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

 

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?

 

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.

 

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.

 

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.

 

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

 

...thus Spoke Zarathustra))

In my opinion, toys should be a cash purchase

 

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.

 

Alright alright, I just have to do this the right way. Thanks guys.

 

I agreed with that before I was married. Now I am willing to contort myself in strange ways so as to avoid having to involve my wife in the decision. Perhaps I should find a $6k 944 and spend the other $6k on a therapist

 

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?

 

Lol...my car is my therapist))

 

It's not about cash. Let's just say that MOST aspects of being married are wonderful

 

Apparently that's only a problem if it isn't an American V8. Then DaVinci himself would be impressed by the lightning bolt of inspiration.

That's totally how I feel whenever I visit Vehicle Marketplace.

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.

 

What year 951 and how many miles?