Exactly. At the time I bought mine for $55k, the book value was $72k, hence the no money down deal.

 

+1 for Penfed. I apply on Thursday night, i had the check on Monday morning(fed ex)
Helps if you have the vin #

 

Did any of you guys have issues getting 60 month financing that have financed recently? He is more worried that he will have to get a 48 month loan due to the age of the vehiclas he is looking at.

Thanks for all the great info. He will be pleased to hear that it is an option to finance.

 

60/72 no hell i was shooting for 84month but didn't like the interest rate at 8%

 

+1 (or is it +4?) for Penfed. They didn't care about the age of the vehicle. They were more concerned about the value vs. loan amount, so I expect the more money you're putting down, the more comfortable they'll be with longer terms. Their rate is 3.9 regardless of term (up to 60mo), assuming good credit.

 

FWIW, PenFed is a credit union (that, in my case, beat the snot out of the local CUs). Definately shop around!

 

As already stated by several others - PenFed is a great option.

 

Another big thumbs up for PenFed from me, got my '03 in February of this year using their 3.99% rate.

 

there are two credit unions that had great results but unless yur in cali or buying rom a Porsche dealer they were out of Question for me.

you have to be able to join the credit union, you have to use their requirements possibly franchise dealer only ( meaning can only buy from Porsche dealer) no private party persons or no private party dealers.

then you have the Out of state new customer hurdle, some would do it others not

and some credit unions want you to meet with car and oter party if its not a dealer brokering the deal and if you not buyign it near their location that makes it challenging.

so to find one of the dealers that fit all the issues above since i bought my car from a exotic non franchise dealership ina foreign state over the net it eliminated my ability not having a current account with any creit union to use MOST credit unions as i was immediatly dismissing anyone with above a 6% interest rate and not offering 60-84month contracts so do ask all these questions most of the credit unions will wait until last paperwork i being completeed and say hey bring the car down by the office or signing or send me the sales agreement on dealer letterhead(franchise) and then your stuck deposit is deleivered and your finiancing is kerput.

and also dont forget if its close to book and your not figuring tax they may not approve being this old of vehicle there is alot of issues buying an expensive vehicle over 6 years old and 60k miles if your finiancing he car.

if i was in california i would have used providentCU.org
Penfed was an option but term too short for me.

 

I'd def say go through a CU if you can, many larger corperations are members which will allow you to join

i can get 5% up to 84 months through Affinity FCU, length of loan is simply whatever you chose it to be

Banks/even CU's are holding borrowers to much stricter standards now - ie in some cases verifying that the purchaser can ACTUALLY afford what they are buying and not extending themselves to finance things simply on credit.

best of luck
Dukekid

 

No offense, but I just think it's kind of stupid to finance this kind of car, let alone any other automobile/luxury item. If you can afford the maintenance, then you can afford to pay cash for the car in the first place. I only drive a 996 C2, but a couple weeks after I got it like 2 years ago, I had to do about $2k of maintenance on it (& this was at a very reasonably priced indie), & they say TTs cost about twice to maintain. So...

 

Well if one could finance it at 3.9% and have investment opportunities that would make say 10%, why not?

Sometimes it's not about having the cash or not, it's about opportunity cost.

 

You make a good point. But if I had an investment opportunity that took up all my funds meanwhile forcing me to FINANCE a Porsche, I wouldn't buy it, because you never know (especially in this economy). That investment could go bad & then you're left without funds, a financed Porsche, & maintenance coming up sooner or later. If that investment is really as good as it seems, wait it out until you get your money & profit, then shop for the car.

Either way, everyone is free to do what they like. Just giving my 2 cents, all with good intentions. There's a reason why the US is known as the country of debt. People here owe more than they actually have. It's kind of sad.

 

Thanks for the tip on Penfiled. Have to check it out

 

You are one smart 19 year old, my friend