Positive equity in leased 2019 Mercedes (about 50%). Buyout amount $14K. Want to pay half ($7K) and finance the other $7K to preserve savings. Retiree thus no employment income. But positive equity in the car, plus other assets (savings, etc.), and good credit. Where can I get a loan for the $7K who will lend to retiree/no active employment income? Thanks.
Outside my realm of knowledge, but could you try calling a local CU with competitive rates and discussing your situation?
There are other options like a heloc or something, but @trism is more of an authority, since I’m genz it’s 50/50 if Ill ever own a house.
Look for credit card with 0%. I think Citi has a card with a 3 % fee on the amount for 21 months.
Do you have anything you can put in the income field in the application? SS, pension, rental, etc?
Or sell the car directly to the highest equity provider, ie without buying it.
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Retired people buy cars every day.
Income doesn’t have to be from employment.
The loan you’re looking for is pretty small and using your numbers it’s large down payment relative to the purchase price, so with strong credit I don’t think you’ll have a lot of obstacles.
Just for funsies perhaps put your info into the Capital One Auto Navigator prequal tool and see what you get back.
I’m not necessarily advocating taking any of their offers (no idea if they’ll be competitive) but it should give you some idea how an auto lender would view your profile. For employment, just list “retired” and your current income (SS, pension, investment, etc).
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