NFCU auto loan question

[FullOutPwr]

Getting the preapproval draft this week, and started some shopping... the rep told me i should stick with a 2000 or newer car... what happens if i get a '99 like the vette im looking at? Is it they wont go 125% loan value on the nada, or is it just the interest rate is higher?

 

also, im going to need to take them up on the 125% value with some cash down to get out of my current truck... anyone done this previously? How did you structure it in the deal? I'm going to be putting down 5k while i'll be using 5k as the extra 25% to make the difference... Thanks.

[MarvBear]

If 125% is all they are gonna loan, then thats it.

 

That's easy to figure out depending on the vehicle you select.

 

take value and multiply by 1.25.......anything over that number on the bill of sale, you would need to make up the difference

 

The actual draft will have all the stipulations required for completing the transaction.

[FullOutPwr]

did need to ask, what is a tangible interest rate? I tried to google it, no information. I asked about financing a 99 and was told the change would be to a tangible interest rate??

[MarvBear]

I'm personally not familiar with the term.

 

Old age vehicle's are usually done on a case by case basis, with a higher rate to warrant the risk associated with the loan.