Hey Guys, If it's already been posted I couldn't find it-- Anyone have a positive experience or can suggest a financing company when they bought their 355? Anyone use JJ Best? If you just wrote a check, lucky you, but don't waste your time bragging. Thanks for any help guys! Keith Insider-Search.com
I've used putnam leasing and they're ok. I've talked with woodside and they offer some pretty good terms too.
My concern when financing would be where to get the cash for an unexpected repair that could cost thousands of $$
??? I could have paid for my car outright, but for 1.49% - that's pretty cheap money and I felt I was better off holding onto my cash....
Financing a car doesn't necessarily mean that you don't have any cash. In fact financing a car will allow you to keep a lot of cash somewhere else instead of tied up in your car. At the 1.5% rates you can get these days it makes a lot of sense to finance.
I use woodside credit or just borrow off a CD depending on what I am doing at the time Whatever is best for your situation
+1 Same here. We aren't talking about a 2013 BMW or MB here. In 3-4 years the 355 is going to be worth the same or more. It won't lose 50% of it's value. That cash is better put to use on investments or higher rate loans.
I was going to finance the 355, but decided to invest my money somewhere else for right now, then buy the 355 outright with enough cash laid aside for unexpected repairs. I would NOT get caught up in the loan business.
Make sure the note is "simple interest" and not the rule of 78's or all earned interest. If the note is not simple interest, then the ALL the interest (for the full term of the note) is earned as soon as you sign the note. So if you wreck the car or pay it off early, you are not paying 1.49% but a much higher interest rate. A simple way to know is; if the note has a rebate for paying off early (normally about $20) then the note is not simple interest and all the interest is earned as soon as you sign the note = RIP OFF. The rebate is normally hiden in the fine print on the back page towards the bottom. Most have no idea that this occurs and I think it should be illegal. I really don't trust loan companies or banks, so if it were me, I would pay cash or at least a very large amount down. Make no mistake, this is not a prepayment penalty. This is how the interest is earned based on the note. Two totally different factors.
+1 for PenFed. PenFed has great service and they are really easy to communicate with over the internet or by telephone. DRG Jerry
Penfed was great for me. 1.4%. 100% of cost. Just sent them some pics by email....Exterior, interior, engine. overnighted a check. Very friendly and helpful customer service. A year an a half later just paid it off early. Got the loan release within five days for the title.
Penfed didn't even need pictures from me. Just year, make, model, vin number.... it was so easy. Note Penfed is a credit union which is much different from a bank.
I think any place that does car loans will finance you. When ever I need money I throw on the ski mask and hit the local bank.
I recently bought a 1994 Ferrari 348 Spider and I financed it through JJBest of RI. They are a part of Narrgansett Credit Union. It was quick and easy. I paid cash for the car and then decided to finace it a few weeks later. I thought their rates were high but it I am only doing for a short period of time. I called my bank and a few other financing outlets and noboody wanted to touch a 19 year old car. They sent a person out to do an inspection and take a ton of photos. Over all I would recomend them.
yup! I also financed mine through my credit union. They do operate way different than banks. I would never use JJbest the rates are way to high.
Just going to weigh in with another big thumbs up for penfed... I've financed and paid off an NSX, GTR, evo and 911 through them and each time was a 100% excellent experience.
I was just going to save but you guys are persuading me to go with PenFed. What do they ask from you? What type of personal information does one need to provide?
I used Navy Federal Credit Union for my 348 then Woodside Credit for the other ones. Woodside specializes in financing for exotic and classic cars.
PenFed requires that you either be active military, family of military, employee of Pentagon, *or* member of "Military Family Association". That last one is key. To join you just have to donate something to, IMO, a very good cause. I do $50/yr myself, but I think the minimum to join may be a one time $25 donation. Once you are in the MFA, you will get a member # that you use to sign-up for PenFed. I now have everything with them (incl primary mortgage - 3% 30 year fixed with no points when I did it). They're awesome. Very "help yourself"/self service though. Pretty much everything done through the web. Something to keep in mind as that approach isnt necessarily everyones speed.
