Financing 500k for a car. Which lender

Hi Kim I don’t know if they have a limit$$ but check it out a lot of my clients have used light stream multiple times
Mike
https://www.lightstream.com/auto-loans

You can also try my friend at Woodside credit
Antonio Sabba
Cell # 949-436-3737

 

Waiting for the barrage of, “if you have to finance, blah blah…”
Options are Premier and Putnam… I’ve heard some people financing Pagani’s through them.


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Talk about budget creep, the OP was looking at sub-$200k cars just a couple of months ago.

 

Try your investment broker. I was offered a 1% loan which I used as all of us are making much more than 1% on our investments.

 

What did you buy? I searched through your posts and didn't see anything.....

 

You can do a 3-5 year term. The car will have a residual value which, at the end of the initial term you can either pay off, refinance or sell the car. You can also sell the car at any time with a small penalty, 1-2 months payment depending on the length of time you held the lease.

 

Lightstream always has great rates and looked at them for my 458. Similiar to PenFed, they did have a cap at $100k (per loan though, not total). I ended up going with PenFed and paying the balance in cash.

If buying from a high end dealer they likely have relationships with banks that can offer financing of that caliber.

 

Putnam and PFS end up being way more expensive. Only plus I see with them is that they don’t report to credit.
Woodside is very strict so if u don’t have a perfect credit score and similar borrowing history u won’t be approved.
Light stream no bueno.

I recommend finding car at a Ferrari dealer and use Ferrari financial services, they will finance at good rates with highest residual for smallest monthly payment.


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They are not higher but they are just like putnam.
Rates depends on credit.
Depends if u want smallest payment (monthly) or lowest.


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I have very recent quotes from Premier Financial at 4% but that was under $200k. Just call, tell them what you want and ask for a quote. They lay it all out pretty well and you can see for yourself.

 

I think he means you take a line of credit against your assets from your brokerage account. You can get a very low rate that way and keep your assets invested while they grow (although futures are down right now after a red Monday lol so not guaranteed).

 

They're called pledged asset lines at Schwab: https://www.schwab.com/pledged-asset-line
Loan Management Account at ML/BoA: https://www.ml.com/solutions/lma-account.html

I don't know about Vanguard. I can't find anything quickly searching. You could always do a HELOC I suppose.

 

Does Lightstream do refinancing?

I’m at about 90k payoff for my 458 Italia that is financed through Woodside at 6.75%.


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Putnam and PFS are technically open ended “leases.”
Advantages are, you don’t pay sales tax all up front, and if you have a corp, you can write off a portion (depending on your business and what your CPA allows).
If you contact them, they will give you amortizations right off the bat so you can have your CPA look at them.
Woodside is a finance and asks for a larger down payment (perhaps 20% or higher?), whereas Premier or Putnam may offer a much lower down payment.


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This, if you are buying in that range use your real assets as leverage, very easy to borrow against. Much easier than a loan