Yeah, it would be great to pay cash for the Ferrari of your dreams..... but realistically........ What financing options have you guys used???? Have any of you financed the car for a period over the regular 5 years????? And if so, at what rate, how many months, etc. Any feedback would be greatly appreciated.
Money for cars is quite cheap. I can invest money for more than financing on a car. Recently on a used vehicle I received 5.5% for 60 months for 70k. If your credit is over 700 beacon and your debt ration isn't too bad you can nearly buy anything you want. I usually pay the depreciation of a car for the first 4 years as the deposit so I am never into a car where I can't get out. What I am amazed at are the deals I get from lending tree. They have beat all of the local banks, and my accounts both personal and professional are in the top 2% as per my local bank. Try 'em and see. HFC has been lending money on used exoctic cars for about mid 5% range as long as the credit is fine. By the way they have gone back as far a 7 years for a "used" car in the cheap finance rate. Most companies will lend cheap money on used exoctics till about 3-4 years back.
HSBC just hooked me up with 4.79% for 60 months... simple interest, no prepayment fees, etc... $100k... I found it through www.lendingtree.com. -R
How and why would a bank divulge the inforamtion in regards to your level of banking. and what does your level of accounts have to do with borrowing money at a special rate? Must be a small bank! Top 2% of an average bank in New England woul put your net worth over 20 million... In that case you propably dont need a loan.
Read my profile. I am in Gadsden, Alabama. Once your net worth climbs over 8 mil. you are known. I used to reside in Marlborough, Ma where it was hard to compete with the big dogs. James, why wouldn't a bank want to know you are a preferred customer. In my business I am more than happy to identify my top 5% customers and keep them very happy. By the way, the level of banking you put in play has a tremendous amount of your "borrowing" power. Vehicles are different with my local bank. Most of my cars are not involved with the business. I can invest or "inject" money into my business and make 4-6 fold the money over paying cash for cars. You state "investments" as your occupation, why am I giving you this info????? What type of "investments" are you in???
Hi Andy, What type of business are you in that you are able to yield such reliable and high returns? Perhaps I should be investing in your company
The place where I purchased my car offered 7.5% for 12 years. I wasn't interested in those type of terms, but that's about the longest terms I've heard of. My credit union was willing to finance 7 years at 5% and offered better terms for shorter terms. I was able to secure 4.49% through my credit union.
Andy I am Bond invester, and Bond fund Manager at the 2nd largest Bank in New England, My point was with so much net worth you really werent answering the threads question. By the way theres a big difference in net worths in Massachusetts VS. Alabama,Massachusetts Ranks 3rd in the US in average incomes and net worths where Alabama is 37th. But then again you know that. Happy Motoring
James, precisely why I moved. I loved the New England environment but hated the winters. I have built a thriving business in Alabama. The people here seem to be more loyal and courteous than many other places. My overall tax liabilities are much less and the quality of life is wonderful while spending so much less. I never thought I would live in Alabama but 1$ spent here is nearly the same value as 2$ spent in the NE when it comes to the quality of life. If you are ever in the area give me a PM and I will be happy to show you around.
James, see what I mean!!!! And I went for a top down drive today http://www.ferrarichat.com/forum/showpost.php?p=134651228&postcount=1
Guys this is a helpful thread that I wanted to bump up since I am currently looking to get an auto loan. I assume the best place to get a financing quote is LendingTree.com. If there are other aggregators - or if people have found individual banks that are being very aggressive - I'd appreciate the leads. For now, I'll use LendingTree.com, and see what pops up.
I've found lending tree to be a major ripoff and best bet is either to go directly to your bank that you bank with or consider a home equity loan. Next best is to have the dealers shop it around to different banks, but typically, they'll be looking for a piece of the action. The best rate and the most aggressive bank I've seen as of late is Chase. Also, Citibank, notorious for lousy rates is offering some interest only programs that are not as big a ripoff as they were in the past...again, this may be for long-term customers only.
Vik, try Capital One Auto (formerly Peoplefirst)...they're the easiest to deal with. Next I would try Chase Auto Finance and Etrade Bank is also quite aggressive. As mentioned, I would also try the bank that you use in order to see if they'll be competitive...
Paul and Eric - Thank you both. Never having used them before, I didn't realize that LendingTree had such a strong base of detractors. - Although I bank with Citi, I'm pretty close to Chase Manhattan, and will see what kind of rates I can get with them. Eric, interesting that you mention PeopleFirst.com. I just read online that people advocate them - as well well as Car.com.
I am in the process of searching for an F355 and can afford to pay cash for 75% of the car. I am going to finance the remainder. KeyBank in Cincinati, OH was willing to finance 6 years for any model F355. Also, the lady that I am working with happens to be a Formula1 fan, so justifying the amount/investment was less of a problem. If anyone wants her contact information, just drop me an e-mail.
