Check http://www.Edmunds.com to verify that a 10 year old car is worth $12,000. Be sure to also check the car's history on Carfax. Check local banks and credit unions for the best rates. Since your credit is excellent and the car is a 2005, it will likely be a unsecured loan. Pay as much cash down as possible in order to minimize the term of the loan.

I agree with Roslyn, I am the queen of used (new to me) vehicles in our home and I would verify that cost. Also, if your income is correct of $160,000 a year, a $12,000 vehicle should be ready to purchase with cash, even if you wait for a short period of time to build up the savings to do so. If you do not utilize a realistic and workable budget, I highly suggest you set one up for emergencies, retirement planning and overall needs, like this one. Good luck!