? about how and where to get loan for NSX

[dk272]

Hey guys, new here and crazy thing is I just posted in the wanted section but also just found an NSX for 14k (rebuilt) that im flying to see, have inspected and test drive this upcoming Tuesday (planning on buying it!! if everything is straight:biggrin buuttt Ive been looking all over the internet to try and find a place for a dec auto loan (I knw 14k is not alot at all but im a college student so lol) anyways its a 93' NSX and usually auto loans will only go back till 2002 now so Im at a loss as to where to find a loan with dec rates?? did anyone here finance or get a loan for theri NSX ??! or have any advice?! any responses def appreciated!:smile:

 

[Myaddiction]

I hate to say it but with the current "credit crunch" its hard to get a loan for 16 year old car. Most likely it'll have to be a signature loan which has a higher interest rate and requires pretty good fico scores i.e.750 and up. Credit unions and capital one are good places to start. Oh of course theres the search thing:

http://www.nsxprime.com/forums/showthread.php?t=98664&highlight=car+loan

 

[Dtrigg]

ditto.

I think you'll also find most NSX owners (OK here comes the flames) would suggest that if you can't afford cash for your car you shouldn't buy it. Do a search and you'll find the threads.

You're going to purchase a NSX for $14K. Do you have a clue as to how much money you're going to have to put into that car to make it an acceptable example? And you want to finace the purchase price for $14K?

Wouldn't go there...Sorry.

 

[Patricio]

capitol one online

easy application
no paperwork
get an answer quick
receive a check in the mail to go buy the car.

Really easy we do it all the time at the dealership. Perfect for specialty cars too.

 

[wahoo5]

Cap One won't go older than 8 years. And they won't tell you that until the check is mailed. A check you can't use.

David

 

[NSXRguy]

i dont think you have any idea what kind of trouble youll be in for buying a $14k nsx

sure its cheap now, but when you find out how much everything will be, then youll go :frown:

 

[cparsons]

Capital One has become more restrictive and probably won't work. Talk to a local credit union... usually better rates than your local bank.

Like the others, I saw to be hesitant. A cheap NSX is around $25k... so do you really expect your $14k car to be your dream car?

 

[Cozmo]

It also helps to ask about a specific car here by VIN, or search for the VIN yourself and see if any threads come up. With a car selling that cheap it might save you the cost of a plane ticket.

My credit union seems to give loans for any used car as long as it has < 100k miles. That'd be the difficult part for you probably if you're looking for a super cheap NSX.

I would run away fast from a $14k NSX. It is that cheap for a reason (or more likely, many reasons, including being rebuilt as you say), and you clearly won't be able to afford to fix it.

 

[rwdforlife]

capital one defaulted their old car loans three months ago. Their rule of thumb is no loan for vehicles older than 2001.
Do Wells Fargo. Their car loans are unlimited.

 

[supra2nv]

if you cannot afford an NSX for $14k, you will be in trouble when you need:

a clutch job: ~30% of the purchase price.
timing belt service: ~ 10% of the purchase price.
tires: ~ 7 % of the purchase price every ~10k miles.
and any other random stuff you will need to fix on a rebuilt 93 NSX.....

good luck, my 2 cents, dont over extend yourself.

 

[ALSWEL]

https://www.penfed.org/ will do a loan for your car as long as long as its under 100k miles and your credit is good/ debt is low. They have the best rate as well. 4.25% for 60 months last I checked. I did not use them as the loan was for a friend, so do your homework.

 

[dk272]

Hey guys Thanks for all the responses and advice, much appreciated. I'm going to start researching different rates and what not, many from the ones some of you guys dropped here ( Cozmo who is your credit union?! ). Ill admit 14k does worry me and rebuilt worries me too but like I said Ill be going to inspect it and Ill be bringing my mechanic too. Once I get the VIN I will def post it up here and hopefully nothing negative shows up. Again, Thanks to all who took time to post some knowledge and advice!

 

[cparsons]

Once I get the VIN I will def post it up here and hopefully nothing negative shows up.

Dude... it's HALF the price of a typical NSX. Sound too good to be true?

No one wants to piss in your cereal... but please proceed cautiously. You could be buying a lemon, or worse, a car that is unsafe to drive.

If it turns out to be a great car and the current owner just wants to sell for less than it's worth, I'll eat my words and be happy for you. Again, please proceed cautiously!

 

[tosugrad]

if you cannot afford an NSX for $14k, you will be in trouble when you need:

a clutch job: ~30% of the purchase price.
timing belt service: ~ 10% of the purchase price.
tires: ~ 7 % of the purchase price every ~10k miles.
and any other random stuff you will need to fix on a rebuilt 93 NSX.....

good luck, my 2 cents, dont over extend yourself.

Excellent advice. Please re-read this post.

 

[warrenw]

Wow,
14k for a '93!
Remember what your mother taught you about "if a deal is too good to be true, ..."

My advice is get someone on this forum to take a look at the car before you go looking to borrow money to buy it. There are people who would enjoy taiking a look at the car for you and many have a lot of NSX wisdom. This is the best advice you should use when buying a NSX. There are users of the forum who have done this with great success.

You said you were a student. How does a student qualify for a car loan anyway?

 

[NSXRguy]

too good to be true......

 

[dk272]

Well the car is located in Brooklyn New York if anybody is in the city or near by and would like to help me out. (obv. I will give more detail if someone wants to check the car)

and
"You said you were a student. How does a student qualify for a car loan anyway?" >>> All I was saying is that 14k is not too high of a price but as a college student just about to graduate I feel inclined to take out a loan to finance it. Also a I have excellent credit, not just good credit so being approved is not a problem if that's what you meant? Plus usually they give students deals but I know they wont in this case as the car is too old and rebuilt. Plus I still cant find anyplace that will finance beyond 2002......checked Penfed and not eligible because of too many military exclusions ......also uptodrive will not go beyond 2002 and first again is no longer is in the auto loan business as well as my bank! ...running out of options...

 

[Dtrigg]

Well, I am an old guy... insurance costs, maintenance costs, bring vehicle up to date, interest rates, repairs required...

Just curious, but what kind of job do you have after college that will allow you to do this? No student debt?

Good luck.

 

[White92]

Well, I am an old guy

It's nice to know you finally admit it! :tongue:

 

[starbai]

Hey guys, new here and crazy thing is I just posted in the wanted section but also just found an NSX for 14k (rebuilt) that im flying to see, have inspected and test drive this upcoming Tuesday (planning on buying it!! if everything is straight:biggrin buuttt Ive been looking all over the internet to try and find a place for a dec auto loan (I knw 14k is not alot at all but im a college student so lol) anyways its a 93' NSX and usually auto loans will only go back till 2002 now so Im at a loss as to where to find a loan with dec rates?? did anyone here finance or get a loan for theri NSX ??! or have any advice?! any responses def appreciated!:smile:

Pentagon Federal Credit Union is the way to go. I just got approved with a 3.99% on a 40k loan for an 03' NSX.

www.penfed.org

I didn't pull the trigger due to some personal issues but they're amazing to work with!!

 

[Cairo94507]

Come on you guys, the kid wants an NSX......so someone has to buy those 14K cars that may need some work. Hopefully it really is an NSX and not an MR2. I would think after going to college one might have learned more about managing finances, credit, debt, etc. But good luck with that car.

 

[NMYMIRR]

Correct me if I'm wrong....but I believe that most if not all banks, credit unions, etc. will not finance a rebuilt or salvage title vehicle. Best of luck to you tho.

 

[dk272]

Well, I am an old guy... insurance costs, maintenance costs, bring vehicle up to date, interest rates, repairs required...

Just curious, but what kind of job do you have after college that will allow you to do this? No student debt?

Good luck.

LOL I figured that would come up sooner or later,(Im not done yet) but I work retail selling Women's shoes on commission so I bring back $500-600 a week. Funny thing is we make more then our managers do! but anyways I guess Im going to try Penfed (thanks starbai) and if that dosent work im just getting a bmw lol.....

 

[Teej]

Come on you guys, the kid wants an NSX......so someone has to buy those 14K cars that may need some work. Hopefully it really is an NSX and not an MR2. I would think after going to college one might have learned more about managing finances, credit, debt, etc. But good luck with that car.

I'm with you on this one. I've been a LONG time member on this forum and I have yet to get my NSX although I am always looking. You can get some older NSX's for under $20k but sure, they might have 145k-165k in mileage.

The only thing he should really check on is service records and make arrangements for an Acura dealership to hoist it up and give it a good 100+ point inspection. It would probably be the best $100 bucks or so you could invest for safety reasons.

As far as loans through banks go, everyone is pretty much on point. You wont be able to get a car loan but you can get other loans at slightly higher rates (pending credit). You may also have to put come collateral in the mix.. another car already paid for..... house (wouldnt recommend but people do it).... etc.

There are some companies online that do give loans for older vehicles that are "collectors" or "exotics". I just dont remember who. I want to say Lending Tree.. at least 8 years ago when I last read a similar thread on here.

Things that are too good to be true USUALLY are, but not always.

 

[Rated NSX]

Starbai,

New member here (but an NSX lover for 15 years). When and where did you find that '03 NSX? 40K is exactly what I want to spend.