Auto Loans

[bmartinta]

I was pre-approved last night for $19k @ 11.99% for 36 months. I was actually supprised with that rate as I have two unpaid charge offs still on my report and only a 607 FICO. I do however make over $60k so maybe that had something to do with it. 

Is there anyway to negotiate the length of the loan? I am putting down around $6k anyway, but the vehicle I want is around $22k. So I am really trying to finance roughly 16k @ either 48 or 60 months. What are my options? CU isnt an option as the car is over 7 years old. 

[tylaw13]

what kinda car is over 7 years old thats still over 22K?? sorry i didnt answer your question.

[Shogun]

The 36 month term is probably due to the age of the vehicle.  The older the vehicle, the shorter the terms.  You could ask them if this is the case.

[bmartinta]

Its a 2002-2004 C5 Corvette zo6. I think ill pass on the offer regardless I was just curious to see what they would offer.

[bmartinta]

Nothing on the application mentioned anything about the age of the vehicle. I put down that I had not found one yet and that is the offer that came back preapproved. 

[madmann26]

I would read the fine print on the PDF you downloaded. Having dealt with them 2x recently, they did put a requirement on the vehicle. It had to be newer than 2006 and less than 60k miles.