Looking at a private party 997 and decided to get a loan instead of cashing in some stocks since the market is finally starting to show some signs of life. Local bank approved me and then said, "Oh, we don't loan for out of state cars". I'm in SC and car is in TX.

Ok......so I go online and apply at Wells Fargo.....their ad states they do private party. I get approved and talk to a rep about logistics and she says, "Oh, we do loans for private party out of state cars but not for SC".

Drats...thwarted again.

Short of taking a capital gains hit and cashing out some stock, anyone know of any online banks who might help me? They all will do dealer loans....the private party out of state loan is the issue.

 

Try up2drive, a division of BMW Financial Services. I don't know if they will, but they are sure big enough.

 

A margin loan can be interesting but also risky if you can't cover it - make sure you have plenty of margin. One upside is you can deduct the interst as an "investment" expense and sometimes the rates are not so bad.

 

I bank with Wells Fargo but every loan is through B of A! With my Porsche purchase Wells Fargo had a 7% loan and B of A a 3.2% loan.

 

What about a HELOC loan?
(Home equity line of credit)

 

www.penfed.org

Never used them but heard good things about them, 3.25% on 60 months right now

 

Seems strange - where will you title the car? I believe USAA does this all the time.

 

loan from your own 401k. other than that - no loans for cars for me.

 

All my other cars are paid for. I usually use my investments to pay for cars but in this case with my stocks just starting to come back to life I hated the idea of cashing something in....especially with low interest rates available for car loans.

Margin loans scare me and I NEVER touch my 401k.

I'll try USAA and Penfed.

I admit that the out of state purchase thing surprised me as well.

 

Lots of forum guys use Penfed, their rates for used cars are the lowest I've ever seen. I am thinking about partially financing a 997 myself, for the exact same reason as you - I don't want to cash out my stocks. But part of me thinks I should wait for the 991 to come out and 997's to flood the market, dropping values significantly.

 

i think with current market situation 401k is no longer such a holy cow, a reasonable loan from yourself will work out fine IMHO.

 

I've had two auto loans through penfed and I've been very pleased. Low interest rates, they're a joy to work with, and their online account access is solid and featureful. Easy integration into Quicken or mint.com or whatever you use.

 

Is there any way to use a Broker to transfer the sale to instate for a fee?

 

Try: http://www.ally.com/

They are a unit of GM.

 

Might be time to take some profits. And think if what you'll save on interest. Think if it as the stocks paying a dividend even after you've sold them.

Sincerely,

Macster.