Loan for classic and older cars? - 986 Forum - The Community for Porsche Boxster & Cayman Owners

oc-boxster · 08-04-2016, 04:16 PM

I've been shopping around for a 996 carrera to enjoy along with my boxster. I found a very clean 1 owner 1999 that was traded in at a Volkswagen dealership. Unfortunately I cannot just pay cash for it, and would need to get a loan. They are asking 17,500 for the car and because of the age of the car, will not finance it. I checked with my credit union, they also will not finance vehicles over 10 years old. They offered a personal loan but at a much higher interest rate, no thanks. My question is, are there any companies online that offer financing for such a car? I'd be able to pay it back rather aggressively, so the monthly payment wouldn't be an issue at all. I would need something done quickly hopefully before the car sells.

quick986 · 08-04-2016, 04:28 PM

Suntrust's Light Stream loan products offer the lowest rates for what you are seeking. They are unsecured loans to purchase or refinance car loans. They start at 1.74%.
If you're going to be paying back the loan within 12 months I've been getting tons of 0% transfer offers in the mail again, but these usually have a 2% or 3% fee.

oc-boxster · 08-04-2016, 04:32 PM

Ok thanks. I did see something about light stream. They finance people
At the mecum auctions, I'll check it out. My plan is to pay it off within 18 months.

LEJ · 08-04-2016, 04:39 PM

ON Velocity channel, a company called JJ Best https://www.jjbest.com/auto-finance/collector-car-financing.aspx?id=2320&utm_campaign=Branding+%2b+Competition&utm_source=google&utm_medium=ppc&utm_term=j.j.+best&utm_content=1384644x601277448942322422 advertises that they have low loan rates for classic and collectible cars

oc-boxster · 08-04-2016, 05:31 PM

Did online approval with jj best. Very quick and easy. Someone is going to call me tomorrow to finish it up I guess. It said I was approved but didn't say it was for the amount I requested.

steved0x · 08-04-2016, 06:22 PM

Penfed.org, I financed a 1999 Miata and my Boxster through them 1.9%, I had to pay $25 to join some military group ba ck in the day to join. Has been a few years but maybe it will still qualify.

CHRISP357 · 08-04-2016, 07:22 PM

Wells Fargo dealer services is really quick and easy but you can pay up to 9 percent. My credit union didn't bat an eye at my 02 Box.

grc0456 · 08-04-2016, 07:37 PM

Sofi worked well for me.

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Gforrest2 · 08-04-2016, 08:49 PM

Home Equity Line of Credit

Some say you should never put up your house as collateral for a car but my line has served me well over the years. Low interest and you can typically write the interest off on your taxes. Used it to purchase 3 cars this year.

Beer · 08-05-2016, 03:54 AM

I belong to a credit union. They gave me a 2.5% loan on my 2001 Boxster.

PaulE · 08-05-2016, 07:42 AM

Quote:

Originally Posted by oc-boxster

Did online approval with jj best. Very quick and easy. Someone is going to call me tomorrow to finish it up I guess. It said I was approved but didn't say it was for the amount I requested.

Just don't pay any upfront fees to secure the loan, a classic bait and switch. You pay an application or other fee and then they tell you the rate is going to be higher because they didn't know x, y and z (the age or mileage of your car, your credit rating, whatever). Good Luck!

oc-boxster · 08-05-2016, 09:56 AM

From what I read the want a 10 percent down payment on the loan to secure a lower rate I'll ask about it when they call

jdraupp · 08-05-2016, 01:21 PM

Quote:

Originally Posted by steved0x

Penfed.org, I financed a 1999 Miata and my Boxster through them 1.9%, I had to pay $25 to join some military group ba ck in the day to join. Has been a few years but maybe it will still qualify.

X2 on penfed. Great rates. Financed my boxster with a rebuilt title through them. Will finance my 911 with them when I get that. Lots of term options, flexible financing. Yes you pay to join and have to have 15 bucks in a checking account to be a member but we'll worth it.

steved0x · 08-05-2016, 07:24 PM

Quote:

Originally Posted by jdraupp

X2 on penfed. Great rates. Financed my boxster with a rebuilt title through them. Will finance my 911 with them when I get that. Lots of term options, flexible financing. Yes you pay to join and have to have 15 bucks in a checking account to be a member but we'll worth it.

I have their rewards card too and buy amazon gift cards with the points, and they buy car things and tell myself they are free

GTsilber · 08-06-2016, 04:39 PM

Quote:

Originally Posted by jdraupp

X2 on penfed. Great rates. Financed my boxster with a rebuilt title through them. Will finance my 911 with them when I get that. Lots of term options, flexible financing. Yes you pay to join and have to have 15 bucks in a checking account to be a member but we'll worth it.

How do I join if I didn't serve or work for a Government affiliated contractor?

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