Loan for a Porsche

[JdBuyer]

Currently looking to buy a Porsche. Price range $14k to 17k.. I have part of the money($7k) but the rest i will have to get a loan. I just checked my credit using privacy guard, seems I have excellent credit with equifax, transunion and good credit with experian. I have about 3 years and 6 months of known credit. I recently contacted Peoples first and asked them what credit companies they use, Equifax and Experian. They told me I would have to have excellent credit and at least 5 years of known credit. My experain is only good because i missed a payment on a parking ticket and they sent it to collections, which charged it off back in 1999. Does anyone know how i could get a loan without having to go through experian? i am not a homeonwer, i rent. I have a good steady job. any helpful advice would be great

[old_skul]

You have nothing to worry about with $7k to put down.

[Rot 911]

Save your money for another year and pay cash. I would never advocate borrowing money for a toy unless you plan on this being your daily driver. Even then I am not sure I would recommend borrowing money for a 15 year old used car.

[sfierle]

I agree with old_shul, with the large down payment you should have no problem. You probably will be able to get a decent rate too. I have a lot of experience in this field, yes, I am one of those %@*! that work in the car business.

[GeorgeM]

Go to lending tree or equivalent and let them fight for your business.

[Wrecked944]

Kurt V is correct. One should only borrow in order to *make* money, not spend it. Buying a car with a loan amounts to financing a depreciating asset (actually, in reality, a car is a liability). One should only finance *appreciating* assets. Car loans are a great way to waste money. You're better off setting your money on fire and roasting marshmellows.

Yes, I am one of those %@*! in the financial services industry.

[JdBuyer]

I never really thought of a 911 as a toy, It would be my weekend driver. Lending tree is out of the question as i heard they lower score since your giving them your information, i was only interested one company that would give me a good rate.

[SpeedracerIndy]

You will have no problem getting a loan through Peoples first. I am in the exact same situation as you. I rent, have good but not excellent credit because I am young. The minimum they will loan you is $7500. I got the loan for that amount and then paid a lot of it off right off the bat. I didn't want to drain my savings so that I had money left over for emergencies and projects for the car. I see nothing wrong with gettin a loan for a toy, especially if you are responsible enough to manage your money. I am not one of those fortunate enough to pay for such a large expense outright, and not willing to live with no savings.

[Schrup]

Jd, dispute the late charge through Experian, chances are the lazy overworked goverment worker won't respond & it will be dropped from your report. Just say they didn't properly contact you before sending it to collections. When you dispute a charge, Experian will send a letter to the reporting agency & if they don't respond within 30 days it is dropped. A good source to get this done is one of the free credit report websites. Just make sure they include Experian in thier search.

[vash]

right if you can, save the money first. it will probably take you that long to find a good car you want anyways. but if you are one of those that just has a hard time saving cash, it may be the only way.

my friend did the worst move. he cashed out his 401k for spending money. he bought a pistol and a motorcycle. he wouldnt listen to anyone that advised against it.

[cowtown]

Whatever you do, just remember that you're buying an older car and it will probably need a couple thousand dollars' worth of attention in the first couple years of your ownership.

It would be a waste to stretch to get your car, only to have to park it.

Good luck!

[JdBuyer]

CDiercks when did you get your loan? since they have been taking over by capital one, i heard they are harder to get loans. I called them myself and they said excellent credit and 5 years of credit history. I am young myself 30, i have no wife or kids so that frees all my money up

[SpeedracerIndy]

Well, I think I got my loan before they were taken over by Capitol 1. May of 2003. No wife or kids here either, and I'm a few years younger than you. I want to get my toys now and have them paid off before the wife and kids come into the picture. Then I will consider them as assets as opposed to a liability. I don't see a 911 being a liability, especially if it is a weekend toy as mine is. If I really needed the money, I could very easily sell it tomorrow for what I paid.

[JdBuyer]

yeah well forget peoples first now, they will not give me a loan and i dont feel like lowering my score by having them pull a hard inquiry. Hmmm my choice seem very limited

[BURN-BROS]

What about the bank where you have your account? I am sure you have tried them but if not, they would be your best bet.

[kjb]

I was in your shoes last summer. Until you find the perfect car, keep looking at different ones and save up as much money as possible. You'll learn something from every car you look at.

I ended up finding a car that cost a little more money than I had accessible at the time. I financed the missing portion (with my credit card!) and paid it back promptly. The total interest was a little more than a tank of gas.

Being forced to wait can be a good thing. Good luck,

j

[Joe Bob]

Try a credit union.

[Danskman]

Reading through the replies, two jump out at me as carrying significant weight;

(not quotes verbatum, but you get the idea)
Kurt V: Buy what you can afford outright, and pay cash.

Excellent advice.

Cowtown: Plan on putting some $ into the car after you've the keys in your pocket.

This is a biggie. As old as these cars are, there will always be a list of things (hopefully short) that you will want to repair/improve. Always. I bought mine last June, and have put $2000+ into it, easy. I really wasn't expecting to, but did.

[tops911]

when I bought my 78 SC the bank did not want to give me a loan on that old of a car. I told them I'd be down to close my account. The loan dept head called me back in 15 minutes to say they could work with me. The only account I had was a checking so it's not like I did a lot of bussness with them. They ended up giving me a loan for the full amount, $11,000. I was quite impressed at how fast they worked with me after I said I would close my account. I figured I was not important to them. So it never hurts to try

[JdBuyer]

I emailed them but I have yet to call them up, I have been with my bank for awhile now(wells fargo) but i was not sure if my bank would give me the best loans.