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Its just an option we're looking into, wasn't even aware what the interest rate was. The idea was that if it was lower than what I would get with Porsche Finance then it would actually just be the smarter decision. From what I've heard, Porsche Finance is starting at 7% for 72 month finance. But its hard to tell as they don't list their rates on the website and its been hard finding out what their rates are currently.
Don't let the "holier than thou" crowd get you down. Someone will always say you're doing it wrong, must have cash or you shouldn't buy, etc.
I use my HELOC regularly. Quick access to cash is what it's for. I am not suggesting using in en lieu of financing, but I have probably pulled my HELOC and paid it back 3 or 4 times and only leave the balance on for 2-4mo. It's much simpler to buy used person-to-person this way and opens up more options for you. If you plan to pay it back fast, I don't see why you wouldn't. I appreciate that this may not be what you're trying to do, but for the guy that says using a HELOC is ridiculous doesn't know how to use one.
If you plan to pay it back fast, I don't see why you wouldn't.
Everyone plans to pay them back quickly, few do and equity in your home should be used for future growth, not cars. Nothing holier than thou, it's just the wise way to handle money if you plan to grow.
I was recently qualified for 3.49% for 72 months and up to 120k financed. I hope this info to helpful to anyone else that is looking. They also do work with out-of-state customers and out-of-state dealers which my local CU would not do.
Quick update - I finalized the loan today (3.49% for 72 months), and the process was remarkably smooth. Brandi Deroo was my rep, and from start to finish, the whole process was done in less than a week (primarily through emails and two phone calls).
Brandi mentioned today that they would most likely keep the 3.49% rate until the end of the year.
I looked at a few other options:
Austin Telco | 4.49% 60mo | 4.69% 72mo - have used them before but they won't finance out of state
BoA (w/ Platinum Honors) | 5.5% for 60 months - this made no sense to me especially based on the published rates
DuPage CU | 3.69% 60 mo | 4.29% 72 mo
PM me if you want Brandi's contact info. And a big thank you to @rusmani for the tip!
Quick update - I finalized the loan today (3.49% for 72 months), and the process was remarkably smooth. Brandi Deroo was my rep, and from start to finish, the whole process was done in less than a week (primarily through emails and two phone calls).
Brandi mentioned today that they would most likely keep the 3.49% rate until the end of the year.
I looked at a few other options:
Austin Telco | 4.49% 60mo | 4.69% 72mo - have used them before but they won't finance out of state
BoA (w/ Platinum Honors) | 5.5% for 60 months - this made no sense to me especially based on the published rates
DuPage CU | 3.69% 60 mo | 4.29% 72 mo
PM me if you want Brandi's contact info. And a big thank you to @rusmani for the tip!
Glad to hear it worked out for you! My experience with American1CU was great as well, and based on my research, they seem to have the best available rates that are open to the public. Hope other rennlisters seeking financing jump on this!
Quick update - I finalized the loan today (3.49% for 72 months), and the process was remarkably smooth. Brandi Deroo was my rep, and from start to finish, the whole process was done in less than a week (primarily through emails and two phone calls).
Brandi mentioned today that they would most likely keep the 3.49% rate until the end of the year.
I looked at a few other options:
Austin Telco | 4.49% 60mo | 4.69% 72mo - have used them before but they won't finance out of state
BoA (w/ Platinum Honors) | 5.5% for 60 months - this made no sense to me especially based on the published rates
DuPage CU | 3.69% 60 mo | 4.29% 72 mo
PM me if you want Brandi's contact info. And a big thank you to @rusmani for the tip!
Damn, if only I had a Crystal ball when I refinanced my mortgage at 1.9% I would have taken out a couple hundred K in equity and plopped it in a savings account. 3% on savings is no joke.
Well I just got hit with a bit of a financial conundrum. I applied to a credit union for an auto loan. Pretty low rates considering how bad it has gotten. I have an 810 credit score according to my apps. Well I got denied. Apparently I just don't have comparable credit/loans and due to that they won't approve me. Which makes sense, I generally don't buy big, and I somehow have excessive obligations? Has anyone run into this? I guess my only option is to go through Porsche Financing, but will they even approve me even though my local credit union won't? Its not like I don't have the money, its just more I don't have the history. At this point I'm a bit scared I won't be able to get the car.
Credit Unions can be really weird and things get even weirder above $100K auto loans. I got denied by one of our local CU's that I have been a member at for 15 years with 800+ credit scores and an 11% backend ratio. Another local CU jumped at the business instantly beating MB Financial (wife's car) by 3 full points. Usually they want to see 20%+ down as well. Reality is that six figure car loans are pretty rare so you have to find someplace that is open to that specific business or go with manufacturer lending.
Damn, if only I had a Crystal ball when I refinanced my mortgage at 1.9% I would have taken out a couple hundred K in equity and plopped it in a savings account. 3% on savings is no joke.
3% when inflation is over 10% is still a losing proposition. But at least the number is going up.
Don't let the "holier than thou" crowd get you down. Someone will always say you're doing it wrong, must have cash or you shouldn't buy, etc.
I use my HELOC regularly. Quick access to cash is what it's for. I am not suggesting using in en lieu of financing, but I have probably pulled my HELOC and paid it back 3 or 4 times and only leave the balance on for 2-4mo. It's much simpler to buy used person-to-person this way and opens up more options for you. If you plan to pay it back fast, I don't see why you wouldn't. I appreciate that this may not be what you're trying to do, but for the guy that says using a HELOC is ridiculous doesn't know how to use one.
At the end of the day, it’s your money. Use it how you want. Supposedly anyone who buys a Porsche or Corvette always pays cash. I guess it’s some sort of “look at me I’m rich” code.
Credit Unions can be really weird and things get even weirder above $100K auto loans. I got denied by one of our local CU's that I have been a member at for 15 years with 800+ credit scores and an 11% backend ratio. Another local CU jumped at the business instantly beating MB Financial (wife's car) by 3 full points. Usually they want to see 20%+ down as well. Reality is that six figure car loans are pretty rare so you have to find someplace that is open to that specific business or go with manufacturer lending.
Yeah I definitely noticed this. I managed to get pre-approved from America 1 Credit Union for 3.5% at 72 months. However they require me to put enough money down to reduce the loan amount to 120k. At this point I have to make a decision to either put that money down, or go with PFS, take a higher rate, but the money I was going to put down, invest instead rather than blow it all on my downpayment. Either way I go at least I have options now.
3% when inflation is over 10% is still a losing proposition. But at least the number is going up.
By your logic, all banks are taking a bath on all their loans. Not doing anything means that I'm losing 10% anyway.
However, if I took out $500k in equity at 1.9% it is not really my money, it's the banks. I then put it in a savings account at 3%, it is still free 1% interest.
By your logic, all banks are taking a bath on all their loans. Not doing anything means that I'm losing 10% anyway.
However, if I took out $500k in equity at 1.9% it is not really my money, it's the banks. I then put it in a savings account at 3%, it is still free 1% interest.
The bank is making way more than the 3% they are “giving” you. No one said anything about banks losing money. The house always wins brother. And growing your money at 1% when inflation is at 10% means your money is worth 9% less a year later than when you started. Future value vs present value.
11-12-2022 | 01:15 PM
