Graufuchs

I am looking at a 2000 996 GT3 Aero Kit Fabspeed stage 1...really nice shape...I call a few banks to see about financing....they say the car is too old to finance??? So I ask about a 50k 2004 GT3...and say Im pre-approved for that car. I dont undertsand tier 1 credit...never ever been rejected on a loan..own my own home..been employeed same job making 100k+ for over 8yrs..I DONT GET IT..... They deny me for a 400+ payment but they say ok for a 860+ payment...????

Any finacial Gurus around or anyone know of a bank that will process a good apr on older cars????? I just got my 2007 Saab at 4.6%.

Any help? BTW my wife will ring my neck if I get the GT3.

Divot

They generally will not finance a car that is 10 years old. 9 years and you're OK. I don't know why.

GolfTango3

I got 3.99% on my 2002 from Penfed.org

You do not have to be government or military to do financing there.

Process was easy, I bought from private party no hassle at all.

Dharn55

If you have that good of credit you may just be able to get a personal loan not collateralized by the car. I did this once years ago to by a 928,

ROK

I wouldn't take it personally. Policy is policy.

Just pay cash?

Graufuchs

On phone with penfed...

medtech

I got a 2005 for sale....no financing issues here.

1999Porsche911

Well, if you "own" your home, use the equity for the purchase. However, financing a car is not a good financial decision.

skiracer

Go w/ the GT3.

Dennis C

I think it's difficult to finance a car that is 10 years old or older, or one that has 100,000 miles or more. I believe that the lenders look at it as a car that would be difficult to liquidate in the event that you default on the loan. I haven't financed a car for a while, but I've heard that lending standards are a little screwy since the economy slowed too...

Barn996

+1 absolutely...GT3.

ivangene

either way - try a credit union, I used Alaska Credit Union (not sure if they service your state or not) and they were excellent...

I have been working with credit unions for the last 25 years and refuse to even enter a bank...(that and I am not allowed too because my picture is on the wall ) I can call them and they know my voice on the phone, or if I walk in they great me and have my account up, ask what I want to do....(even though they require that I provide proof of who I am....its a minor formality I am glad to provide....)
The last credit union i joined knew me within a couple weeks and I have been very happy with them as well......

Graufuchs

I joined Penfed(thanks for that btw), spoke with loan person said given my credit shouldnt be a problem....given that Im not even 30 yet, own my own home in one of the most expensive places to live (LI,NY) and still very much in the green(thank god), with a wife(isnt working) who was able to go back to school and have owned 20+ cars since I was 17yrs old and will retire at 42...I dont think Im doing that bad, despite the horrific economy we are, unfortunately cash isnt an option right now...neither is the gt3(one day).

Finacing a car isnt a bad financial desicion in my book, its a way I can have champagne without having it delivered by a silver spoon or having to drink beer everyday.

Im your average joe schmoe who like fast/expensive cars.

Two financial rules I live by...dont touch the pension(loans) and dont touch my home(equity etc).

Sorry for the rant.....

fpena944

I wanted to finance half the purchase of mine which is why I went through a dealer to purchase it.

The GM told me he had to work hard to get the deal done but I got a 36 month loan out of it with reasonable terms. It was through my bank's dealer division that normally isn't open to consumers.

So on your own it may be difficult but with a dealer that has a relationship with a lending institution it may be easier.

Graufuchs

Tell me about it....car found is a private sale at a great price...owned by an older guy...porsche serviced full records etc. Car looks super clean!!!