Personal Loan vs. Auto Loan?

I need a new car, and need a loan for at least 10k of it. I don%26#039;t want my payments to be over $200 a month, and I don%26#039;t want the term to be any more than 5 years, with no pre-payment penalty. The interest rate doesn%26#039;t matter to me, just the monthly and the term.

Being that my credit is good, I feel this is simple enough, but my problem is that the car I want is a rebuilt classic from the 50%26#039;s. There are no if%26#039;s, and%26#039;s, or but%26#039;s about this---this is the car I%26#039;m getting. The issue is that most banks will only give you an auto loan for cars 15 years old and newer.

Thus, do I take a personal loan at a higher interest rate, or is there a bank or credit union anyone knows about that will finance me for a car this old? Or, is there a way to get a personal loan with a similar monthly payments and terms as a car loan? Thank you.

Personal Loan vs. Auto Loan?online loan

maybe you can get the car appraised and prove to the bank that the car is worth way more than you are going to purchase it for and they might consider making a loan to you for that amount with that car as colleteral

It is worth a try and if the car is valued at less, you could use this to bargin with the seller.

Personal Loan vs. Auto Loan?

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I doubt it, I%26#039;m sorry.

Loans that actually have terms, like auto loans, have to be secured on something, such as a house. If you don%26#039;t have a house or will not put your house up as collateral, you%26#039;re basically out of luck.

Banks do personal loans that are on terms but the rates usually suck (like American General%26#039;s are at 25%). You%26#039;ll be lucky if you can get one at a decent rate.

Given that your credit is decent, I would try credit unions for options, but don%26#039;t count on an actual auto loan.