Longer financing periods for NSX's possible?

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22 October 2006
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Hello - I know that a Ferrari, some porsches etc can be financed for longer than 60 months and I was wondering if the same applied to the NSX.

Yes, I searched for financing options etc and read all about CapitalOne, credit unions, addison avenue.com etc, but no mention was made specifically for longer term financing for these cars.

If it is even possible, what are rates like? Whats the longest term possible?

Thanks for the help!
 
I am going to pick up my first NSX in 1 or 2 weeks and its being financed by CapitolOne and they let me do a 72 month term with rate of 9.25%. I just got the loan package and it does not say anything about limit on the year of the vehicle as well. The NSX I am buying is a 1991 with only 47k miles and it has a Comptech widebody.
 
Just as a comparison, I too received a financing "Blank Check" from CapitalOne Auto Finance just this past Friday, Oct. 20th. It was for a dealer used car, 72 mos. for 7.9%.

When I actually talked to the dealer, their finance guy offered me a 7.49% rate for 72 mos. I'm pretty sure there was some room to go even lower.


Hopes this helps.
 
My nsx was available all the way up to 7 years at 6%, 5 years at 4.9%. They even did a ferrari before at 12(!) years.

Oh and this was on my 93!

Oh and this is addison avenue, one thing though. You just can't call them up off their website or what ever. There is to my knowledge only ONE person who can do the unique situation financing and that is Viet. I believe anyone else would just tell you, sorry the car is too old, or just plain can't go that long, etc etc. So she offers special financing with great rates for special cars like our NSX.
 
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I know your original question is how long can you go, but as I remember when I applied, Capital One allows you to pick how long you would like to pay back. I had chosen 36mo on a person to person sale and got my blank check the next morning. I ended up using one of my lines of credit so I would not have to pay taxes/registration or have a lein on the car.
I have heard of Companys going as long as 96 months and I personally don't see why an NSX would not qualify for it. Good luck. Greg Z
 
Wow- I thought CapitolOne would only allow financing for a car that was 10 yrs. or newer. I'll have to look into it. Do you know how they determine the value of the car and what % of that will be loaned?

Thanks-
 
I think any of you financing a car for more than 48 months are crazy, especially at a rate higher than 6.5%. A loan at 9.25% for 72 months is absurd, unless you plan on paying it off in 2-3 years.
 
DocL said:
I think any of you financing a car for more than 48 months are crazy, especially at a rate higher than 6.5%. A loan at 9.25% for 72 months is absurd, unless you plan on paying it off in 2-3 years.

I have to agree with DocL here. If you have to resort to 7 year financing plans and other financial absurdities, you're just not ready for an NSX (or a Ferrari, or BMW, or any other expensive purchase).

Try this: figure what your payments would be for a hypothetical 72 month, 9.25% loan; and then try saving that amount of money for a year (or better, two). If you can make it, you'll have proved to yourself that you can handle it, plus you'll have a nice chunk for a down payment, probably leading to a shorter term and lower interest car loan.

I don't want to sound boastful, but the time from when I wanted an NSX until the time I acquired an NSX was nine long years. But in the end, I put $25,000 down and paid off the rest in two years.
 
flaminio said:
I have to agree with DocL here. If you have to resort to 7 year financing plans and other financial absurdities, you're just not ready for an NSX (or a Ferrari, or BMW, or any other expensive purchase).

Try this: figure what your payments would be for a hypothetical 72 month, 9.25% loan; and then try saving that amount of money for a year (or better, two). If you can make it, you'll have proved to yourself that you can handle it, plus you'll have a nice chunk for a down payment, probably leading to a shorter term and lower interest car loan.

I don't want to sound boastful, but the time from when I wanted an NSX until the time I acquired an NSX was nine long years. But in the end, I put $25,000 down and paid off the rest in two years.

I understand yours and others sensibilities, but disagree with comments that this person cannot afford the car. It is great that folks saved their money and bought their cars....good for you and them.

This guy asked for long term finance options, not a lesson in economics or financial responsibility. We only live so long and if this guy wants to have some fun, it’s his choice how to…..not ours!!!!…..so give the guy a break. It is not my job nor anyone else’s to be this guys Father.......No disrespect, but I hate it when these threads come up and folks jump in to tell someone how to run their lives. These cars or anything that goes beyond basic transportation are about passion and desire, so when you advise someone that they should wait until they are 70 years old before they can have a dream, I think that is crazy. Hell I have had heart bypass surgery and will get an F-Car when I turn 50 and if it takes a 10 year note (yea I will put down 30-40K), I could give two craps!!!!!!

Anyway good luck blacksheep, if you really want it and the sacrifice is worth it then have fun, you do not have to justify yourself to anyone but yourself......Steve
 
Let me ask you a quesation needspeed? Looking at your signature you obviously own or lease some very nice cars. Do you think that you could be in possesion of those cars if your finances couldn't support those possesions. I think that thread starter doesn't have much wealth accumulated, thus his need to finance for the longest term possible. Furthermore I never said it was a bad idea to finance this car, just maybe it would be better doing it at a lower rate for fewer years. I just spent 60K on equipment for my office and I'd be crazy not to finance. Unlike a car loan, I can take advantage of the tax deductions and depreciation.

Btw, I hope you do get your Ferrari before you turn 50. Just don't sell your NSX for it. :biggrin:
 
DocL said:
Let me ask you a quesation needspeed? Looking at your signature you obviously own or lease some very nice cars. Do you think that you could be in possesion of those cars if your finances couldn't support those possesions. I think that thread starter doesn't have much wealth accumulated, thus his need to finance for the longest term possible. Furthermore I never said it was a bad idea to finance this car, just maybe it would be better doing it at a lower rate for fewer years. I just spent 60K on equipment for my office and I'd be crazy not to finance. Unlike a car loan, I can take advantage of the tax deductions and depreciation.

Btw, I hope you do get your Ferrari before you turn 50. Just don't sell your NSX for it. :biggrin:

I appreciate your reply and yes my finances do support my little stable. I just look back to getting my first Porsche 911 and I was only 26 and I could not really afford it, but they were the best 4 years of my driving life. The worst that happened is I had to give it up and I cried bitter tears that day. But I have no regrets that I did it and struggled to have it. It meant that much to me, so yes logically getting the car on a shorter note at a good interest rate makes very good sense and is the responsible thing to do.

But passion and desire often fly in the face of sensibility and in the end what separates us from being just alive to really living life????? I will discuss this further with my therapist and get back to you if I ever figure it out. BTW my wife said I can't let the NSX go she loves it too much.....Steve :biggrin:
 
flaminio said:
I have to agree with DocL here. If you have to resort to 7 year financing plans and other financial absurdities, you're just not ready for an NSX (or a Ferrari, or BMW, or any other expensive purchase).



I don't want to sound boastful, but the time from when I wanted an NSX until the time I acquired an NSX was nine long years. But in the end, I put $25,000 down and paid off the rest in two years.

Boastful? No problem there, more like retarded!
That was 9 wasted years that you could have been enjoying the car of your lust/passion.
 
Greg Z said:
Boastful? No problem there, more like retarded!
That was 9 wasted years that you could have been enjoying the car of your lust/passion.

Sorry, I don't see it that way. The nine years were anything but wasted -- in that time, I got married, traveled the world, bought two houses, and had my first child. It was a very productive nine years, but productive in things beyond the scope of a big toy car. I wanted the car dearly, but I wanted to make sure the rest of my life was in order before I plopped down for an expensive plaything.

And as for the bloke who commented about people telling others how to run their lives -- it's a discussion forum, eh? If the OP didn't want the discussion, he should never have posted. If all he wanted was basic long term financing information, one call to his local credit union would suffice. Any moron can do that. I presume that he posted here because he wanted to talk it out first, and that is where DocL and I were coming from. Someone making a serious purchase like a high performance sports car should have all the information available to them up front, regardless of whether it fits their (or any other interloper's) worldview.
 
flaminio said:
Sorry, I don't see it that way. The nine years were anything but wasted -- in that time, I got married, traveled the world, bought two houses, and had my first child. It was a very productive nine years, but productive in things beyond the scope of a big toy car. I wanted the car dearly, but I wanted to make sure the rest of my life was in order before I plopped down for an expensive plaything.

And as for the bloke who commented about people telling others how to run their lives -- it's a discussion forum, eh? If the OP didn't want the discussion, he should never have posted. If all he wanted was basic long term financing information, one call to his local credit union would suffice. Any moron can do that. I presume that he posted here because he wanted to talk it out first, and that is where DocL and I were coming from. Someone making a serious purchase like a high performance sports car should have all the information available to them up front, regardless of whether it fits their (or any other interloper's) worldview.

This blokes name is Steve and if you had READ the original post, nowhere does he ask for advise nor does he question his ability as to can he afford the car or not. He asks about long term finance options without asking our opinion of choosing them.

Yes, this is a public forum and any of us are free to participate, but you may want to save preaching for church. He did not ask you or any of us for a moral interpretation of his request, so don't ASSume. I don't care how you chose to live your life and this thread never asked. So go find the post that asked "Should I Buy a House before an NSX" and you can interject your feelings/opinion/conjecture on financial responsibility there, since this person asked for it directly. I hope you can understand the difference between the nature of these two kinds of posts. And since you brought up the word "Interloper" it would suit you well to look in the mirror to see one based on the intent of this thread......."to thrust oneself into the affairs of others"

For your advise to really pass as credible, you could have left out the boastful bit and stated what choices you made during your NINE YEAR wait as you did in this post. Otherwise you come off as a long suffering martyr who is angry that others did not pay the penance that you did to get the car. Since what you did over those nine years made sense to you and would be considered by many to be a prudent course of action before acquiring “an expensive plaything” i.e. NSX. Remeber that everyone has different sets of life priorities and they don't have to match yours. Hell I don't have nor want kids and don't care to travel the world so what am I supposed to do with all that extra money save it until I am dead????........Steve :wink:

Anyway thanks to those who offered real help to this person on finance options. I have not used them yet but am looking to give them a shot when I buy my F-Car at this link: http://www.hagerty.com/finance/finance_faq.aspx
 
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I've heard some people say they do a home equity loan and you can prob have a 10 year payment plan on that...and depending on your situation you'll prob be able to deduct the interest on your taxes.

I recommend the 100% down plan though if you can wait.
 
needspeed, all I'm doing is relating my own personal experience. It's up to each reader to decide whether that has any value or relevance, or if it's just kook-speak. I don't claim to "preach" to anyone, and if you read it that way, it's your interpretation, not my meaning.
 
flaminio said:
needspeed, all I'm doing is relating my own personal experience. It's up to each reader to decide whether that has any value or relevance, or if it's just kook-speak. I don't claim to "preach" to anyone, and if you read it that way, it's your interpretation, not my meaning.

Flaminio.....Its all good......Monday mornings find me going off on long winded diatribes which ultimately degrade into meaningless twaddle on my part.....Respectfully.....Steve :redface:

PS Hey blacksheep what is going on, did you get financing????????
 
I've heard some people say they do a home equity loan and you can prob have a 10 year payment plan on that...and depending on your situation you'll prob be able to deduct the interest on your taxes.

Another option to consider is if you have the money in a bank account that you are saving for retirement or kids college. You can get a savings secured loan. This means you are borrowing against your savings account (loaning yourself the money). The only thing is you have to leave enough in the savings to cover the loan.

I did this once about 5 years ago and i was charged 2% above what i received in interest. How else can you get a loan for 2%. If you have the money in an account this is the best option IMO.

If i remember correctly it is basicly this. If the bank pays you 2% on your savings the money you borrow against is locked (no interest from the bank is paid) You would be charged 2% which will go into your account (makes up for what the bank is not paying) and 2% the bank keeps.
 
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mcano said:
I just got a six year loan at 6.74% with Southland Credit Union (Downey, CA)

Does it bother you that DocL thinks you're crazy ??? :rolleyes::tongue:

(Oops - check that - make that DocL AND flaminio :rolleyes: :rolleyes::tongue:)
 
NSX-GUY said:
Does it bother you that DocL thinks you're crazy ??? :rolleyes::tongue:

(Oops - check that - make that DocL AND flaminio :rolleyes: :rolleyes::tongue:)


eek2.gif
 
Woodside Credit in Newport Beach.
https://www.woodsidecredit.com/

They do $50K over 10 years @ 7%, $100K over 12 years @ (I think) 8%. I financed $50K over 10 years ($90,000.00 cash down) on my Modena. $600/month payments. The lower payment helps me to pay down more principal, will have the car paid off in another 14 months.
Hope this helps.
 
Chromatose said:
Woodside Credit in Newport Beach.
https://www.woodsidecredit.com/

They do $50K over 10 years @ 7%, $100K over 12 years @ (I think) 8%. I financed $50K over 10 years ($90,000.00 cash down) on my Modena. $600/month payments. The lower payment helps me to pay down more principal, will have the car paid off in another 14 months.
Hope this helps.


Awesome good to know this thanks.....I will be looking for a modena in a few years myself.
 
Aero said:
I've heard some people say they do a home equity loan and you can prob have a 10 year payment plan on that...and depending on your situation you'll prob be able to deduct the interest on your taxes.

I recommend the 100% down plan though if you can wait.

I'm not a tax accountant but I think you need to be careful with that.

In order for home equity loan interest to be tax deductible, doesn't that require the funds be used for something related to home improvements rather than say taking an around the world cruise (or buying an expensive car) ??? :confused:
 
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