Financing a 360; opinions/suggestions on lenders and terms

Hi guys! Just completed a search and didn't really get the information I was hoping for. Fixing to payoff my Harley and just got rid of my pos Viper and now am almost ready to purchase a 360. I was hoping to get opinions or suggestions on good lenders for a used exotic. What terms and rates are usually offered, 60 mo-72 mo? How lenient are they as far as credit ratings are they? Etc.
Thanks for all of the help.

 

I would go to a credit union becore anything. If you dont get what you need, there are lenders that specialize in exotics and collectibles that will go for a longer term...but they are generally harder to get approved and have a higher APR.

 

I got 2.5 from a CU on my 02.

 

Cash is king.

I jested with the salesperson and told him not to lick his fingers after handling the cash or else his whole head would go numb.

Hahahahaha.

 

How long did they finance you for? Not sure a credit union will go,past 48 months if I need them to.

 

I used a finance company. But here is the issue, alot of them wont go over 10-12 years on age. So that puts you in a bind with a 360. I got mine 2 years ago and was right at the edge. I got 2.5 also like stated above. Credit has to be strong for an exotic. I also put a large down. 35k. Hope this helps.

 

From a redneck to a hick...Try the CU first, you will get all of your answers from them. They may work with you, they may not, all up to the credit union. I had no problem financing a 2001 a couple years ago with mine, but I have a very good, established relationship with them. If you cant work with a credit union, go to Collector Car Lending . You will pay more in interest, but they will go for a longer term, finance older cars...gotta pay to play though,. expect to put at least a 10% DP, which on an exotic can inflate pretty fast...I think I put 15% down on my 360.

 

I went 66 months with zero down. I was ready to buy with cash but when that was available to me, it was a no brainer. I can easily get a return larger than 2.5% by investing the cash elsewhere.

 

What year? If assuming a 99 that's about to be an 18 year old car in a few weeks. Not many places will lend on that. Maybe try PenFed cu? Any rate over 3% is too much to finance a toy imo

 

Pen Fed will finance up to $100,000. If you can swing 36 months, then the rate is 1.99%. The max term they will do is 72 months the rate is 3.61%.

Info is from their website www.penfed.org

 

Penfed #FTW! They don't have an addition to the rate for the car being more than 6 years old. Best one out there!

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LACOUNTRYHICK, Like others have already stated, I would definitely go with a credit union first when looking for financing. I bought my F430 a few months ago, after getting rid of my viper, from my local credit union and they were willing to finance my entire 05 f430 100% for 72 months. I do have a long relationship with them but I was surprised that they would do the loan for a 11 year old car but they did. Good Luck in your search!

 

Lightstream is also an option.

 

I need to look for a new credit union. Mine told me the f430 was old enough to be considered a classic car and the interest rate on a classic car / recreational vehicle loan was something like 7%. I ended up buying the car in cash instead.

 

PenFed, hands down the best!

 

I agree that PenFed is great, but it's 2.99% for 60 months and the car must be a 2012-2017 to get the 3.61% 72 month option.. I used them without issue, if not a Veteran you have to join one of their Armed Forces support groups for about $50.

"†Rate valid for model years 2017 - 2012"

 

My credit union was doing 5 years at 1.25%. 12 years at 3.25%. They typically don't finance cars older than 7 years, but made an exception for me since I was buying a 2007 Ferrari F430, a high dollar car. It was a no brainer to use them at these rates! Definitely check with various credit unions.

 

It's all about assets. If you have assets - in other words you don't need the money anyone will make you a loan. For instance, say you have $250,000 in investments (but don't want to pay capital gains taxes by redeeming it), most outfits will take this into account when making you a loan.
My credit union offered me a loan of $50,000 towards an F430 and I didn't show them any collateral, just based on my cash deposits in their credit union and my small account balance of $90,000. If I brought in all my accounts and showed them, I'm sure they would loan the full amount $120,000 for the Ferrari.

 

What CU did/does 1.25% for 60? That is almost unbelievable

 

I did the 60 month at 2.49% at the time. My other credit union who is also excellent, wanted a 7% add on due to the age of the vehicle :-(

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penfed and lightstream are both awesome and i've used both. rates, for a used vehicle, are extremely competitive and they're fine with older cars (of value). what i liked about lightstream was that they didn't want to be on your title, so if you wanted to swap a car out for something else, you didn't have any title/payoff/etc issues.

 

The issue is borrowing the money to buy a ferrari. There is many money eating things that older ferraris need after you get her home. Best to have the money at the ready to buy it outright and plenty left over so you can fix what mat be wrong. Nothing worse than having a large repair bill and then the monthly payment,usually that happens when the washing machine blows up and your wifes car throws the timing belt.....

 

Library of Congress Federal Credit Union in DC. Well, it's 1.5%, but if you sign up for direct deposit or a credit card they give you a .25% discount to 1.25%. You have to work for the LOC or be a family member of someone who is a member to join.

 

This could go for any toy car or unnecessary possession. Good thing is, it's not anyone's sole means of transportation, so if things get tight, don't drive the Ferrari, and hold off till you have the means to get it fixed...on top of that, D.I.Y.!!!!!!! I'm amazed at some of the relatively simple jobs that people pay 10 grand for that can be completed in a weekend for a quarter of that..

 

Lightstream just did a 60 month 1.49% no lien, shows as auto loan,
loan for me. Dealer got me 1.59%, (surprisingly !) and Lighstream
took off .10 to beat them.

I went with Lightstream because of lower rate, but not having a lien
on the car makes it a lot easier at sale time.

As far as borrowing money to buy a Ferrari, or any car for that matter,
you can make a safe 3.35% guaranteed at Voya for example, and pay
1.49 on an auto loan, no brainer, and not tie up all you cash in a car.....