I think your right about this topic. its like religion most of us have the same objectives but a different opinion. Your way works best for u my way has worked for me.. Good luck!
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Bank to finance NSX ??
- Thread starter nsx4play
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I think your right about this topic. its like religion most of us have the same objectives but a different opinion. Your way works best for u my way has worked for me.. Good luck!
According to this person, you don't need a bank to finance a NSX :biggrin:
http://www.nsxprime.com/forums/showthread.php?t=98489
http://www.nsxprime.com/forums/showthread.php?t=98489
good info here! i need to start looking for a place to finance a 93 i'm looking at (46k for the car)
Pentagon Federal Credit Union is where I got my car loan quickly with a great rate. They were willling to finance all the way up to retail book on the car.
My rate in June 2007 was 6.54% for 60 months. Rates were much lower three years ago, so, I felt like it was not that bad of a deal given the way rates have risen in the last year. I did auto finance for a living until last year and I can tell you that most lenders will not lend money on a vehicle that is older than 7 years old.
The few lenders that do often charge higher rates on older vehicles, as they see inherent risks associated with loans on aged units. I can tell you that 6.54% is a decent rate for 60 months on a 96 NSX. I do believe they will finance a 1991 if it books out well, has less than 100k miles, a clear title, and you have proof of personal income.
Pentagon FCU uses Equifax to determine credit worthiness, which was great for me because my score was signifigantly higher on Equifax relative to the other two credit bureaus(Transunion and Experian).
One other advantage of using Pentagon FCU is that they do not use a tiered system as we did in Auto dealerships. In short, if you qualify and your score is a 658, you get the same rate as a guy with a score of 805. I was told that if you qualify, you get the going rate, whatever it happens to be now. That is a good deal for someone with a middle of the road Equifax credit score. Usually, the guy that is the bullet with the 805 score gets the good rate and the guy with the edgy 658 gets a rate about 5 points higher.
Most lenders down South (in Baton Rouge) use Equifax as there primary credit bureau when looking at car loans. When I did auto finance in California, we used Experian primarily, then pulled a Transunion bureau if the client did not score well on Experian.
If you have a higher score on Equifax relative to the other two bureaus, then I would definitely talk to Pentagon FCU. You join for like $20 and they open an account with like $5 in it, then submit your loan to a loan officer and they give you an answer in a couple of hours, and, the money overnighted if you choose to.
I also picked up a $20,000 Credit Card with a killer rate while I was on the same call, just in case I run into any emergency situations. Most credit card companies also look at Experian, and, Pentagon looks exclusively at Equifax. So if you have a good credit score with Equifax relative to the other two bureaus and are not getting good replies from credit card companies, check them out for that too. Good luck! Happy motoring!
P.S. Another great benefit in dealing with Pentagon FCU is that they are dealing with military personnel and they are open until 8 or 9 at night and OPEN ON WEEKENDS, so, if you need to close a deal on the weekend they are very accomodating. If anyone out there knows of any other credit card companies that primarily look at Equifax, please let me know. Thanks
My rate in June 2007 was 6.54% for 60 months. Rates were much lower three years ago, so, I felt like it was not that bad of a deal given the way rates have risen in the last year. I did auto finance for a living until last year and I can tell you that most lenders will not lend money on a vehicle that is older than 7 years old.
The few lenders that do often charge higher rates on older vehicles, as they see inherent risks associated with loans on aged units. I can tell you that 6.54% is a decent rate for 60 months on a 96 NSX. I do believe they will finance a 1991 if it books out well, has less than 100k miles, a clear title, and you have proof of personal income.
Pentagon FCU uses Equifax to determine credit worthiness, which was great for me because my score was signifigantly higher on Equifax relative to the other two credit bureaus(Transunion and Experian).
One other advantage of using Pentagon FCU is that they do not use a tiered system as we did in Auto dealerships. In short, if you qualify and your score is a 658, you get the same rate as a guy with a score of 805. I was told that if you qualify, you get the going rate, whatever it happens to be now. That is a good deal for someone with a middle of the road Equifax credit score. Usually, the guy that is the bullet with the 805 score gets the good rate and the guy with the edgy 658 gets a rate about 5 points higher.
Most lenders down South (in Baton Rouge) use Equifax as there primary credit bureau when looking at car loans. When I did auto finance in California, we used Experian primarily, then pulled a Transunion bureau if the client did not score well on Experian.
If you have a higher score on Equifax relative to the other two bureaus, then I would definitely talk to Pentagon FCU. You join for like $20 and they open an account with like $5 in it, then submit your loan to a loan officer and they give you an answer in a couple of hours, and, the money overnighted if you choose to.
I also picked up a $20,000 Credit Card with a killer rate while I was on the same call, just in case I run into any emergency situations. Most credit card companies also look at Experian, and, Pentagon looks exclusively at Equifax. So if you have a good credit score with Equifax relative to the other two bureaus and are not getting good replies from credit card companies, check them out for that too. Good luck! Happy motoring!
P.S. Another great benefit in dealing with Pentagon FCU is that they are dealing with military personnel and they are open until 8 or 9 at night and OPEN ON WEEKENDS, so, if you need to close a deal on the weekend they are very accomodating. If anyone out there knows of any other credit card companies that primarily look at Equifax, please let me know. Thanks
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If you find the "right" car, go through your local bank or credit union. If they offer you a higher rate, you can always refinance, banks want your business and will offer you lower rate. If you have good credit over 730 your in good shape.
FYI most companies look at equifax for determining credit worthyness.
Found this online will google surfing has some useful tips etc...
http://www.cardratings.com/
Has anyone else used this bank?
I hope it has about 300 miles on it because otherwise that seems pricey.
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Last week I used my NSX to finance a bank.
I got 6.19% at HSBC, no issues with age or make of the car at all.
You can finance all the way up to book value for 4.25% for 60 months through Pentagon Federal Credit Union. Very good bank and straight foward.
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