As a member of Exxonmobil federal CU I have no prob. financing 5 years on a 91/92 NSX. "BUT" does anyone finance 6 years {at a reasonable rate} on one since it's considered an exotic? My credit is flawless.
Financing a 92 model?
- Thread starter davidf
- Start date
check out capitalone.com they offer desent rates and will go up to 72 mos with no questions asked.
If you need 6 years to finance a car you can't afford it.
Excuse me, but I do not think that is the question. It really gets on my nerve when people presume a lot. How do you know that he can't afford it? Do you have intimate knowledge of his finances? Six years is possible but the rate will be a bit higher. It also depends on how much is being financed as most lenders go by KBB book value. If you are puting a downpayment towards it, I dont see any problems. With that said, I do believe Capital One will finance anything as they base their decisions on your credit and not particularly the car. I could be wrong though. Good luck!
I found in my research that a 92 model is considered a classic car so a lot of credit unions will finance the car at there standard interest rates such as 6.5%. I am with you though I am trying to find someone who does 72 months as well.. let me know if you find someone and I hope what I said helps out
No I do not need 6 years to pay it off but with a fiance with 2 kids it's nice to know most of my money will not be tied up paying for a car that will spend most of it's days in my garage. When I want I can and will double my car note every other month as I have in the past years with all my cars. It's a simple plan thats always worked for me.
Thanks for the info.
right on
Very well put. Although I'm married but without kids I can perfectly relate to what you said.
Very well put. Although I'm married but without kids I can perfectly relate to what you said.
Because he would not be asking where can I get a 6 year car loan. He would be asking what rate to expect on a home equity loan. Paying non-deductible interest on large a car loan is just a dumb thing to do.
The question was based on who will loan 72 months on a 16 year old car. I'm wanting to comare intrest rates with my current CU intrest rates.
I normally wouldn't chime in, but I find what you said to be rude, rx7fan. Your initial comments didn't contribute any value to the thread. Your follow up is short sighted. Why such negativity? We are all friends here...
Has it ever dawned on you that maybe davidf is using his capital to earn big bucks in other places? Maybe with the $40K saved and distributed in payments (I am making up numbers here), he is able to generate a 30% or greater return on his investment, thus making the insignificant amount of interest "wasted" an after thought. Of course, I am just making up one of many examples, but the point is, you don't know davidf unless you are his CPA.
Which leads me back to the question I asked earlier...why such negativity?
As for the insurance question...the real reason for this thread...has anybody ever checked out http://www.hagerty.com/? I have never gotten a quote, but a friend referred them to me when I was looking at a 60's Lotus Elan that wasnt going to get much time out of the garage. Hope this helps.
Cheers,
Ryan
Has it ever dawned on you that maybe davidf is using his capital to earn big bucks in other places? Maybe with the $40K saved and distributed in payments (I am making up numbers here), he is able to generate a 30% or greater return on his investment, thus making the insignificant amount of interest "wasted" an after thought. Of course, I am just making up one of many examples, but the point is, you don't know davidf unless you are his CPA.
Which leads me back to the question I asked earlier...why such negativity?
As for the insurance question...the real reason for this thread...has anybody ever checked out http://www.hagerty.com/? I have never gotten a quote, but a friend referred them to me when I was looking at a 60's Lotus Elan that wasnt going to get much time out of the garage. Hope this helps.
Cheers,
Ryan
My mutual funds have averaged over 13% over the last 7 years. So the question is, why in the world wouldn't I fund my mutual funds earning 13% with the money that I'm paying 6% interest on. By my math, I'd still be 7% money ahead after 6 years.
+1. I financed most of my NSX @ 5.99%. I put roughly the loan value in a couple foreign CDs that are yielding more than that. With 3-month terms they're much more liquid than a 60-month car loan, plus I've gained extra returns from the falling US dollar.
Just for comparison my CU will do 72 months @ 6.24% and 84 months @ 6.49% for qualifying applicants. They will make loans on any vehicle up to the bluebook value, but they're very flexible on which source you use.
Just for comparison my CU will do 72 months @ 6.24% and 84 months @ 6.49% for qualifying applicants. They will make loans on any vehicle up to the bluebook value, but they're very flexible on which source you use.
ignore RX7 boy, he doesnt sound very helpful and looking to start a flame war. Everyone needs their cash for different reasons, his post wasnt asking anyones opinion on how to pay for a car so lets just drop it. Check your credit unions, I financed mine with my credit union (MacDill) for 36 months at 6.25% HOWEVER they offered me 96 months at the same 6.25% because I have over a 750 credit score, it was a specialty vehicle and strong income. So its certainly out there, I think you just need to shop it around. Having flawless credit and buying a specialty car, if you find the right bank you can do whatever you want (within reason). Joe
what is the name of the credit union that does 72 and 84 months? I use country insurance and I am 21 with a clean record. they quoted me with my 89 crx liability and a 92 NSX full coverage with $500 deductables for $120.00 a month total which is good IMO. if you are a motorcycle guy they have unbelievable rates there as well, practically free..
My CU is Kinecta. I posted the rates for reference only, since membership in the CU is limited to employees and family members of certain companies in SoCal. Most CUs' products should be comparable.
Huh...I got a 72mo loan on my NSX at 7.3% and paid the car off in less than 2 years. Guess I couldn't afford it either.
Capitalone's rates have gone up but are still competitive. I have my loan with them at 5% from 3 years ago. If your credit is strong, you will be very happy with their service.
Good luck!!!
Good luck!!!
this is a follup up to my earlier post in this thread. i just realized that i wrote insurance when i meant finance (hagerty does both). if that deterred anybody, please know that Hagerty also does financing, which was the reason I posted the link.
in looking further at their site, it appears that they do financing up to 12 years!
below is a copy of the text i found on their site...
Whether you're looking to buy a new collector car, get pre-approved for your next auction visit or would like to refinance your existing collector car loan, we want to make the experience a pleasant one. We realize a number of factors go into a buying decision, and our goal is to make your decision easier by offering attractive financing options.
Program Highlights
Simple interest loans
New purchases, pre-approvals and refinancing
Low monthly payments
Competitive fixed rates
Flexible terms up to 12 years
Loans from $10,000 to $500,000
No prepayment penalty
Eligible vehicles are classic cars at least 25 years old and most late-model exotic and special interest cars
If you want to keep your cash in-hand and not deal with astronomical interest rates on a credit card or sign your house away on a home equity loan, then this program is for you. Simply apply online or call 800-922-4050 and press option 5 to get that dream car today.
Cheers,
Ryan
in looking further at their site, it appears that they do financing up to 12 years!
below is a copy of the text i found on their site...
Whether you're looking to buy a new collector car, get pre-approved for your next auction visit or would like to refinance your existing collector car loan, we want to make the experience a pleasant one. We realize a number of factors go into a buying decision, and our goal is to make your decision easier by offering attractive financing options.
Program Highlights
Simple interest loans
New purchases, pre-approvals and refinancing
Low monthly payments
Competitive fixed rates
Flexible terms up to 12 years
Loans from $10,000 to $500,000
No prepayment penalty
Eligible vehicles are classic cars at least 25 years old and most late-model exotic and special interest cars
If you want to keep your cash in-hand and not deal with astronomical interest rates on a credit card or sign your house away on a home equity loan, then this program is for you. Simply apply online or call 800-922-4050 and press option 5 to get that dream car today.
Cheers,
Ryan
There is a good article in today's WSJ on people who finance cars over long terms that those of you who think this is a brilliant idea might want to read.
Thanks but no thanks.
I don't subscribe to the WSJ so any chance you could summarize the article?
Even still, I still don't understand why someone wouldn't fund an account earning a higher rate of return with a lower interest rate loan. I could have paid off my home by now, but instead I've invested it into mutal funds. My loan interest rate is 6.3% and I'm averaging 13% on my mutual funds. So for every dollar I would have used to pay towards my mortgage, I'm earning a tad less than 7 cents (and that's not even including my tax deduction! It is closer to 10 cents if you factor that in.) Multiply 7 cents by thousands of dollars over 30 years and you are talking a lot of money (around $30,000; more than what I bought my NSX for). Plus my money is a lot more liquid than being tied up in an object. The same rules apply to a car loan. If you can get a low enough rate and a high enough rate of return it would make sense to finance the loan a long as possible.
RX7, you have 12 posts total on prime and they are all controversial and negative. go away
It said people who can't do simple value comparisons or interest calculations are probably unable to get more than 2% on their money and are better off paying cash for their vehicles.
This may be the article he's referring to, though I'm not sure how it supports his assertions on financing. 13 is still greater than 6.
Very meaningful comments coming from someone with 9 more posts than me.
The only comments that one might see as negative are in this thread, I've started and responded to a few others. I consider my comments on long term car loans constructive as I truly believe its a dumb idea to finance a car over such a long term. Borrowing at 6,7,8% to finance stock investments is risky. Those smart enough to play and win at that game probably can afford more than a 15 year old car.
I'll try to scan the article tomorrow. It was longer than the short paragraph in the link.
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