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Old February 22nd, 2008, 01:59 PM   #1
Chiefwoohaw
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Car Loan places

I found an awesome truck but it's a 2000.

My bank will only give auto loans for 2001 or newer.

Have any of you guys tried working with say E-loans?

I am also thinking of a home equity line of credit which might be an option.

The truck is an old man owned F350 with 76xxx miles on it. He took his 5th wheeler down to Florida and back once a year It is also that ZF6speed instead of that auto which is a + in my eyes.
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Old February 22nd, 2008, 02:33 PM   #2
capone
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Have you thought about trying a Credit Union.
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Old February 22nd, 2008, 02:35 PM   #3
MUDFLAPS
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Try Co-op services credit union.
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Old February 22nd, 2008, 03:45 PM   #4
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NuUnion CU
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Old February 22nd, 2008, 03:59 PM   #5
ScOoTeR
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Depending on your credit, a home equity loan could have a better rate and you could write off the interest.
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Old February 22nd, 2008, 04:56 PM   #6
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Quote:
Originally Posted by ScOoTeR View Post
Depending on your credit, a home equity loan could have a better rate and you could write off the interest.
x2. Usually loans specifically for used vehicles are a ripoff.
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Old February 22nd, 2008, 11:58 PM   #7
Mommabear
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You can only write off the interest on the home equity if you use it to improve the equity in the home. Sorry...

Also..with the new credit restrictions and with a huge portion of Michigan classified as a declining market you'll want to be careful depending on how much equity you do or do not have in your home.
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Old February 23rd, 2008, 09:14 AM   #8
fittergirl
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You can only write off the interest on the home equity if you use it to improve the equity in the home. Sorry...
That is what you are supposed to do, but they have to prove that you didn't. The IRS doesn't know what kinda shape your house is in so they really can't say what was an improvement. They are not looking to audit someone wrongly deducting 1k in home equity interest.
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Old February 23rd, 2008, 10:13 AM   #9
Dave Kerwin
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credit unions don't care about the year of the vehicle, they only care about the credit worthiness of the applicant
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Old February 23rd, 2008, 01:27 PM   #10
Mommabear
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That is what you are supposed to do, but they have to prove that you didn't. The IRS doesn't know what kinda shape your house is in so they really can't say what was an improvement. They are not looking to audit someone wrongly deducting 1k in home equity interest.
I've had a couple of IRS audits over the years, the cost of the attorney and the aggravation isn't worth it so I try to not do anything to attract their attention.
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Old February 23rd, 2008, 01:42 PM   #11
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Quote:
Originally Posted by capone View Post
Have you thought about trying a Credit Union.
Yes.

Quote:
Originally Posted by ScOoTeR View Post
Depending on your credit, a home equity loan could have a better rate and you could write off the interest.
Also a yes, if you have/can get one.

Quote:
Originally Posted by Dave Kerwin View Post
credit unions don't care about the year of the vehicle, they only care about the credit worthiness of the applicant
Uh, no.
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