Financing?
Thread Starter
Rennlist Member
Joined: Jun 2016
Posts: 832
Likes: 124
From: Tampa, florida
Financing?
As i am shopping, seems like a better idea to hold onto some cash and do a partial finance. My CU doesnt do auto loans on anything older than 3 years. Any suggestions for financing something as old as 07?
will also likely be shipping it. Any suggestins on a trusty shipper?
will also likely be shipping it. Any suggestins on a trusty shipper?
Instructor
Joined: Feb 2006
Posts: 204
Likes: 2
From: Boston
Easy. Penfed. Anything under 100k miles, they'll finance at regular used car rates.
Just apply right now for any dollar amount you want. They'll mail you a blank check you can use up to that limit. It's really that easy, used them for every car I've bought.
Just apply right now for any dollar amount you want. They'll mail you a blank check you can use up to that limit. It's really that easy, used them for every car I've bought.
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Burning Brakes
Joined: Aug 2015
Posts: 1,184
Likes: 8
From: L.A.
Lightstream. When I was going to finance, I sent in the numbers and they gave me the best APR around. Ended up paying cash, but they won my business. I was actually surprised when they came back and said, 'you dont need to send in a title as we will fund the loan without it.'
Its the online division of SunTrust.
Its the online division of SunTrust.
Burning Brakes
Joined: Sep 2011
Posts: 1,046
Likes: 186
From: Seattle-ish, WA
+1 for PenFed, I think for older cars their rates were lower than LightStream. I just used them.
Everything can be done online starting from scratch with a turnaround of 2 days - they can FedEx the preapproval draft + cheques.
Phone support is also pretty good and they're available until 8 ET.
Everything can be done online starting from scratch with a turnaround of 2 days - they can FedEx the preapproval draft + cheques.
Phone support is also pretty good and they're available until 8 ET.
RL Community Team
Rennlist Member
Rennlist Member
Joined: Dec 2012
Posts: 7,557
Likes: 2,532
From: Atlanta
+1 Usually the cheapest particularly because it becomes (or is) a mortgage deduction on your taxes making the interest rate even lower. I generally have a $0 cash strategy fully investing all my cash. When I need a chunk, I hammer my home equity line and then aggressively pay it down... all new cash goes 100% to home equity line. Then when home equity line is 0, cash goes straight into investments again. With interest rates as they've been compared to equity returns, I probably should max my equity line and invest... but I don;t like that kind of risk.
Peace
Bruce in Philly
Peace
Bruce in Philly
Three Wheelin'
Joined: Feb 2017
Posts: 1,870
Likes: 367
From: San Diego <->Knoxville
Another one for PenFed. They were a little lower then NavyFed and recently adjusted the APR for the 60 and 72 months right before I applied; not a big deal.
Their website is very outdated and I thought I could get a 72 month locked in that rate. It turns out that their 72 month used car loan only qualifies for vehicles 5 yrs old and newer. Other than that, it's been a smooth process.
Their website is very outdated and I thought I could get a 72 month locked in that rate. It turns out that their 72 month used car loan only qualifies for vehicles 5 yrs old and newer. Other than that, it's been a smooth process.
