Financing?
02-20-2018, 09:04 PM
#31
3rd Gear
Join Date: Feb 2018
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Can anyone help me what I'm doing wrong? I have really good credit and a high income, but lightstream gave me 4.04%. Is that normal at the current state of raised interest rates? Anyone recommend other lenders? I don't think I qualify for some of the ones mentioned (Penfed, etc). Appreciate any help.
02-20-2018, 09:15 PM
#33
3rd Gear
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My father got 3% on a used 5 series a couple years ago so I was hoping for somewhere around there, esp. as my credit is actually slightly better than this. One caveat is i have a TON of student debt - do you think this comes into play?
(Looking to purchase a Cayman for $35k.)
(Looking to purchase a Cayman for $35k.)
02-20-2018, 09:15 PM
#34
Can anyone help me what I'm doing wrong? I have really good credit and a high income, but lightstream gave me 4.04%. Is that normal at the current state of raised interest rates? Anyone recommend other lenders? I don't think I qualify for some of the ones mentioned (Penfed, etc). Appreciate any help.
02-20-2018, 09:16 PM
#35
Can anyone help me what I'm doing wrong? I have really good credit and a high income, but lightstream gave me 4.04%. Is that normal at the current state of raised interest rates? Anyone recommend other lenders? I don't think I qualify for some of the ones mentioned (Penfed, etc). Appreciate any help.
02-20-2018, 10:29 PM
#36
Pro
Thread Starter
My father got 3% on a used 5 series a couple years ago so I was hoping for somewhere around there, esp. as my credit is actually slightly better than this. One caveat is i have a TON of student debt - do you think this comes into play?
(Looking to purchase a Cayman for $35k.)
(Looking to purchase a Cayman for $35k.)
its way more than actual credit score. When we recently bought a car, and my wife had to be on it because she had “car credit” (we put her last car in her name), and she is a stay at home mom, no income 😂 wtf. I am the only income, and have great credit, but apparently nor “car credit” wtfever that is lol
02-20-2018, 10:46 PM
#37
Three Wheelin'
PenFed for 60 months for excellent credit is 3.74% right now. The loan process was way simple and easy. They are the cheapest out there no matter how old the car is. Just financed some of my Porsche purchase last week as my cash is making me more money being invested.
02-21-2018, 11:52 AM
#39
Can anyone help me what I'm doing wrong? I have really good credit and a high income, but lightstream gave me 4.04%. Is that normal at the current state of raised interest rates? Anyone recommend other lenders? I don't think I qualify for some of the ones mentioned (Penfed, etc). Appreciate any help.
For people who don't think they're eligible for Penfed, all you need to do is donate $15 to one of the two organizations that give entry, and you'll be eligible. Just try and open an account and it'll guide you through it.
02-21-2018, 02:26 PM
#42
Rennlist Member
To clarify, you can still deduct if you can prove the loan was used to improve the home/property and the combined HELOC and mortgage debt isn't $750k+. But not deductible for anything else like jewelry, cars, hookers, etc.
To the guy with the student loans. Pay yourself FIRST. Get rid of the student debt before you plop down big $$$ for a sports car. Ask me how I know.
And I was quoted the same rate from Penfed as I was from the credit union that has my home mortgage for a '10 GT3 I'm looking at. So check any institution who you already have a financial relationship with first. They would love to take more of your money if you are a good lendee.
To the guy with the student loans. Pay yourself FIRST. Get rid of the student debt before you plop down big $$$ for a sports car. Ask me how I know.
And I was quoted the same rate from Penfed as I was from the credit union that has my home mortgage for a '10 GT3 I'm looking at. So check any institution who you already have a financial relationship with first. They would love to take more of your money if you are a good lendee.
02-22-2018, 04:06 AM
#43
Instructor
A lot of people have asked me about buying cars and 'luxury' sports cars. I would only recommend friends to buy a Porsche if they can afford to buy one in cash. Call me boring and over cautious with money/life blalba.
It's fine to finance so you can use the money to make more money but you also save money paying all cash. Just my opinion and idea.
It's fine to finance so you can use the money to make more money but you also save money paying all cash. Just my opinion and idea.
02-23-2018, 04:25 PM
#44
I have used Penfed and Lightstream before. Can recommend both. I have USAA (credit card and checking account) but have not used for a car loan. Given their service elsewhere, I'd bet they are good too.
02-24-2018, 12:11 PM
#45
A local credit union does loans for cars up to 12 model years old. They were far more concerned with Mileage then the year of the car. And the rate was the same if it was 1 year old or 12 years. Look around to local credit unions. I'm sure you'll find one that provide loans like any other used car.