Does anyone have any recommendation for financing cars in 800-900k zone? I know if I cant pay cash, I probably cant afford it but I am doing some preliminary researches on high amount lenders. Any feedback would be greatly appreciated.
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. Sent from my iPhone using Tapatalk
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.
How is putnam? I thought they do lease only. Now how does that work? Do you just give the car back to them in 3 years?
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.
What do you recommend for the cheapest way to do this? Of course it would be buying cash but from what I researched. woodside was doing 6.75 percent for 500k i think Lightstream is only 3.5 percent for so but max 100k is it better to go with putnam?
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. Sent from my iPhone using Tapatalk
What is the difference b/t PFS and Woodside? I heard 6.75 for woodside. Is this the norm? Is PFS even higher?
They are not higher but they are just like putnam. Rates depends on credit. Depends if u want smallest payment (monthly) or lowest. Sent from my iPhone using Tapatalk
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%. Sent from my iPhone using Tapatalk
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. Sent from my iPhone using Tapatalk
This, if you are buying in that range use your real assets as leverage, very easy to borrow against. Much easier than a loan