Hey, I'm just trying to get some info about trading in a used car for another not so new car. Basically trading in my 06 for another Monte which might cost 10 to 13K.

I was told once by a dealer that a bank sometimes want a minimum amount loan no less than a certain value. Mine was $7500. Can banks loan less that $7500?

Also what's the maximum mileage a bank will loan out?

Can I ask any bank for a loan first then take it to a dealership?

What about non-brand car lots? Are those even worth going to? I normally go to big dealerships instead of the non-band one.

I know some of these question might sound dumb but I just couldn't get any good info from Google.

I might be thinking of trading in my 06 for either a Red 06/07 SS or a 04 Dale Jr. SS later this year or early next year. After seeing one of our members here (forget which one) with the 04 and black rims I knew I needed that one. But if an 06/07 comes up I'll check that one out also.

Really any advice/info is appreciated.

 

Fort Worth might be a different story than Nebraska, and more specifically small town Nebraska.

However, banks should loan you any amount of money, depends on what their loan strategy is though, but if you have the collateral such as the new vehicle I don't see it being a problem. Of course you will have to provide the title, and proof of insurance, banks have to have this on file for compliance.

Personally just because it's not a dealership, doesn't mean you can't look there. Just make sure you look the car over really well, perhaps if they will let you test drive it overnight, take it to another mechanic you trust and get it checked out.

Definitely negotiate with them, and I wouldn't advise calling your banker from the car lot, even if they tell you they have other people interested in it. You can certainly go in, and talk to someone and tell them what you are looking to do ahead of time, but if they approve you for say a 15k loan, don't tell the dealership you are approved for that, or they will beat you up all day.

 

Random ? why would you trade it for something older? I like the 00-05 style better personally. I don't know how its located where you liv ebut banks around here will not give a loan smaller than $1500 and the car must be priced at or lower than kbb to get the loan most times it has to be priced lower than kbb to get the loan.

 

The way banks have been torquin' people off lately you may want to check into getting a loan through a credit union. You'll be able to get a smaller loan with better rates compared to a bank. Just something to think about...

 

Thanks guys. That is the kind of info that for some reason I couldn't research.

Really its just that the blue color and non-SS just doesn't do it for me anymore. Being a huge Monte fan I am I just can't see myself not driving the top of the line model anymore. The Montes by my area really are not that expensive. There are a lot of black 06/07 SS here but those aren't why I like. There are a couple 04 Dale jr. cars going for 10 and 13K. I just need to research some thing before I go in to get an older used car.



Well I like the 00-05 Red better and after seeing the Dale Jr. in person once I knew I needed that one.

 

I hate to be a bit brutally honest here, but i think you're waisting your time. Trading in your 7th gen for a 6th gen makes no sense and the rather lateral upgrade of going to an SS doesn't really seems worth the time, money and effort to me. Kbb value for an 04 dale jr. suggested retail is only a bit above $10k dealers like to charge stupid high prices for them.

 

agreed^^^ a couple of years ago i wanted to swap my monte for a gto, but i was upside down on my loan, and my dealer talked me out of it. doesnt make sense to go from a 06 anything to a 04. either go for a 06-07ss with less mileage than you, or dont trade at all. also im goin to be lookin to get rid of mine sometime next year for a reasonable price <winkwink>.

 

I'd have to say the same. ^^ trading down in year usually never turns out good. If anything sell your car outright and then go buy a JR and pocket the rest.

 

I bought a '93 Century for $3000 in 2000 and to build up my little credit at the time, I took out a car loan on it. It was rear ended and totaled in May of 2001 (early pay off from insurance up-ed my credit), I took a loan out again for a '93 Grand Am that ran me $3000. That car was totaled in February of '03, I then bought my current '94 Grand Am for about $3600 and AGAIN took a loan.

All this totaling of cars helped bump up my credit. Not the way I wanted to bump up my credit (just for the record).

 

personally.....i would just take a loan out...for whatever reason you choose and go buy whatever vehicle you wish.....Thats the easiest way....in my opinion....