Is it impossible? Financing a corvette question :/
Race Director
Joined: May 2010
Posts: 16,574
Likes: 13
From: Winfield IN
Good luck with it, but I bet if you do find somebody to loan you the money it's going to be at a pretty high rate. And have you already looked into your insurance premiums? If you have a lien on the car they will require you to carry full coverage. For a 21-year-old that could easily be $500/month.
Pro
Joined: Nov 2007
Posts: 735
Likes: 1
From: Round Rock TX
Insurance wont be a problem- hell I bought my z06 4 years ago when I was 21 and my insurance was cheaper than the quotes i received for Evo's, STi's, and 03-04 Cobras.
What sounds like an issue is the OP is going to have to stretch his budget or his means should i say to purchase a car that is in most cases 8 years old.
Ok so you get financed for a Z06- cool, what happens then when your car needs repairs? Dont waste your time- buy a newer vehicle, youll get a lower APR and when you wreck it wont jack up my insurance rates. thanks
What sounds like an issue is the OP is going to have to stretch his budget or his means should i say to purchase a car that is in most cases 8 years old.
Ok so you get financed for a Z06- cool, what happens then when your car needs repairs? Dont waste your time- buy a newer vehicle, youll get a lower APR and when you wreck it wont jack up my insurance rates. thanks
Burning Brakes
Joined: Mar 2009
Posts: 1,028
Likes: 33
From: GRAYSLAKE IL
Oldtimer
St. Jude Donor '13
Good luck in your search. Re insurance remember that Adam Boca at the Nat'l Corvette Museum writes policy's for Corvettes at very good rates...P.S. Possible good prices on Vettes for sale in cold climate states (including dealers)...
Race Director
Joined: Oct 2004
Posts: 13,587
Likes: 1,352
From: Home of the VOLS ! Knoxville, TN. Tennessee
St. Jude Donor '11-'12-'13, '15, '16-'17-'18-'19
It all depends on your credit and your relationship with the financial institution. " good" may not be good enough these days.
You almost have to have credit score of a minimum 650 or higher to finance anything unless you are willing to pay 20% interest
.
I financed my 2002 with no money down at 3.9% at my credit union, and it had 93k miles.
If you haven't joined a credit union yet, do it now for the future. Get away from banks, they are blood suckers.
You almost have to have credit score of a minimum 650 or higher to finance anything unless you are willing to pay 20% interest
.I financed my 2002 with no money down at 3.9% at my credit union, and it had 93k miles.
If you haven't joined a credit union yet, do it now for the future. Get away from banks, they are blood suckers.
Pro
Joined: Sep 2007
Posts: 548
Likes: 3
From: Northeast NE
Yes it is possible....maybe not the wisest thing to do with your money at that age, but still possible.
Put money in something that will hold value or appreciate...buying a corvette, while fun and all is a terrible investment when you consider all the costs.
Never would have bought one before all the other important stuff was taken care of.....house, other cars etc. I know the waiting is hard, but anything worth doing is going to be a challenge. I used my money to pay off my house early and saved $60,000 in interest, thus making the corvette a free reward for waiting . I did finance the corvette, but would not buy a non Daily driver corvette with a loan while paying on a house as well.
Just my $.02 and I know it is not what you want to hear, but sometimes a person has to look at the big picture 20 years out.
Either way, strongly consider all costs and make the choice that is the wisest for you.
Good luck and whenever you get one, have a blast.
Put money in something that will hold value or appreciate...buying a corvette, while fun and all is a terrible investment when you consider all the costs.
Never would have bought one before all the other important stuff was taken care of.....house, other cars etc. I know the waiting is hard, but anything worth doing is going to be a challenge. I used my money to pay off my house early and saved $60,000 in interest, thus making the corvette a free reward for waiting . I did finance the corvette, but would not buy a non Daily driver corvette with a loan while paying on a house as well.
Just my $.02 and I know it is not what you want to hear, but sometimes a person has to look at the big picture 20 years out.
Either way, strongly consider all costs and make the choice that is the wisest for you.
Good luck and whenever you get one, have a blast.
Drifting
Joined: Feb 2008
Posts: 1,617
Likes: 2
From: San Diego California
best advice so far. a few years ago I was in a situation where I wanted to flip a car but was tight on funds. The car was 69 C3 and I got a personal loan at the CU and was good to go. Paid the bank off in 2 days. Be aware the interest will be higher on loans like this...
Pro
Joined: Mar 2010
Posts: 691
Likes: 19
From: Los Angeles
I know you didn't ask for opinions on what you should do, but I hate to see people make bad decisions at a young age. Most people finance a car because it is new and expensive. By the time it is finally paid off, the maintenance costs start going up. You will be dealing with high maintenence costs as well as the loan. One thing to consider, many people can afford to buy a Corvette, but its another thing to afford to own one. I don't know your personal situation but most people around your age are just starting out in life and have to start paying back college tuition loans, saving for a house, and enjoying life, and though its nice to own a Corvette at a young age, its no fun sitting at home because you can't afford to put gas in it and go anywhere.
I'm 25 right now and saved up the cash to buy my car, and I have friends that financed their cars. It seems like they are slaves to their car payments, and I can go on to bigger and better things.
I'm 25 right now and saved up the cash to buy my car, and I have friends that financed their cars. It seems like they are slaves to their car payments, and I can go on to bigger and better things.
Drifting
Joined: May 2010
Posts: 1,482
Likes: 2
From: Pearland, TX
Somebody who's owned it and had it paid off for 10 years and doesn't wants the option whether or not they want to pay extra for collision.
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Instructor
Joined: Jun 2011
Posts: 167
Likes: 0
From: La
in june or july I bought a 02 vert with 6000 down but the mileage was only 31000...also from a chevrolet dealer...I punched them in the gut and they gave me a 3 year/36000 mile warranty also...if this is your 2nd vehicle and dont use it as a daily driver you can use Grundy and pay a whopping 450 year for full coverage..I am only 32 btw with grundy they prefer you to have it stored in an enclosed garage
Instructor
Joined: Jun 2011
Posts: 167
Likes: 0
From: La
I know you didn't ask for opinions on what you should do, but I hate to see people make bad decisions at a young age. Most people finance a car because it is new and expensive. By the time it is finally paid off, the maintenance costs start going up. You will be dealing with high maintenence costs as well as the loan. One thing to consider, many people can afford to buy a Corvette, but its another thing to afford to own one. I don't know your personal situation but most people around your age are just starting out in life and have to start paying back college tuition loans, saving for a house, and enjoying life, and though its nice to own a Corvette at a young age, its no fun sitting at home because you can't afford to put gas in it and go anywhere.
I'm 25 right now and saved up the cash to buy my car, and I have friends that financed their cars. It seems like they are slaves to their car payments, and I can go on to bigger and better things.
I'm 25 right now and saved up the cash to buy my car, and I have friends that financed their cars. It seems like they are slaves to their car payments, and I can go on to bigger and better things.
Race Director
Joined: May 2010
Posts: 16,574
Likes: 13
From: Winfield IN
I'm sorry, but that is horrible advice. I'm only 25 (so I'm on the more expensive end of car insurance than some of the older guys), and the added premium I pay to have a $1000 collision deductible is $20 a month. That's cheap insurance (pun intended) if you ask me, to be able to get a $20,000 check in the instance that I get in an at-fault accident and wreck my car as opposed to being out of a $20,000 car if I didn't have collision coverage. Not worth the gamble. C'mon, we're not talking about a $1500 Honda Civic winter beater here. But to each their own...
Instructor
Joined: Jun 2011
Posts: 167
Likes: 0
From: La
I'm sorry, but that is horrible advice. I'm only 25 (so I'm on the more expensive end of car insurance than some of the older guys), and the added premium I pay to have a $1000 collision deductible is $20 a month. That's cheap insurance (pun intended) if you ask me, to be able to get a $20,000 check in the instance that I get in an at-fault accident and wreck my car as opposed to being out of a $20,000 car if I didn't have collision coverage. Not worth the gamble. C'mon, we're not talking about a $1500 Honda Civic winter beater here. But to each their own...
I am not taking a jab at you by no means. I am only 32 but I remember when I was 25 and I used to feel the same way. BTW always have full coverage in todays reckless society. I completely lost a vehicle that my gf crashed and received NO money because it was her fault and all I had was liability. An $8000 dollar loss
Melting Slicks
Joined: Mar 2008
Posts: 2,453
Likes: 346
From: SC
I'm sorry, but that is horrible advice. I'm only 25 (so I'm on the more expensive end of car insurance than some of the older guys), and the added premium I pay to have a $1000 collision deductible is $20 a month. That's cheap insurance (pun intended) if you ask me, to be able to get a $20,000 check in the instance that I get in an at-fault accident and wreck my car as opposed to being out of a $20,000 car if I didn't have collision coverage. Not worth the gamble. C'mon, we're not talking about a $1500 Honda Civic winter beater here. But to each their own...
You are correct, Sir!
Drifting
Joined: May 2010
Posts: 1,482
Likes: 2
From: Pearland, TX
I'm sorry, but that is horrible advice. I'm only 25 (so I'm on the more expensive end of car insurance than some of the older guys), and the added premium I pay to have a $1000 collision deductible is $20 a month. That's cheap insurance (pun intended) if you ask me, to be able to get a $20,000 check in the instance that I get in an at-fault accident and wreck my car as opposed to being out of a $20,000 car if I didn't have collision coverage. Not worth the gamble. C'mon, we're not talking about a $1500 Honda Civic winter beater here. But to each their own...
Team Owner
Joined: Sep 2003
Posts: 43,084
Likes: 33
From: Raleigh / Rolesville NC
So Ive been saving up hoping to buy a 02-04 Z06 and the most im willing to spend is 20k with a $5,000 down payment, but to my disappointment some banks and credit unions only finance vehicles up to 7 seven years old, am I basically screwed or are there ways around this?
Thread Starter
Advanced
Joined: Nov 2011
Posts: 87
Likes: 0
From: VA
Wow thanks A LOT guys! I actually work at a Bank of America and they only finance up to 7 years, and even they werent able to give me the advice that you guys are giving me! I really really appreciate this I was actually talking to my co workers about it today and were telling me I was pretty much out of luck.
And I also really appreciate your concerns with insurance, I know it will be a hefty amount, I purchased my 99 Z28 when I was 17 years old (I sm 21 now) and although not a corvette, I was still paying a high premium, and as for a honda I had 96 honda accord that gave me a crap ton of problems! the camaro has never given me any problems and I still have it garaged at home. Getting insurance on the car is not really a concern, I know I will have to get full coverage on the car and it wont be cheap.
But seriously guys THANKS A TON!
And I also really appreciate your concerns with insurance, I know it will be a hefty amount, I purchased my 99 Z28 when I was 17 years old (I sm 21 now) and although not a corvette, I was still paying a high premium, and as for a honda I had 96 honda accord that gave me a crap ton of problems! the camaro has never given me any problems and I still have it garaged at home. Getting insurance on the car is not really a concern, I know I will have to get full coverage on the car and it wont be cheap.
But seriously guys THANKS A TON!
Thread Starter
Advanced
Joined: Nov 2011
Posts: 87
Likes: 0
From: VA
Oh and I didnt actually get to read all of the comments till now, I didnt realize there was a 2nd page of comments lol.
But to spoon98hatch knock on wood I wont be wrecking the vette, I know it may seem like I cant handle the power but I can!
On another note I really appreciate all of the concerns and opinions that are being given to me regarding weather it is a wise or unwise decision to purchase this vehicle, the way I look at it is that I will be 100% more satisfied if I buy a 15-20K Corvette than lets say a brand new honda civic for that price, Ive done plenty of research and know that C5 Z06s are pretty reliable, get decent if not pretty good mpg.
And also back on the insurance thing, I was actually looking into getting an E55 AMG W211 and the insurance quote I got on those were rediculous close to 2k/6months, plus that thing gets horrible mpgs!
But to spoon98hatch knock on wood I wont be wrecking the vette, I know it may seem like I cant handle the power but I can!
On another note I really appreciate all of the concerns and opinions that are being given to me regarding weather it is a wise or unwise decision to purchase this vehicle, the way I look at it is that I will be 100% more satisfied if I buy a 15-20K Corvette than lets say a brand new honda civic for that price, Ive done plenty of research and know that C5 Z06s are pretty reliable, get decent if not pretty good mpg.
And also back on the insurance thing, I was actually looking into getting an E55 AMG W211 and the insurance quote I got on those were rediculous close to 2k/6months, plus that thing gets horrible mpgs!
Pro
Joined: Sep 2004
Posts: 656
Likes: 1
From: Nixa Mo.
Guys, he's not asking if financing a vette is the correct decision, he's asking if you can finance one.
I know people want to be helpful but not everyone has cash to drop down on a car, which has become our second most expensive thing we buy next to our homes.
They came up with financing options because most of america buys their cars in this manner.
I know people want to be helpful but not everyone has cash to drop down on a car, which has become our second most expensive thing we buy next to our homes.
They came up with financing options because most of america buys their cars in this manner.
this kids got 5k to put down he's 21 crap most of the people that come on my lot don't have jack to put down. And 90% have crap credit there is nothing wrong with taking out a reasonable auto loan!!