New prospective owner/ Nut checking in ! Looking for suggestions

[Ravi]

Hello All,
I have been lurking around in this forum for the last 4-5 years so. In fact I've been checking on the forum since when I was A) not even in the country yet and B) nowhere financially sound to buy one. Since that I've got a masters degree in Automotive Engineering and I currently work in ABS/TC/stability control development in SE Michigan metro area. Additionally with my job paying me decently and no other financial commitment I am thinking this would be good time to buy the car which has long been on my wallpaper. I would admit I am quite the NSX nut having spent my time watching countless YouTube videos pondering about which is the best sounding exhaust, watching Senna heel and toe with loafer or reading about the best way to increase NA power with RD injectors etc, all this when I was no close to buying a car !
Now about the kind of car I am looking for, I am looking for a 91-95 (preferably a coupe) with no real restriction on the miles as long as it fits my budget of 35ish, has genuinely good maintained done to it (I am willing to go over by a few grand for the right car) and low enough to meet financing conditions. My daily driver is a 01 BMW 325ci which has just touched 194k so I believe a well maintained high miles is way better than low miles with poor condition. I've looked around prime (which I really prefer), autotrader, cars.com, ebay on a regular basis and I like a few I've seen so far.
Now coming to where I am looking for some help or guidance rather. How do I go about financing the car? I've read long on Penfed being the lender of choice here and for other forums for older cars. I've also read about lightstream as other option ( but I think they require perfect credit). I have a credit score in the “mid 700” with both the major 3 reporting bureau and FICO alike. Also I have a steady income, no debt to speak of, decent number of credit limit and cards with my only problem being the average length of credit history is less than year ( I moved here for school only 3 years back). I am just wondering if penfed is a very selective lender? I was reading around reviews of people who got loan from penfed and I tick all boxes, score, income, DTI with the average length of credit being the only issue. On the other hand my local CU who is ready to give finance at 2.9% for newish used cars, only starts at 5.8% old cars with perfect credit(which I dont think mine is). Do you guys have any suggestions for other CU or banks ? I can’t do USAA or NFCU ( no military affiliation) and those were the other ones I was recommended.
My only concern is I don’t want to apply to many lenders with whom I probably get rejected and thus affect my application negatively for lenders who may have given me a loan in the first place. Regardless I am applying to get Penfed membership for a start. I'll really appreciate any suggestions here! Thanks in Advance
Regards,
Ravi

PS: Sorry for the extremely length first post but I just wanted to get it clear on what I am looking for with regards to suggestions

 

[Anopheles]

if you have not finance a car before then the rates will be higher no matter the credit score. i finance my car through the dealer i brought it from and it was my first finance car so my rate is very high. i applied for a loan with penfed but i got denied my credit is 700ish but since i have not finance a car they didn't want to risk it. so probably you only options are paid cash or high rate. if i were you i would finance a car when you have paid it off your car buying credit will be good and probably can get financing from any dealer. good luck

 

[luke-44]

Try these 2:

http://www.woodsidecredit.com/exotic-car-loans/

https://www.jjbest.com/auto-finance/finance-exotic-cars.aspx

 

[Hass]

Welcome to Prime!


I was approved for a loan from Genisys credit union in Plymouth with a 4.5% APR. When it came to purchasing the car from a private seller, I decided to pay cash because I saved a significant amount. I had a great experience with the banker from that branch i can give you her information if needed.


It looks like you have a pretty good budget for your search, good luck and let us know if you have any questions

 

[brettowen]

Length of credit history aside, credit unions are much more selective than banks about how they lend and who they lend to. They will almost certainly require a larger down payment as well. Banks will be more likely to approve you but for a slightly higher rate and they usually require less money down. Either way, if you're attempting to finance an NSX, be prepared to put at sizable amount down. Especially if it's an early model. For automobile credit, you can have your credit run as many times as you like in a two week period and it will only count as one inquiry. Didn't used to be that way (I believe the law changed in 2007). The law changed because consumers were unhappy about being penalized for shopping for the best rate. However, if you continue to run your credit after the two weeks you'll get hit with another inquiry. Hope this helps. Good luck in your search.

 

[Cincy Jamie]

i used Chase. Like previously said... Put alot down. i put 30k down and only financed 10. The rate wasnt terrible but also paid it off in 5 mths with no early payoff penalty. Good luck, and welcome!

 

[Ravi]

Try these 2:

http://www.woodsidecredit.com/exotic-car-loans/

https://www.jjbest.com/auto-finance/finance-exotic-cars.aspx

Thank you ! Will look into those 2

Welcome to Prime!


I was approved for a loan from Genisys credit union in Plymouth with a 4.5% APR. When it came to purchasing the car from a private seller, I decided to pay cash because I saved a significant amount. I had a great experience with the banker from that branch i can give you her information if needed.


It looks like you have a pretty good budget for your search, good luck and let us know if you have any questions

Thanks for the tip, I was looking for more credit unions locally and this is definitely a start in that direction

For automobile credit, you can have your credit run as many times as you like in a two week period and it will only count as one inquiry. Didn't used to be that way (I believe the law changed in 2007). The law changed because consumers were unhappy about being penalized for shopping for the best rate. However, if you continue to run your credit after the two weeks you'll get hit with another inquiry. Hope this helps. Good luck in your search.

I wasn't aware of this being the case. It sure opens up my options while looking for a loan !

 

[cuda6pak]

Go with Penfed. You can finance any model year, any mileage. If it is under 100k miles, you can get a 5 year loan, if it is over 100k miles, it will be a 2 year loan max.

I put 0 down and financed in full @ 1.9% APR.

 

[Ravi]

Try these 2:

http://www.woodsidecredit.com/exotic-car-loans/

https://www.jjbest.com/auto-finance/finance-exotic-cars.aspx

Thanks ! Will check them out

Welcome to Prime!


I was approved for a loan from Genisys credit union in Plymouth with a 4.5% APR. When it came to purchasing the car from a private seller, I decided to pay cash because I saved a significant amount. I had a great experience with the banker from that branch i can give you her information if needed.


It looks like you have a pretty good budget for your search, good luck and let us know if you have any questions

This exactly what I was looking for ! More lenders locally, the better ! Appreciate your suggestion

Length of credit history aside, credit unions are much more selective than banks about how they lend and who they lend to. They will almost certainly require a larger down payment as well. Banks will be more likely to approve you but for a slightly higher rate and they usually require less money down. Either way, if you're attempting to finance an NSX, be prepared to put at sizable amount down. Especially if it's an early model. For automobile credit, you can have your credit run as many times as you like in a two week period and it will only count as one inquiry. Didn't used to be that way (I believe the law changed in 2007). The law changed because consumers were unhappy about being penalized for shopping for the best rate. However, if you continue to run your credit after the two weeks you'll get hit with another inquiry. Hope this helps. Good luck in your search.

Really ? This would potentially make my hunt for lenders easier! I wasn't aware of this two week period at all. Thanks

Go with Penfed. You can finance any model year, any mileage. If it is under 100k miles, you can get a 5 year loan, if it is over 100k miles, it will be a 2 year loan max.

I put 0 down and financed in full @ 1.9% APR.

That's a pretty darn good rate ! I'd be happy with anything under 5% as long as I get approved. I think I am going to get penfed a shot so I just signed up as a member after donating to the NMFA. Fingers crossed !

 

[Ravi]

Thanks !

Thanks everyone for the useful feedback ! I am going to give Penfed a shot first and go from there if it does not work out. Just signed up for a savings account membership with them. Also I didn't know about the rules which results in one hard pull if multiples are done at a close proximity to each other, if true that sure would help my case. @Hass @ luke I'll am going to give those a call if Penfed doesn't work out. Thanks for the tip !
Although I don't want to be rushing with the purchase, I really hope to get it before the end of summer so that I get at least a few HPDE (before the winter starts) with the NSX

PS: Is it odd that when I use multi-quote to reply, my post dont get approved ? Is that normal ? I've been trying to reply for the past few days but I keep getting a message as sent to moderator for approval

 

[mteele]

Just another recommendation for PenFed, they just financed me in full for a 1995 NSX with 68k miles.

 

[Ravi]

Model year 91-95 were never offered with the color yellow right ( that's what prime's wiki says) ? I came across this yellow 91 on autotrader with vin : JH4NA1150MT003048 and want to make sure it is not a repainted car by any means. Any information on this car will be appreciated !
Link: http://www.delandchevrolet.com/VehicleDetails/used-1991-Acura-NSX-Base-DeLand-FL/2483033543

 

[Big_D]

Yellow was not available in 1991 so that car has definately been repainted.

 

[vivanshah]

Lightstream didn't work out for me despite a perfect credit score and history. They like to see a large amount of liquid assets.

I was going to go with penfed, but the only way a penfed loan works with a private party is by giving them a certified check, which can SOMETIMES take a day or two to clear, depending on the seller's bank. Since my seller was out of town, this wasn't really an option as I didn't have time/want to hang around for a couple days until the funds cleared.

I ended up going with my other credit union, who was happy to deposit the funds directly into my account, which allowed me to do an instant wire transfer to the seller along with portion I was paying in cash.

 

[Spa2KJT]

Wow!! Now I will always be partial to yellow, but that repaint doesn't look that bad with the ivory interior. The yellow calipers on the other hand, have got to go..

 

[Rope]

Model year 91-95 were never offered with the color yellow right ( that's what prime's wiki says) ? I came across this yellow 91 on autotrader with vin : JH4NA1150MT003048 and want to make sure it is not a repainted car by any means. Any information on this car will be appreciated !
Link: http://www.delandchevrolet.com/VehicleDetails/used-1991-Acura-NSX-Base-DeLand-FL/2483033543

That one appears to have been a black one because the engine bay and the area under the hood is black.

 

[Ravi]

I am going to apply a loan with penfed first considering they already did a hard pull for membership but I thought I'd share another credit union locally who is ready to finance " any make, model,year and mileage"
https://www.ourcuonline.org/autoloans

Does anyone have experience with this lender ?

 

[Ravi]

Thank you all for the help !
So the good news is I managed to get a loan approved from Penfed @2.99% for 60 months and additionally there is a car in Birmingham, AL (prime listed) that looks to be what I am looking for. I posted this already in the regional page and didn't get a response. I was wondering if there anyone in the area (local prime member) who would be happy to give their opinion of the car ? Any help would be much appreciated !

 

[alum04org]

Ravi welcome to NSXPrime and best fortune looking for the "right one." !

That red in B'ham, AL, seems to have all maintenance up to date, minor leaks fixed, new tires now, etc. As you likely recognize the seats have been re-covered, and I'm no "F.I. Expert" but was this NSX once boosted? Coolant tank has been moved - A/F gauge/pod in I P.

Priced nicely. :smile:

 

[Ravi]

Ravi welcome to NSXPrime and best fortune looking for the "right one." !

That red in B'ham, AL, seems to have all maintenance up to date, minor leaks fixed, new tires now, etc. As you likely recognize the seats have been re-covered, and I'm no "F.I. Expert" but was this NSX once boosted? Coolant tank has been moved - A/F gauge/pod in I P.

Priced nicely. :smile:

Thank you ! I spoke to the seller and seems like a really honest guy who described the car "as is". I did ask him about the A/F gauge and he was sure his owner didn't boost it but couldn't confirm beyond it.
Can I do a compression test in a Acura dealership ? Either way I am driving in this weekend to check the car out and hopefully I can snap her up ! Is there anything I need to look at when I go to drive the car over the ones listed in the NSX wiki ??

 

[alum04org]

Thank you ! I spoke to the seller and seems like a really honest guy who described the car "as is". I did ask him about the A/F gauge and he was sure his owner didn't boost it but couldn't confirm beyond it.
Can I do a compression test in a Acura dealership ? Either way I am driving in this weekend to check the car out and hopefully I can snap her up ! Is there anything I need to look at when I go to drive the car over the ones listed in the NSX wiki ??

GOT me on compr test at dealer - real difficult if you are heading into B'ham this weekend to examine it. If it's all that, perhaps structure a purchase
arrangement with you providing a significant good-faith deposit pending further inspection/examination.

Now as to that last question "Is there anything I need to look at when I go to drive the car over the ones listed in the NSX wiki "

Trust your instincts. If this is not the NSX you have wished for so long to own, then move on. :wink:

 

[BamaFan]

I spoke to this owner a couple of times when I was looking for mine last summer. Couple of issues I had if I can recall correctly. He was a bit hazy on the prior ownership, but if I recall the prior owner tracked it quite a bit, and it once had a coolant hose go, causing it to overheat. I don't remember well, so don't take my word for it; ask him. There are several mods present that led me to believe it had a hard life before he had it.

Odd that it has been for sale for so long. I wonder if he might have a copy of a PPI run by a prospective owner who might not have closed the deal.

 

[Ravi]

GOT me on compr test at dealer - real difficult if you are heading into B'ham this weekend to examine it. If it's all that, perhaps structure a purchase
arrangement wherein you provide a significant good-faith deposit pending further inspection/examination.

Now as to that last question "Is there anything I need to look at when I go to drive the car over the ones listed in the NSX wiki "

Trust your instincts. If this is not the NSX you have wished for so long to own, then move on. :wink:

I spoke to this owner a couple of times when I was looking for mine last summer. Couple of issues I had if I can recall correctly. He was a bit hazy on the prior ownership, but if I recall the prior owner tracked it quite a bit, and it once had a coolant hose go, causing it to overheat. I don't remember well, so don't take my word for it; ask him. There are several mods present that led me to believe it had a hard life before he had it.

Odd that it has been for sale for so long. I wonder if he might have a copy of a PPI run by a prospective owner who might not have closed the deal.

Thank you guys for the tip ! So I did check the car out personally( last min impulsive flying in after talking to the owner). It seems like a decent car for the price with minor paint chips and mods. I did not have the PPI done yet nor have I scheduled one because one minor issue with this whole deal. So I reached the Alabama after confirming with the seller about having the first dibs on the car if I get there first on Sunday. Unfortunately he texted me later on how he forgot about this one gentleman who called in first ( who is coming to see on Monday from georgia) and hence would get the chance to buy her first. He did acknowledge that it was his mistake in this first place but he still wants to be fair for both the interested parties. I spent good chunk of amount flying in there and he did feel terrible on the whole mess. He was going to try and working something out with a decision today so fingers crossed !

Now talking about the car itself, I haven't driven one before so I wouldn't know if the car pulls with all its once rated 270+ horses. My butt dyno can confirm that it was faster than the 250ish HP cars I've driven/owned but thats about it. I have 4 major questions though
1) I felt the brakes to be a bit hard and not so great on the initial bite but does stop well once you hit it hard. Is this normal for a 93 NSX ? He does have maintenance records of new pads,rotors and fluids done less than 12 months ago
2) The shifting to 2nd wasn't always the easiest ever. It didn't grind at all like most bad synchros would but the whole shifting felt like more work than I expected from driving other hondas. He attributed it to the 5spd having a *older* less modern synchro design compared to the 6spds. I believe the 6spd has dual cone synchros ? Changing the fluid has been suggested here as a possible solution too
3) I tried to get more information on prior incidents of over heating. He did admit it overheated once with a stuck thermostat and popped out coolant hose while the car was warming in the drive way. Normally I would run away from any car that has been over-heated once but this is a 23 year old car after all and so I am willing to take a chance if this hasnt permanently damaged the engine. Apart from bad head gasket ( oil leak and exhaust smoke) what else do you recommend having to keep and eye on ? This car doesn't leak nor is there any unusual smoke from the tail types either
4) Lastly, there is some vibration in the steering wheel at speed ( typical out of balance feel) for which he did admit about a wheel damaging incident recently. He put on new tires as a result of the damage but I suspect the wheel is bent ? They should have balanced the wheels when the mounted the new tires anyway.

Overall I am just looking for a opinion here. Its not a perfect car but looking at how much an another 93 is going on for these days, I felt 30k is fair enough to purchase and restore the car to a better state( provided I even get buy her in the firstplace). I was gonna buy new wheels and change to KW V3 anyway so I am live with those issues. Or do you guys think the problems could be more serious enough to stay away ?
Looking for any opinions on this !

 

[JD Cross]

My instinctive feel on this car with overheating, possible bent wheel, possible track car, it will need some work.
If you have garage and can do your own work that may not be a problem for you.
If you will need a dealer or shop to do the work you need to be careful.

My experience is to always buy the best maintained NSX available with proper records.
You may be better off to keep looking whilst continuing to work on your financing issues.
NSX's may be increasing in price $2-5 K per year but you can drop $5-10K in a heartbeat on a car with questionable provenance.

 

[Ravi]

My instinctive feel on this car with overheating, possible bent wheel, possible track car, it will need some work.
If you have garage and can do your own work that may not be a problem for you.
If you will need a dealer or shop to do the work you need to be careful.

My experience is to always buy the best maintained NSX available with proper records.
You may be better off to keep looking whilst continuing to work on your financing issues.
NSX's may be increasing in price $2-5 K per year but you can drop $5-10K in a heartbeat on a car with questionable provenance.

That is why I am in a dilemma ! I have access to my company's garage with lifts/tools and I've usually done most work on my BMW myself and I actually like working on cars. But then again its a different beast and there are certain things like head gasket build which might be beyond me. I actually don't have an issue with tracking ! I am going to take my car to the track anyway. The clutch seems like its good so that aside what else do you reckon could be suspect from tracking ? You think the 30k is fair considering the work ? I am not looking for perfect car my any means !

Update: the owner texted back, I can get the car if I am happy with the PPI tomorrow. Which brings me another question. I've got 2 options for PPI
1)http://www.empireautohaus.com/location.html suggested by a few guys here
2) King Acura of birmingham ( they dont have a NSX specialist if I am not wrong)

Could I trust the independent to a do a good job considering I am not there in person ? Would the dealership work out ? I know the NSX is not a accord but working in this industry I have no reason to believe why it should be too different if they can do a good job inspecting newer complicated cars from Acura and especially considering there aren't too many electrical gremlin with the NSX in general
Are there any other options for PPI in the Birmingham area ?