So my question is for the guys that didn't buy their car from a dealer since it's easier to get finance for an older car from a dealer but for the guys that got there car private sale and didn't have all cash now I did a few Google searches about best lenders for private sales and everything like that but it be good to hear some feedback from guys that used a certain lender and where they happy with not happy was easy recent deal at a dealership just fell through for me and I'm still on the hunt for the perfect 996tand you can obviously get a better deal on these cars on this form for a private sale love to hear your feedback thanks

 

Go to local credit union or PenFed.com. Get approved for loan. Buy car. Make payments.

 

this isn't the kind of car to buy if you can't afford to buy it outright as the ancillary costs of maintaining it, running it, and fixing stuff that breaks on 15 year old cars that like to be "pushed" and that WILL BREAK. the costs are ( very nearly ) the same as they might be if the car were new, and then you might be saved by a factory warranty.

not what you wanted to hear, but i'm afraid it's the "truth". you be far better served by going into debt on a newer one that will still enable you to buy a cpo'd car or one with the original warranty. its too "old" to buy on "time" is my point. get a 997 turbo instead.

 

I had a great experience with Lightstream.

https://www.lightstream.com/?fact=24...150902131610:s

If you qualify you will get an unsecured loan, so your car won't have a lien. I was a little skeptical at first but it's a division of SunTrust and is a smooth process and 100% legit.

For me they didn't even verify that I bought a real car. The only thing they wanted was employment verification/pay stubs.

 

Have to disagree.

I personally borrowed money for the car specifically to have the extra $$$ for upgrades, maint, and fixes.

Really the point is that everyone's situation is different and there are all kinds of variables in each individual's decision that may make borrowing more attractive and feasible.

 

Thanks for the feed back guys I make decent money but just don't have 45 grand to dish out to guy the car out right I have a hefty amount to put down I wouldn't be financing the hole lot of course but just trying to expand my options for my car search

 

I would definitely check out PenFed. Their rates are incredibly low. Lightstream is right there with them as well. I was debating the finance/full buy when I got mine and the rates were just too low to pass up.

PS - Not a grammer fiend but for the love of god, punctuation man

 

PenFed or Credit Unions will give you good rates. I believe most of their cutoffs are 8-10 years old and no more than 100k miles.

But this is not the car to buy if the only way to get one is to pay $500 a month. Its just far too old in my opinion and even though thy ar super reliable, unexpected things do happen. Now if you're just managing cash flow that is a different story.

Another issue with financing these cars is that most lenders will go off NADA value and not market value. So in my case I paid $53K last year to buy the car that was exactly what I wanted as far as colors and options, and at the time that was even slightly over market value. To me the car is essentially 1 of 1 (to me at least), I've never come across another 996TT with as many factory options ($170K sticker in 2002)

PenFed would only allow up to $28K for the loan due to NADA value. I still did it and bought a house shortly after, so I understand managing the cash. Now that I'm moved in and basic renovations are done, I've now paid off the car within a year of buying it.

 

I've been with my credit union for as long as I can remember and Penfed still beat the rate they offered.

 

I agree with your right to disagree, and have about 50 years of experience buying/leasing and owning cars of various and dubious values. that said, my advice still stands. of ALL the cars to buy that are 15 years old ( +/- ) a Porsche 996 turbo is not one of them for the reasons I stated.


what happens when/if you walk out of the credit union get into the car and a 25 thousand dollar engine blows up? not likely, but any intelligent buyer will have planned for that contingency, no matter how unlikely or remote the possibility. it still happens. how about a catastrophic coolant loss like my friend here had on his pristine x50 as we were meandering up a canyon hill at a breakneck speed of 50MPH?!


you begin to see my point. ( not that you didn't ).. if you have to finance a 15 year old NON COLLECTOR car, then it isn't right for you financially, and there really isn't much that can change that..i still say, get a NEWER ONE. or be very lucky in your purchase. pick one lol

 

i bought mine on a loan from my local credit union. at the time the nada value was in line with the cars value/purchase price. So now that these cars are over 10 years old your financing options are very slim.

Your options are Personally Secured/guaranteed financing. if your trying to finance the whole purchase, your either going to pay with your down payment the difference of book value to sell value or your going to have to go personal finance guaranteed loans and those rates are generally double auto rates. stating at 7 up to 12%

they will look hard at your DTI, and your credit score.

good luck man.

 

A note on car age restrictions that some banks or credit unions have...

My CU technically doesn't want to finance anything older than about 6 years, however if you are buying something that has some collector value attached to it (996 Turbo, E46 M3 in my case) they can be convinced to take the loan.

 

that would be the caveat I mentioned. I was unaware these cars had reached "collector" status for the purpose of securing a loan, and do not believe they have.

 

I would not finance a car that is a toy and agree that if you cannot pay cash with a slush fund for repairs its better to forget it. The costs of upkeep and the fact that once getting these home people realize most have hidden issues is why there is quite a bit of short term owners lately. The word is out about the performance value and I see what I call misinformed impulse buys by mostly young guys.

 

They aren't collector cars at this point like an Enzo, but they are not going to depreciate to nothing like a Suzuki Esteem.