Are there any companies that provide financing options for an older porsche like a 996?

Thank you

 

I had a buddy who used Lightstream to finance a classic car and said it was a pretty painless experience. https://www.lightstream.com/classic-...sredirect=True

Cost to borrow is typically greater than if financing a modern car. However, if there are no other options available to get $ it's an option to get someone into the classic car of their dreams.

 

I used penfed and other than them being slow to issue you the check, no issues.

Lightstream is quick.

 

LightStream has worked well for me.

 

I would caution against financing a 996.
I wouldn't suggest financing anything without a warranty.
If you can't afford to purchase it out-right, you likely can't afford to repair it either.
Too many members here have dumped their 996s for pennies on the dollar when they ran into the expensive repairs.

 

I agree with Tex . Any Porsche can be an amazing experience to own and drive . But they can stab you in the heart with expensive repairs . If you are not financially able to have 5-10k ready to go IF needed then your plan is flawed . Just my opinion but I have owned six of them . Been stabbed a few times ☹️

 

I bought mine for 16K, I financed it but I had 8K down, and knew I had some extra income coming in and had it paid off at the end of the first year,, then about 4 months later popped the motor, and it sat for 2 years from death to rebirth (Some of this time was me deciding how deep to go if I repaired it... ) Luckily we bought it as a toy and so while disappointing, the engine failure didn't kill the car for us. I'm deeper than I wanted in terms of total cost, but now I know what I have and Its hard not to grin when the 3.9 lights up..

 

Not to be a buzzkill, but I have to agree with Tex and 996C4. Also, you didn't say if this car would be your only source of transportation but if so, it goes double.
Everything I've said is from the mind of an old fart. If you're young, you might have to just go for it!

 

It's not the cost to buy the car, it's the cost to keep it running that gets you.

 

Its a really bad idea to finance a toy car, especially a 996. Your 35k car can turn into a very expensive paper weight. No way could I recommend this plan.

 

I'm in the "don't finance a fun car" camp personally, and yet there is an entire industry built around it. Here's a guideline page put together by Hagerty.

https://www.hagerty.com/finance/classic-car-financing

 

I acquired my 997.2 FSI 4.0 at a great price because the previous owner financed it and then needed to unload it when PDK failure occurred. I agree with many here, these cars shouldn't be financed unless you are earning more on your savings than the finance charges.

 

Thank you! Very helpful!

 

I have seen this advice posted many times, but im not sure I agree with it.

Financing a car like a 996 is a great idea if you know what you’re getting into because it can help free up cash that you can use to get the car into top condition. I personally think it’s a good idea to use less cash on the initial purchase if that allows you to have a fund set aside for deferred maintenance and upgrades. That’s assuming you can get a decent interest rate…

In my case, I financed the purchase of my ‘01 C2, which allowed to keep $15k set aside to catch up on deferred maintenance and do a pretty thorough engine refresh. Now the car is almost paid off and running great.

 

The problem is many people finance in order to purchase having no cash reserve for repairs or maintenance.
I'm a debt-free advocate who didn't purchase until I was able to buy my 996 and perform repairs & upgrades with cash.
Mine was paid off when I purchased it in 2017 and still is.
It might not be the fast or easy route, but it IS the most stress-free route.
I drove crappy daily drivers for years so I could make it to this point.
I know not everyone will agree, but for me it was the best route.