What's the lowest rate to finance the Zanardi?

[The Kid]

Yes, I tried the search and Im having some issues here. Im over an 800+ credit score and Im looking for the lowest rate. Im not eligable for USAA or Navy Federal (although somewhere said it was open to the public) and traditional banks are insane. I financed my 1992 in 2004 with E-Loan, and had a 6% rate with no money down. Now E-Loan's website said the rate was "as low 7.85%". Where do I go? I really dont want to start dipping into my savings, messing with my house or selling the S2000 to pay cash for the thing. Anyone have any good place to finance it?

 

[gsr-nsx]

Pay $20 to join National Military Family Association (NMFA), then join Pentagon Federal Credit Union and enjoy their great rates.

 

[The Kid]

Pay $20 to join National Military Family Association (NMFA), then join Pentagon Federal Credit Union and enjoy their great rates.

Seemed like you were onto something but....:biggrin:

https://www.penfed.org/productsAndRates/loans/vehicleLoans/usedAutoLoans.asp

After 60 months the rate jumps up crazy:frown: I want 72 months, 0 down and a rate somewhere in the 5%'s

 

[ashman]

You might want to check out www.firstagain.com, I think they offer like 6% and would probably be ok with a 1999 model. I have not had personal experience with them but have heard good things.

 

[davidf]

Exxonmobil federal CU financed mine for 6% last year.

 

[TyraNSX]

Kid, you are on crack if you want to take a 6yr loan on a 9 calander year old & soon to be 10 model year old car. 6 yrs from now do you want to be paying on a 15 yr old car? The long term drives the rate up, but you know this in your line of work. I can't see a bank wanting a lein on a 15 yr old car.

If you have cash & such good credit, why not pay cash for part & ,as I have posted several times, put part on 0% credit cards? Just stay on top of when the 0% runs out to roll it to a new card.

I have done this w/ mine for over 2 yrs now & have my XRS on it too. Had a car loan for about a month & paid it off w/ 0% balance transfer check.

If your deal falls thru over a loan, plz pm me the info on the car & seller.

 

[MaxGeek]

Don't worry I'll take if off your hands. :biggrin:

 

[docjohn]

Mike In general if you have to finance something 100% you can't afford it What little you have revealed about your finances on prime in the past leads me to believe you could make the payments and still eat/party,but a 9 yo used car I know I know a zanardi should hold value,but....This will be your second nsx....so at least help yourself out a little and sell the s2000 or something you love less than this zanardi.

 

[The Kid]

If your deal falls thru over a loan, plz pm me the info on the car & seller.

I can still pay cash for it, dont worry:biggrin: Everyone has their wacky quirks, mine is I dont mind having a car payment regardless of the dollar amount. Guess I shouldnt quit the sales manager gig to be a financial analyst for you guys. :biggrin: I took a 72 month loan on my 92 and paid it off in roughly 49 months.

This wasnt an advice question, and Im not into bragging, saying im loaded, nor do I want to discuss my financial situation. Not trying to be rude but I simply want to know where to get the lowest APR:wink:

 

[supra2nv]

take the cash out of your savings, pay for it in cash. Charge a % for the loan from yourself and pay yourself back..it's essentially the same freaking thing..guessing your savings % interest is lower than the cost to borrow...as such loan yourself the money and pay yourself the higher coupon....

my 2 cents.

p.s. the only car I have ever financed was my wife's MDX, only because I got 2.9% for 36 months....

 

[The Kid]

take the cash out of your savings, pay for it in cash. Charge a % for the loan from yourself and pay yourself back..it's essentially the same freaking thing..guessing your savings % interest is lower than the cost to borrow...as such loan yourself the money and pay yourself the higher coupon....

my 2 cents.

p.s. the only car I have ever financed was my wife's MDX, only because I got 2.9% for 36 months....

Couldnt I just use my 401k for that and pay myself back the interest?

 

[supra2nv]

Couldnt I just use my 401k for that and pay myself back the interest?

401k? I dont get it....if you have savings, then use that. if your savings is your 401k, dont touch it.

Also, if you have money in your savings account, then youre likely earning less than 4%, and depending on your tax bracket, the net amount youre really earning is 2.5% or so....why borrow at 6%+ when it only costs you 2.5% to borrow it from your own savings account? after you borrow, make the payments back into your savings account just as if you would have a car payment.... if you have CD's or need to dip into your 401k, best borrow the money. that's my own opinion, and am in no way giving advice, just stating what I would do

 

[TrustJDM]

Taking out of the 401K is pre-tax dollars. Paying it back is after-tax and when you do eventually retire.. the money again becomes taxable. 401K is one of those last resorts like selling off your life insurance policy. Roth's IRA's are different story.

 

[supra2nv]

Taking out of the 401K is pre-tax dollars. Paying it back is after-tax and when you do eventually retire.. the money again becomes taxable. 401K is one of those last resorts like selling off your life insurance policy. Roth's IRA's are different story.

\

I think I may be taking this off topic, but is there an income limitation to Roth IRA's? I think I saw something about that...

Edit: saw it on Wiki, yes there is a limitation....

 

[TyraNSX]

It doesn't get any lower than 0%. Make sure you get a card with either no balance transfer fee (hard to find) or one capped at $75 or $99. Most charge 3%, but the cap negates this. Where else can you get the use of over $20K for 1 yr for under $100? The car loan I had on the XRS would have cost the fee in ~1 month & the HELOC I had for the NSX would have cost that in ~ 0.7 months.

I can still pay cash for it, dont worry:biggrin: Everyone has their wacky quirks, mine is I dont mind having a car payment regardless of the dollar amount. Guess I shouldnt quit the sales manager gig to be a financial analyst for you guys. :biggrin: I took a 72 month loan on my 92 and paid it off in roughly 49 months.

This wasnt an advice question, and Im not into bragging, saying im loaded, nor do I want to discuss my financial situation. Not trying to be rude but I simply want to know where to get the lowest APR:wink:

 

[RPM217]

401k? I dont get it....if you have savings, then use that. if your savings is your 401k, dont touch it.

Also, if you have money in your savings account, then youre likely earning less than 4%, and depending on your tax bracket, the net amount youre really earning is 2.5% or so....why borrow at 6%+ when it only costs you 2.5% to borrow it from your own savings account? after you borrow, make the payments back into your savings account just as if you would have a car payment.... if you have CD's or need to dip into your 401k, best borrow the money. that's my own opinion, and am in no way giving advice, just stating what I would do

+1, Mike some sound advice here, far cheaper to borrow from yourself and give yourself the vig!!!

It doesn't get any lower than 0%. Make sure you get a card with either no balance transfer fee (hard to find) or one capped at $75 or $99. Most charge 3%, but the cap negates this. Where else can you get the use of over $20K for 1 yr for under $100? The car loan I had on the XRS would have cost the fee in ~1 month & the HELOC I had for the NSX would have cost that in ~ 0.7 months.

While not a huge fan of debits and interest on credit cards (non deductible interest payment), if your paying zero %, than instead of paying interest each month you can put the payments towards principal and pay it off. I'm all for using OPM (other people's money), when there's an advantage, when there is no advantage, pay cash!

 

[SOURCE 1]

Mike,

Wont AHFC finance you?? Or are they still limiting themselves on stuff 02 and up?

I always got unreal rates threw them.

 

[lunchman]

Check out DCU (Digital Federal Credit Union). www.dcu.org Their rates are pretty decent.

You'll have to figure out if there's some way you qualify to become a member. Long ago it was limited to employees of Digital (Compaq/HP), but their current list is fairly extensive.

 

[Danny]

You can try lendingtree.com I got my LOC utilizing their service @ prime -1.5%, currently 4.5%....which of course is yet a better option for you.... Assuming you own your home, take a LOC out as the rate will be lower than any car loan and it's tax deductible :biggrin:

Yes, I tried the search and Im having some issues here. Im over an 800+ credit score and Im looking for the lowest rate. Im not eligable for USAA or Navy Federal (although somewhere said it was open to the public) and traditional banks are insane. I financed my 1992 in 2004 with E-Loan, and had a 6% rate with no money down. Now E-Loan's website said the rate was "as low 7.85%". Where do I go? I really dont want to start dipping into my savings, messing with my house or selling the S2000 to pay cash for the thing. Anyone have any good place to finance it?

 

[docjohn]

I know I know Mike stop giving you financial advice,,but one more option! The generation of 50-70 yo (your parents) have quite a bit of saved wealth.I'm seeing more and more parents gifting money to thier kids and the kids pay them back at say 4-5% interrest,everyone wins.You get a low fixed rate, your parents get a nice return,and you don't have to worry about rates increasing ect.. :smile:

 

[The Kid]

I know I know Mike stop giving you financial advice,,but one more option! The generation of 50-70 yo (your parents) have quite a bit of saved wealth.I'm seeing more and more parents gifting money to thier kids and the kids pay them back at say 4-5% interrest,everyone wins.You get a low fixed rate, your parents get a nice return,and you don't have to worry about rates increasing ect.. :smile:

Yeah I wish my parents had money for that, I just leased my mom a TSX for mother's day. Trust me, if they had it...they would give me the money and not even accept it back, no matter how hard I would try. Good people and Great Parents, just not wealthy:biggrin:

 

[docjohn]

Nice boychik ! Great gift for momma!

 

[MartinSD]

Greetings

Buy the car outright as long as you have a 6 month supply of cash (FU Fund). You must then make a car payment to yourself each month, just as if you were paying a bank -- an auto transfer into another account works nicely -- into some type of CD or other investment (BICR Fund) each quarter (I know the rates suck). You will have enough money in a few years to pay cash the next time too.

Remember the "72 Rule" for a quick and dirty way to calculate compounding of compound interest. 72 divided by compound interest rate = number of years for money to double (without any additional payments) -- I know it is not perfect, but for an in your head calculation it is a killer thing to know.

Cheers
Martin

 

[RON98]

wow kid,

still trying to get on this horse? thought you had it all locked away a long time ago. good luck on the purchase and getting low % :smile:

btw 3 nsxs? im going to NJ and sleeping in your garage for night

 

[The Kid]

wow kid,

still trying to get on this horse? thought you had it all locked away a long time ago. good luck on the purchase and getting low % :smile:

btw 3 nsxs? im going to NJ and sleeping in your garage for night

It was done for awhile, it was a trade in on a custom ordered 911 Turbo Cab so I just had to wait it out.

As far as the 3 NSX's, the 05 is my demo and will be sold. Im still on the fence with the S2000. I need to get something more practical, Im thinking 645-6 speed or Maserati Q:biggrin: