I'm in the process of buying a highend 997TT , my problem is that my dealer doesn't seem to be able to find someone that would do a $120-130K loan 72-84 months 5-5.5% would work. I am approved for 100K 72 months at 5%
My credit rating and everything is stellar, I have no problem affording it just cant come up with more cash down right now.

Any ideas please let me know.

Tonny

 

In all seriousness you should move on and come back to the market when the time is right for you.

 

buy a 997.1 for 80 - 85k. its a better bargain anyway

 

Porsche recently approved me for 5% interest for loan amount of 135k. 72mos term. This was through Porsche finanacial services. If your credit is stellar as you mentioned, I don't see why not. Ask them to submit your credit app to Porsche Financial Services

 

yeah, really. 72 months? 84 months?! Boy, not sure why you'd want to extend payments out that far. Only one reason I can think of, but it's none of my business so i'm not saying.

 

There's no negative connotation in extending the payments 60-70 months as you put down a big down payment. The interest rate isnt much different to extend it, so why not choose lower monthly minimum? if you choose to pay the car off faster, then you just send more money in each month. As long as you never get even close to being upside down, there's nothing wrong with it.

 

I was going to do exactly what the OP was planning, sizable downpayment and try to get a low monthly rate on a new TT. But even with their 5 or 5.5% financing, i felt I would always be upside down on the car, until I held onto it for 4+ years, which I wasn't going to do anyways. Instead ended up buying used in cash, with the freedom to sell anytime with less depreciation when purchased new. But to each his own, ultimately you have to be happy behind the wheel of whatever car you choose. I'm not crazy about driving an older model, but the way i look at it, i have a few extra bucks to throw in a few mods to keep the car interesting until the 2013s come out.

 

I put about half down and then did 60 mo on the rest. Then I usually put extra payments towards the car to pay it off sooner, unless I do mods, then I make the minimum. lol.

If you put a large enough chunk down, you should have no problem getting a good interest rate on the rest.

 

I would either wait and accumulate more cash for a bigger down payment, or buy a slightly used 997.1 turbo - they are great cars and a much better deal right now (I just did the latter - $80K in cash and a $5K loan).

I am not a great fan of Porsche Credit or Financial services or whatever they call themselvs these days. You can get better loans through other financial service companies.

 

yea, buying used and putting at least 40% down is a smart move.

 

Fair enough. Guess I just have a hard time wrapping my head around a term of 74-82 months. Damn, that's a long time LOL. I'm a pay cash for it kind of guy anyway, so this is foreign to me.

 

u r right, 72+ months, even with a large downpayment, is too long if you plan to pay only the minimum payment!

 

With all due respect, why not wait until you can pay cash? I can see someone why who needs to get to work would finance a Yaris or a Kia or something similar for 84 months because they have to have a good car and can't afford it otherwise, but no one HAS to have a Porsche, and 84 months is a long, long time to be making a big payment and mostly underwater on a car.

 

Nothing wrong w/ putting down a good chunk and financing the rest, long term or not, at 5%. If the economy appears to be recovering (which could take a while, granted) and you're making over 5% on your investments, make the minimum payments, if it stays/flat or tanks, then throw in extra cash and pay it down quick.

I would, however, go along w/ others' suggestion on picking it up lightly used and letting someone else take the first big hit.

 

Just bought the wife Cayenne S 20k down 4.25 % with Porsche 48 months.

84 month on a car loan no way too long I hated doing 48months