Financing?

Lightstream

Woodside Credit

PenFed

JJ Best Banc

All the usual suspects. PenFed is probably the easiest. Lighstream does unsecured as an option (if wanted). Just do your homework.

 

I used JJ best - it was literally the easiest experience ever... and the rates were great! but that was a while ago... 10 years or more.

 

I used PenFed and had no issues.

 

PenFed is the best. I've used them at least 6 times with no issues.

 

Scott at Woodside is awesome as well. But it seems PenFed has a great track record. You can't beat good reviews from past clients.

 

I routinely get 1.9% on used cars (including my 458) and .9 on new cars on PedFed .. 4.99 seems high but I assume you know what you are doing and have shopped around.

 

I'm guessing its a 10-12 year loan in which case thats a good rate.

 

used lightstream.

Unsecured, 2% rate, had the money in 2 days, no questions asked about the car.

extremely smooth experience.

 

That's insane ! There must be people out there who want to give their money away. You must have an 850 credit rating and a lot of reachable non-exempt assets. Even then I wouldn't loan the money to Donald Trump under those terms. On second thought that's probably not a good analogy. Any fees to secure the loan? Congrats!!

 

Used PenFed twice...will use again if I ever need to.

 

Here are their rates - click on Rates tab:
https://www.penfed.org/Auto-Loans-Overview/

Those rates seem consistent with most other banks and they limit you to 72 months, whilst other banks go as far out as 84 months.

Specialty loan companies let you go far out - 10 years - but their rates are much higher.

 

I've had completed 3 car loans via PenFed. (will pay off the Mondial this month) No problems at 1.74%

 

What he said.

 

I've used PenFed before and they're great. My 599 is through IBM SECU at 2.24% for 60. FYI most of the loans mentioned above have a cap of $100k.

 

will they lend you the money (send you a check) even if you don't end up buying a car?

 

They could, however, if you accept you would be in violation of the loan agreement. You have to specifically state the purpose of the loan and could potentially be audited by LS to prove you used the funds towards said purpose. Now, if you used the loan to acquire a vehicle then later sell that vehicle I'm not sure that would be in violation necessarily?

 

as long as you pay them on time every month they don't care what you do with the money I bet

 

Yes, they do.

Most financial institutions will not honor any loan draft without a proper VIN of the car it is being used for. They will also require the State Title to the vehicle within a couple of weeks. This will allow them to repossess the car if you default on payments.

Failure to comply will result in the bank demanding immediate payment of the entire loan.

 

so they don't send you the money unless you so show a vin and title?

 

yet but LS is a personal loan... from what i recall, they didnt place a lien on the vehicle, didn't require a title or anything... it is unsecured

 

I disagree. Their rates are based on the reason for the loan. Therefore if you wanted to borrow $100k to buy a Patek 5140p but tell them it's for a car that is a few percentage points they aren't getting revenue on.

 

This is true for most institutions that require collateral to be secured, but not the Light Stream unsecured auto loan being discussed.

 

+1 on Lightstream, great rates and quick service. They did not require a VIN # either. Also, there is no lien registered on the car either. You must have excellent credit and income though.
Alden