Options for Older Car Financing?
07-12-2018, 08:21 AM
#31
Rennlist Member
07-12-2018, 02:09 PM
#32
Rennlist Member
^^ That’s what my accountant said too.
Example: I paid cash for my car, and my house needs a new roof. I could simply swap the two in order to be compliant or non-compliant with the law. Of course, if you take money from one bucket and put it in another bucket from the same overall pool (of wealth), then the obvious decision is to be compliant.
Example: I paid cash for my car, and my house needs a new roof. I could simply swap the two in order to be compliant or non-compliant with the law. Of course, if you take money from one bucket and put it in another bucket from the same overall pool (of wealth), then the obvious decision is to be compliant.
10-19-2018, 07:25 PM
#34
Rennlist Member
Sorry for the bump. Yes, everyone seems to be in the 6.5% range for me and my credit score is over 800. I am trying PenFed as there listed rate is 3.99%. When applying for these online loans, does it help to include the wife as a "co-borrower" or just do it yourself? I guess it wouldn't hurt since she has great credit as well.
Mr. Wolfe
Mr. Wolfe
10-19-2018, 08:44 PM
#35
Rennlist Member
Sorry for the bump. Yes, everyone seems to be in the 6.5% range for me and my credit score is over 800. I am trying PenFed as there listed rate is 3.99%. When applying for these online loans, does it help to include the wife as a "co-borrower" or just do it yourself? I guess it wouldn't hurt since she has great credit as well.
Mr. Wolfe
Mr. Wolfe
10-21-2018, 12:56 AM
#36
Originally Posted by Greg Wolfe
Sorry for the bump. Yes, everyone seems to be in the 6.5% range for me and my credit score is over 800. I am trying PenFed as there listed rate is 3.99%. When applying for these online loans, does it help to include the wife as a "co-borrower" or just do it yourself? I guess it wouldn't hurt since she has great credit as well.
Mr. Wolfe
Mr. Wolfe
Depending upon the car XCEL may require an appraisal. PM me if so, as I found a great appraiser that's quick, thorough, cheap, AND acceptable to them.
XCEL advertises all over PCA's Panorama magazine. It's also a very small organization, so it's easy to speak with the loan officer or the loan administrator...or the woman who handles titles, etc. I even got a hand-written note from the VP thanking me for my business (and it was a real note, not auto generated or auto printed).
I like PenFed very much and have done many loans with them but they were not competitive the last time I inquired (it may have been the 20-plus year-old cars I was financing, which was no problem for XCEL or Lightstream).
Last edited by HelpMeHelpU; 10-21-2018 at 12:25 PM. Reason: additional info
10-21-2018, 12:08 PM
#37
Burning Brakes
Why would Lightstream write a loan without a lien?
10-21-2018, 12:19 PM
#38
Ask them; I've done it twice. First time was 1.49% for 36 mos....and I sold the car in less than a year and there was no requirement to payoff the loan. I checked the loan docs very thoroughly.
Last edited by HelpMeHelpU; 10-21-2018 at 03:00 PM.
10-21-2018, 02:59 PM
#40
Originally Posted by murphyslaw1978
Interesting. You could deposit the cash from the sale into a CD and make money on the spread, although not much.
10-21-2018, 05:46 PM
#41
Rennlist Member
I also bought a car using Lightstream with no lien. It is essentially a personal loan with no collateral. I believe they did make me sign something stating I was going to use the loan to buy the car but they don't make you provide proof.
10-21-2018, 06:23 PM
#42
Rennlist Member
Thanks for the help guys. As of now, I just received an email from PenFed congratulating me on the approval. I will call them tomorrow and check all of the conditions. By the way, this will be on a 1994 C4 widebody.
Mr. Wolfe
Mr. Wolfe
10-28-2018, 10:06 AM
#44
Originally Posted by mootsvamootsrsl
Karen Sundstrom at Putnam, if you need her direct contact let me know
10-28-2018, 10:47 AM
#45
Rennlist Member
Well guys, I decided to just go with PenFed. The experience has been pretty good. The rate is 3.99% @ 60 months which I think is decent being that most are going up at the moment. I probably could have found lower rates following up more advice from this thread. If anyone decides to use PenFed, here is a list of what you will need:
• Pictures of vehicle (front, rear, driver, passenger, engine, interior, odometer)
• Pictures of title (front and back)
• Seller needs to fill out an "Intent to Sell" form and sign it
Not too bad.
Mr. Wolfe
• Pictures of vehicle (front, rear, driver, passenger, engine, interior, odometer)
• Pictures of title (front and back)
• Seller needs to fill out an "Intent to Sell" form and sign it
Not too bad.
Mr. Wolfe