Ditto. Why spend a lot of liquid asset when you can borrow for almost free and increase the credit score too boot.

You can always pay it off faster as well since it is a simple interest loan with no early pay off penalty.

 

Exactly…I’m dumbfounded that so many people think it is great to pay cash for a depreciating asset when rates are at historic lows. Obviously not many finance folks buying these vehicles. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o></o>

 

^^ I'm not a finance person, I just don't have $100K to plunk down on a car.

Just went to BoA to apply. They also let me know that credit bureaus will not ding your score for multiple credit checks in a short amount of time for cases such as this (shopping for a car, applying for mortgages, etc).

Let's see what happens.

 

Whoa, Shamoo, I'm sorry if I came across as a condescending *****, because that was not my intention at all. My point was just to underline the "want" vs "need" nature of a Porsche purchase, and that at least for me personally, I keep a different set of rules for those kinds of purchases. So, didn't mean to offend, my apologies if I did so.

 

No no, I didn't mean it like that. No offense taken at all. I realize everyone has different priorities/needs/wants/etc.

Obviously nobody NEEDS a porsche. You can get by on a $1000 used Honda. I want it, and I will do what it takes.

Anyway, BoA did not approve it because they did not want me carrying a loan for two cars. I'm getting rid of my current car to buy a new one. How does it usually work haha. You can't get rid of one until you get another. For that short time, you'll have to carry two loans.

It's looking bleak....but I'll keep looking. It appears that my income is just at the limit of what I can get approved for? Funny, I make more than enough to pay for this and maintain my current lifestyle.

 

Yes we do NEEEEEED Porsche's Without them our marriages would be in jeapordy. I didn't have a sport car for 3 years and my wife and I had all sorts of problem, j/k! That sucks Bof A didn't approve you. Hey I'll loan you 100k but at 12% interest only Good luck man.

 

You do have to be a member of the military or a fed emp to join penfed. You will have to pay a one $25 fee to join the friends and familys members of the military though.

 

Which dealership is this at? I live in Ohio and used to own a dealership so I may be able to help out if its one that I have a contact at? You'd be surprised what can get done with the right person in the orginization telling people to make it happen.

 

It's Porsche of the Village in Cincinnati. I spoke to the Internet sales guy, Bruce. And also the finance manager Scott.

If you could help out, you have no idea what it would mean to me!

 

I'm going to send you a PM and get some info from you.

 

I don't know about you guys, but my first thoughts after reading the OP was that the dealer found a better buyer for the same car. In other words...somebody who would pay a little more.

but I'm cynical that way, and do not generally trust the dealers

 

It certainly is possible, but I'm actually paying the asking price. So unless someone offered more? I guess its possible.

 

I recently got a loan through penfed due to recommendations on this forum. They did ask about family in the military inwhich I replied yes, nothing else to it.

Got a $70k loan with another auto loan on my credit and all they asked for were 2 years 1040s. Now all I have to do is find a car. The loan is good for. 90 days and they are extremely easy to deal. Just give them $5 to start up a savings acct and your a member for life!!!

 

im following this post, to see what happens, gL...

 

Shamoo, sounds like you are right on the verge. It's not the worst idea to tell the credit union or bank that you are already approved by another institution and you simply want to see if you can get a better rate. It's possible that they may ask you for paperwork, but it's easy to tell them that it's hassle to jump through hoops. You're not obligated to provide competing lender's offers.

Some good info going around here in this thread. Another factor to consider, is that taking out a loan when you have cash to offset those loans can be a good strategic decision. But you have to be disciplined! It's very easy at that point to "feel rich" as I call it and spend the $ twice.

Know yourself, be honest with yourself. Will you be tempted to spend the cash again? If so, then maybe it's better to just buy the car

BTW I agree with the poster that said that cars are a "need" if you don't overdo it. For me the stress relief and enjoyment of driving a go cart to and from work every day is motivation to succeed as well as stress relief