Financing, Who to go with?
#1
Financing, Who to go with?
Have any of you financed your 04 Z06 thats modified with a credit union? Who should I call? I have money down and excellent credit, Just dont want to spend 100% cash on a car I may enjoy for a year or two before something else.
#2
Melting Slicks
Member Since: Sep 2012
Location: Fort Myers Beach Florida
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Borrowing money on a depreciating asset is not usually recommended. Z06 owners and a few publications may suggest they will go up in value but then there is reality. The next generation does not want yesterday's technology. For a year or two of ownership several things could go wrong so I would not suggest that plan. Good luck!
#4
Economy is doing well, side effect of that is higher interest rates (and higher selling prices on items, such as toy cars)
my credit union wont finance things older than 05 as used (if under 150k), but they will lend you on a signature loan, for a whopping 10.99%
i am of the opinion that you should pay cash if you can, or be prepared to be hurt with interest. Your credit union may loan you on a signature loan, you may or may not be able to get an auto loan.
my credit union wont finance things older than 05 as used (if under 150k), but they will lend you on a signature loan, for a whopping 10.99%
i am of the opinion that you should pay cash if you can, or be prepared to be hurt with interest. Your credit union may loan you on a signature loan, you may or may not be able to get an auto loan.
#6
Team Owner
I use a small local bank and they will write a loan on any car I want to buy. Doesn't matter how old, they don't care. I want to say currently there around three and a half percent for a 3-year loan. I say look for a small Bank.
#7
Racer
My credit unions wouldn't touch my 2004 Vette. I went with USAA at 6.9% and then paid it off after I sold another car a couple of months later.
#8
Instructor
Agreed. That's what I did which allowed me to keep some extra money on the side. Yes, I know and understand it's not the most responsible, but no one is going hungry and we have padding to cover us a few months if things get tough.
#11
Burning Brakes
Just financed part of my '04 Z06 with my Credit union - 48 months @ 4.25%. they were a little hinky about it at first but they researched the car and called me back to say no problem. Good luck! I have been with them for 20 years so that does help and I have financed a bunch of cars over the years, along with a pool, mortgage, etc.
#12
Burning Brakes
For my FRC, I attained a personal loan over an auto loan for numerous reasons:
1) I had more money in my pocket and I could spend it however I wanted, aka I got a little more then I needed to buy the car so I could also cover immediate maintenance I planned to do (not mods).
2) I was able to get a much better interest rate with the personal loan versus an auto loan even though I have a very good credit score (3% versus 5%). Not sure why that was the case.
3) I applied for a 3 year pay off, but paid it off in 6 months. So I ended up paying maybe $200 in interest.
4) I was able to get the title in hand right off the start and didn't have to deal with the lag in paying off a lien holder/receiving title. Also would simplify things if I decided to sell since I had the title.
5) I was able to attain an "agreed upon" value insurance policy for almost double what I paid for the car for dirt cheap ($40 per month). That value was after going quite mod crazy....so I guess that doesn't really count, but still
6) I didn't have to deal with convincing the bank it was a worthwhile investment being a 18+ year old car. They didn't even ask why I was applying for the money.
That was how my situation panned out so based on my experience, I suggest try for a personal loan instead and see what the interest rates look like!
1) I had more money in my pocket and I could spend it however I wanted, aka I got a little more then I needed to buy the car so I could also cover immediate maintenance I planned to do (not mods).
2) I was able to get a much better interest rate with the personal loan versus an auto loan even though I have a very good credit score (3% versus 5%). Not sure why that was the case.
3) I applied for a 3 year pay off, but paid it off in 6 months. So I ended up paying maybe $200 in interest.
4) I was able to get the title in hand right off the start and didn't have to deal with the lag in paying off a lien holder/receiving title. Also would simplify things if I decided to sell since I had the title.
5) I was able to attain an "agreed upon" value insurance policy for almost double what I paid for the car for dirt cheap ($40 per month). That value was after going quite mod crazy....so I guess that doesn't really count, but still
6) I didn't have to deal with convincing the bank it was a worthwhile investment being a 18+ year old car. They didn't even ask why I was applying for the money.
That was how my situation panned out so based on my experience, I suggest try for a personal loan instead and see what the interest rates look like!
Last edited by wscott62893; 03-27-2019 at 07:04 AM.
#13
Instructor
3 years ago i bought my 03. Had 6100 on the ODO when i purchased it so the price was understandably a bit..high. Got a small bank to gimme a loan at 4.9...but I have a really high credit score. I was told i was a rarity and they're usually closer to 8%. Like others said - it's depreciating..but so are new cars. I've "lost" probably 5k on what I paid for it 3 years ago in value given what I've seen. I knew I was getting a bit raked on the price, but it was the color and options i wanted within an hr drive so i decided the couple thousand was worth avoiding the hassle. So..i guess what i'm getting at is if your credit doesn't suck, and you go with a small bank you may "lose" a few grand over the course of a few years on that loan in the value of the asset. Up to you if that bugs you. It don't really bug me. I didn't buy it as an investment, and overall compared to a lot of cars its held value well.
#14
Burning Brakes
When I bought my Vette, I had a plan to pay it off quickly. The banks wanted no part of financing a 19 year old car. I ended up with a personal loan from a credit union and paid the balance off in a year. I agree with the previous comments that paying over 3 or 4 years is not a good finanical decision for a C5. On the other hand, YOLO
#15
So all those people spending huge dollars on old cars are .. just my imagination? I'm trying hard to find a $5k E30 M3 but none are showing up. Maybe I'll look for a Supra Turbo instead. Or a Porsche.
/weird
/weird
Last edited by Jackie N; 03-27-2019 at 10:28 AM.
#16
Instructor
PenFed, they're excellent and I use them for all my used car purchased like this. They'll finance older vehicles up to 60mo, and I got an interest rate under 4% on my 2004 Z. I'll usually split some cash and some financing at a rate that low, less outlay up front as long as I can afford the financed amount, and the total interest isn't much at the amount you'd likely put through them.
#17
Team Owner
Member Since: Oct 2004
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St. Jude Donor '05
Most young people want nothing to do with a car...especially a stick with older tech and no gadgets
OP go pay cash, youre going to lose money either way. Or pass....These arent going up in value any time soon, if ever regardless of what the internet says
#18
3 years ago i bought my 03. Had 6100 on the ODO when i purchased it so the price was understandably a bit..high. Got a small bank to gimme a loan at 4.9...but I have a really high credit score. I was told i was a rarity and they're usually closer to 8%. Like others said - it's depreciating..but so are new cars. I've "lost" probably 5k on what I paid for it 3 years ago in value given what I've seen. I knew I was getting a bit raked on the price, but it was the color and options i wanted within an hr drive so i decided the couple thousand was worth avoiding the hassle. So..i guess what i'm getting at is if your credit doesn't suck, and you go with a small bank you may "lose" a few grand over the course of a few years on that loan in the value of the asset. Up to you if that bugs you. It don't really bug me. I didn't buy it as an investment, and overall compared to a lot of cars its held value well.
Exactly, I dont want this car as an investment, but I dont want to spend 30k of my personal funds to obtain it either, I sound crazy to the savers but I dont mind tossing a few grand for a couple years of fun. These cars will not drop below 25k that are modded to this extent with high quality parts so its rather safe in my opinion.
#19
#20
Exactly, I dont want this car as an investment, but I dont want to spend 30k of my personal funds to obtain it either, I sound crazy to the savers but I dont mind tossing a few grand for a couple years of fun. These cars will not drop below 25k that are modded to this extent with high quality parts so its rather safe in my opinion.