Financing a Z
Popular Reply
Nov 12, 2024, 03:05 PM
Thread Starter
Le Mans Master
Joined: Jun 2005
Posts: 5,037
Likes: 520
From: Texas
Thanks for the financial advice. Most of us who can afford a new Z aren't really hurting for cash. I can invest my cash for a hell of a lot more return than the interest on my loan. I rather have my money working for me rather than depreciating in my garage.
Instructor
Joined: Jul 2004
Posts: 186
Likes: 35
From: Raleigh NC
I think PenFed will do 100% at a good rate. They advertise up to 125%, but I'd assume that's a higher blended rate. They top out at $150,000 though. If you're not already a member, you can make a $25 donation to one of their preferred non-profits and then you're in (or at least that's how it was 7-8 years ago when I got in). www.penfed.org
Drifting
Joined: Jun 2015
Posts: 1,574
Likes: 554
If you need to finance more than 80% of the value of a 140k car, you need to look at other cars. You can't afford it. Really should not be financing any part of a high priced toy like this but this is not a financial advice forum.
Thread Starter
Le Mans Master
Joined: Jun 2005
Posts: 5,037
Likes: 520
From: Texas
Thanks for the financial advice. Most of us who can afford a new Z aren't really hurting for cash. I can invest my cash for a hell of a lot more return than the interest on my loan. I rather have my money working for me rather than depreciating in my garage.
Team Owner
Joined: Feb 2005
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From: FL
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I think PenFed will do 100% at a good rate. They advertise up to 125%, but I'd assume that's a higher blended rate. They top out at $150,000 though. If you're not already a member, you can make a $25 donation to one of their preferred non-profits and then you're in (or at least that's how it was 7-8 years ago when I got in). www.penfed.org
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Thread Starter
Le Mans Master
Joined: Jun 2005
Posts: 5,037
Likes: 520
From: Texas
If my calculations are right, MSRP was right around $148500 making the loan around 85% of MSRP.
Team Owner
Joined: Feb 2005
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From: FL
CI-7-8-9-10 Veteran
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St. Jude Donor '05 thru '11,'19,'22,'25
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MSRP was $153k, I paid $163k, but I think you are correct. They have a limit to their loan to value (LTV), which was fine with me. My "payment" is 2100/month, I have 2300 auto-paid every month to continue to build equity fast.
Safety Car
Joined: Jun 2006
Posts: 4,007
Likes: 1,488
From: Ashland, OH
On a 100k+ toy if you can’t slap 20-25k down you are trying to buy the wrong car and will be over your head.
Safety Car
Joined: Jun 2006
Posts: 4,007
Likes: 1,488
From: Ashland, OH
Don’t hold your breath they a depreciating FAST. I’d bet you are negative bad.
Racer
Joined: Oct 2011
Posts: 281
Likes: 210
From: Myrtle Beach, SC
Drifting
Joined: Jun 2015
Posts: 1,574
Likes: 554
You finance appreciating assets. Otherwise you only take on debt to cover expenses you cannot avoid paying. A Z06 is neither. Pay cash if you can afford it, don't buy the toy if you cannot.
Burning Brakes
Joined: Apr 2021
Posts: 1,071
Likes: 1,247
From: MD/DC/NoVA
Yeah I do commercial loans and 80% or 85% LTV will often be the ceiling a bank won't go past. They want to be 60-65% LTV. Gap needs to be filled by money down or mezz debt. USAA is a conservative bank and clearly they treat this differently than the $40k cars they are used to financing.
Thread Starter
Le Mans Master
Joined: Jun 2005
Posts: 5,037
Likes: 520
From: Texas
Yeah I do commercial loans and 80% or 85% LTV will often be the ceiling a bank won't go past. They want to be 60-65% LTV. Gap needs to be filled by money down or mezz debt. USAA is a conservative bank and clearly they treat this differently than the $40k cars they are used to financing.
Thread Starter
Le Mans Master
Joined: Jun 2005
Posts: 5,037
Likes: 520
From: Texas
Speaking of ignoring...
Safety Car
Joined: Jun 2006
Posts: 4,007
Likes: 1,488
From: Ashland, OH
Burning Brakes
Joined: Sep 2009
Posts: 931
Likes: 820
From: Houston, TX
I've tried to do business with USAA twice in the past on loans and they were terrible. They sure do like to push those commercials and marketing though.
Navy Federal financed my C8Z at full price no questions asked at a lower rate than I could find anywhere else. Used them almost exclusively on auto loans since my time in service and never had any issues.
Navy Federal financed my C8Z at full price no questions asked at a lower rate than I could find anywhere else. Used them almost exclusively on auto loans since my time in service and never had any issues.
