How do you finance a 10+ yr old NSX?

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12 September 2004
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Los Angeles
I have a friend interested in purchasing a 92 or 93 however his bank will not give him a loan for such an old car regardless of its value or the loan amount (in his case he wants to borrow almost full value). I have 93 NSX that I financed through my credit union with no problems but just wondering how some of you who might have been in this situation done this?

Thanks!

Ahad
 
I don't think it a good idea to finance an NSX or any other car. Just pay it cash and you know what you have. Buying an NSX is one part, upgrading it is the other. :)
 
Home Equity credit line!
 
I financed mine thru my credit union also with no problems. I think if you cant pull a home equity line of credit this is your best bet.
 
Call mommy and daddy or uncle bubba for a personal loan!!! :biggrin:
 
ELOAN, 5.79 for 72 months on a 1992
 
I'm with goldNSX on this one. If you need financing on a 13-14 year old car better not get one.
 
Purdue Employees Federal Credit Union (PEFCU)
(765)497-3328 ask for Mike Metzel

He's done mine and a friend's NSX as well. Depending on your credit, around 6%, 72 months. They go by retail value of the car, and your credit, not the year.

This is, of course, if you can't get a HELOC.
 
goldNSX said:
I don't think it a good idea to finance an NSX or any other car. Just pay it cash and you know what you have. Buying an NSX is one part, upgrading it is the other. :)

"I'm with goldNSX on this one. If you need financing on a 13-14 year old car better not get one." - Bart Geerts

TRM04 asked about financing to get a car, not if he should get the car. In addition, I know what I have, even though I financed it.

What are you really trying to say here? Seems to me you're trying to say that you have that kind of cash. So, if I don't have the cash, I shoudn't buy one? What if I'm 26, and my wife and I stock away the maximum legally allowed combined into our 401k's each year. On top of that we invest on a dollar cost averaging plan into an allocation of stocks, a small amount of bonds, and an even smaller amount of cash. Seems that my assets are growing at a faster rate than my car is depreciating.

Although I don't agree with some of the statements made, I respect your opinions, including the one by goldnsx. However, financing a depreciating asset @ 6% is not a bad thing, unless you just don't like making payments. Instead of paying cash for something at that rate, why not take that lump sum and invest it in an allocated asset portforlio of stocks, bonds & cash? The average return for the last 70 years of this 60/25/15 (respectively) split has yielded over 10% annually, after fees and expenses. Check the stats.
So, let's say you have the cash, but opt for the financing route. You are paying 6% on 50k, 40k, 30k, or whatever your NSX was, but you're earning 10% (average of any 10-year period) with the same amount in a brokerage account.

Buying cars will not be a profitable venture most of the time, unless you do it very well. In order to enjoy the things we love, some of us buy toys knowing that we'll lose money over time. It doesn't matter whether you pay cash or finance.
 
I don't see a problem with financing a car if you can afford (really truly afford) to make the payments. As for the 10 year old part, it makes more sense to me to pay $30,000 for a 10 year old car that might depreciate 1% a year than the same money for a brand new car that will lose half it's value in 5 years.
 
bodypainter said:
I don't see a problem with financing a car if you can afford (really truly afford) to make the payments. As for the 10 year old part, it makes more sense to me to pay $30,000 for a 10 year old car that might depreciate 1% a year than the same money for a brand new car that will lose half it's value in 5 years.

Great Point :wink:
 
I agree, very good point. Thanks to all for their inputs!
 
YES! there is absolutely nothing wrong with borrowing money to buy a nsx. The only thing one should be concern about is if the interest rate is reasonable.

People that drive a NSX usually have other daily drivers and other vehicle to get around. So if your NSX happens to be down, no problem there!@

As long as you are good enough enough to make the payments, than its all good.

NOW, if you are financing a NSX and using as daily driver, than thats just plain stupid.
 
you realize this thread is like seven years old?

anyways, go with pentagon federal credit union
 
you realize this thread is like seven years old?

anyways, go with pentagon federal credit union

Guess we should change the title to "How do you finance a 17+ yr old NSX?" :tongue:
 
Credit unions will usually only finance 80% of the blue book value so its up to you to come up with the rest. My 91' was 32k out the door and I put $8k down (could have dropped $10k but it was gonna need wheels at least). I was 23 at the time and the car was 20 years old lol. You should be able to get a loan but dont expect to get it for the full value. Good luck!
 
Or Navy Federal. 3.99% APR on a 1994, financed up to the full amount of the vehicle. They even offered to fully finance my friend's 1999 SALVAGE title Viper. He got the same rate as me.
 
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