Need Used Car - Dealers Finance Older Models?

[JayC35]

Ok, here's my situation. The transmission in my wife's minivan went kaput. It will cost way too much to get it fixed and the van is a 1995 model and has some other issues so I am going to junk it.

 

I have about $2500-$3000 cash to either buy a car or use as a down payment. The thing is, I need to get a vehicle that seats 7-8 passengers and I'd rather go the Expedition or Tahoe route as opposed to another minivan. However, I don't want to buy new, and I also don't want to buy used that's going to cost me $10-$12K and saddle me with $200-$300 payments each month. I also don't really want to buy a car for $3000 that could wind up having the same issues a year from now.

 

There are some indy dealers that have 01-03 Expeditions between $6K-$8K. Will anybody finance the remaining $3000-$5000 on vehicles of that age and mileage despite a down payment of anywhere in the 38-50% range?

 

I'm in somewhat of a bind as this isn't a situation where I can wait and save the other $5000. We need two vehicles in our family so I'm just wondering what my options are at this point.

 

Thanks

[IndyPoolPlayer]

Ok, here's my situation. The transmission in my wife's minivan went kaput. It will cost way too much to get it fixed and the van is a 1995 model and has some other issues so I am going to junk it.

 

I have about $2500-$3000 cash to either buy a car or use as a down payment. The thing is, I need to get a vehicle that seats 7-8 passengers and I'd rather go the Expedition or Tahoe route as opposed to another minivan. However, I don't want to buy new, and I also don't want to buy used that's going to cost me $10-$12K and saddle me with $200-$300 payments each month. I also don't really want to buy a car for $3000 that could wind up having the same issues a year from now.

 

There are some indy dealers that have 01-03 Expeditions between $6K-$8K. Will anybody finance the remaining $3000-$5000 on vehicles of that age and mileage despite a down payment of anywhere in the 38-50% range?

 

I'm in somewhat of a bind as this isn't a situation where I can wait and save the other $5000. We need two vehicles in our family so I'm just wondering what my options are at this point.

 

Thanks

 

Indy as in Indianapolis? OK where are you looking? I've seen a few private party sales of SUV's around the far east and NE sides of town. Just drive around a few streets and you'll find them parked in yards or driveways with big "for sale" signs. Who are you going to and finding these?

 

But that's not your question - I'm not Marv but I believe financing a 6-8 year old vehicle is going to be a bit tough. If you belong to Forum Credit Union you can get a loan back to 1999 MY but as I recall Forum is pretty tough on underwriting.

 

http://www.forumcu.com/rates/default.aspx?tabId=4 (disclaimer: this is for reference, I do not have a membership at nor work for this CU nor advocate joining)

 

Free piece of advice -- avoid the Mohr dealerships and Oak Motors like the plague.

[JayC35]

Actually I meant independent not Indianapolis.

 

I do belong to a credit union (which I forgot all about) so I could go that route as they do offer loans even if I am purchasing from an individual.

[mk_378]

If you have good credit, the CU should do it no problem. Options are a lot more limited for those with bad credit.

[MarvBear]

vote credit union.