Idea how to get decent financing for a '04?

[mdfb42]

Just found an '04 Dodge Ram Quad Cab SLT 4x4 with just over 10,000 miles on it (no its not a typo, I did mean 10K and not 100K). Problem is since it's an '04 no bank wants to give a loan on it longer than a year with a high interest rate. My mom who is a loan officer stated she cannot do anything for me even though it is practically a new truck in mileage terms. I do not think the dealership does in-house financing as many of those went away after the '08 recession. If anyone has been in a similar situation and found a way around it, I am all ears.

A little background: spotless credit history so lending is not a problem is what I need is offered, cannot borrow against my HELOC as the house is only a month old so we have yet to apply and open one, and just saying pay with cash is not an option. I have a trade in that will get me about 65% equity immediately so many lenders would favor this type of loan but unfortunately the actual age of the vehicle rules all.

 

[MegaMouseGW]

If the price is right I would suggest the bank loan with a higher interest and pay it off asap. Sounds like you found a gem.

 

[mdfb42]

If I only needed a $3,000 loan that would be fine because I am currently savings enough to cover the $3,000 plus interest. Problem is I need 5-6k loan and there isn't any way possible to pay that off in one year short of selling my motorcycle (which isn't happening)

 

[reelop19]

You can't sell the bike. That is blasphemy. Have you tried a credit union? My local credit union loaned me money on my 07 that had 115k miles on it when I bought it. You could also try a loan against your bike if you own it. Sort of like a personal loan I guess.

 

[emjohn4]

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Short of that - family?

Otherwise, you might just have to pass, or settle for a high interest rate.

(You'll think I'm a **** for saying this). Seems to me, if you can't come up with the cash for a 10 year old truck, you can't afford it.

 

[mdfb42]

I would normally have the cash but the truck is 16k and I should get 10k on my trade in and I just dropped in excess of 40k cash on a house right after I spent God knows what on a wedding and just had some bad winter storms so I'm not willing to clean out my cash saved up in case of emergency so it's just bad timing for me liquidity wise but seems like once in a lifetime deal to not try every available option I may have. Have the value no problem in assets but the cash just isn't there right now. Think I'm gonna try the credit union route and see what happens.

 

[HLram]

Quite honestly, I would not buy a truck that only has 10,000 miles on it if it's an 04 model, because that is only 1000 miles per year that it was driven. Lots and lots of just sitting. That can't be good on an engine, differential, transmission, fuel system, fluids, etc, etc, etc. Just my opinion, but if it were me, I would pass on this truck anyways. I would rather have one that had been driven at least somewhat regularly. Also, make damn sure that the odometer hasn't been turned back somehow, IF that's even possible nowadays. 10,000 miles on an 04 model seems awfully low ya know. Good luck.

 

[mdfb42]

Just been informed it was a farmers truck who passed away and his wife traded it in. They sent me a few pics and looks like some rust inside the wheel wells. If I can see that from a picture the dealer sent me, it's not the camouflage diamond I had hoped for. Done with that deal. Thank you all for the input, whether positive or negative it all helps and I appreciate it, especially being a newbie here.

 

[ADUBIS]

just a thought, but you may want to ask your local dealer if its possible to order a speedo with zero miles. It could have been replaced at any time out of the dealer network and you would never have a record of it. Im also curious to know if the vehicle computer stores mileage. New Harleys do so you no longer need to order speedos with mileage programed from the factory. You plug in a replacement and the ecm remembers the mileage.

 

[ADUBIS]

Is it priced way over nada value? That could be causing a problem. The bank doesnt care about miles. They look at nada guide value and nada has no separate value on a vehicle because of lower than average miles.

 

[Jonesin33]

Not to be more of a downer man, just my input... My cluster on my 05 silverado went out, ordered a new one from a reputable seller on eBay... I told them my mileage over the phone, they programmed and mailed it to me, I could of very easily told them any mileage I wanted. Just play it safe bud, there are some skilled scammers out there that get the pros with good stories daily.

Sent from my DROID RAZR HD using Tapatalk 2

 

[mdfb42]

Adubis, I spoke with my neighbor who is a mechanic before considering this purchase. He confirmed the ECM holds the actual mileage and he would plug into it if I bought it to make sure it was matching mileage. If it wasn't the dealer would have all sorts of legal problems.

Truck is not listed over nada but I'm not buying it so that doesn't matter anymore.

 

[RAtmosphere]

Ive got 12,500 miles on my 04 Cummins....the one as my avatar, Im the original owner...it just sits in the garage. And I agree alot of sitting can reak havoc sometimes....I drive mine around the neighborhood a handful of times a year....crank it every weekend and let it run...make sure all is good in the world...