Financing an old NSX

Joined
25 August 2006
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1
Location
Sumter, SC
I was wondering who has had luck getting an auto loan on an early 90's NSX. I'm looking for a '91-93 NSX to replace my '04 S2k. I didn't know if banks or credit unions even gave loans for vehicles of that age. If so, what values do they generally use? I know that these cars go for a bit more than the Blue Book values so just wanted some others' experiences at the bank. Any help would be appreciated!

- Steve
 
Capital One doesn't even ask the year, just that you pay them back.

A lot of people here on Prime have used them, myself included, and it is a very very easy process.
 
Search around at Credit Unions, you can get lucky like me and get a 5.45% 4 Year loan on a 1991.
 
KooLaid said:

I read your previous posts about addisonavenue.
Does anyone know if any of these companys do Stated Income financing?
meaning high credit / no proof of income? I was going to pay cash but if I can get a loan I would rather do it that way. I buy 3-4 properties a year without showing income but banks said no for auto financing. Anywone else with the same problem? Being self employed is tricky. Did CapOne ask for proof or any of the other banks online? Ive always bought cash or at dealer because of stated financing. I thought personal puchases could not be financed without going to local bank and showing stubs and so on...
 
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johnny010 said:
Capital One doesn't even ask the year, just that you pay them back.

A lot of people here on Prime have used them, myself included, and it is a very very easy process.

Captital One Rocks! very easy and fast~
 
I went through a credit union with mine!!! I would check your credit union first and then go from there.
 
I probably wouldnt finance something that old. There is no way I would make any payments on a 15 year old car. I would pay cash for it.:wink: I would however of course finance a newer car. I say keep your new S2000. If I had an 04 and up S2000 I wouldnt even consider financing an older NSX. Its too fast of a jump especially if you have only had the S2000 18-20 months. IMO thats not enough time to really enjoy the S2000.

I had an early model S2000 with high mileage so when I did the switch it was simple since my S2000 with its mods paid for my NSX with mods.
 
'Not financing' is not possible for some people. I know I'll have to finance when it's my time.

Glad to see it can be done with some financial places.
 
Addison Avenue will bend the rules for the NSX because it's "Exotic" status and how it's highly prized and cherished. That and the girl who did my NSX financing has a bf who owns an elise so she knows a bit about boys and our toys. They'll do a 91, and are flexible on costs vs blue book. Oh and they won't rape you on interest rates either, one of the lowest i've seen next to my other CU that will do, 4.2% used.
 
Ok then if thats the case then why finance a 15 year old car with no warranty VS financing a new 03 or 06 car with a warranty?:wink: Does that make sense to you? :smile: Just wondering.

Also if something breaks down with the older car then you will have to pay out of pocket and your monthly and for some that would be to much IMO. Just something I thought I would throw out there.


rickysals said:
'Not financing' is not possible for some people. I know I'll have to finance when it's my time.

Glad to see it can be done with some financial places.
 
EndlessNSX said:
Ok then if thats the case then why finance a 15 year old car with no warranty VS financing a new 03 or 06 car with a warranty?:wink: Does that make sense to you? :smile: Just wondering.

Huh?

Financing $30k on an early 90s NSX with no warranty = payments around $600/month for 5 years.

Financing $80k on an 05 NSX with a warranty = payments around $1500/month.

Unless you plan on shelling out $900/month on out of pocket repair costs, financing the older car might make sense, don't you think? :wink:

Not everyone is big pimpin'.
 
Again your logic is that there is no down payment. I would suspect at least 50% of owners put something down whether it be $1,000 or $50,000. $1500 a month is just rediculous. Anything over $450 a month IMO is too much for a new or used car unless the car is over $100,000. For me and my finances thats a good indication that I really cant afford the car/subject at hand if I have to pay over $500 a month. Thats why I try to put at least a good 30%-50% down then I get the payments I want. Makes sense in my case. Plus you have a lot of power with the final sale price with a nice down payment. I understand not all people can do this but in my case its clear to me. So I still stand by my original post.:biggrin:

LeftLane said:
Huh?

Financing $30k on an early 90s NSX with no warranty = payments around $600/month for 5 years.

Financing $80k on an 05 NSX with a warranty = payments around $1500/month.

Unless you plan on shelling out $900/month on out of pocket repair costs, financing the older car might make sense, don't you think? :wink:

Not everyone is big pimpin'.
 
Banks don't finance under 1996-1997 models. If you can goto a credit union then more power to you. Remember, your married to those payments for 5 years. My advice, like the previous post, save up and put half down (depending on the value). Find out what your credit is like, what your score is (If you have that in the states), and take it to the bank and get a personal loan. By getting an auto-loan from any place 99.9% of the time they want you to also have full coverage at all times, even when your not driving it because there money is tied up into it. When getting a personal loan, you don't need full coverage all the time so you can take it off in the winter (depending on where you are).
 
KooLaid said:
I'm big pimpin but I choose the NA1 NSX because it takes alot of money to keep my groupies and slutty ladies nice and drunk all the time.

NICE!!!!!!

----------------
Besides that....

I dont think the NSX is out of reach for anyone any more, even people that need financing the reality of it is, that most people out there buying cars, are buying cars new for 30k plus than adding another 3-4k in mods over 3-4years ownership in my opinion thats not every one but most likley the people/group also considering 91-94 NSX

Im not supprorting financing at all there are cheaper cars that are better moves for people reaching for financial independance but if you really are gonna finance 35k new car and you compare it to the NSX here are my calculations.

Warranty vs. no warranty vs. financing new or used

The NSX warranty or no warranty considering most likley no depreciation over the next (forever) years, will offset even the worst of maintenance.

Any car even remotely less comparable lets take a 40k 2003 M3 just for example since anything new and comparable will run you 70k plus.

M3 within another year or two will be out of warranty as well and the depreciation over the next 3-4 years will be 10k or so.

NSX probably $0 depreciation. If any thing it will keep up with inflation and worth another 10% or so within 3-4. Maybe 4-6k in maintenance. over 3-4yrs / 30-40k miles it defiantly costs less than buying anything new.

In case you dont remember around 98-99 I remember seeing Clean NSXs 91-92 for 22-25K with 60k miles. Like 80s 911s you sell them for the same price you bought them for, or more.

People buy new cars because they think they save with manufacturers warranty’s, when in reality they pay for it in rapid depreciation and trade in values, the average 40k+ new car buyer loses around 10-15k every 3yrs not including finance charges or regular maintenance. They go from $700 payment to $700 payment usually rolling in more debt into each car unless they put 2-3k down at each purchase. $700 x 36 months = $25,000 including finance charges and you still owe more than trade in. Dont know how I got into doing math right now but I guess ill just leave on here since I already typed it. :biggrin: Its cheaper in the long run to buy a used 911 maintenance hog and replacing the whole engine for 10k than buying any new 40k+ car on the planet. Isn’t it funny that most of the country, thanks to marketing and not enough finance education in high school, still thinks that new cars and leases are a better investment? While on the other hand people that are generally more inapt to make better financial decisions chose old cars? I think it because people have trouble controlling there finances and can not control there own finances by keeping an emergency fund and maintenance fund. therefore rather pay $700mth and know thats the most there going to need any given month during there ownership. Oh well, it fuels the economy let people waste their money. Never mind.:biggrin:

On my Daily Driver I feel bad for the guy who bought my X5 originally for 50k than traded it in for 18k 4 years later so I could buy it for 21k plus $1500 for a extended warranty for 4yrs unlimited miles just like the one he had and cost him a 30k loss over 4yrs. Just like people that buy cars that are worth as much as they make per year its ridiculous and a sure way to make getting ahead in life more difficult.

And then on top of that the IRS promotes it of course by adding tax incentives that really dont pay off for instance 70% of your payments on lease are tax deductible so therefore if you make 65k year (example) your in 27% tax bracket so quick math says average lease for income bracket =
$700 x 12mths = $8400yr so you dont have to pay income tax on 70% of that. 70% deduction = $5880 yr that you dont pay tax on so --
$5880 x 27%tax $1587 is how much you actually save at end of year.
Thank you so much feds for convincing me to spend $8400 yr and give me back $1587 for contributing to your economy.
Convincing people to waste $6813yr NET after tax benefit
$20439 over 3 years. instead of buying a good ol nice 3-4 year old same model car and only losing 5-7k over the same 3yr period get a decent warranty for another 1-2k and now your net 3yr loss is 7-9k How many people in this country could benefit from an extra 10k every 3 years?

I know for some people on this forum and myself 10k doesent pay my monthly bills, but if I dident think this way years ago, I would still be dreaming and not living. So many people could be a different situation over a 6-9yr period. Its a shame how the government actually promotes extravagant spending, which of course is good for the economy but its interesting to analyze.
 
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