pretty well and are Known for running so many miles i figure its worth it. I plan on driving this thing long after i pay it off . If you want an older one i would save for a wile and keep your eyes pealed for a good deal