Financing deals - CorvetteForum - Chevrolet Corvette Forum Discussion

Notices
C6 Corvette General Discussion General C6 Corvette Discussion not covered in Tech
Sponsored by:
Sponsored by:

Financing deals

Reply

 
 
 
Old 03-11-2018, 04:11 PM
  #1  
Beny
CF Member
Thread Starter
 
Beny's Avatar
 
Member Since: Jun 2017
Posts: 89
Thanked 6 Times in 6 Posts
Default Financing deals

Hi all,
Been looking at 2010-2013 GS convertibles. Average prices around $38k-$40k.

Not interested in laying out the cash. Probably put down around $10k and finance the rest. (near perfect credit.)

Question: Any leads on really good financing deals? Best I'm seeing is 3.25% for 72mnths. (local credit union) Looking for min. 72mnths.

Thanks!
Beny is offline  
Reply With Quote
Old 03-11-2018, 04:15 PM
  #2  
rkj427
CF Senior Member
Support Corvetteforum!
 
rkj427's Avatar
 
Member Since: Apr 2014
Location: Washington Township Michigan
Posts: 9,224
Thanked 997 Times in 877 Posts
Default

Credit Union will be your best option compared to most banks................ rates do vary based on loan longevity too............
rkj427 is offline  
Reply With Quote
Old 03-11-2018, 04:45 PM
  #3  
Beny
CF Member
Thread Starter
 
Beny's Avatar
 
Member Since: Jun 2017
Posts: 89
Thanked 6 Times in 6 Posts
Default

Originally Posted by rkj427 View Post
Credit Union will be your best option compared to most banks................ rates do vary based on loan longevity too............
Agree. Just wondering if anyone has any recent experience with some good financing deals.
Beny is offline  
Reply With Quote
Old 03-11-2018, 04:48 PM
  #4  
jdk541
CF Senior Member
 
jdk541's Avatar
 
Member Since: May 2012
Location: Tempe Arizona
Posts: 1,232
Thanked 59 Times in 44 Posts
Default

My credit union (Alliant) is currently at 2.99% for used vehicles. At least thatís where they were about 2 weeks ago. Low 3s is not bad.
jdk541 is offline  
Reply With Quote
Old 03-11-2018, 04:52 PM
  #5  
Frankie15
CF Senior Member
 
Frankie15's Avatar
 
Member Since: Jul 2016
Location: Clearwater Florida
Posts: 1,502
Thanked 242 Times in 206 Posts
Default

Agreed that credit unions are best. I got my Z06 through mine last year with a 2.25% rate (800+ credit score). Most other banks were well over 6%. .

Last edited by Frankie15; 03-11-2018 at 04:53 PM.
Frankie15 is offline  
Reply With Quote
Old 03-11-2018, 06:07 PM
  #6  
R&L's C6
CF Senior Member
Support Corvetteforum!
 
R&L's C6's Avatar
 
Member Since: Dec 2010
Posts: 14,735
Thanked 346 Times in 220 Posts
Default

Borrow it from your 401k and pay yourself the interest.
R&L's C6 is offline  
Reply With Quote
Old 03-11-2018, 06:12 PM
  #7  
919cw313
CF Senior Member
 
919cw313's Avatar
 
Member Since: Jan 2016
Location: Bellingham WA
Posts: 2,265
Thanked 208 Times in 180 Posts
Default

^ You're joking I hope.
919cw313 is offline  
Reply With Quote
Old 03-11-2018, 06:15 PM
  #8  
Corvette_Ed
CF Senior Member
 
Corvette_Ed's Avatar
 
Member Since: May 2012
Location: Dallas/Ft. Worth
Posts: 11,422
Thanked 858 Times in 678 Posts
Default

Originally Posted by Beny View Post
Hi all,
Been looking at 2010-2013 GS convertibles. Average prices around $38k-$40k.

Not interested in laying out the cash. Probably put down around $10k and finance the rest. (near perfect credit.)

Question: Any leads on really good financing deals? Best I'm seeing is 3.25% for 72mnths. (local credit union) Looking for min. 72mnths.

Thanks!
Where the hell are you looking? Those prices are way too high.
Corvette_Ed is offline  
Reply With Quote
Old 03-11-2018, 06:15 PM
  #9  
R&L's C6
CF Senior Member
Support Corvetteforum!
 
R&L's C6's Avatar
 
Member Since: Dec 2010
Posts: 14,735
Thanked 346 Times in 220 Posts
Default

Originally Posted by 919cw313 View Post
^ You're joking I hope.
I have never done it but I know others at work have. They say you pay yourself back interest at around 8%.
R&L's C6 is offline  
Reply With Quote
Old 03-11-2018, 06:19 PM
  #10  
Beny
CF Member
Thread Starter
 
Beny's Avatar
 
Member Since: Jun 2017
Posts: 89
Thanked 6 Times in 6 Posts
Default

Originally Posted by Corvette_Ed View Post
Where the hell are you looking? Those prices are way too high.
On all of the major sites..I'm not looking ir a high mileage car. Under 20k.

So, where the hell should i be looking for these deals you're referring to?
Beny is offline  
Reply With Quote
Old 03-11-2018, 06:27 PM
  #11  
R&L's C6
CF Senior Member
Support Corvetteforum!
 
R&L's C6's Avatar
 
Member Since: Dec 2010
Posts: 14,735
Thanked 346 Times in 220 Posts
Default

Originally Posted by Beny View Post
On all of the major sites..I'm not looking ir a high mileage car. Under 20k.

So, where the hell should i be looking for these deals you're referring to?
Brand spanking new for under 50 and 2% financing

https://kerbeck.com/
R&L's C6 is offline  
Reply With Quote
Old 03-11-2018, 06:30 PM
  #12  
Beny
CF Member
Thread Starter
 
Beny's Avatar
 
Member Since: Jun 2017
Posts: 89
Thanked 6 Times in 6 Posts
Default

Originally Posted by R&L's C6 View Post
Brand spanking new for under 50 and 2% financing

https://kerbeck.com/
Let me guess...1LT coupe
Beny is offline  
Reply With Quote
Old 03-11-2018, 06:30 PM
  #13  
Beny
CF Member
Thread Starter
 
Beny's Avatar
 
Member Since: Jun 2017
Posts: 89
Thanked 6 Times in 6 Posts
Default

Originally Posted by R&L's C6 View Post
Brand spanking new for under 50 and 2% financing

https://kerbeck.com/
You read that I was looking at GS convertibles, right?
Beny is offline  
Reply With Quote
Old 03-11-2018, 06:46 PM
  #14  
phileaglesfan
CF Senior Member
 
phileaglesfan's Avatar
 
Member Since: Dec 2007
Location: Northern Utah
Posts: 18,675
Thanked 85 Times in 76 Posts
Default

For a 13 GS Convertible, the price is about right depending on mileage. For a 10 not as good.

Rates are getting higher everywhere. I wouldn't take it out of the 401K as suggested because most 401k plans should earn 10-20% depending on level of risk, 3% financing is nothing in comparison.
phileaglesfan is offline  
Reply With Quote
Old 03-11-2018, 07:05 PM
  #15  
User Omega
CF Senior Member
 
User Omega's Avatar
 
Member Since: Mar 2016
Location: Indianapolis IN
Posts: 2,186
Thanked 215 Times in 197 Posts
Default

Originally Posted by R&L's C6 View Post
Borrow it from your 401k and pay yourself the interest.
Originally Posted by 919cw313 View Post
^ You're joking I hope.
It's actually pretty smart if the interest for your loan is going to be insane or you want a longer term than is typical like 72 mos.. With my company its 4% and you actually pay that 4% back to yourself over the term of the loan instead of paying a bank that money. With 72 months you could be paying some serious interest at 6%+.



OP, a credit union is your best bet if 401 isn't an option. They tend to give customers longer than typical loans and not so frightening interest rates depending on credit.
User Omega is offline  
Reply With Quote
Old 03-11-2018, 07:05 PM
  #16  
Beny
CF Member
Thread Starter
 
Beny's Avatar
 
Member Since: Jun 2017
Posts: 89
Thanked 6 Times in 6 Posts
Default

Originally Posted by phileaglesfan View Post
For a 13 GS Convertible, the price is about right depending on mileage. For a 10 not as good.

Rates are getting higher everywhere. I wouldn't take it out of the 401K as suggested because most 401k plans should earn 10-20% depending on level of risk, 3% financing is nothing in comparison.
No way I'm touching my retirement account.
Beny is offline  
Reply With Quote
Old 03-11-2018, 07:10 PM
  #17  
Corvette_Ed
CF Senior Member
 
Corvette_Ed's Avatar
 
Member Since: May 2012
Location: Dallas/Ft. Worth
Posts: 11,422
Thanked 858 Times in 678 Posts
Default

Originally Posted by phileaglesfan View Post
For a 13 GS Convertible, the price is about right depending on mileage. For a 10 not as good.
That was pretty much my point. For a 13, yeah, maybe, but a 10, no way.
Corvette_Ed is offline  
Reply With Quote
Old 03-12-2018, 07:19 PM
  #18  
C6KWJ
CF Senior Member
 
Member Since: Dec 2017
Location: Plymouth MA
Posts: 158
Thanks: 0
Thanked 15 Times in 15 Posts
Default

Originally Posted by Beny View Post
Hi all,
Been looking at 2010-2013 GS convertibles. Average prices around $38k-$40k.

Not interested in laying out the cash. Probably put down around $10k and finance the rest. (near perfect credit.)

Question: Any leads on really good financing deals? Best I'm seeing is 3.25% for 72mnths. (local credit union) Looking for min. 72mnths.

Thanks!
DCU 66 months is 2.24%
C6KWJ is offline  
Reply With Quote
Old 03-12-2018, 07:21 PM
  #19  
C6KWJ
CF Senior Member
 
Member Since: Dec 2017
Location: Plymouth MA
Posts: 158
Thanks: 0
Thanked 15 Times in 15 Posts
Default

Originally Posted by R&L's C6 View Post
Borrow it from your 401k and pay yourself the interest.
No donít do this it is a terrible idea you lose compound interest on your gains for 6 years.... will cost you a fortune in gains.

Interest rates are dirt cheap
C6KWJ is offline  
Reply With Quote
Old 03-12-2018, 07:23 PM
  #20  
C6KWJ
CF Senior Member
 
Member Since: Dec 2017
Location: Plymouth MA
Posts: 158
Thanks: 0
Thanked 15 Times in 15 Posts
Default

Originally Posted by R&L's C6 View Post
I have never done it but I know others at work have. They say you pay yourself back interest at around 8%.
Yes you pay yourself back interest but you are losing market gains over the course of the loan. For example if market gained 12% you are losing significant money over the course of your 401K until you retire.

C6KWJ is offline  
Reply With Quote

Thread Tools
Search this Thread
Quick Reply: Financing deals


Sponsored Ads
Vendor Directory

Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.
 
  • Ask a Question
    Get answers from community experts
Question Title:
Description:
Your question will be posted in: