Sporty

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

Quadcammer

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.

gulshan

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..

linderpat

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

Vince Vincent

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.

doclouie

Most of it came from stock picks that I had. Military stocks for the most part.

Cyn Crvr 997S

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 ..

gsxrjjordan

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 used@dealer 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.

groovzilla

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

workhurts

Robocop305

kellen

Prob no need for full coverage when the vehicle is paid off.

sandwedge

What would you drop in coverage and what would the savings amount to? Never heard this argument either.

mjsporsche

I would not subscribe to this. You want coverage to cover what the car is worth, not what you owe.

groovzilla

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.