Long financing?
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Joined: Jan 2002
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From: Wyoming
Long financing?
I'm looking to get into a C6 within a couple months and noticed a few posts where people were able to get 84 month financing. I'd love to do the same, as the monthly payment would definately be easier on my wallet. I'm curious as to which dealers offered this financing term, most I can find is 72 months. Thanks!
El Seano
El Seano
Drifting
Joined: Nov 2005
Posts: 1,745
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From: Turlock CA
Got mine through National 1st Credit Union. They were easy to work with and had a good rate with very little down. I was not a member prior to buying my C6.
Team Owner
Joined: Aug 2003
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Originally Posted by ElSeano80
I'm looking to get into a C6 within a couple months and noticed a few posts where people were able to get 84 month financing. I'd love to do the same, as the monthly payment would definately be easier on my wallet. I'm curious as to which dealers offered this financing term, most I can find is 72 months. Thanks!
El Seano
El Seano
Burning Brakes
Joined: Dec 2005
Posts: 970
Likes: 1
From: Huntsville AL
St. Jude Donor 06
Originally Posted by DSOM Z51
I never knew such a term existed on a car loan. 7 years. Thats an awful long time to make a car payment.
Wifey works for a credit union...she says terms depends on purchase price (and credit rating)....you can get 96 months if you spend enough! 100k+ 
Credit rating will also determine interest rate. (risk based interest rates) 
Burning Brakes
Joined: Jul 2005
Posts: 750
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From: Nutley New Jersey
Though I didn't use a 84 month term, I went with Capitol One for auto financing. They offer up to 72 months. Capitol One give you approval notification within 10 minutes when applying via their website. After approval, they mail you the check which is good for a total of 90 days (45 - initial/45 - extension) in which your rate is locked in.
Additionally, their APR (%) seemed better than most banks (and dealerships). The key for me is that there is no penalty to pay the loan off early...so making multiple payments is a nice option.
I've used Capitol One several times for my financing needs.
Additionally, their APR (%) seemed better than most banks (and dealerships). The key for me is that there is no penalty to pay the loan off early...so making multiple payments is a nice option.
I've used Capitol One several times for my financing needs.
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Burning Brakes
Joined: Jun 2005
Posts: 914
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From: Plant City Florida
Originally Posted by Check 6
The biggest problem with a car loan of that length is that you will reach a point about halfway through its term where you still owe more than the vehicle may be worth.
Good point. If you're going to finance that long, make sure you get some sort of gap insurance to cover being upside down.
Melting Slicks
Joined: Mar 2005
Posts: 2,676
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From: Anaheim Hills California
St. Jude Donor '06
Was at a used exotic car dealership yesterday. The sales guy told me 80% of his clients use the 84 month option. Thought that was pretty interesting. You pay about 50 to 75 basis points more in interest over a 60 month loan.
Le Mans Master
Joined: Dec 2005
Posts: 7,753
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From: North Western Connecticut
Originally Posted by DSOM Z51
I never knew such a term existed on a car loan. 7 years. Thats an awful long time to make a car payment.
Just make sure there is no pre-payment penalities! You should really consider trying to cut your time down to 3 or 4 years even if you have a 7 year note. The amount of interest you're paying for that length of time would buy a whole lot of mods......
Burning Brakes
Joined: Jul 2005
Posts: 750
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From: Nutley New Jersey
Originally Posted by cthusker
Just make sure there is no pre-payment penalities! You should really consider trying to cut your time down to 3 or 4 years even if you have a 7 year note. The amount of interest you're paying for that length of time would buy a whole lot of mods......Exactly...you can take a 72 month loan, with the approach to pay off early. Definitely make sure there is no penalty for doing so.
Personally, I would prefer a longer length loan, with the flexability to double or triple up on my payments.
Melting Slicks
Joined: Mar 2005
Posts: 2,676
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From: Anaheim Hills California
St. Jude Donor '06
Yeah flexibilty is the key. But it's not free. Higher interest rate is the disease!!! 
I am a poet and didn't know it!!!
Not a bad way to go. Especially if you have self disicpline.
I am a poet and didn't know it!!! Not a bad way to go. Especially if you have self disicpline.
Burning Brakes
Joined: Jul 2005
Posts: 1,174
Likes: 1
From: NOVA VA
I did the 7 year option with the intent on paying off in 5 or less. There is no early payment penalty and to be honest, I have NEVER heard of a loan with an early payment penalty even when I was a loan officer at a bank.
Honestly, I use the 7 year monthly payment amount as a "minimum" payment amount. I then take the extra per month that I would pay on a 5 year note and invest that money. In 4 years give or take, I will hopefully have enough to pay the balance off plus some (that is providing that I am smart enough on my investments.)
I got a 5.4% int rate on my 7 year note which I considered pretty good.
Honestly, I use the 7 year monthly payment amount as a "minimum" payment amount. I then take the extra per month that I would pay on a 5 year note and invest that money. In 4 years give or take, I will hopefully have enough to pay the balance off plus some (that is providing that I am smart enough on my investments.)
I got a 5.4% int rate on my 7 year note which I considered pretty good.
Last edited by lytmup; Feb 27, 2006 at 01:54 PM.
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Joined: Jan 2006
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From: PEMBROKE PINES FL
Originally Posted by lytmup
I did the 7 year option with the intent on paying off in 5 or less. There is no early payment penalty and to be honest, I have NEVER heard of a loan with an early payment penalty even when I was a loan officer at a bank.
Honestly, I use the 7 year monthly payment amount as a "minimum" payment amount. I then take the extra per month that I would pay on a 5 year note and invest that money. In 4 years give or take, I will hopefully have enough to pay the balance off plus some (that is providing that I am smart enough on my investments.)
I got a 5.4% int rate on my 7 year note which I considered pretty good.
Honestly, I use the 7 year monthly payment amount as a "minimum" payment amount. I then take the extra per month that I would pay on a 5 year note and invest that money. In 4 years give or take, I will hopefully have enough to pay the balance off plus some (that is providing that I am smart enough on my investments.)
I got a 5.4% int rate on my 7 year note which I considered pretty good.
Drifting
Joined: Nov 2005
Posts: 1,745
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From: Turlock CA
When taking out my 84 month loan at 4.95% I had just payed off a 60 month loan on another car. Not having the luxury of earning money faster than I can spend it I will always have a car loan if I choose to buy new cars. Purchasing the C6 amounted to commiting $150 more per month to have a really fun car to drive each day. People spend more than that on Starbucks let alone other serious vices. To me, the C6 is well worth it.
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Joined: Jan 2006
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From: PEMBROKE PINES FL
Originally Posted by dbratten
When taking out my 84 month loan at 4.95% I had just payed off a 60 month loan on another car. Not having the luxury of earning money faster than I can spend it I will always have a car loan if I choose to buy new cars. Purchasing the C6 amounted to commiting $150 more per month to have a really fun car to drive each day. People spend more than that on Starbucks let alone other serious vices. To me, the C6 is well worth it.