[FrivolousShrimp]

Hi Guys,

I'm looking to buy a LBZ Duramax. I was wondering how some of you used truck buyers have financed your trucks. It appears most banks won't finance a vehile with over 100k miles. I made the mistake of obtaining financing from Pentagon Federal Credit Union, and not knowing about the 100k mile stipulation until I received the approval paperwork in the mail. I gave them a call, and they said that the rules will be amended in the future with the reliability of todays vehicles and the high mileages they can attain. However, at the moment, they won't even make an exception for diesel trucks. With interest rates as low as they are today, I would rather leave my money in the market than pay up front for a vehicle. Any ideas? Are there banks that offer competitive rates for high mileage vehicle loans? Pentagon Federal Credit Union was offering around 1.7% for 60 months. Thanks.

 

[New to me GMC]

Hi Guys,

I'm looking to buy a LBZ Duramax. I was wondering how some of you used truck buyers have financed your trucks. It appears most banks won't finance a vehile with over 100k miles. I made the mistake of obtaining financing from Pentagon Federal Credit Union, and not knowing about the 100k mile stipulation until I received the approval paperwork in the mail. I gave them a call, and they said that the rules will be amended in the future with the reliability of todays vehicles and the high mileages they can attain. However, at the moment, they won't even make an exception for diesel trucks. With interest rates as low as they are today, I would rather leave my money in the market than pay up front for a vehicle. Any ideas? Are there banks that offer competitive rates for high mileage vehicle loans? Pentagon Federal Credit Union was offering around 1.7% for 60 months. Thanks.

Credit Unions are the way to go.

My guess is your credit Union is behind the times. My wife is on the board of directors for one of our local credit unions, once a year we go to a training session/conference someplace and often times i meet some of the stuffy stuck in there ways old men that are usually board members, so its no surprise they are behind the times.

Just shop around, one thing you may find is that rates will be higher on those vehicles older than 5 years old.

 

[TheStepChild]

Try another CU. My bank told me no on a van over 100,000k but my cu said ok.

 

[conethrower]

I agree with TheStepChild. Try another CU. I got approved for my LB7 with the quickness. And it had 168k on it at the time.

 

[Pat H]

There are quite a few LBZs with under 100k miles...just have to look. I used autotrader and found a few by me. Just depends on the options you want too.

 

[2005LLYZF6]

Had the same problem when I bought my 06 last fall with 134K on it banks wouldnt do it and my CU did without hesitation after we had a talk about it.

 

[kevin-ct]

Wells Fargo will! I was looking at a 08 LMM with 120k on it, and they approved it.
However, I didn't get that truck i found an 08 LMM with 69k that I just purchased two weeks ago.

 

[Boreen]

I've never even heard of this rule. I bought mine with 98,000 miles and a year old so maybe that's why I never dealt that that at all.
I thought you could finance anything you wanted to basically for a vehicle as long as you had collateral

 

[PUN]

Credit Union always has approved for me.

 

[mike diesel]

I've owned 4 diesel in the last 4 years. Lowest mileage when purchased was my current 05 @137000 miles. Financed every one of them at my credit union with no questions asked concerning mileage.

First truck had 147k, second had 167k, third had 150k and 4th had 137k.

 

[mattzach3500]

I think CUs are the way to go. When I bought my '06 it had 217000 on it and the CU said it booked at $22950, and they would loan up to 95%. I only paid $14500 for it but, they do not seem to be scared of high miles on a diesel. At the time I believe the rate was 4.0% that was in July of 2011. I sold it a year to the day later for $14750 and it had another 49k on it.

 

[FrivolousShrimp]

There are quite a few LBZs with under 100k miles...just have to look. I used autotrader and found a few by me. Just depends on the options you want too.

I considered actually getting a truck under 100k miles, but these things really hold value! I've tried the autotrader search for the entire United States with a <100K filter, but they are all above $20k. With the reliability these trucks exhibit, I'd be ok with saving some money with a 150k mile truck! It should be good for another 400k, right?! :thumb

 

[FrivolousShrimp]

I think CUs are the way to go. When I bought my '06 it had 217000 on it and the CU said it booked at $22950, and they would loan up to 95%. I only paid $14500 for it but, they do not seem to be scared of high miles on a diesel. At the time I believe the rate was 4.0% that was in July of 2011. I sold it a year to the day later for $14750 and it had another 49k on it.

So it looks like I found a finance company that will make exceptions for high mileage vehicles. I will suffer a slight penalty though. Instead of the 1.7% I was offered by Pentagon Federal Credit Union, I'll now have to pay 2.1%. So for a 5 year loan, it's a difference of about $200. Still better to keep that money in the market!

Thanks for the advice guys. I would like to get in with a credit union again to do my banking. We used to be with one when I worked in Wichita. They were really personal and helped out with anything we needed. However, we spent the last couple years moving around for my job, and went with one of the giant national banks.

 

[Mr. Neptune]

Credit Union Here, Truck had 174,000 mi on it when I bought her....the dealership gave me a good deal on it too for the reason, that they couldn't go thru their normal financing paths. So make sure you beat them up on that when buying....even when it comes to a private party, high mileage vehicles are just harder to finance.

 

[ieetgluu]

Yup, CU. The CU that financed my 1500 wouldnt do over 100k, so I found a different one that would. Some go by mileage, some by age. I think I got a .5 or 1% interest penalty for the age of my lly when I bought it. But I ended up with like 3% vs the almost 7% I was paying on the 1500.
My checking account bank wanted to give me over 11%, plus more b/s that I cant remember off the top of my head.

 

[Runs2rch]

Wow. Every CU out here in Ca I have talked to won't bend the 100k rule. What CU's are you guys using?

 

[ieetgluu]

Local credit unions. Ive used 3 different ones on 3 different vehicles. First one the vehicle couldnt be more than 5 years old, 2nd one the vehicle couldnt be over 100k, 3rd didnt care about mileage, small interest increase for age over 6yrs I believe. They certainly can differ from one another lol

 

[TheStepChild]

I didn't end up going with my cu when I bought the van (didnt end up with an over 100 k van either)

Trying to get pre approved on the phone before shopping I called the cu.

Yes we can preapprove you the kind lady said. You will need to bring in 3 years of w2's.

Umm, I'm self employed I told her.

Right, she says, so you will have to bring in those w2's.

Umm. I'm self employed, I don't get any w2s.

Well you're going to have to find them and bring them in before we can do the loan.

Uggg.



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[BBlitz]

Be sure to tell them it's a diesel truck...some banks/credit unions will make an exception, but may require an onsite inspection and may bump the rate by .5% or so. Also depends on whether you're doing a 100% loan or putting down some of your own money. Talk to the branch manager if possible...they usually have some discretion on funding loans.