Financing
Thread Starter
Instructor
Joined: May 2010
Posts: 197
Likes: 15
Financing
I have been looking at C5s and C4s for a while and never gave financing a second thought. I have the cash but would prefer to take out a loan given where rates are at and other investment opportunities. I have my eye on a few cars and when checking out an 03 Z06 yesterday, the seller mentioned I may want to make sure I can get a loan. I told him, oh that won't be a problem. I had time today to go my bank (Chase) and sure enough, without even looking at my info, they flat out won't finance anything older than a 2005.
So what do you all do? Surely, everyone who buys a C4 is not paying cash, or some crazy interest rate over 7-8%.
My first thought is just to write a check to myself from one of my credit cards that is offering 0% for 18 months use that to finance the car. The only cost would be the 3% transaction fee, and I would just pay it off over the course of the promotion.
I would think that there has to be a better way though.
So what do you all do? Surely, everyone who buys a C4 is not paying cash, or some crazy interest rate over 7-8%.
My first thought is just to write a check to myself from one of my credit cards that is offering 0% for 18 months use that to finance the car. The only cost would be the 3% transaction fee, and I would just pay it off over the course of the promotion.
I would think that there has to be a better way though.
Le Mans Master
Joined: Jul 2009
Posts: 8,041
Likes: 2
From: EOF ★ Kaliforniastan ★
St. Jude Donor '10
I have been looking at C5s and C4s for a while and never gave financing a second thought. I have the cash but would prefer to take out a loan given where rates are at and other investment opportunities. I have my eye on a few cars and when checking out an 03 Z06 yesterday, the seller mentioned I may want to make sure I can get a loan. I told him, oh that won't be a problem. I had time today to go my bank (Chase) and sure enough, without even looking at my info, they flat out won't finance anything older than a 2005.
So what do you all do? Surely, everyone who buys a C4 is not paying cash, or some crazy interest rate over 7-8%.
My first thought is just to write a check to myself from one of my credit cards that is offering 0% for 18 months use that to finance the car. The only cost would be the 3% transaction fee, and I would just pay it off over the course of the promotion.
I would think that there has to be a better way though.
So what do you all do? Surely, everyone who buys a C4 is not paying cash, or some crazy interest rate over 7-8%.
My first thought is just to write a check to myself from one of my credit cards that is offering 0% for 18 months use that to finance the car. The only cost would be the 3% transaction fee, and I would just pay it off over the course of the promotion.
I would think that there has to be a better way though.
Burning Brakes
Joined: Oct 2007
Posts: 765
Likes: 3
From: Holland MI
I financed my car. I know everyone says pay cash, but I wanted the car. Local credit union gave loan approval based on book value of the car. I did end up with an interest rate around 7%, but with the age of the car, I thought it was a fair deal. Many options out there, do what works best with your budget!
Race Director
Joined: Feb 2003
Posts: 16,475
Likes: 270
From: Kingman AZ
Cruise-In VII Veteran
Cruise-In VIII
St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13-'14-'15-'16
I used these folks before. Easy to deal with.
https://www.jjbest.com/default.aspx
I paid cash for the one I own now though.
https://www.jjbest.com/default.aspx
I paid cash for the one I own now though.
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
Corvette ZR1X Will Be Pacing the Indy 500, And Could Probably Race, Too!
Verdad Gallardo
Top 10 Corvettes Coming to Mecum Indy 2026!
Brett Foote
Top 10 C9 Corvette MUST-HAVES to Fix These C8 Generation Flaws!
Michael S. Palmer
10 Revolutionary 'Corvette Firsts' Most People Don't Know
Joe Kucinski
5 Reasons to Upgrade to an LS6-Powered Corvette; 5 Reasons to Stay LT2
Michael S. Palmer
2027 Corvette vs The World: Every C8 vs Its Closest Competitor
Joe Kucinski
10 Most Common Corvette Problems of the Last 20 Years!
Joe Kucinski
5 MOST and 5 LEAST Popular Corvette Model Years in History!
Joe Kucinski
2027 Corvette Buyer's Guide: Everything You Need to Know!
Joe Kucinski
Team Owner
Joined: Oct 2004
Posts: 81,241
Likes: 3,062
From: altered state
St. Jude Donor '05
A good credit union will do it
The 0 percent deal is popular. You got 18 mos to pay it off or put the balance on another 0 percent card. Know a few who have paid off new cars quickly doubling up on pmts like that.
Never considered a loan for a toy they were always paid for up front.
Do what you gotta do.
The 0 percent deal is popular. You got 18 mos to pay it off or put the balance on another 0 percent card. Know a few who have paid off new cars quickly doubling up on pmts like that.
Never considered a loan for a toy they were always paid for up front.
Do what you gotta do.
Thread Starter
Instructor
Joined: May 2010
Posts: 197
Likes: 15
I have been actively watching the C-5 and C-4 for sale sections for quite awhile. Reading, learning and establishing a baseline for where things should line up.
Instructor
Joined: Nov 2003
Posts: 239
Likes: 0
From: UT.
I looked for mine for about a year and a half
. I wasn'nt kicking anything....I don't think.
I financed mine, I first went to chase and was told the same thing. Back then it was nothing older than 10 years. Went over to my credit union and they gave me a great loan, I think it was 6.5% back in 2006.
Dust
. I wasn'nt kicking anything....I don't think. I financed mine, I first went to chase and was told the same thing. Back then it was nothing older than 10 years. Went over to my credit union and they gave me a great loan, I think it was 6.5% back in 2006.
Dust
Max G’s
Joined: Nov 2008
Posts: 2,751
Likes: 78
From: Monroe OH
NCM Sinkhole Donor
There are a lot of different opinions on what to do when purchasing. Here is my 2 cents. Cash is King, so the more I have at my disposal the better. You never know what is gonna come up. Also, cars, even C4's right now are not going to gain in value for several more years. With this I would finance, but put enough cash down to where you can liquidate the car if you need. If you get a loan under $10K the rate isn't really too big factor unless you are talking over 20%. The difference in rate between 5% and 10% doesn't make too big difference.
Now to get real creative, but don't get too overzealous and be careful on how much you take out, but if you have equity in property, use and equity line of credit, which will have a very low rate, maybe like 3% to 5% and just pay off at a rate that makes you comfotable and you can deduct the interest.
Now to get real creative, but don't get too overzealous and be careful on how much you take out, but if you have equity in property, use and equity line of credit, which will have a very low rate, maybe like 3% to 5% and just pay off at a rate that makes you comfotable and you can deduct the interest.
Le Mans Master
Joined: Oct 2004
Posts: 6,314
Likes: 508
From: South-central Missouri
Capitol One (What's in YOUR wallet??) I find has been very easy to deal with when my wife found her 69 C3 vert, but was short of paying for it outright. I prefer to pay cash for toys too (wouldn't we all), but there ya have it!
P.
P.
Melting Slicks
Joined: Feb 2005
Posts: 2,057
Likes: 5
From: Bay Shore, NY
I bought my C4 from eBay and I wanted a way to have the payment held in escrow while the car was being delivered, etc. I used eLoan and they were great. I got a loan for a 20 something year old car at around 6%, the only catch was I had to arrange for the payment to be automatic from a checking account. While I had the cash to buy my toy, I was happy I used this method, this way the cash was on hand for repairs I knew were needed.
Le Mans Master
Joined: May 2006
Posts: 9,226
Likes: 9
From: Irvine Ca
Never finance a toy like this, you'll regret it.
I mean, if you are going with an '03 and financing it, might as well get a newer on and finance it.....just looked and there are tons of 2007s for ~$25k ~$29k......That's a $600 per month payment.
OR stay sane and pick up a C4 for less than $10k and pay cash for it.
Last edited by jhammons01; Mar 12, 2012 at 04:49 PM.
Burning Brakes
Joined: Aug 2010
Posts: 951
Likes: 3
From: Placerville CA
I have the cash but would prefer to take out a loan given where rates are at and other investment opportunities.
I admire your courage, but with further waves of foreclosures coming down the pike, massive uncertainty with the Euro situation, and the Israel/Iran dispute heating up I'm afraid to pull the trigger on anything.
If it were me I would not buy any car I could not pay for out of spare "mad money" and without doing damage to my overall financial position. Remember, too, that there are usually a lot of post-purchase expenses: registration, insurance, and anything the previous owner didn't bother to fix before he sold the car.
Financing a potential money-pit Corvette? Unwise, IMHO. But nobody ever called me a financial genius, so....
