How Difficult to Get a CJ Financed?

jeepsarecool · 02-08-2010, 12:59 PM

Here's the deal.......... A couple of years ago, I had to sell my beloved CJ7. I knew I'd miss it and I'd be trying to buy another one someday. It's really starting to get to me. I can't afford to get one in ADDITION to my daily driver, but if I sold my truck................

So, let's say I found a clean, restored CJ for around $10,000. My wife and I have decent credit (own a home, etc). Will a bank usually finance an older vehicle like that? How long will they finance, if they do?

If I can figure out a way to get one with payments the same as my truck, my wife can't really put up too much of a fight.

**AustinTJer** · 02-08-2010, 01:03 PM

youll have to shop around... I know some banks wont finance a vehicle older than 5 years or over 75000 miles... credit unions are usually more able to work with age and mileage. I personally use a local bank that has financed a 12 year old truck with 120000 miles in the past.

Good luck

jeepsarecool · 02-08-2010, 01:04 PM

Quote:

Originally Posted by AustinTJer

youll have to shop around... I know some banks wont finance a vehicle older than 5 years or over 75000 miles... credit unions are usually more able to work with age and mileage. I personally use a local bank that has financed a 12 year old truck with 120000 miles in the past.

Good luck

Cool, thanks. Our "bank" actually is a credit union.

**AustinTJer** · 02-08-2010, 01:08 PM

Quote:

Originally Posted by jeepsarecool

Cool, thanks. Our "bank" actually is a credit union.

I work for a bank currently, and I know we wouldnt be able to finance a CJ, and we are a HUGE bank... thats why I recommended looking locally for a bank that maybe only has a few branches in your town, those are the ones who would be more willing to take that "risk".

Kerner · 02-08-2010, 01:31 PM

I got a "signature" loan, where my "signature" was the collateral and not the vehicle itself due to it's age. Find a local credit union or your current bank that will work with you to come up with a creative solution. Interest rate will be a little higher due to the risk, but if you want it bad enough.

jeepsarecool · 02-08-2010, 04:41 PM

OK, I stopped by the credit union. They said "no problem". I'm pre-approved with a fixed rate of 5.35% and they'll finance up to 60 months. This is going MUCH easier than I expected.

All I have to do is sell my truck and find the Jeep I want. Anybody want to buy a 4wd Ranger?

**AustinTJer** · 02-08-2010, 04:51 PM

Quote:

Originally Posted by jeepsarecool

OK, I stopped by the credit union. They said "no problem". I'm pre-approved with a fixed rate of 5.35% and they'll finance up to 60 months. This is going MUCH easier than I expected.

All I have to do is sell my truck and find the Jeep I want. Anybody want to buy a 4wd Ranger?

AWESOME! Gotta love when banks do what they originally set out to do, lend money

... make sure you post some pictures up once you get the CJ.

jeepsarecool · 02-08-2010, 05:58 PM

Quote:

Originally Posted by AustinTJer

AWESOME! Gotta love when banks do what they originally set out to do, lend money

... make sure you post some pictures up once you get the CJ.

I know. I REALLY didn't think it would be this easy. It started out this morning as just a far-fetched idea. This afternoon, it has become a reality. I'm gonna get my truck cleaned up this week and put it up for sale.

I'll definitely post pics of the CJ when I get it.