Financing options for C3
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Joined: Oct 2000
Posts: 88
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From: Bartlett, TN
Financing options for C3
I've been looking at buying a C3 next spring, but won't be able to pay cash for it.
My credit union will only do a signature loan at around 12%, which is too high. What
are my other options, and possible interest rates for A+ credit? I'm also trying to avoid a
home equity loan. Thanks.
My credit union will only do a signature loan at around 12%, which is too high. What
are my other options, and possible interest rates for A+ credit? I'm also trying to avoid a
home equity loan. Thanks.
Le Mans Master
Joined: Apr 2001
Posts: 9,829
Likes: 0
From: Houston Tx
St. Jude Donor '09
Re: Financing options for C3 (lodom)
I financed my 74 through http://www.peoplefirst.com . I think the rate is around 8.5%. They have been great to work with.
Team Owner
Joined: Jul 2001
Posts: 61,415
Likes: 478
From: Here to make friends
St. Jude Donor '11, '16-'17
Re: Financing options for C3 (lodom)
Hmm...my credit union will do a 6.5% loan, but I must have an appraisal (and of course, insurance) for the car. You should probably check around. Interest rates should be pretty low right now.
Drifting
Joined: Aug 1999
Posts: 1,468
Likes: 1
From: Kirkland WA
Re: Financing options for C3 (The_Dude)
I used peoplefirst as well. Great rate (same as posted above) for a person-to-person loan. I use direct withdrawl so I never have to write a check. It's been great.
Safety Car
Joined: Jan 2001
Posts: 4,660
Likes: 3
From: South Central Louisiana
St. Jude Contributor
Re: Financing options for C3 (lodom)
Got the initial loan at the bank for 12%, a month later got one of those credit card balance transfer offers for 8%, then one for 5%, then one for 2%, now I have it at 0%. Just watch out for transfer fees, annual fees, transfer again before the special rate ends, and make payments on time.
Le Mans Master
Joined: Aug 2000
Posts: 9,662
Likes: 7
From: Semper ubi, sub ubi
Cruise-In VI Veteran
Cruise-In VII Veteran
Re: Financing options for C3 (lodom)
What's the problem with home equity loan? They are great way to deduct the interest from the loan on your income taxes. There are some really new ways to use home equity loans, one of them is a "Line of Credit" loan. This type loan is setup where you go and get okayed for up to X amount of $. You pay nothing on the loan until you actually use some of the money.
Some places are actually using these type loans for credit card loans.
Some places are actually using these type loans for credit card loans.
Melting Slicks
Joined: Mar 2000
Posts: 2,975
Likes: 1
From: Northwest Iowa
Re: Financing options for C3 (Cajun75)
Same here Cajun75, I bought mine with cash. It was a he!! of a ride on the stock market from aug. 97 to Mar 2000. Invested about a third of what the Vette cost me. Home Depot and Intimate Brands paid for the rest. Most recently, Alcoa paid for the paint job.
Lodom, I thought the Home Equity Loan would be a pretty good choice, too. Interest you pay is tax deductible and can pay it off at your leasure. I have paid for many a toy that way myself!
Lodom, I thought the Home Equity Loan would be a pretty good choice, too. Interest you pay is tax deductible and can pay it off at your leasure. I have paid for many a toy that way myself!
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Thread Starter
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Joined: Oct 2000
Posts: 88
Likes: 0
From: Bartlett, TN
Re: Financing options for C3 (Rich's75)
Thanks for the options. I knew I could do better than my CU. My current car will be paid off by spring and I'll have to reconsider the home equity loan. 8.5% is reasonable for a used car, but not 12%. I'll shop rates just before I'm ready.
Burning Brakes
Joined: Apr 2001
Posts: 752
Likes: 1
From: Springfield Oregon
Re: Financing options for C3 (lodom)
I did mine on my credit union platinum visa. Variable rate tied to the prime calculated every 3 months. Was 8.5 through july, then went to 7%. Thanks Greenspan, keeep up the good work till I can get this thing payed off. Also, this way I have the title, no leanholder. Good luck.