Financing Options
08-19-2022, 12:21 PM
#31
Three Wheelin'
Thread Starter
I'm also going to be getting a quote from Alliant as well as my own Credit Union Patelco. Just to see what's out there. Patelco unfortunately used to have insanely low rates but I think minimum even with good credit is still something like 3.4% at 60 months for them. I got a quote from Alliant at the beginning of the year and at the time they were offering 3.5% for 84 months, however I expect that number to be higher once I'm ready to start financing the car.
08-20-2022, 05:08 AM
#32
Fed is raising rates in Sept so expect rates to get up further.
08-20-2022, 10:05 AM
#33
Rennlist Member
With markets crashing so much, I'd rather use the additional capital to DCA into the stock market over the next year or so. Financing makes more sense here to me even with the current rates. For a data point, my friend recently financed through DCU and got a 3.4% interest rate.
The following users liked this post:
jimdillard (08-22-2022)
08-20-2022, 10:58 AM
#34
Track Day
I am in the camp of wanting to build wealth and using my capital as efficiently as possible. While rates are still historically low, and with so many buy opportunities in equities, I finance/lease auto purchases and put my cash into the markets.
I bought my Spyder just over a year ago and financed through my credit union for 60mos @ 1.49%. 100% of purchase including TTL + dealer fees.
I bought my Spyder just over a year ago and financed through my credit union for 60mos @ 1.49%. 100% of purchase including TTL + dealer fees.
08-20-2022, 11:30 AM
#35
Racer
I'm looking at Carolina Cooperative Credit Union to get my finance quote. On their website they are offering a promotional special (which hasn't seem to have gone away yet) for 2.25% for up to 84 months as long as you have a credit score of 780 or higher. I'm going to take whatever number they give me and then see if Porsche Finance can beat it. I know Porsche Finance would prefer to be the one to do the financing so I'm hoping that will incentivize them to give me a lower rate so I go with them.
I'm also going to be getting a quote from Alliant as well as my own Credit Union Patelco. Just to see what's out there. Patelco unfortunately used to have insanely low rates but I think minimum even with good credit is still something like 3.4% at 60 months for them. I got a quote from Alliant at the beginning of the year and at the time they were offering 3.5% for 84 months, however I expect that number to be higher once I'm ready to start financing the car.
I'm also going to be getting a quote from Alliant as well as my own Credit Union Patelco. Just to see what's out there. Patelco unfortunately used to have insanely low rates but I think minimum even with good credit is still something like 3.4% at 60 months for them. I got a quote from Alliant at the beginning of the year and at the time they were offering 3.5% for 84 months, however I expect that number to be higher once I'm ready to start financing the car.
08-20-2022, 02:26 PM
#36
Do lenders typically/ever consider ADM part of the value of the vehicle (for that matter, how does GAP coverage usually treat it)? I've been assuming that for my LTV target I should be looking at sticker price only for the "value" side of the equation, and expecting to pay the ADM hit out of cash, but I admittedly have not really researched it yet.
08-20-2022, 02:39 PM
#37
That could be interpreted as illegal. If you have negotiated the price of the car and then they force you to finance through them, they are actually forcibly increasing the price of the car outside the contract for sale. Of course, you could finance, then immediately pay off the loan. A good strategy may be to go into the deal appearing as if you are going to finance a lot so you can get the best possible price, terms, etc. then just pay off the loan the first month.
08-20-2022, 02:41 PM
#38
Do lenders typically/ever consider ADM part of the value of the vehicle (for that matter, how does GAP coverage usually treat it)? I've been assuming that for my LTV target I should be looking at sticker price only for the "value" side of the equation, and expecting to pay the ADM hit out of cash, but I admittedly have not really researched it yet.
08-20-2022, 04:30 PM
#39
Burning Brakes
I'm looking at Carolina Cooperative Credit Union to get my finance quote. On their website they are offering a promotional special (which hasn't seem to have gone away yet) for 2.25% for up to 84 months as long as you have a credit score of 780 or higher. I'm going to take whatever number they give me and then see if Porsche Finance can beat it. I know Porsche Finance would prefer to be the one to do the financing so I'm hoping that will incentivize them to give me a lower rate so I go with them.
I'm also going to be getting a quote from Alliant as well as my own Credit Union Patelco. Just to see what's out there. Patelco unfortunately used to have insanely low rates but I think minimum even with good credit is still something like 3.4% at 60 months for them. I got a quote from Alliant at the beginning of the year and at the time they were offering 3.5% for 84 months, however I expect that number to be higher once I'm ready to start financing the car.
I'm also going to be getting a quote from Alliant as well as my own Credit Union Patelco. Just to see what's out there. Patelco unfortunately used to have insanely low rates but I think minimum even with good credit is still something like 3.4% at 60 months for them. I got a quote from Alliant at the beginning of the year and at the time they were offering 3.5% for 84 months, however I expect that number to be higher once I'm ready to start financing the car.
08-21-2022, 12:04 AM
#40
08-21-2022, 12:37 AM
#41
Three Wheelin'
Thread Starter
Thats actually fine foe me as i've already paid half my ADM as a deposit and i plan on paying the rest when i get the car and then just financing the rest. So any tax + fees that i have to pay i'll probably just pay off immediately as well. With rates this low i dont mind financing a higher amount than i originally planned to and investing the rest of the money i would have initially put towards the car.
08-21-2022, 07:41 AM
#42
On their Application page....
"If you are looking to refinance your current auto loan or lease buyout, please note that we are only able to refinance auto loans for those who reside in North Carolina or its connecting states, and private vehicle sales are only obtainable within the state of North Carolina."
"If you are looking to refinance your current auto loan or lease buyout, please note that we are only able to refinance auto loans for those who reside in North Carolina or its connecting states, and private vehicle sales are only obtainable within the state of North Carolina."
08-21-2022, 09:46 AM
#43
Racer
On their Application page....
"If you are looking to refinance your current auto loan or lease buyout, please note that we are only able to refinance auto loans for those who reside in North Carolina or its connecting states, and private vehicle sales are only obtainable within the state of North Carolina."
"If you are looking to refinance your current auto loan or lease buyout, please note that we are only able to refinance auto loans for those who reside in North Carolina or its connecting states, and private vehicle sales are only obtainable within the state of North Carolina."
08-22-2022, 02:29 PM
#45
Rennlist Member
I've used PenFed for about 15 years but switched over to Lightstream a few years back simply because they let me title in my name with no lien. Makes buying and selling cars really easy when you hold the title. Not sure if anyone else allows this.