Financing older than 10 yr old cars

How do you finance > 10 yr old NSXs? Most banks will not touch cars older than 10 yrs. I am looking for NSX in the 1998-2000 range.
Thanks.

Woodside Credit Collector Car Finanacing

http://woodsidecredit.com/

I used them to buy my 1999 and honestly it was a great experience the whole way through the process.

I'd recommend them to anyone I know.

www.penfed.org

there are threads here on Prime about Pentagon Federal Credit Union

Just got an email from PenFed today: rate for used car up to 60 months is 1.74% up to $70,000 (based on NADA retail value)

My credit union will finance any vehicle, up to its NADA High retail value, regardless of age. On my 92 NSX, NADA High value is $41,400. They will do 3.99% for 60 months, or 4.25% for 72 months.

I would assume that most credit unions would be similar?

Penfed here.

I believe you're forced to go 36 months if the vehicle has a salvaged title or is over 100k miles. They also go off NADA high retail value.

Penfed is amazing. I have sent aver a dozen nsx buyers there along with doing a ton of business with them from our car lots.

+1 for Penfed. Great service and a easy choice to make, considering today's interest rates vs. NSX appreciating value.

How long is the Penfed financing process? The reason I ask is because with my credit union, the entire process took about 20 minutes, and then I was walking out of the credit union with a big fat check. I imagine the Penfed process taking a little longer?

FF Drifter said:

+1 for Penfed. Great service and a easy choice to make, considering today's interest rates vs. NSX appreciating value.

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Agreed. I'm financed w/ PenFed.

ekhonda87 said:

How long is the Penfed financing process? The reason I ask is because with my credit union, the entire process took about 20 minutes, and then I was walking out of the credit union with a big fat check. I imagine the Penfed process taking a little longer?

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It takes about a week. First, they can't find the car in their online lookup tool so you have to speak with a loan officer over the phone. Then I had to send in some income verification stuff. Finally, a check was mailed out. I think the only complaint that I had was that I was never notified when there was an action required on my behalf, I would have to call in and find out that I was missing something.

I'm refinancing mine with USAA and they have 2.5% for 36 months up to ~3% for 72 months. You need not be a member to be eligible for their banking services.

i used penfed financing as well and they did not need any income verification because i put a very large down payment. but you cannot really beat their APR, it's so low many dealers don't even offer it on new cars. I got 1.49% on my 92. Just like itrsteve said, you need to keep calling them to get update on your application status, they actually approved my application and did not know until i called a week later to see whats going on.

+1 for USAA if you have access. If purchasing a vehicle long distance through a dealer they make the process simple and quick. Using USAA my cars are bought within a couple hours from start to finish, and shipped within 48. After chatting with the last rep about car stuff (he ended up being a gearhead), he said 10+ year old cars are easier to obtain loans than more recent due to the specialty of vintage cars, it was a big market they recently started taking serious.

I typically take out a loan on exotic vehicles sold by long distance dealers I haven't had a prior relationship with. Once the vehicle arrives I pay the loan off in short order. 3% and less is basically getting a free loan. Heck, real inflation is higher for many goods and services anymore.

Pen Fed is fantastic! Excellent customer service and quick response.

4cruizn said:

Agreed. I'm financed w/ PenFed.

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same here

USAA for 2.5%

I also used pen fed and got approved with the 1.49%
the entire process took about two weeks bc everyone was refinancing with them and they were ovewelmed.
Just be aware that they hold your title until the loan is paid off. ( in NY the owner keeps the title, so this was a bit weird but well worth it).
Good luck w your search. The penfed thread has alot of useful info and will answer most of your questions

Thanks, very helpful, will look penfed up.

JJBANC is option as well.

hmmm.. damn i wish i would have started a thread about this when i bought my 91.. i went through JJ Best.. 10% for 60 months

Chu_Viet said:

hmmm.. damn i wish i would have started a thread about this when i bought my 91.. i went through JJ Best.. 10% for 60 months

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So refi the loan balance with PenFed.. I believe they will do that

? about usaa

bee_are_bee said:

I'm refinancing mine with USAA and they have 2.5% for 36 months up to ~3% for 72 months. You need not be a member to be eligible for their banking services.

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I see your refinancing 3% 72 months I went to website and it says unavailable for loans 2005 and older anything more than 60 months. Any help with this I would appreciate since thinking of refinancing my 99 also. Thanks

PSHUMARD1 said:

I see your refinancing 3% 72 months I went to website and it says unavailable for loans 2005 and older anything more than 60 months. Any help with this I would appreciate since thinking of refinancing my 99 also. Thanks

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Are you already a USAA member or have a bank account with them? I suggest calling them directly; 1.800.531.8722. See if that makes a difference. I just got off the phone with them.

Dudes, checked out Penfed site and seems like to become a member, I need to meet one of the 7-8 criterias which I dont think I do. Help?

EDIT>> Oops I see, I can become member of VOA and then apply

vtec29k said:

Dudes, checked out Penfed site and seems like to become a member, I need to meet one of the 7-8 criterias which I dont think I do. Help?

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You can open a savings account with $5.00 and then donate to one of the two charities they back. Boom. You are a member.