getting a loan for an older porsche...help!!!!!

[germaniac]

Guys,

I want to add a daily driving 1999 996 with just 24,000 miles on the odometer to the family fleet. That said, of course I do not have the cash laying and I would need to seel a car or two to finance it...unless I can find a lender who loans out on 9 year old cars...any suggestions? I found ones that go back to 2001...but that's it.

Any help?

Rob

Robertludwick@hotmail.com

[WPOZZZ]

Credit union usually give loans on older cars.

[mdu968]

capitalone.com works great, apply over the internet and if approved they provide you with a blank check that can be written for amount up to amount of loan authorized.
I have used them two or three times for older and/or out-of-state cars.

[ldortiz]

I financed my 86 carrera through Capital One on-line in one day however the check takes about two days to arrive.

Leo

[kevjandon]

Capital one is about the only way to go.

I've used them 3 times.

The first time was when they were called peoplesfirst.com.

[WPOZZZ]

Originally Posted by kevjandon

Capital one is about the only way to go.

I've used them 3 times.

The first time was when they were called peoplesfirst.com.

A friend bought my 91 M5 2 years ago w/ Capital One.

[sledhed]

Just get a line of credit and you can buy cocaine if u want.

[evergreen]

Pentagon Federal Credit Union.
https://www.penfed.org/productsAndRates/loans/vehicleLoans/usedAutoLoans.asp

Even on used cars, Pentagon will lend you up to 90% of
N.A.D.A. internet-published vehicle values (which are pretty generous).
I took a few $thous chunk for my 71 911T so I could snag the car before someone else did, penfed said they would have lent me up to $18K on that car.
(I did have to send them {via email} 3 digital photos taken by seller: front view, back view, engine.)

I have had 3 loans with them, current and past.
You WILL NOT do better than Penfed on interest rate or terms.

I am not military or federal employee, but instead we had to pay a one-time $20 fee to National Military Family Association to join Pentagon fed, this being the only requirement if borrower is not military or federal employee.

Check link above-- currently penfed will loan USED car up to 60 months at 4.25%.
I have an SUV with Pentagon at less than 4.5%. Totally painless process....took 10 minutes online for full application; the funds from Penfed arrived at my door 2 or 3 days later.

[germaniac]

Wow, there's hope...now to buy the cocaine or the car, hmmmm. Guess I can keep turning tricks for the drugs (lol). I will get the car. Thanks all...any more info welcome.

My wife actually told me that Cap one changed their policy -- true or not, I do not know.

Rob

[willtel]

I think Capital One changed the terms of their blank check program a few weeks ago, I don't think they will loan on anything older than a 2001 model now. I got my 930 through them 5 days before the policy changed.

You can also try JJ. Best.

http://www.jjbest.com/

[germaniac]

Hello again,

The Pentagon deal, how are they with credit scoring...do you have to have a stellar score?

Rob

[evergreen]

Originally Posted by germaniac

Hello again,

The Pentagon deal, how are they with credit scoring...do you have to have a stellar score?

Rob

credit score- I think I was at 710 or 715 for my last app. with Pentagon. I don't know what their cutoff is to get the 4.25% for 60 months used auto loan.


*Late edit: on used cars with less than 100K miles, pentagon fed c.u. will actually finance up to 100% of current N.A.D.A. RETAIL value. (correcting my earlier post where I thought it was only up to 90% financing).

Check NADA website-- NADA uses very generous appraisal dollar figures on older Porsches imo.

I am not certain whether Penfed.org uses 'low-retail' or 'average-retail' NADA $ values to cap loan amounts but even low-retail is a substantial number. (e.g., for my '71T, current NADA low-retail is $21k, average retail is $24K+).

[AttilaPorsche]

If You are a doctor or a health care professional let me know, I can hook you up and will not even show on your credit at all unless you forget to pay it more then 3 months!

here to serve gentleman!

[mdu968]

Text below was copied and pasted from Capital One website. This really sucks in that this one far and away the best ways to buy older cars especially long distance deals. Without another similar financing vehicle, buying and selling older cars will be a tougher proposition thus limiting the pool of buyers.


Effective 4/15/2008, Capital One Auto Finance does not provide financing for the following vehicles: vehicles older than 7 years, vehicles with more than 70,000 miles, auto purchases from individuals (private party or person-to-person auto sales), motorcycles (dealer or private party), or lease buyouts. Financing must be used at franchised dealers

[GothingNC]

Originally Posted by mdu968

Text below was copied and pasted from Capital One website. This really sucks in that this one far and away the best ways to buy older cars especially long distance deals. Without another similar financing vehicle, buying and selling older cars will be a tougher proposition thus limiting the pool of buyers.


Effective 4/15/2008, Capital One Auto Finance does not provide financing for the following vehicles: vehicles older than 7 years, vehicles with more than 70,000 miles, auto purchases from individuals (private party or person-to-person auto sales), motorcycles (dealer or private party), or lease buyouts. Financing must be used at franchised dealers

Wow, that's a bummer
Capital One cannot be used for lease buyouts.

They must have gotten burned on way too many shady loans.

[racer]

You could simply wait to buy the car once you have the money to afford it. Nothing like having to pay a loan on an 8 year old car to then turn around and unexpectedly have its motor blow up and pay another $10-12K for that too. If you can't pay cash for it, you probably can't afford it.

[tonypai]

I just used JJ Best. No problems, you just need a patient seller. It takes a week to get a check after you sign a bill of sale.

[competentone]

Originally Posted by racer

You could simply wait to buy the car once you have the money to afford it. Nothing like having to pay a loan on an 8 year old car to then turn around and unexpectedly have its motor blow up and pay another $10-12K for that too. If you can't pay cash for it, you probably can't afford it.

[sarcasm] How could you suggest such a thing!?! Don't you know that we live in the NOW generation? People are not supposed to wait and save money and then pay cash for the things they want! [/sarcasm]

Seriously, yours is the best comment on this thread!

[mdu968]

Kind of interesting - CapitalOne discontinued loans on older vehicles yet just mailed me an offer for an unsecured loan for $30k at 6.9%.

I certainly agree with the post about people buying things they can't afford but sometimes financing cars makes sense to me and it's nice to have that option available.

[Embraer]

If you have State Farm Insurance, State Farm Bank will do loans on anything, with no age or mileage restrictions.....I bought a 944 Turbo a few years back. Nice car, with 86K miles on it. I was young and didn't have much credit (although what I had was good), and I got the loan for around 9.5% as my rate.