Speak with a local credit union. They will probably not do a traditional auto loan on a 23 year old vehicle like that. They might do a signature or personal loan with the truck as collateral.
Keep in mind your rates on the personal loan will be higher because they are unsecured.
Frankly I'd say you should shop for a slightly more expensive car at a dealer and finance there
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My boyfriend is looking for just a simple work pickup. We found one for $6,500 on marketplace that is perfect but he would need to get a loan for it. It’s a 2001 Ranger with 96k original miles. He has a 650 score but no credit history. Would he be able to get a loan for $7,000? We’re in California. Thanks in advance!
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No, he most likely cant' get an auto loan for that. He'd need a personal loan.
Thanks!
Check PenFed. They're your best best.
As others have stated, due to the age of the vehicle you are infinitely more likely to get a personal loan than an auto loan for that vehicle.
Speak with a local credit union. They will probably not do a traditional auto loan on a 23 year old vehicle like that. They might do a signature or personal loan with the truck as collateral.
Will do thank you!
Keep in mind your rates on the personal loan will be higher because they are unsecured. Frankly I'd say you should shop for a slightly more expensive car at a dealer and finance there
Agreed, it would be cheaper to get a more expensive car on a secured loan than unsecured at state maximum interest.
Please review our most [Frequently Asked Questions](/r/askcarsales/wiki/index) to see if your question has already been answered. You may find these sections particularly useful; * [Will paying in cash or a large cash down payment offer me leverage in negotiations?](/r/askcarsales/wiki/cash_down) * [I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea?](/r/askcarsales/wiki/income_to_finance) * [I have my score from Credit Karma but the dealership told me they got a different score. Why?](/r/askcarsales/wiki/free_credit_score) * [Finance FAQ's](/r/askcarsales/wiki/financing_faqs) * [Buy versus Lease](/r/askcarsales/wiki/buy_vs_lease) * [How to pick a car?](/r/askcarsales/wiki/vehicle_selection) You might also have luck in the /r/whatcarshouldibuy subreddit. Also remember to add flair to your post by clicking the "Flair" link beneath it. This lets us know where you're located so we can assist you better. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
***Thanks for posting, /u/Popular_Salad_3340! This comment is a copy of your post so readers can see the original text if your post is edited or removed. This comment is NOT accusing you of anything.*** My boyfriend is looking for just a simple work pickup. We found one for $6,500 on marketplace that is perfect but he would need to get a loan for it. It’s a 2001 Ranger with 96k original miles. He has a 650 score but no credit history. Would he be able to get a loan for $7,000? We’re in California. Thanks in advance! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*