Which bank/credit union are you guys financing your 993 through?
#1
Rennlist Member
Thread Starter
Which bank/credit union are you guys financing your 993 through?
I'm about to pull the trigger on a 993. Are there any banks out there that are financing 95-98 model year 50k mile cars with extended terms? Looking to go 60-72 months if possible. There aren't really any book values to reference aside from kbb, eliminating certain banks.
Also need a bank to realize these cars are bringing more $ than they were new and values aren't dropping anytime soon.
Can anyone recommend a bank or credit union that has helped you out?
Also need a bank to realize these cars are bringing more $ than they were new and values aren't dropping anytime soon.
Can anyone recommend a bank or credit union that has helped you out?
#2
Burning Brakes
Pen Fed seems to be the bank of choice. I’ve used them a bunch of times and they’re great. However, they’ll only go to 60 months. And depending on how much you need to borrow they may require a PPI and appraisal.
Woodside Credit will go all the way to 120 months with simple interest @5.9% with 10% down.
Woodside Credit will go all the way to 120 months with simple interest @5.9% with 10% down.
#3
Rennlist Member
+1 on PenFed. I was going to use them to finance the new Macan, but I ended up getting a better deal through the dealer/BOA.
Suntrust also has some product called Lightstream, and briefly looked into them, but I read the reviews on them and decided that, as a business person, they seemed like too much work even though my credit is in the high 700s/low 800s with a decent income and a perfect payment history with many cars and homes.
Suntrust also has some product called Lightstream, and briefly looked into them, but I read the reviews on them and decided that, as a business person, they seemed like too much work even though my credit is in the high 700s/low 800s with a decent income and a perfect payment history with many cars and homes.
#5
Burning Brakes
If your a member USAA is great as well.
#7
Race Director
Lightstream. If you have good credit its an unsecured loan so they dont even ask about the car. i wouldnt finance such a car but i guess thats a personal choice
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#11
Rennlist Member
Lightstream- super easy, great rate & unsecured.
#12
Rennlist Member
There will always be "specialty" lenders. Typically higher interest rates, require good FICO 740+, Agreed Value Insurance required, and some down payment. Pen Fed is your best bet but shop around. Somebody is always willing to take your money. Good luck!
#13
Rennlist Member
Since people above asked about financing in general, here is my information. I used a credit union accessible through my work so not available to everybody, but the terms might help those shopping around.
60 month, 2.99%, the down was the difference between sale price and what NADA listed the car. NADA had it around ~23k in 2013, sale price was 28k, so down was around $5k. Must carry decent insurance with proof, etc. I financed to build credit since I didnt have student loans or mortgage to bolster the credit score. Its helped over the years.
60 month, 2.99%, the down was the difference between sale price and what NADA listed the car. NADA had it around ~23k in 2013, sale price was 28k, so down was around $5k. Must carry decent insurance with proof, etc. I financed to build credit since I didnt have student loans or mortgage to bolster the credit score. Its helped over the years.
#14
Racer
i did penfed. they wanted an appraisal to have on record since the bluebook was way off.
great rate, and minimal hassle. they offered to extend the loan 1/2 way thru since the value was so high lowering the monthly. i said no thanks and paid it off early.
great rate, and minimal hassle. they offered to extend the loan 1/2 way thru since the value was so high lowering the monthly. i said no thanks and paid it off early.
#15
Rennlist Member
Lightstream this week...$45K 4.01% 72 months. I went longer terms because I will be selling my Cab this Spring to pay for the new purchase. So really a short term loan. I do have to admit it was almost too easy to borrow the money. The car isn't secured with this loan. No hastles. I am impressed with these guys. Years of good credit and being responsible with my $$ I guess pays off when you enjoy Porsches as a hobby! Good luck.