Question about financing a used NSX

J

JeffP

New Member
Joined
27 April 2005
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I've got a question that I've been wondering about ever since I started looking at NSXs...

Just out of curiousity, do most of you own your NSX outright, or is it financed through your credit union or bank? I'm mainly curious about early model NSXs (91, 92, and 93). Will banks/credit unions really loan 25-30k on a 12-14 year old car? Now, I realize that most people aren't going to buy one without a downpayment, so you wouldn't be financing the full amount, but do lending institutions really value the cars at 25-30k? How long are they willing to go (ie 60 months) on loans like this?

Thanks,
Jeff
 
I basically have the same question. I was hoping to save about 10k and finance about 20k. I wonder how long they would give to pay that much back even if the car is ten years old.
 
I did mine thru E-LOAN about 2 yrs ago. 5.78% over 72 months with no money down :biggrin:
 
Banks/CU's will generally use the NADA/KBB "retail" value of the car for a base figure.

Your challenge, however, is finding a lender who will lend on a car that old. Most lender's cutoffs are around '98-'99 these days.

I think the only way you can find financing for a car that old is through a dealer. Many of the more aggressive lenders have agreed to work strictly through dealers in recent years (Fireside Thrift comes to mind).

I'd try WFS, one of the more aggressive auto lenders out there. If they can't do it, then you're going to have to buy from a dealer and go through their financing dept, whoever that may be.

And don't expect to get an interest rate in the single digits, no matter how good your credit is.

You might also consider looking into some companies who specialize in "classics" and "exotics". Google for it, and you might get lucky. But again, you're not going to get a great financing deal.
 
Just got a 20k loan at 7% for 5 years through capitalone.com barely 2 months ago. And I'm only 21! (Everyone said it would be impossible for a young guy like me to get a loan. I'm glad I didn't let anyone stop me! :biggrin:
 
If you use a company like "Capital One Auto finance" and have excellent credit, they will essentially approve you for any used car up to a certain dollar value.

The limit of the amount loaned and the interest rate is pre-determined online prior to purchasing or even picking out a car. They essentially just send you a "blank check" that you fill out at the time of purchase.

The only information that is needed before the check is issued is to you whether it is new or used, and if its coming from a dealer or private 3rd person. This information affects the interest rate.

I've used this company a few times before. As long as your credit is top tier, you can get excellent 100% financing for 72 mos on just about ANY used car, irrespective of year or mileage.
 
I took out a loan with my CU. They said they would loan 125% of the retail value of the car for me. Don't know if that is because I use then exclusively and have pretty good credit or what but I was happy to hear.
I have checking, savings, and have financed 3 cars(2 currently) with them so they know my payment history which is perfect due to auto transfer.
 
Thanks for the replies so far!

kam3ham3 said:
Just got a 20k loan at 7% for 5 years through capitalone.com barely 2 months ago. And I'm only 21! (Everyone said it would be impossible for a young guy like me to get a loan. I'm glad I didn't let anyone stop me! :biggrin:
Click to expand...

If you don't mind me asking, who do you have your car insured with, and how much are your premiums? (I assumed insurance on an NSX for anyone under 25 would be ridiculous, but maybe I'm wrong)
 
The home equity loan sounds like a good idea, just need to see what the wife thinks. Please no flames! :rolleyes:
My original thought was to just save the whole amount like ajnsx, but then I have to wait soo long!
I really like quicker gratitification, again no comments needed. :tongue:
 
Ray Rodriguez said:
I used home equity loan & have the tittle. :smile:
Click to expand...

what I did for 2 cars. So I can add some write off to my tax return. a way of getting some of the interest back. Maybe even get on a lower bracket. (This was not my case however)
 
I used equity from our house also but I felt like there should be a bit of pain so made myself pony up 20% in cash instead of financing the whole thing.

I wouldn't recommend this way for everyone. Remember, you might have a clear car title in your safe at home but your home is on the line instead of the car.
 
Very good point on putting your home on the line. I financed mine through the credit union. Like some have said, they will use retail value on the vehicle, as well as your credit score. It doesn't matter what year the vehicle is. 72 mo's @ a great rate. Since the car is not going to depreciate to the tune of a new vehicle, there's really no reason to go for the higher payment. If you've got the cash to buy it, then buy it. Until then......minimum monthly obligation.
BTW, I work for a very large bank, and their rate for an employee was more than 10% higher on my 91. Some other banks will differ, but I found it easier to go the CU route.
 
Yes, it is amusing, I admit. But when it comes to the dollars and cents, there is no justification to go with my bank. I, like yourself, have always been happy with the credit union. The only reason I don't use them exclusively is not because I work for another bank, but rather I live two hours from the closest location. Ironic?
 
I'm surprised how many people have been able to get their NSX financed for 72 months. I assumed the longest any lender would want to go on a vehicle this old might be 36 months. I'll have to ask my credit union.

Jonas also brings up a good point - depereciation. NSXs seem to hold their value pretty well. Seems like the NSX is one of the few cars you can buy, drive, and sell with a minimal loss.

BTW, I do not own a home.

Thanks for the replies,
Jeff
 
I bought my NSX with cash, I figure if I was going to spend money on a luxury item, it should be paid for with cash, this way if I can't afford it, then I don't need to buy it. I believe a depreciating asset like a car should always be paid for with cash. Unless you can write off the purchase as business expense. The actual process of getting cash out of the bank will enlighten you on how much you just spend on a car.
 
ryans said:
I used TechCU and got a rate of like 3.5%. I was very happy and surpised they'd finance a 1992 vehicle.
Click to expand...

Wow that is an AWESOME RATE! :)

I'm also in Fremont and bank through Tech CU to go through an affiliated CU at Portland Teach CU. The best rate they offered me on my 2001 S2000 was 3.99%

One thing that surprises me after reading all your responses is that you guys are willing to pay such high interest rates for a car. Especially those of you who said double digit interest rates!!! :eek:

Do you realize how much extra money you are paying out for a car just to play? hahaha I'm already mad I paid out over $1100 extra in interest just to own the car over 14 months.

Example: I financed $17,000 @ 3.99% back in April of 2004 over 5 year period but paid it off early just this month. So for a 14 month period I paid an extra $1100. For those of you financing 20K+ at double digit interest rates for 6 years is just mind-boggling....ouch!

Now your good deal $32K exotic is going to cost you $40K+ in the long run!

rick
 
s4play said:
Wow that is an AWESOME RATE! :)

Especially those of you who said double digit interest rates!!! :eek:

rick
Click to expand...

Who said anything about "double digit" interest rates ??? :confused:
 

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