Ricker1970

Hi guys,

Can anyone tell me a good place to get an auto loan for a 964 from a private party that im looking into, A lot of these banks won't finance a 20yr old car. I used capital one once, but seems like they dont do pp loans anymore.
Any advice would be much appreciated.
Thanks.

ilko

I've had customers go with JJ Best Banc & Co. They have an easy approval system provided you have good credit. They send someone to check out the car, then write the check directly to the current owner. You won't get the whole amount though. They finance up to 80% AFAIK.

cwrm4

Not to be discouraging...but to be quite honest, if you can't afford to buy a 964 with cash, you may want to reconsider whether or not you can afford to own one, as planned and unplanned maintenance can really hit the wallet, especially if you don't plan on doing all the maintenance yourself. The last thing you want to be doing is paying a note on a car that sits dead in the garage because the engine needs $6k of work.

If that scenario happens, the car is worth far less than what the bank paid, so they are upside down if you default. Hence the reason they are unlikely to loan against what they see as a 20-yr-old "used" car. If they do loan against the car, for them to cover their risk, the interest rate is going to be pretty high.

(All this is moot, of course, if you believe you could out-invest the bank over the term of the loan).

yellowducman

Ricker, I put part of mine on my home equity loan when i got it. Of course, I had to tell the wife I would sell another car and pay it off but I carried it for a long time. I wouldn't want it as a daily driver though, if I couldn't afford to fix it when it broke.

Kahdmus

Actually if it helps one keep some liquidity in these uncertain times then it may not be a bad idea. I part financed my old C4 when I got it and I thanked God I had when I started having $5k mechanic bills!!!

CurBrwn79

If you have access to USAA (military)....they will finance with no prob. Please understand that you will need 6k at a min on hand if the car decides to crap out on you. Nice little insurance policy....

Ricker1970

Yea, i have $17,000 to spend on a play car. And if i spend cash for a 964, I wont have money set aside for a big hit.

BTW, from you guys experience, are $5k mechanical repairs the norm or the exception on these cars?. I guess depends on the condition of the car, mileage ect.

I can handle 1k or 2k maintenance every few months but a 6k hit would not be so pleasant.

Kahdmus

Definitely an exception. The main expense with these cars is that so many repairs require an engine drop so you are spending $1,000 before you have even started.

Porsche917K

Try credit unions. They are generally more flexible on terms than your typical bank and will make exceptions for old cars sometimes.

Good luck.

cbwayo

Agreed on the credit unions.

I financed through a credit union and not only did I get a 5.7% interest rate (now closer to 6.0%), but they let me finance over 60 months, which is uncommon for a car thats older than 10 years. I convinced them to classify my car as a "collector's car", so they waived the normal 48 month limit. I think my loan payments right now are less than for my prior car - a VW Jetta.

993PET

www.penfed.org they did mine, currently 3.99% 60 months they lend 100% NADA retail and private party is ok. They are very easy to deal with.

JF

krisedwards

NASA federal credit union will lend $$ for older cars. Only NASA employees can join...but wait there's a way in for regular folks. If you join the National Space Society (About $30), NASA FCU will let you join. I've bought 2 911s this way.

Streetfighter

I financed my car through JJ Best, they are okay to deal with, they will go up to 90% of the value and you write a check for the rest. In terms of repairs, so far I have done two oil changes, new tires, brake caliper repair, and DME Relay replace. Nothing major, thus far, but it is important to buy a well maintained car, so you don't get stuck with a huge bill! Buy the nicest one you can afford.

Ricker1970

Thanks for the words of wisdom guys. A credit union sounds like the way to go.

TR6

Or there is what I call the occasional $16K+ doomsday expense. That's what I was facing when my engine required a complete rebuild from top to bottom. But I don't want to scare you away; the odds of a 964 needing a full rebuild should be very rare, especially if you get a thorough ppi. However, any 964 may face a top end rebuild at some point in its life and that can run $6K to $8K depending on who does it and what it needs.