1500+ rwhp member
What banks are recommended for supras that book well above the Kelly Blue Book and NADA? I've heard there are some banks that will go off appraisal value.
To a point. They still have a problem loaning out $30K for a car older then 7 years, unless you are willing to pay it off in two years. I know because I went through my credit union and almost didn't get a loan, but they were happy to put a lean on my truck, for the loan, which was a lot newer.Any credit union place should be able to assist in financing. Especially for the Supra, since they are an "older" vehicle.
I am well aware of everything you have just stated and totally agree 100%If you don't mind posting, which lender actually drew this up? As far as a consumer goes, if you are shopping for an automobile loan, you DO NOT need 240 payments to pay off a vehicle. The whole point of being approved for a loan is to borrow a lending institutions money up front, and pay them back with interest within a reasonable time frame. People view loans these days as a means to minimize debt, without carefully looking at the long term picture. Your debt-ratio still shows the balance due, and for the term the contract is good for. What made you even consider borrowing from this lender? Was this financing structure created from the beginning, or did it show up with their terms and conditions after the approval? I can't really say that they are shafting you, but the reality is, long term loans are the best thing banks have going for them.