Best Financing For Used Porsche

[jschauer]

Anyone know what a good rate should be for an 18 year old 911? My approval from Citibank is fairly good if the car is newer but the 18 year old I'm fond of only gets an APR of 8.45. Thought that was kinda weak. It's like 6.7 if the car is less than 2 years old.

I am 34 years old, married, superb credit, one child, no wrecks/tickets etc etc. Any suggestions on other financial co's to check out?

Thanks for any help.

[Hetmann]

Best of course would be to pay cash - 0%

Second best is to use a home equity line of credit.

[Paul K]

+1 for a home equity loan.

That way you get the title, and the APR is fairly low.

Good luck!

Paul.

[david914]

+2 for home equity loan.

[DeutschMark]

Try your local credit union. I got a "classic" car loan with an interest rate around 6%.

[khamul02]

Capital One was great.

[Super_Dave_D]

Capitol One - they send you a blank check and you shop where you want. I filled out their app and got a call in 5 minutes. Had the check in my hand the next day.

http://www.capitalone.com/autoloans/index.php?linkid=WWW_1106_AUTO_01_HOME_C1_02_T_AC1

[stomachmonkey]

I'm shocked they'd even do a loan for an 18 year old car.

What's your rate for a personal loan?

[bbaer6676]

i am suprised you could get a loan on a car that old, though i have never tried before. i would think the home equity line would be a good idea.

[Brian 162]

I only needed $10,000 when I bought my SC. I went to the bank for a loan and they gave me a line of credit .

[Porschefile]

Capital One, hands down. I bought both my 951 and Carrera through them. Each time it was the same exact story. Filled out the application online, received approval within ~15 minutes (during business hours), had the check overnighted the same day, received it the next morning and was on a plane a couple of hourse later, picked up each car later in the day. It really doesn't get any easier than that. Their rates are pretty decent too. I think my 951 was ~6% but, I might be off. Either way, at the time it seemed like a much better rate than some of the other places I checked with. Not to mention, AFAIK, I don't believe Capital One has an age limit for a car. Many lenders will only lend on a car that is 0-5 yrs old. It's even more uncommon to find one for 10+yrs.

[Super_Dave_D]

Originally posted by Porschefile
Capital One, hands down. I bought both my 951 and Carrera through them. Each time it was the same exact story. Filled out the application online, received approval within ~15 minutes (during business hours), had the check overnighted the same day, received it the next morning and was on a plane a couple of hourse later, picked up each car later in the day. It really doesn't get any easier than that. Their rates are pretty decent too. I think my 951 was ~6% but, I might be off. Either way, at the time it seemed like a much better rate than some of the other places I checked with. Not to mention, AFAIK, I don't believe Capital One has an age limit for a car. Many lenders will only lend on a car that is 0-5 yrs old. It's even more uncommon to find one for 10+yrs.

I also thought it was crazy they would go 72 months on a 20 yo car!

[timc]

I had money set aside in a Discover Money Market account earning 5% that I was going to use for the 930. Well during the time I was looking citibank kept sending me blank checks on a credit card that I had a zero balance, which were 3.5% until the balance was paid in full, so I wrote one of the checks for the car and now I am debating whether I leave the car on the CC at 3.5% and leave the money in the Money Market earning 5%??? I figured out how much I should pay each month on the CC to pay it off in 4-5yrs so that is what I am doing right now. I'm no financial wizard, but I can't see any reason to take the $$ out of the MM at 5% to pay off the CC at 3.5%, thoughts?

Tim.

[efhughes3]

Well, there's a reason that the banks charge high interest for loans on 18 year old cars....It may be worth considering why they take that stance.

I know it's tempting, I've been there and done that in my younger days, but you'd be better served hunkering down for a year and slapping away as much cash as you can to finance this.

There is nothing that will take the joy out a car like this more, than to be paying payments, and (God forbid) being faced with a large expenditure due to a mechanical catastrophe.

[RichMink76]

+ whatever for Capital One.

[911quest]

I have to agree with Ed these cars are no fun if have to make an monthly payment then have a large repair bill. It doen't take much to rack up a 2000.00 bill for something silly like a clutch or worse.

[khamul02]

As with everything I think the key is to put down as much as possible so your payment will be peanuts. Being able to borrow an addtional 8K will hopfully put you in a lot nicer car. Oh and a sidenote the least amount you can borrow from Captial One is 7500.

[jorian]

Make sure you have enough $ left to do the inevitable repairs.

[Loaded]

find a small private bank with real loan officers that can make a decision right there. I use one and al I have to do is call them up let them know what im buying and he ALWAYS say right a check we will cover it bring us the title

[efhughes3]

PAY CASH!!