financing on the nsx.. who does extended term?

R

raffi.awakim

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Hi guys, Im new here and I will shortly be purchasing a 92 with around 60k miles for 26k. I personally think im getting an amazing deal, but i now need someone to finance me. I have outstanding credit. 778 fico score, 100% revolving availability, and over 50 good accounts for the members that know how to read auto credit.. will any banks in particular do a 72 month loan on my soon to be car?

good day.

Raffi
 
None of my business but why in the world would someone do 72 months for $26K? Have you determined how much this is costing you?:eek:
 
Dtrigg said:
None of my business but why in the world would someone do 72 months for $26K? Have you determined how much this is costing you?:eek:
Click to expand...

i don't know the guy but i'm going to guess it's because he doesn't have $26k in cash laying around... or he does but doesn't want to blow it all on a toy. i believe that's what financing is all about ;) It will cost him around $6k in interest. $32k for '92 nsx after 6 years sounds good to me. not sure what's so shocking to you.

do you know what your mortgage is going to cost you?
 
nicholas421 said:
i don't know the guy but i'm going to guess it's because he doesn't have $26k in cash laying around... or he does but doesn't want to blow it all on a toy. i believe that's what financing is all about ;) It will cost him around $6k in interest. $32k for '92 nsx after 6 years sounds good to me. not sure what's so shocking to you.

do you know what your mortgage is going to cost you?
Click to expand...

I don't have a mortgage and I paid cash for my NSX.:biggrin:
 
On another note, I'd much, much rather do a 72 month plan on an NSX which will always have a decent resale, than 72 months on a "new" car which we all know won't be worth a can of beans in 6 years. I'm shocked at how many friends I know that bought new cars on 72 months. I guess 6 years is the new 5 years, LOL.
 
Call Viet Directly. It is a PITA going through Addison. I applied on thier website and was approved, but since I did it online I could not go through Viet. Make sure you call Viet and send all your info to her directly. It was such a hassle I gave up and bought a '99 instead and going through my credit union. Good luck. The process with Addison will take you over a week to get NSX approved (old car). Hopefully your NSX in in state and not a Private Seller.
 
Dont call Viet. I just tried her and she said that they no longer do loans on old cars anymore. My application through Pentagon Federal Cedit union took 5 minutes and they can overnite you the check. Just got my 1994 last week. Check them out.
Hope that helps
Blaine
 
well, the reason I want to go extended term is because it wont hurt me in the long run... now that the nsx will no longer depreciate. they hit rock bottom a few years ago and now they will only increase in value. I will try getting a hold of hagerty, as for the credit unions, dont I have to be in the same state as the credit union in order to get a loan thru them?
 
Great!!! Hope it works out. If you are going to shop around for a lower rate with other institutions try to apply on the same day. So the credit pulls don't have that big of an impact on your credit score and the person reviewing the credit and sees the inquiries will realize that you are just shopping around.
 
davidf said:
On another note, I'd much, much rather do a 72 month plan on an NSX which will always have a decent resale, than 72 months on a "new" car which we all know won't be worth a can of beans in 6 years. I'm shocked at how many friends I know that bought new cars on 72 months. I guess 6 years is the new 5 years, LOL.
Click to expand...

Why do we care how a person buys their car......Geewise- One day you will be selling yours and will not care how the person came up with the money as long as they came up with it.....
Getting the cash or financing the NSX these days is one of the other reasons it takes longer to sell. One could get a loan for a 2005 for 70k easier then a 1991 for 30k, if their numbers are right....credit..etc....

I paid cash for 745 BMW when it came out. I was sick for a month for , I couldnt believe i dropped 80k on a car....I finance now and just make big payments......and write them off legally (wife CPA)

Thats EASy ??? To lessen your DEBT/INCOME ratio.

My credit Union Intrest Rates are lower the longer the term with no pre pay fee.

With that being said you get lessor payments......less Int Rate....

Its a Life Decision or Biz decision.....

I sit on the Board of a Credit Union....
 
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Dtrigg said:
I don't have a mortgage and I paid cash for my NSX.:biggrin:
Click to expand...

Having a Mortgage for some of use help more then HURT. I had to buy a bigger(more exp) house to help with taxes when I started out young as a consultant....But being debt free is a good feeling. I saw it for 3 months....Then went on a car buying binge.... Having a house is not a bade debt if you could pay it off or sell quick to make a profit.
 
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raffi.awakim said:
Hi guys, Im new here and I will shortly be purchasing a 92 with around 60k miles for 26k. I personally think im getting an amazing deal, but i now need someone to finance me. I have outstanding credit. 778 fico score, 100% revolving availability, and over 50 good accounts for the members that know how to read auto credit.. will any banks in particular do a 72 month loan on my soon to be car?

good day.

Raffi
Click to expand...

credit Union will
 
raffi.awakim said:
well, the reason I want to go extended term is because it wont hurt me in the long run... now that the nsx will no longer depreciate. they hit rock bottom a few years ago and now they will only increase in value. I will try getting a hold of hagerty, as for the credit unions, dont I have to be in the same state as the credit union in order to get a loan thru them?
Click to expand...

Even if the NSX would not depreciate much more, if you can't pay off a 36 months loan, then you are stretching it (personal opinion-being a fiscal conservative). A 60 months loan is really streching it. Personally, I would never take out a 60 month loan (or higher). My rule of thumb (for me only): if I can't pay off the car in 36 months, I can't afford the car. I have 2 kids in college; furthermore, I also paid a total of $0.00 of interest on car loans (never took out a car loan). Your financial situation may be different than mine. Good luck on finding a loan that is suitable for your situation.
 
hahhahah 2 kids in college.I know the feeling some what...... I have 1,2,3 in daycare = 3,000 a month in atlanta. Not IVY LEague prices , but 36k a year tution can put 4.7 kids a year through Ga State University....

Sorta Like an ARM . An Arm can be a good loan, if you double up on payments and not pay the min. Never pay the MIn on any Loan.....Just because its a 24, 36, 60 or 72, doesnt mean you have to pay the MIN.....

My Rule of thumb is to not have it unless I can pay it off the next day as needed. But in these times, my wallet , ideals and values have changed.

LOL.....We giving Fatherly advice.... UGGGG I feel old (36)


Dont Over Extend YourSelf....I wish I got the sport car kick out of my system at an earlier age....
 
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raffi.awakim said:
Hi guys, Im new here and I will shortly be purchasing a 92 with around 60k miles for 26k. I personally think im getting an amazing deal, but i now need someone to finance me. I have outstanding credit. 778 fico score, 100% revolving availability, and over 50 good accounts for the members that know how to read auto credit.. will any banks in particular do a 72 month loan on my soon to be car?

good day.

Raffi
Click to expand...

Raffi,

Search is your friend......:cool:
 
prestonmay said:
hahhahah 2 kids in college.I know the feeling some what...... I have 1,2,3 in daycare = 3,000 a month in atlanta. Not IVY LEague prices , but 36k a year tution can put 4.7 kids a year through Ga State University....
Click to expand...

My 2 older ones are at UC Davis (Junior) and UC Berkeley (Sophomore), and 2 younger ones are in public school. The UC tuition is going up again, and housing in Bekerley is not cheap. My daughter is renting a 2 bedroom apartment with 3 other roommates for $2350.:eek: It is a newer apartment and in the nicer part near campus away from People's Park. My son in Davies in renting a 3 bedroom housing for about $1600.
 
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slamstrom said:
My 2 older ones are at UC Davis (Junior) and UC Berkeley (Sophomore), and 2 younger ones are in public school. The UC tuition is going up again, and housing in Bekerley is not cheap. My daughter is renting a 2 bedroom apartment with 3 other roommates for $2350.:eek: It is a newer apartment and in the nicer part near campus away from People's Park. My son in Davies in renting a 3 bedroom housing for about $1600.
Click to expand...

alllllllllllll good schools. Pricing in Cali is just as Bad as Manhattan NY. I had a 500 sq foot nice apt for 2300 a month 5 years ago.....

opps we got off top....

I will keep my kids down south if they want me to pay for it...Or they will have to Hit up Mr. Strafford LOan...LOL...Like I did...


But All in all, The Naval Credit Union does extended pay terms with refi at anytime..........You do not have to be in the NAvy....LOL...

But listen to some of these people...I am 36 with 4 kids....

I will say get what you want now, for when marriage and kids come...Life will change......plus/minus

:wink:
 

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