Financing a 944, weird situation
08-07-2015, 10:53 AM
#1
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Financing a 944, weird situation
Edit: I'm removing this because listers reading it just think I'm financing a car because I'm living beyond my means / am poor. That is very far from the truth. I was financing it for personal reasons that have nothing to do with my cash on hand. I'm pretty damn clear now that listers advise me against ****ing around with loans. Thanks guys 
Last edited by amirpc; 08-08-2015 at 03:39 PM.
08-07-2015, 11:18 AM
#2
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So to be clear you do not want it explained to you what a shockingly bad idea this is, anyway you slice it, and will likely lead to you being a long-term pedestrian with ruined credit?
08-07-2015, 11:29 AM
#3
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Yeah, this all sounds bad. I definitely wouldn't do the one that you've already been told is illegal, and I definitely wouldn't do the one that involves giving someone a $25K check for a $12K car.
Out of those options, I guess I'd go with reapplying for the loan in two parts. What kind of bank is providing you $25K financing for collateral worth $12K, though? You will be instantly upside down on this deal.
Out of those options, I guess I'd go with reapplying for the loan in two parts. What kind of bank is providing you $25K financing for collateral worth $12K, though? You will be instantly upside down on this deal.
08-07-2015, 11:39 AM
#4
Rainman
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Overpaying and asking for cash back sounds like you're a Nigerian prince...
Re-start the loan for an amount to cover the purchase cost + sales tax, nothing more, and be very clear about it.
When it comes to lending you don't want them to be surprised about anything you do with their money.
Although I am frankly surprised your CU/bank is willing to finance such an old/low-value car.
Re-start the loan for an amount to cover the purchase cost + sales tax, nothing more, and be very clear about it.
When it comes to lending you don't want them to be surprised about anything you do with their money.
Although I am frankly surprised your CU/bank is willing to finance such an old/low-value car.
08-07-2015, 11:42 AM
#5
Burning Brakes
Is the credit union even willing to take a 25+ year old car as collateral? Mine won't nor will any bank I know about.
What about an equity line on your house, that would solve all your problems, give you an additional interest deduction on your taxes and most likely a lower interest rate. That said, financing a 25+ year old car that isn't highly collectible just isn't that great of an idea.
What about an equity line on your house, that would solve all your problems, give you an additional interest deduction on your taxes and most likely a lower interest rate. That said, financing a 25+ year old car that isn't highly collectible just isn't that great of an idea.
08-07-2015, 11:57 AM
#6
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every now and again we read a post about some kind of not so great idea involving a 944....
like popping a Vw ****box motor and thus, only complicating the inherent ****box motor conundrum built into the 944....
yes. If I take this solid position, there's always the outside chance you become more open to concept of the abject innate insanity....
re:
financing an old junk car moments before the biggest crash in history regarding old junk cars, quasi collectable cars, and classic car prices in general.
I could go on and on about your impoverishment.... and attempt to explain how
if you can't pay cash for a 30 year old quasi-collectable car, sad as it is to say, you're basically poor.
but what in the hell good would that do?
www.youtube.com/watch?v=8IQ_TBJHrcU
like popping a Vw ****box motor and thus, only complicating the inherent ****box motor conundrum built into the 944....
yes. If I take this solid position, there's always the outside chance you become more open to concept of the abject innate insanity....
re:
financing an old junk car moments before the biggest crash in history regarding old junk cars, quasi collectable cars, and classic car prices in general.
I could go on and on about your impoverishment.... and attempt to explain how
if you can't pay cash for a 30 year old quasi-collectable car, sad as it is to say, you're basically poor.
but what in the hell good would that do?
www.youtube.com/watch?v=8IQ_TBJHrcU
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08-07-2015, 12:27 PM
#8
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Remember, from the bank's perspective, they want the loan amount to be equal to the value of the car - in case you default (don't pay) they can reposes the car and sell it to get their money back.
If you're approved for a $25k loan, than means you can buy a car with a value up to $25k. Perhaps I can suggest a 996 or 997.
If you want a 951 for $12k, then the loan you should get should be for the $12k purchase price.
If you're approved for a $25k loan, than means you can buy a car with a value up to $25k. Perhaps I can suggest a 996 or 997.
If you want a 951 for $12k, then the loan you should get should be for the $12k purchase price.
08-07-2015, 12:42 PM
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08-07-2015, 12:45 PM
#11
Listen to your wife. What repairs need to be done immediately on a 12k 951? If you can't float initial repairs what is going to happen when you need to repair AND write your monthly payment? I would pay cash on any fun secondary car otherwise your really don't need it. I would take out a loan on a DD only and wouldn't DD a 951. What are your goals with the car?
08-07-2015, 01:11 PM
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Listen to your wife. What repairs need to be done immediately on a 12k 951? If you can't float initial repairs what is going to happen when you need to repair AND write your monthly payment? I would pay cash on any fun secondary car otherwise your really don't need it. I would take out a loan on a DD only and wouldn't DD a 951. What are your goals with the car?
08-07-2015, 01:20 PM
#14
Originally Posted by odurandina
I could go on and on about your impoverishment.... you're basically poor.
At least I could swing my 944 for cash. Wish I had the dosh for CarlosDanger's 996.
Second the recommendation for a Daily Driver that is far higher on the reliability scale and cheaper to operate. Though I love being able to take my 944 or motorcycle to work, I absolutely need my much more modern Volvo Wagon to live life.
08-07-2015, 01:43 PM
#15
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What year 951 and how many miles?