Finance Rates - Page 4 - Rennlist - Porsche Discussion Forums

Notices
997 Forum
Sponsored by:
Sponsored by:

Finance Rates

 
Old 02-12-2019, 07:00 PM
  #46  
Sporty
User
 
Join Date: May 2013
Location: North/Central, NJ
Posts: 199
Default

When I bought my 2005 C2 14 years ago I financed it with get this - a zero % until paid off $25k loan offer from Discover Card and used my home equity credit line that was running/averaging less that 3.0% sometimes as low as 1.75% (which was prime rate less a 1% ) and TAX DEDUCTIBLE so the rate was even lower. Anyway there are smart ways to finance, however I have never seen a 0% offer like that again nor do i think i ever will - and i never used my discover card for purchases. Plus I can still get in the low 30's for my car. BTW to the OP there are CD's out there paying 3.5% for four-five years FWIW. Guess i just got lucky and now just have to worry about $ for a Flat Six rebuild given all this BS (bore scoring) discussion. From the latest, it looks like 997.2 and 991 could inevitably be subject due to DFI so maybe a Raby built 997.1 will be the 993 of the future ha ha
Sporty is offline  
Old 02-13-2019, 10:07 AM
  #47  
Quadcammer
Super User
 
Join Date: Nov 2006
Location: Clifton, NJ
Posts: 12,638
Default

Originally Posted by ryangambrill View Post
Thank you both for providing value to this thread.
no judgements. You do what works best for you. Sounds like you got a whole bunch of options. The one time I did a car loan, I used lightstream and it was as easy an pleasant as possible. No questions about the car, no lien, nothing. Just cash in the account in 2 days. Piece of cake.
Quadcammer is offline  
Old 02-13-2019, 06:05 PM
  #48  
gulshan
User
 
Join Date: Oct 2017
Posts: 74
Default

OP, another pov. If an appliance like Honda CRV financing makes sense. It belongs in the same mental bucket like mortgage, bills etc.. you need to get to work rain or shine.. Now talking of your summer toy and fun other car I would pay cash. You don't want to be reminded of a monthly payment every time you fire up your 997. Finance and you will turn ignition with left hand and feel wallet with right hand as Porsche intended..
gulshan is offline  
Old 02-13-2019, 07:00 PM
  #49  
linderpat
Addict
Rennlist Member
 
linderpat's Avatar
 
Join Date: Nov 2006
Location: Pittsburgh, PA
Posts: 10,051
Default

Well, let's add another curve ball. Certain cars are actually an appreciating asset. Not sure our 997's are there yet (not even the turbo), but I assume they will be eventually. In that case, when there is great market uncertainty, liquidate from the investment account and put the proceeds into those cars that you think will appreciate. Even if they appreciate just a little bit, you might be further ahead if the market tanks. At least that's what you can tell your wife when you decide you need to grab another cool car
linderpat is offline  
Old 02-13-2019, 11:35 PM
  #50  
Vince Honorato
Addict
Rennlist Member
 
Join Date: Dec 2018
Posts: 35
Default

Lightstream here, 0 down, 5%, credit score mid 750's. Not bad for a 12 year old car with 90k miles. Money in account within 2 days.

Had the PPI done and deposit down the next day.
Vince Honorato is offline  
Old 02-13-2019, 11:50 PM
  #51  
doclouie
User
 
doclouie's Avatar
 
Join Date: Mar 2017
Location: Texas
Posts: 581
Default

Originally Posted by workhurts View Post
Doc. What paid 18% last year? The market was mostly flat. Real estate cap rates over 10% aren't easy to get and with higher returns risk goes up significantly so am curious what kind of asset did 18% in 2018.
Most of it came from stock picks that I had. Military stocks for the most part.
doclouie is offline  
Old 02-15-2019, 03:55 AM
  #52  
Cyn Crvr 997S
Addict
Rennlist Member
 
Join Date: Jan 2019
Posts: 43
Default

Another one here for Light Stream . Actually I stumbled on them thru Lending tree.com . Painless easy and 2 days cash in the bank . Easiest loan I've ever applied for .. As others have mentioned,, they have no interest in the car , its basically a signature loan . Just recently bought my 997 last month put 16 grand cash down 20 on the loan . I didn't want to drop all cash for the full price . Came to 4.75 % , $386.18 for 60 months. I'm pretty happy with that , and already have the pink on hand ..
Cyn Crvr 997S is offline  
Old 03-05-2019, 08:10 PM
  #53  
gsxrjjordan
User
 
gsxrjjordan's Avatar
 
Join Date: Feb 2019
Location: San Diego, CA
Posts: 21
Default

This thread's been great. Like most (I think), I'd like to leave as much cash as possible working for me, especially in tax-deferred or tax-free investments, so I'm looking to finance part of a 997.2 Turbo.
It has been tough after the suuuuuper cheap money we've had the last few years to stomach paying "actual" interest, but it's still a lot less than the 8-10% I remember paying on my first car.

I'm surprised by how many banks will do 3% on a new car from a dealer but want 6%+ for a 2011-2012 Porsche. That new Kia they're willing to go low on is a substantially higher risk than a 8yr old P-car!
Lightstream seems to get a lot of votes, but they're in the 5.99% camp on something that old sold private party.
PenFed looks to do 4.29% @ 60 months, but not 72 months or longer for a 2011-2012 (not looking for that loan anyway, but it's a data point).
Bank of America looks great for [email protected] rates (3.74%) with the extra 0.50% for having a high-balance checking account with them, but again, private party 5.99% is as low as I'm seeing. Ouch.
Alliant CU came in at 3.99% for 60 months, 4.24% for 72 months, and...
Great Lakes CU (found from this thread!) looks to be the lowest at 3.49% / 3.99% for 60/72 months.
Navy Fed wasn't far behind at 3.99% / 4.79%.

EDIT - if you're buying a car private party, call these clowns before applying - Great Lakes CU and Alliant both will not fund an out-of-state private party loan unless you're an established member. What a waste of time! Currently doing 4.24% @ 65mo through DCU and have been very pleased with their customer service versus the other two.

Last edited by gsxrjjordan; 03-13-2019 at 02:48 PM.
gsxrjjordan is offline  
Old 03-05-2019, 08:23 PM
  #54  
groovzilla
Addict
Rennlist Member
 
groovzilla's Avatar
 
Join Date: Oct 2007
Location: seattle, washington
Posts: 5,018
Default

Originally Posted by doclouie View Post


It is all about managing my money. Like most people I could have paid cash for my 997.2, even when it was brand new, but with the current investments I have that money tied to it makes zero sense. A $50k car at 3.5% interest is a great idea currently, because that same $50k I could have taken out of those investments to pay for the car returned me 18% last year and over 30% the year before. Now if my cash was not giving me that high rate of return I would gladly pay cash.

If your loan rate is 4% and your investment of that same money is 4% then it does not matter which way you go. If you make 10% on that money though you keep it where it is at and back the other 6% while paying your 4% interest. Money in the past few years has been cheap. I am afraid those days are over though at least until the economy takes another hit.

I've never financed a car.
Savings on insurance alone is a no-brainer - And when u buy right, it's not a depreciating asset.
But it all depends on ones financial situation and experience/ability to find the right car.

Since everyone's financial situation is different, there is really no way to pay cash if you don't have the funds but owning the car outright saves a lot in insurance and of course 4-5% savings every month with no bank to pay.
I always have thought it was smarter/better to wait and save the $$ before hitting up a bank
groovzilla is offline  
Old 03-05-2019, 10:21 PM
  #55  
workhurts
User
 
Join Date: Apr 2014
Location: NoVa
Posts: 482
Default

What's the insurance savings? Never heard of such a thing.
workhurts is offline  
Old 03-05-2019, 10:58 PM
  #56  
Robocop305
Addict
Rennlist Member
 
Robocop305's Avatar
 
Join Date: May 2013
Location: Miami, Florida
Posts: 1,143
Default

You still need to insure the car even if it's paid off, unless you want to run the risk of liability and self insure.
Robocop305 is offline  
Old 03-06-2019, 01:06 AM
  #57  
kellen
Addict
Lifetime Rennlist
Member
 
Join Date: Jan 2014
Location: Seattle, WA
Posts: 1,251
Default

Originally Posted by workhurts View Post
What's the insurance savings? Never heard of such a thing.
Prob no need for full coverage when the vehicle is paid off.
kellen is offline  
Old 03-06-2019, 01:49 AM
  #58  
sandwedge
Addict
Rennlist Member
 
sandwedge's Avatar
 
Join Date: Apr 2007
Location: Florida
Posts: 5,343
Default

Originally Posted by kellen View Post
Prob no need for full coverage when the vehicle is paid off.

What would you drop in coverage and what would the savings amount to? Never heard this argument either.
sandwedge is offline  
Old 03-06-2019, 08:21 AM
  #59  
mjsporsche
Addict
Rennlist Member
 
mjsporsche's Avatar
 
Join Date: Apr 2004
Location: Central NJ
Posts: 2,286
Default

Originally Posted by kellen View Post
Prob no need for full coverage when the vehicle is paid off.
I would not subscribe to this. You want coverage to cover what the car is worth, not what you owe.
mjsporsche is offline  
Old 03-06-2019, 11:46 AM
  #60  
groovzilla
Addict
Rennlist Member
 
groovzilla's Avatar
 
Join Date: Oct 2007
Location: seattle, washington
Posts: 5,018
Default

Originally Posted by mjsporsche View Post
I would not subscribe to this. You want coverage to cover what the car is worth, not what you owe.
When you own the car outright, all you need/all that is required is liability coverage NOT comprehensive. If I cause an accident I have full liability coverage but have to pay for my car's damage.
Liability insurance on my 2007 C4S is only $750 a year added to my Allstate auto policy - Full coverage would cost me $2300 per year so I have a savings of $1550 a year only having liability coverage.
I can also put my car in "Suspense" during the winter months when I don't drive it trimming more fat off the $750 - I think last year I saved another $150
When I do the math, I have saved probably $60,000 on both my sports cars insurance premiums over 30 years.
I've never had an accident I have caused - Years ago someone did hit my 1982 911sc and they were responsible for my car's damage.
I also have a $4million Umbrella policy that will kick in on my properties and autos.

But like I said it depends on your particular financial situation.
I only drive my cars 3-4000 miles a year and drive well and in control - I'm no kid anymore and don't take the car to the limit.
groovzilla is offline  

Thread Tools
Search this Thread

Contact Us About Us Advertising Cookie Policy Privacy Statement Terms of Service

© 2019 MH Sub I, LLC dba Internet Brands

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.
 
  • Ask a Question
    Get answers from community experts
Question Title:
Description:
Your question will be posted in: