Notices
993 Forum 1995-1998
Sponsored by:
Sponsored by:

Financing a 16 year old car

Thread Tools
 
Search this Thread
 
Old 07-21-2011 | 10:02 PM
  #16  
ble2011's Avatar
ble2011
Drifting
 
Joined: Aug 2010
Posts: 2,359
Likes: 21
From: Hales Corners, WI
Default

I've always had good luck with Pentagon Federal Credit Union.
Old 07-21-2011 | 11:12 PM
  #17  
Warpig's Avatar
Warpig
Pro
 
Joined: Aug 2006
Posts: 548
Likes: 0
From: Schaumburg, IL.
Default

Here is what I did. I put 50% down and financed the other 50% against myself from my 401K. I was not super concerned with losing my job since we have been crazy busy the past two years and are actually hiring allot of people even still. On the ~14K I borrowed against myself I am paying it back to my 401K at a rate of 3.5% interest (also to myself) My 401K management company only charged me a small fee for the paperwork to set it up. I took the loan against my 401K for three years and have already paid back about two and a half years worth of my "loan". What I owe myself is getting smaller n smaller I only have about 6 months left to pay myself. It could have been a bum deal if I had lost my job 6 months after I purchased the car because I would have had to pay the balance back to my 401K within 60 days. I would then have had to finance another way or sell the car. Since the 993 is holding it's value pretty well I wasn't worried as worst case was I sell and re purchase another later. Not a problem as I have the title for the car in hand since day 1. Not a good idea for many but I had the ***** to do it this way and it's worked out great. On top of it on that 14K I guaranteed myself a 3.5% return on my money when my 401K was at a -6.5% return. I'm providing the return to myself so it doesn't really count but as long as I don't loose my job all is well in the end. I kinda look at it like that's 14K from my 401K that at least isn't in the crapper right now.

Nick
Old 07-21-2011 | 11:48 PM
  #18  
993 770's Avatar
993 770
Pro
 
Joined: May 2011
Posts: 504
Likes: 0
From: Los Angeles
Default

Earlier this month, 97TT 51k miles @ 2.99% from us bank
Old 07-21-2011 | 11:49 PM
  #19  
hoggel's Avatar
hoggel
Rennlist Member
 
Joined: Jan 2005
Posts: 1,045
Likes: 19
From: SLC, Utah
Default

Ya, if you can't afford to pay cash for a 13+ year old Porsche you shouldn't have one.

But I borrowed money from my local CU for mine at their best rate. No issue with the age of the car. I did pay it off early though because I needed that interest money for mods.
Old 07-22-2011 | 01:47 AM
  #20  
Spidey 993
Guest
 
Posts: n/a
Default

Who had post #19 in the pool? Congrats you are the winner!


Originally Posted by hoggel
Ya, if you can't afford to pay cash for a 13+ year old Porsche you shouldn't have one.

But I borrowed money from my local CU for mine at their best rate. No issue with the age of the car. I did pay it off early though because I needed that interest money for mods.
Old 07-22-2011 | 03:16 AM
  #21  
Reddy Kilowatt's Avatar
Reddy Kilowatt
Rennlist Member
 
Joined: Apr 2008
Posts: 1,155
Likes: 1
From: Out there
Default

Originally Posted by Spidey 993TT
Who had post #19 in the pool? Congrats you are the winner!
That would be me. Please go ahead and deposit your $100 wagers in my Paypal account.
Old 07-22-2011 | 08:46 PM
  #22  
Warpig's Avatar
Warpig
Pro
 
Joined: Aug 2006
Posts: 548
Likes: 0
From: Schaumburg, IL.
Default

Originally Posted by Spidey 993TT
Who had post #19 in the pool? Congrats you are the winner!
Shocked it took that long... my money would have been on #4 or #5 tops

Nick
Old 07-22-2011 | 08:59 PM
  #23  
hoggel's Avatar
hoggel
Rennlist Member
 
Joined: Jan 2005
Posts: 1,045
Likes: 19
From: SLC, Utah
Default

Originally Posted by Spidey 993TT
Who had post #19 in the pool? Congrats you are the winner!
Hmm ... I guess I have no sense of humor.
Old 07-22-2011 | 09:14 PM
  #24  
Spidey 993
Guest
 
Posts: n/a
Default

You were kidding? : thumbsup:

Sweet, everyone take their $100 bucks back. Game is still on!

Side note: Did you end up doing a wrap or the stripe graphics? Or is that just a modified pic in your avatar?


Originally Posted by hoggel
Originally Posted by Spidey 993TT
Who had post #19 in the pool? Congrats you are the winner!
Hmm ... I guess I have no sense of humor.
Old 07-22-2011 | 09:16 PM
  #25  
ilko's Avatar
ilko
Agent Orange
Rennlist Member
 
Joined: Jun 2006
Posts: 16,207
Likes: 570
Default

These cars are cheap enough that you can put it on a credit card and get "free" airline miles
Old 07-22-2011 | 09:31 PM
  #26  
mongrelcat's Avatar
mongrelcat
Drifting
 
Joined: Mar 2009
Posts: 2,394
Likes: 3
From: Seattle
Default

+1 on Penfed. Haven't regretted firing BofA for one second.
Old 07-22-2011 | 09:33 PM
  #27  
Spidey 993
Guest
 
Posts: n/a
Default

You were kidding? : thumbsup:

Sweet, everyone take their $100 bucks back. Game is still on!

Side note: Did you end up doing a wrap or the stripe graphics? Or is that just a modified pic in your avatar?


Originally Posted by hoggel
Originally Posted by Spidey 993TT
Who had post #19 in the pool? Congrats you are the winner!
Hmm ... I guess I have no sense of humor.
Old 07-22-2011 | 11:20 PM
  #28  
hoggel's Avatar
hoggel
Rennlist Member
 
Joined: Jan 2005
Posts: 1,045
Likes: 19
From: SLC, Utah
Default

Originally Posted by Spidey 993TT

Side note: Did you end up doing a wrap or the stripe graphics? Or is that just a modified pic in your avatar?
The pic is a rendering done by the place that I'm going to have put on a stripe. I was going to do a retro stripe as in the image but recently I've been leaning more toward the gt3rs4.0 style. Maybe next week.



Quick Reply: Financing a 16 year old car



All times are GMT -3. The time now is 06:43 AM.