I'm looking for some finance options on Vipers. About a year ago I talked to Premier Cars and they said they could do 7yr auto loans, the interest rate was ok, considering it was 7yrs.
My credit score is around 705. I'm looking for long term loans, I have about 7k to put down on a viper, I would like to stay at or under $55k.
If you have the equity in your home, take out a second mortgage. With your score (assuming all clean, and DTI is good) you should have no problem. Own the car outright, and write off the interest. I suggest you do not finance longer than 7 years. If you must, I would recommend that you defer purchasing at this time.
^ These guys gave good advice. Not to get you down, but even if you had a score of 800, if you need to do a 7 year loan on a car, a Viper is NOT a wise purchase. Sorry, dude.
How about pulling the equity from your property, invest in real estate. Flip something in 6 month- 1 year and pay cash for your Viper. :-)
Let me tell you the right way to do it! Dont listen to these guys! If you want it go out any buy it. You could get smoked by a car walking across the street today and never have the Viper experience! If you can only finance it for 7 years then do it.
55k 5yr 6% 1063 per month
55k 6yr 6% 911 per month
55k 7yr 6% 803 per month
There is only a 350 dollar a month difference and you will still be putting a decent amount down on principal each month.
Now is what the previous posts said the Smart way yes but is it reality for some people? No!
I just checked the 2 CU's that I belong too and if you are an "A" borrower the one is 4.75% and the other is 5.1% and they offer a .25% break if you have direct deposit!
I just checked the 2 CU's that I belong too and if you are an "A" borrower the one is 4.75% and the other is 5.1% and they offer a .25% break if you have direct deposit!
I bought my Viper 4 years ago used on a 7 year financing with nothing down, nothing wrong with that, as long as you are not stretching your boundaries. Of course, within 6 months, I refinanced it (paid $5k against the loan at the same time) for 5 years and got a much lower % rate (back then, rates were high but dropping quickly, one of several reasons for the temporary 7 year financing - lower rate was not a factor of the time period). So, in my case, I had good reasons to do it that way, and if you do, then go for it. But if you're going to have to eat ramen for 7 years, then don't.
55k 5yr 6% 1063 per month
55k 6yr 6% 911 per month
55k 7yr 6% 803 per month
These figures are correct, but why throw the interest out the window? If he takes out a mortgage to buy it, he can write off the interest. It is a win/win/win scenario...he gets the car, he owns it outright, and he has a tax deduction as a result!
These figures are correct, but why throw the interest out the window? If he takes out a mortgage to buy it, he can write off the interest. It is a win/win/win scenario...he gets the car, he owns it outright, and he has a tax deduction as a result!
Best way to go IMHO...
Assuming he owns a home and has equity in it! Not everyone lives in CA!
Never finance a "toy" or "hobby." Words I live by. If it doesn't make you money, dont let it cost you money(interest). Sounds shitty, but better than going broke over a car. :2cents:
Never finance a "toy" or "hobby." Words I live by. If it doesn't make you money, dont let it cost you money(interest). Sounds shitty, but better than going broke over a car. :2cents:
I absolutely agree with you. Horrible when you see people 'car-poor'. However, that said, many cannot just go and buy like that. No smack/flames/ego etc. here...just facts. In that case financing MAY be the answer. The key is objective research. If the payment is affordable (IE.life would be the same financially after the purchase) no problem. Better yet if equity in the home is able to be used. As I stated - tax deduction - no wasted interest.
Bottom line is there are options out there. Investigate each and be very honest with yourself. If you have any type of doubts during the process...pay attention to them. That's your gut letting you know it is probably not the right time to purchase.
Feel free to keep asking if you have ANY questions. This is a big purchase...I have done mortgages for people whose homes are worth the price of a Viper. That makes you stop and think - what you spent on your toy is what some work towards for a home to raise a family (again - do NOT take that comment in any other way than in which it was meant - facts).
This is a big purchase...I have done mortgages for people whose homes are worth the price of a Viper. That makes you stop and think - what you spent on your toy is what some work towards for a home to raise a family (again - do NOT take that comment in any other way than in which it was meant - facts).
Buy the car. If you are going to make it big the car payment will not hold you back. Just provides motivation and gives you the edge on finding a hot cup holder!
:atu: You got that right! I love doing those CA loans. I can't even think of one that I did that was LESS than $250k. Your low end is a pretty decent loan size here in OH! Oh we have the $1.0mm + but nowhere even close to the numbers out there.
Oh we have the $1.0mm + but nowhere even close to the numbers out there.