Thinking of buying a trans am

Hunter09

Hunter09

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Iv been looking and found a 98 trans am ws6. My question is how do I get an auto loan for a car of that year. My bank will not give out a loan for a car more then 7 years old
 
Try a local credit union. Most will loan up to 80 or 90% of book up to 10 years old. All you typically have to do is open a savings account and have good credit
 
dpscoupe said:
Try a local credit union. Most will loan up to 80 or 90% of book up to 10 years old. All you typically have to do is open a savings account and have good credit
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This will be your best option IMO. I worked with a kid (18 or 19 at the time, his first loan), he did it this way on a 9 year old car, no co-signer required, got the full amount for it and a good interest rate to boot.

BTW, my D/D is a '98 Trans Am, also have an '02 WS6 (low miles, nice-weather car). LS1 cars are beastly, fun to mod and cruise around in. Good luck getting yours! :xyxthumbs:
 
As mentioned most credit unions have an age limit of 10 to 15 years on the automobile, so that idea might not be the best on a 1998 Trans Am, At least for an actual auto loan. You haven't mentioned price yet but I would assume it will be a smaller amount so you probably just take out a personal loan, as was also mentioned above.

We have a 1999 that we absolutely love...
 
There are many loans available outside of a general car loan. Some will be unsecured (personal) and others secured by property (Home Equity) or other items. If the amount is small enough sometimes a credit card can come into play as long as rate is low and locked in (think balance transfer) just remember some fee's may apply initially. While I don't suggest it be your 1st option, obviously using a family member or friend might be a last resort.
 
dpscoupe said:
Try a local credit union. Most will loan up to 80 or 90% of book up to 10 years old. All you typically have to do is open a savings account and have good credit
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That's what I did! When I bought my Pathfinder it was about 11 years old. Of course, the interest was high (~ 10%). But, I only "financed" about half of it (5k). I paid the rest in cash.

Then I worked like a mofo to pay that thing off ASAP to get away from that interest. I paid it off in a year (loan was 3 years). Now I own it and its been great. The credit union I used is Genisys Financial. I've had zero issues with them. They will finance older cars.

Best thing I ever did was buy an "older car". Although I've had one major issue with it, it was still better to repair it than another 5 years of payments. It looks better than most new SUVs and I get compliments on it all the time.
 
SRConcepts said:
This will be your best option IMO. I worked with a kid (18 or 19 at the time, his first loan), he did it this way on a 9 year old car, no co-signer required, got the full amount for it and a good interest rate to boot.

BTW, my D/D is a '98 Trans Am, also have an '02 WS6 (low miles, nice-weather car). LS1 cars are beastly, fun to mod and cruise around in. Good luck getting yours! :xyxthumbs:
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What color is your 02? My father has a 02 ws6 convertible, all black :D took him a while to find one like that. It's got 429WHP, but he barely drives it :/ 32K miles on her.
 
BlackHawk said:
What color is your 02? My father has a 02 ws6 convertible, all black :D took him a while to find one like that. It's got 429WHP, but he barely drives it :/ 32K miles on her.
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My '02 WS6 is Arctic White with black interior, 6-speed, pretty much all stock. My '98 T/A is black though, auto, and has more than a few speed goodies on it. I've kinda got the angel-vs-demon thing going on when the two are compared side-by-side :laughing:
 
SRConcepts said:
My '02 WS6 is Arctic White with black interior, 6-speed, pretty much all stock. My '98 T/A is black though, auto, and has more than a few speed goodies on it. I've kinda got the angel-vs-demon thing going on when the two are compared side-by-side :laughing:
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Nice! I can imagine how the two look together! You should post a picture of it, it'd be sick!
 
BlackHawk said:
Nice! I can imagine how the two look together! You should post a picture of it, it'd be sick!
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I plan on posting pics of my rides very soon, I haven't gotten any decent ones of the two T/As together. I'm finishing up a full correction/detail on my '98 (my project this weekend), gotta clean up the '02 just a bit, and then find my camera which I placed in storage somewhere...:Picture:
 
I'm looking at a 98 ws6 with 49k miles for about 15k. It's black in black auto. I had 2 98 vert and a 2000 ws6 but sold them after my son was born. Just bought house and now have the space for one. A nice one car garage
 
Hunter09 said:
I'm looking at a 98 ws6 with 49k miles for about 15k. It's black in black auto. I had 2 98 vert and a 2000 ws6 but sold them after my son was born. Just bought house and now have the space for one. A nice one car garage
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IMO, that price sounds a little high for a '98, even with the lower mileage. If the car is in excellent condition and you have your heart set on it, I would try to talk the seller down a bit from that. If you are willing to travel a bit, you can probably find a newer one with about the same mileage for a lower price if you keep your eyes peeled. Check out the classifieds on LS1Tech.com, Autotrader, Craigslist, etc. if you haven't been already, that is :laughing: It should give you an idea of what's out there as far as prices go, and you might find something you like better.
 
Ya I'm still looking. Checking eBay too. I have to be smart and not over spend
 
I agree that 15K seems high and that a credit union is the way to go too. I have used the same one, Tyndall FCU out of Florida for my last 3 car deals and the rates were very low but the cars were new or newer.
 
Do you know anything about old cars? Generally Pan Ams are rattle traps.

Be sure to have a great mechanic look it over before purchase There can be tons of real bad surprises in an old GM car.

I wish you good luck.
 
Hunter09 said:
So I didn't buy a TA. I got a 94 mustang gt convertible. Got a good deal on it. Needs a few things but nothing bigView attachment 20545
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Nice and still a 5.0 with the original tail lights and wheels. You see so many that have been changed around to aftermarket wheels and 96 to 98 taillights it's nice to see a correct one.
 
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