Financing
Thread Starter
Cruising
Joined: Oct 2020
Posts: 10
Likes: 5
Financing
certainly some of this is info some might not want to share. If you don’t, don’t. But I’d like to get an idea of demographics in relation to financing for our cars.
Who did you go through? Dealer, Your Bank, Online?
What was your interest rate, your credit score?
Did you finance the entire purchase or only part of it?
The thought here is to give members an idea of what might be a better option for them.
Who did you go through? Dealer, Your Bank, Online?
What was your interest rate, your credit score?
Did you finance the entire purchase or only part of it?
The thought here is to give members an idea of what might be a better option for them.
Instructor
Joined: Oct 2018
Posts: 164
Likes: 63
From: Maryland
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Racer
Joined: Feb 2020
Posts: 276
Likes: 186
From: Houston Tx
Great experience with my credit union, BECU.
As you see, currently the interest rates are wonderfully low, if your credit is decent.
Take advantage of them while they remain low.
As you see, currently the interest rates are wonderfully low, if your credit is decent.
Take advantage of them while they remain low.
Last edited by TexasMark; May 1, 2021 at 09:53 PM.
Le Mans Master
Joined: Sep 2017
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From: Rural NW Georgia. GO DAWGS!
2024 C8 of the Year Finalist - Unmodified
I’m using my assets in my portfolio as collateral to buy the car. I’m getting a 1.25% interest rate and pay what I want each month, if anything at all.
I’ve done this as a bridge loan to build two houses and it works very well for me. I’m no gazillionaire. I’m 62 and after losing both of my parents within a month of each other this month last year, I’ve decided leaving my only daughter a little debt plus the car is worth it to me.
I’ve done this as a bridge loan to build two houses and it works very well for me. I’m no gazillionaire. I’m 62 and after losing both of my parents within a month of each other this month last year, I’ve decided leaving my only daughter a little debt plus the car is worth it to me.
Le Mans Master
Joined: Feb 2014
Posts: 9,529
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From: Gilbert Arizona
Best bank rate I've found so far is BofA at 2.39% for 60 months. Most credit unions I've researched are anywhere between 1.74% and 1.99%. I'm financing 2 cars in the next few months. My wife's Lexus RX350 will be at 0.9% from Lexus (assuming the offer is still available when we take delivery in 2 weeks), and then I'll probably do either BofA or a CU for the C8 in a few months and I'll be putting $60,000 down so it will be a small loan. My score at the moment is 830 so I won't have any issues.
Le Mans Master
Joined: Aug 2017
Posts: 8,545
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From: Sarasota Florida BWO Columbus, Ohio
Finalist 2022 C1 of the Year - Unmodified
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St. Jude Donor '21
certainly some of this is info some might not want to share. If you don’t, don’t. But I’d like to get an idea of demographics in relation to financing for our cars.
Who did you go through? Dealer, Your Bank, Online?
What was your interest rate, your credit score?
Did you finance the entire purchase or only part of it?
The thought here is to give members an idea of what might be a better option for them.
Who did you go through? Dealer, Your Bank, Online?
What was your interest rate, your credit score?
Did you finance the entire purchase or only part of it?
The thought here is to give members an idea of what might be a better option for them.
Melting Slicks
Joined: Feb 2013
Posts: 2,489
Likes: 579
From: Central Gulf Coast Florida
Le Mans Master
Joined: Aug 2017
Posts: 8,545
Likes: 828
From: Sarasota Florida BWO Columbus, Ohio
Finalist 2022 C1 of the Year - Unmodified
2021 C1 of the Year Finalist - Unmodified
2020 C1 of the Year - Unmodified
2018 C1 of Year Finalist
St. Jude Donor '21
To each their own. I don't like debt, or payments on any toy. If I can't write a check for it, I don't buy....That's just Me. YMMV
Pro
Joined: Mar 2007
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Le Mans Master
Joined: Aug 2001
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C3 of Year Finalist (stock) 2019
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Sure, I didn't have a loan payment to think about, but that's not good enough reason to throw money away.
$60K could have gone a long way in the market during the course of a 60 month loan.
This thread is timely for me. For my C8 purchase I'm thinking to finance.
Thanks to @Bainreese for starting this thread.
I agree with you if you believe that those who CAN'T write the check shouldn't be buying, or thinking about buying, $85K - $100K toys.
Melting Slicks
Joined: Feb 2013
Posts: 2,489
Likes: 579
From: Central Gulf Coast Florida
