Would prefer to finance an exotic car purchase, but who will finance a 15 yr old car?

Putnam Leasing

I think there are others also but this is one I have heard of.

 

Lightstream Financial
JJ Best
Woodside

Lightstream has the best rates by far.

 

Proof69 is this you again??
(banned a couple of days ago, and Trademarked signed up a couple of days ago with no profile and 2 posts)...check IP

If not, this has troll thread written all over it....
here we go again

 

If you can make more $ (% wise thourgh investments etc) on the amount than it cost you to borrow the money then it makes sense.

Local credit unions will finance older cars no problem.

 

If you have a home equity line of credit use that...lower rates, deductible interest expense, and typically interest-only payments. The HELOC is a great financial tool as long as it isn't abused.

 

I'd interview the lenders first personally before you borrow from them. You don't want to go too quickly. I'd ask them a million questions before I commit to anything... if I ever do. (hehehe)

 

If you can "beat the loan" then why not cut out the middle man and borrow a bunch of money and invest it? Then buy the car with the profit? Note I think this is a ridiculous idea, but maybe you can bear that sort of risk.

Fwiw I think financing an exotic is a terrible idea, doubly so for an old one. I'd save my pennies until I had enough money to invest and buy the car.

 

I think financing makes plenty of sense on a fully depreciated 360. Paying interest is never fun but we all do it here or there. Going underwater on a loan is far worse. If you're avoiding a major gap, I don't see the problem with it, and have financed all five of the exotics I've owned, twice on extended terms with Woodside. I wouldn't do that again because I find these long term financiers to be *******s and I choose not to deal with them again. But for someone who needs that payment at $700 to be able to afford the maintenance, I celebrate owners like this living the dream and maintaining another fcar.

 

I used to have a strong feeling on this but over time I've learned we all have our personal situations.

My bottom line philosophy is so long as you are acting within your means: life is short so eat dessert first. You never know what tomorrow will bring (so its good to have a cushion but at the same time you have to life your life).

 

You will pay a higher interest rate with them

 

I am surprised by the number of people who make 20% on their investments who ask the unsubscribed forum financial advice.

 

+1. Kind like the I make $1 mil. a year.. can I afford a Ferrari?

 

Pen Fed or Lightstream.
I even used Pen Fed for a loan on a paid off car, sold them the title for a loan
as I needed the cash for a investment. At around 2.5%, most can use the
cash and make a lot more than 2.5%.....

 

+1 ... you said it Statler... and I'll throw this out there to boot --- Troll Thread

 

A less professional, loan shark attitude. Even getting a good rate from Woodside, I still didn't appreciate their attitudes. Financing should be seen and not heard. I've worked with FNA three times now and they're outstanding. I tried Woodside on my 612 because it was fully depreciated and wouldn't go underwater, and it didn't, but I would rather deal with Ferrari.

I think with Penfed though, aren't you limited to $70k total? Could work for the OP in this instance, but pretty limited field of exotic vehicles. I'm a member of all these things, Penfed, NFCU, TransFCU, etc. Some of them don't do exotics at all. Can't remember which though. Pretty sure NFCU doesn't.

 

100k with Pen Fed now.....older cars too, and they just use NADA value.
I got 1.24% for 3 years on my DD back in January, I could not see tying up $40K cash
to pay for it fully when I could use that money for other things/investments.

 

Used PenFed on mine. Paid off loan 1 year and 1 month early. LOVED working with them.

 

There is a guy on Rennlist asking similar question and he also claims 20% on his investments.
Reading that, another guy offered his wife to blow him in exchange for the "secret" how to make that 20%.

 

+1 LMAO

 

I financed my 360. I had the money to pay cash. (that's of my rules) I knew I had two big jobs that were going to require me to finance the job for the customer for about 3 months. I kept the Ferrari money as buffer. Turns out I'm not going to need it. (didn't think I would but just in case). If I did need it, it would have returned about 35%. I get many jobs in my area because I can finance jobs for large condo associations that other companies can't do. I tend to hold on to all the cash I can for that reason alone. It's not always stupid to take out a loan. I will pay car off in February when those jobs have cleared. The few hundred dollars I paid interest was well worth the peace of mind.

 

NYC and LA, just tack another zero on your numbers and it still works!