Financing new Corvette
Racer
Joined: Feb 2017
Posts: 435
Likes: 347
Thread Starter
Instructor
Joined: Jun 2015
Posts: 162
Likes: 16
People here on the forums pointed me to PenFed (https://www.penfed.org/#). Look at their new car loans and the payment saver loan. There are membership requirements but they are easy to meet. PM if you need details on that.
Thread Starter
Instructor
Joined: Jun 2015
Posts: 162
Likes: 16
Race Director
Joined: Oct 2008
Posts: 16,651
Likes: 7,721
From: NJ
Penfed here as well. Did the payment saver loan for 36mos 1.74%. If the car is great I'll keep it and refi with them. If not I'll sell or trade it in. Looked at 2 3 4 5 yr payment saver and I found that was longest term for the 1.74% sort of a sweetspot if you will.
Money so cheap to borrow put a chunk down but still, to pay this depreciating asset off or down vs under 2% cost when my investments are returning 12 to 30% yearly is a fools move.
But it's a risk and in my case worth taking.
Facebook is an anima if you got in early as I did..wow. And the dividends on a few other big companies have picked up to the point where I rub my eyes in disbelief every quarter lol. (I don't fault anyone paying it off. Just too young to not think longer term.)
hope it stays that way.
Money so cheap to borrow put a chunk down but still, to pay this depreciating asset off or down vs under 2% cost when my investments are returning 12 to 30% yearly is a fools move.
But it's a risk and in my case worth taking.
Facebook is an anima if you got in early as I did..wow. And the dividends on a few other big companies have picked up to the point where I rub my eyes in disbelief every quarter lol. (I don't fault anyone paying it off. Just too young to not think longer term.)
hope it stays that way.
Melting Slicks
Joined: Mar 2013
Posts: 3,104
Likes: 626
From: Baton Rouge LA
If you're USAA member, check their current rates. Two months ago when I bought my GS they were at 1.49% for a 36-mo. loan with auto payments. If the dealer is in the USAA network the rate goes down to .99%, which is what I ended up with, and either way it's like free money. Actually, it's better than free since even investing conservatively you can easily beat that rate.
Last edited by iclick; May 9, 2017 at 10:46 PM.
Thread Starter
Instructor
Joined: Jun 2015
Posts: 162
Likes: 16
If you're USAA member, check their current rates. Two months ago when I bought my GS they were at 1.49% for a 36-mo. loan with auto payments. If the dealer is in the USAA network the rate goes down to .99%, which is what I ended up with, and either way it's like free money. Actually, it's better than free since even investing conservatively you can easily beat that rate.
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Instructor
Joined: Jul 2013
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From: Newtown Square PA
Safety Car
Joined: Dec 2002
Posts: 3,655
Likes: 24
From: Charleston SC
Kerbeck requires min $40K.
What I ended up doing was getting the car and loan through them them at 40K then refinanced at South Carolina Federal once I got the car home and they matched the 1,99% and allowed me to to put the original down payment and finance less.
What I ended up doing was getting the car and loan through them them at 40K then refinanced at South Carolina Federal once I got the car home and they matched the 1,99% and allowed me to to put the original down payment and finance less.