Anyone know?
Thread Starter
Instructor
Joined: Feb 2016
Posts: 209
Likes: 1
Anyone know?
I am in the market for an 02-04 zo6. After contacting my credit union today they gave me a really high rate in my opinion. I have excellent credit but they said because its older then an 07 it turn into something other than auto loan. Does anyone know where you can get a good rate on an 02-04 z06 or do I have to focus on looking for a standard 07 because of the rate being so much better? Thanks for your help in advance.
Administrator
Joined: Mar 2001
Posts: 368,536
Likes: 24,827
From: In a parallel universe. Currently own 2014 Stingray Coupe.
C7 of the Year - Modified Finalist 2021
MO Events Coordinator
St. Jude Co-Organizer
St. Jude Donor '03 thru '26
NCM Sinkhole Donor
CI 5, 8 & 11 Veteran
Some banks/credit unions will not give an auto loan on vehicles past a certain age. Check with other financial institutions on what rates they have for collector/classic cars. And yes, from what others have posted here, PenFed does offer good rates on auto loans.
Pro
Joined: Aug 2014
Posts: 717
Likes: 80
From: Michigan
Dort Federal Credit Union in Flint, MI. Local CU.
I signed for a 10% loan at the dealer because it was out of state (easier to deal with) and I had every intention of refinancing when I got home. DFCU got it done for 3.03%...
...and mine was a 2003 with 85K on the clock...loan officer didn't even flinch at that.
I signed for a 10% loan at the dealer because it was out of state (easier to deal with) and I had every intention of refinancing when I got home. DFCU got it done for 3.03%...
...and mine was a 2003 with 85K on the clock...loan officer didn't even flinch at that.
Last edited by jjaaam; Feb 19, 2016 at 10:38 PM.
Racer
Joined: Feb 2014
Posts: 326
Likes: 19
From: Decatur AL
I got my 03 Z with 32K on the clock and a 1.9% rate, they didn't care about the age of the car. They only checked the value and I financed a lot less than what they valued the car at which was $26,800 but that was a little over 2 years ago. I also have been doing business with this Credit Union for 12 years now and have had multiple vehicle loans with them and have ALWAYS paid them just like all my other bills. Not sure if that made a difference or not.
Pro
Joined: Mar 2014
Posts: 657
Likes: 181
From: Houma Louisiana
When I bought my 98 through a dealer, about an hour and half away, they sent my info to multiple credit unions and they would call me back and tell me what my offers were. The best was a 4.9 interest rate and I didnt need a cosigner. I was 22 at the time and my credit credit score was around 650. I was happy with the offer. Some unions are more strict than others when it comes to older cars.
Corvette Stories
The Best of Corvette for Corvette Enthusiasts
Every 2027 Corvette Engine Explained
Joe Kucinski
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Verdad Gallardo
10 Ugly Corvettes That We Still Kinda Love
Joe Kucinski
Top 10 Most Expensive Corvettes Ever Sold on Bring A Trailer
Brett Foote
10 Things Every Corvette Owner Needs (2026 Edition)
Michael S. Palmer
8 Most "Only Corvette Owners Understand" Quirks and Problems
Pouria Savadkouei
10 Reasons the C6 Z06 is Still A Performance Benchmark After 20 Years
Joe Kucinski
How Much Horsepower Every Corvette Engine "LOST" in 1972
Joe Kucinski
Top 10 DOs and DON'Ts for Protecting Your Convertible Top!
Michael S. Palmer
Instructor
Joined: Mar 2014
Posts: 177
Likes: 13
From: Niantic Connecticut
Melting Slicks
Joined: Dec 2005
Posts: 2,017
Likes: 169
From: SE VA VA
The problem here is if you change employers, or your employer changes 401 providers, the balance on the 'loan' is due in full, immediately.
If that happens and if you can't pay in full, then the IRS hits you with an early withdraw penalty, which IIRC, is about 20%.
(Saw that happen with a couple of my coworkers.)
Heel & Toe
Joined: Jan 2016
Posts: 22
Likes: 5
From: Springfield Virginia
DTA4, I just purchased my 04 Z06 Z16 and found the same thing when trying to go with a traditional brick and mortar bank. I found the best rate and an actual auto loan with nationwide bank, https://www.nationwide.com/used-auto-loan.jsp (who knew they had a bank)
Transaction was smooth and would highly recommend. Only constraint they had was on mileage, but the car I bought had under 10,000 miles on it, so not an issue for me.
Shane
P.S. I agree with Phanni, worst advice to touch your 401K
Transaction was smooth and would highly recommend. Only constraint they had was on mileage, but the car I bought had under 10,000 miles on it, so not an issue for me.
Shane
P.S. I agree with Phanni, worst advice to touch your 401K
Last edited by sbwheeler; Feb 21, 2016 at 01:30 PM.
Racer
Joined: Sep 2010
Posts: 251
Likes: 7
From: Winston-Salem NC
Not to hijack a thread, but can you explain the down side to me for the current market conditions. Because I am considering doing this.
I'm loosing my a$$ in mine for over a year now, 8% down. No matter what fund I can choose from in my plan, the majority are in the negative. I just got it back to where it was in 2008 last year. So I've stayed stagnant for 7 years. My thought process is at least I can pay back my 401K with a positive interest to off set the negative and lower my taxable income.
I'm loosing my a$$ in mine for over a year now, 8% down. No matter what fund I can choose from in my plan, the majority are in the negative. I just got it back to where it was in 2008 last year. So I've stayed stagnant for 7 years. My thought process is at least I can pay back my 401K with a positive interest to off set the negative and lower my taxable income.
Last edited by tmatthews; Feb 21, 2016 at 03:05 PM.
Team Owner
Joined: Dec 1999
Posts: 34,873
Likes: 487
From: Lacey WA RVN 68-69
NCM Sinkhole Donor
You might want to shop around for another CU. You didn't say how long you have been with your current CU or if you have had prior loans, but it can't hurt to look. Having a good-sized balance in a checking or savings account can be a help in interest rates.
My CU doesn't have different rates for the age of a car, but they do have special loans for "classic cars" but the rates are the same. Right now, my CU has auto loans anywhere from 1.24% to 2.49% based on the term of the loan (24 months for the 1.24 and 84 months for the 2.49).
It may also help if you can go with a cash down payment to the seller and reduce the amount of the loan. If you were thinking about financing 100% of the purchase price, you could find yourself upside down on the loan very quickly.
My CU doesn't have different rates for the age of a car, but they do have special loans for "classic cars" but the rates are the same. Right now, my CU has auto loans anywhere from 1.24% to 2.49% based on the term of the loan (24 months for the 1.24 and 84 months for the 2.49).
It may also help if you can go with a cash down payment to the seller and reduce the amount of the loan. If you were thinking about financing 100% of the purchase price, you could find yourself upside down on the loan very quickly.
Thread Starter
Instructor
Joined: Feb 2016
Posts: 209
Likes: 1
THANKS for all the great advice. I am a teacher and there is no way in hell I'm borrowing against my 403b (educators 401k) for a car. I have been a member with credit union for several years and had my harley loan through them. My credit score is above 750 and do have money for down payment. From peoples past expereince what kind of rate would be decent for 48-60 months for 04 corvette? thanks. I really want this to happen but not going to get raped on loan.
Racer
Joined: Oct 2015
Posts: 312
Likes: 49
I went through LightStream (part of SunTrust). Excellent credit is a must with them. It's collateral free and I got a decent rate of 3.29%. My CU wouldn't write a note for a car that was over 10 yrs old and their rate was at 2.24%/2.74% for 60/72 months.
Don't touch your 403b.
Don't touch your 403b.
Last edited by BlackandTan2004; Feb 21, 2016 at 06:17 PM. Reason: Wrong rate
