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A brother in need

Discussion in '348/355' started by LouB747, Nov 12, 2013.

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  1. LouB747

    LouB747 Formula 3

    Apr 8, 2009
    2,123
    Huntington Beach, CA
    Full Name:
    Lou Boyer
    #1 LouB747, Nov 12, 2013
    A goo friend of mine just bought a 348. He's gonna finance part of it. But I guess his bank won't finance a 348. Too old? They'll give I'm a personal loan, but at 8.5%

    Anyone know who will finance it?

    Thanks in advance.....

    Title should read "in" need. Guess I can't edit the title.
     
  2. DanNE

    DanNE Formula Junior

    Jun 7, 2013
    721
    #2 DanNE, Nov 12, 2013
    Wow, I should become a bank...
     
  3. F355steve

    F355steve Formula 3

    Apr 9, 2008
    2,089
    Honolulu - Seattle - Okinawa
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    Steve
    #3 F355steve, Nov 12, 2013
    Pentagon Federal Credit Union. Make a $20 donation to preferred charity of theirs and you can join. Under 100k miles on the car then they will do it no problem. Rates are insanely low too.
     
  4. LouB747

    LouB747 Formula 3

    Apr 8, 2009
    2,123
    Huntington Beach, CA
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    Lou Boyer
    #4 LouB747, Nov 12, 2013
    Thanks Steve!
     
  5. LouB747

    LouB747 Formula 3

    Apr 8, 2009
    2,123
    Huntington Beach, CA
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    Lou Boyer
    #5 LouB747, Nov 12, 2013
    I can't remember if anyone has any extra 348 brotherhood shirts left. If so, send me a message.
     
  6. Dave rocks

    Dave rocks F1 World Champ
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    Nov 23, 2012
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    Orchard Park, NY
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    Dave Lelonek
    #6 Dave rocks, Nov 12, 2013

    Yep, and they just went from $70K max to $100K on used autos...
     
  7. LouB747

    LouB747 Formula 3

    Apr 8, 2009
    2,123
    Huntington Beach, CA
    Full Name:
    Lou Boyer
    #7 LouB747, Nov 12, 2013
    I wonder if they'll finance a car you already own. Say get a loan against your car, put them on the title, then get a check.
     
  8. 355dreamer

    355dreamer F1 World Champ
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    Apr 3, 2006
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    #8 355dreamer, Nov 12, 2013
    I believe that they do that as well.
     
  9. johnk...

    johnk... F1 World Champ
    Owner

    Jun 11, 2004
    11,278
    CT
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    John Kreskovsky
    #9 johnk..., Nov 12, 2013
    How about a home equity loan? Rates should be about 3%+.
     
  10. Dave rocks

    Dave rocks F1 World Champ
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    Nov 23, 2012
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    #10 Dave rocks, Nov 12, 2013
    HE are variable, not fixed. Penfed is now 1.99%
     
  11. F355steve

    F355steve Formula 3

    Apr 9, 2008
    2,089
    Honolulu - Seattle - Okinawa
    Full Name:
    Steve
    #11 F355steve, Nov 12, 2013
    Yes, I have done this with them myself. They send you documents and the check in the mail. You fill it out and send the documents back. Deposit the check and you are done. So much easier than any other loan I have ever had.

    Yes, they send you the check with the documents you need to send to them. I was shocked but it is true.
     
  12. 355dreamer

    355dreamer F1 World Champ
    Owner

    Apr 3, 2006
    10,476
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    L.C.
    #12 355dreamer, Nov 12, 2013
  13. F355steve

    F355steve Formula 3

    Apr 9, 2008
    2,089
    Honolulu - Seattle - Okinawa
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    Steve
    #13 F355steve, Nov 12, 2013
    When I did mine they would loan up to 100% of the NADA value on a car. I think at the time that was $54,900 on a 1997 Ferrari 355 GTS.
     
  14. bobzdar

    bobzdar F1 Veteran

    Sep 22, 2008
    6,919
    Richmond
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    #14 bobzdar, Nov 12, 2013
    Yup, I used penfed as well, extremely easy and super low rates.
     
  15. Dave rocks

    Dave rocks F1 World Champ
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    Nov 23, 2012
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    #15 Dave rocks, Nov 12, 2013
    When I did mine, they were going 110% IIRC on the higest value from NADA (since three values are given)....
     
  16. dlynes

    dlynes Formula 3

    Oct 16, 2004
    2,450
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    Dave
    #16 dlynes, Nov 12, 2013
    + many!

    or try USAA if qualified.

    After 9 years of owning my car, I took a loan out against it to free up some debts.

    USAA was awesome. since my car's a 98 and has 163k miles they could only loan $22k against it @ 3.99% (as of June 2013).
     
  17. phrogs

    phrogs F1 Veteran
    Silver Subscribed

    Apr 13, 2004
    7,360
    Kzoo Michigan
    #17 phrogs, Nov 12, 2013
    Any credit union really. I have used navy federal and marine federeL com most of my old car purchases.

    And I just used usaa for a 1979 Porsche 930.
     
  18. stevew3765

    stevew3765 Formula Junior

    Oct 27, 2012
    716
    Tulsa, Oklahoma USA
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    Steve Wool
    #18 stevew3765, Nov 13, 2013
    Where are you/him?
     
  19. chas-3

    chas-3 Formula 3
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    Jan 28, 2009
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    #19 chas-3, Nov 13, 2013
    I used Woodside Credit to finance my 348. They specialize in classic/collector/exotic car loans, no issues and simple to deal with.
     
  20. LouB747

    LouB747 Formula 3

    Apr 8, 2009
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    Lou Boyer
    #20 LouB747, Nov 13, 2013
    I'm in SoCal. He's in Japan, but sorta lives in SoCal too. Huntington Beach. His car will be coming here in December.
     
  21. LouB747

    LouB747 Formula 3

    Apr 8, 2009
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    Lou Boyer
    #21 LouB747, Nov 13, 2013
    Well, he did just that. 1.99% was the rate. Not sure the term.

    Thanks again!
     

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