Finance question

[orbusrex]

Does anyone know what options are out there to finance an NSX for more than the NADA value? My dilemma is that I chose to take my down for an NSX and pay off my daily driver... I'm very impatient and without a car payment but the bank will only finance 25k on a '91, 30k on a '92 and 34k on a '95...

if i was to finance 35k (at my banks rate of 5.49% for 72 mos.) the payment is less than $600/mo. which is within my range, but they won't give it to me :frown:

just feeling out suggestions... thanks!!

 

[redshift]

Do you by chance own a house? If so, you can take out a line of credit on some of the equity and the interest is tax deductable.

 

[orbusrex]

yeah, just refinanced and paid off the wife's law school debt... not sure i want to get into the line of credit right now!

thanks for looking out erin... trying to find a way to make it sooner rather than later!!!!!!!!!!!!

 

[redshift]

thanks for looking out erin... trying to find a way to make it sooner rather than later!!!!!!!!!!!!

I'm just trying to get you on the road ASAP! :biggrin:

 

[steveny]

yeah, just refinanced and paid off the wife's law school debt... not sure i want to get into the line of credit right now!

thanks for looking out erin... trying to find a way to make it sooner rather than later!!!!!!!!!!!!

You paid off unsecured debt with secured debt? Was the interest rate high on the law school debt?

 

[orbusrex]

it wasn't the actual student loans... it was the credit cards she lived off of for 3+ years DURING law school... big bucks... she's a louis vuitton kind of girl!

BTW Steve... 2 AKC yellow labs... first dogs and i love em to death!!!!

 

[GHOSTRIDER]

If your bank is offering 5.49% on 72 months for a 11-15yr old car, that is strong.

BTW, you should be able to find a nice 92 for $30k. A 93 sold last week for $27k and it was one of the cleaner 91-94 NSX's I've ever seen. It had 75k miles on it, but has some nice mods.

 

[orbusrex]

Thanks Ghost...
My credit score great if I do say so Hard to find a low mileage (under 50k) around 30k... most seem to want 34-36... tried to deal with larrynsx, but the man is strong! Guess I'll have to suck it up and put some cash away...

 

[Mariner]

You can finance the car through CapitalOne, they don't care too much about the particulars


I financed 32K on a 93 NSX

 

[The Kid]

If your bank is offering 5.49% on 72 months for a 11-15yr old car, that is strong.

BTW, you should be able to find a nice 92 for $30k. A 93 sold last week for $27k and it was one of the cleaner 91-94 NSX's I've ever seen. It had 75k miles on it, but has some nice mods.

I did 5.49% thru ELOAN for 72 months on my 1992 :tongue:

 

[GHOSTRIDER]

Mariner is right, Capital One does have some easier guidelines sometimes.

Bridge-You prolly did that least a yr ago, kind of irrelevent. but thanks
like i said that is strong and a good deal.

 

[GHOSTRIDER]

Thanks Ghost...
My credit score great if I do say so Hard to find a low mileage (under 50k) around 30k... most seem to want 34-36... tried to deal with larrynsx, but the man is strong! Guess I'll have to suck it up and put some cash away...

I was assuming you had great credit.
It is true that a low mileage 91-94 NSX is hard to find, but try not to put to much into the mileage of the car. A well maintained 70000mi 11-15 yr old car is better than a negelected 45000mi car.

 

[The Kid]

.Bridge-You prolly did that least a yr ago, kind of irrelevent. but thanks like i said that is strong and a good deal.

It was 2 years ago but I think you can still get 6.99 for 72 months. :wink: only a $20 difference per month.

 

[GHOSTRIDER]

I can still today get 6.1% on 72 for most, but prolly not back to pre-94.
The rates going up have killed me in the last 4 months.

 

[steveny]

If you could pay using a home equity you would be in way better shape doing so. A 72 month note is really a bad move IMO. Chances are you won't keep the car 72 months, maybe you won't even keep it long enough to pay down any of the depreciation that will occur while you have it.

Using a HELOC, I like to buy slightly used cars that have taken that first huge hit of depreciation. I drive the vehicle for a while then sell it and pay off the balance due minus depreciation. While I drive the next vehicle I pay off any remainder of the balance due from the last vehicle.

 

[orbusrex]

steve you're probably right... at least if i put 5k down, i will probably never end up under on the car (assuming proper care a maintenence)

patience, daniel-san....

but but but mr. miyagi!
:biggrin:

If you could pay using a home equity you would be in way better shape doing so. A 72 month note is really a bad move IMO. Chances are you won't keep the car 72 months, maybe you won't even keep it long enough to pay down any of the depreciation that will occur while you have it.

Using a HELOC, I like to buy slightly used cars that have taken that first huge hit of depreciation. I drive the vehicle for a while then sell it and pay off the balance due minus depreciation. While I drive the next vehicle I pay off any remainder of the balance due from the last vehicle.

 

[hoops7k]

Captial One is pretty easy to get financing with plus the best thing about Captial One is the Automated Payment Option.

"With the automated payment option, your monthly payments will automatically be deducted from your checking or savings account on the day of the month you chose (1st - 28th). By choosing the Automated Payment Option, you will receive a 1/2 of one percentage point interest rate reduction on your loan. The rates posted on Rates and Terms reflect the reduced rate. Our system will automatically assign you the correct interest rate depending on the billing method you have chosen. "

 

[orbusrex]

Thanks! I'll let you know what I do when I (hopefully) make a purchase!!!!

 

[pierceman]

a few options: personal loan (15% stinks ) but they don't care what you do with it.
Some credit unions will bend for you if you have worked with them before. But to be honest that rate is not easy to get these days for 72 mos. most banks are near 6.5 to 6.9 at this time.
MAtt

 

[orbusrex]

Thanks for all your help folks... as it turns out, I talked the bank (USAA) into loaning up to 120% of THEIR value of the car. This puts me in range for a '95 or '96!!! Some things end up working out better than they seemed, because I wanted a Targa to begin with but thought it might be out of reach... now I get to 'settle' for what I wanted in the first place!

Thanks again,

Rob