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Financing Questions...

lollolboy

lollolboy

Registered Member
Joined
14 May 2004
Messages
94
Location
colorado
Hello everyone,
I think this is my first time ever posting a thread ever since I joined the Prime. I have been lurking here for very long time, even before I became the member.

Anyways, I am almost ready to purchase an NSX but few questions regarding the financial informations.

first, I am looking into 94 or 97+ NSX and willing to put about 10k-15k as down.
And I have an mediocre credit score..

It looks like I can find 94 NSX for roughly 30k and 97 for 40K+

so the question is

for those who put some down payment,
how much have you guys put down?
Also, do you guys think the financing company will lend me roughly 20k-30k even though I don't have an excellent credit score? I heard from a friend, they will let me have a loan if I am going to put large down. But I am not sure if this is accurate.

lastly, which should I get 94 or 97?
Is NA1 really worth 30k?
or will 97 be really worth extra 10k-15k comparing to 94?

Any inputs will be greatly appreciated.
Thank you
 
Last edited:
Another Prime member told me about www.penfed.org credit union. I did all of the "paperwork" over the phone. I had a check in my grubby little paws in less than a week. Worth a look..
 
I requested up to 23K from capital one, they approved it. My credit is above average though (but I don't have much history). I'd try them out.
 
I was also worried about this when I purchased my car this summer. It turned out to not be as bad as I had originally anticipated. I put about 25% down and was approved in a matter of hours through the dealership I purchased it from. I didn't get the best rate in the world, but for a 15 year old car on a 48 month term I can't say I wasn't happy.
 
20 yrs old at the time with a credit score around mid 700's with an approved loan of 30k from a credit union.. i guess it also comes to see how much you make as well plus any debt you might be in..
 
sounds good
I will try the capital one and credit union around here..

hopefully they will give me some good numbers
 
I don't think your credit score is as important as the downpayment (vs value of the car).

The lender's FIRST priority is protecting their money. IF they are forced to "foreclose, is there enough equity available for them to get ALL of THEIR money back (plus expenses of course).

Of course if your debt ratio is too high they won't lend the money either. After all, there's no point in lending you the money if they reasonably believe there's a good chance they'll have to reposess your car.

The lower your credit score the higher the interest rate. :wink:
 
See if you can get approved first. Find out how much they will lend you. Then factor in the costs for insurance, licensing, taxes and a little cash in case you have problem with it. Then with whatever is left over, is what you have to spend.
 
I was approved for $23.5k at a local Acura Stealership through one of their "pre-approval" letters they send every couple of months. I ALMOST said screw a house and got an NSX, but I kept my head on straight and will just have to wait till I get a house first...
 
I just applied to Capital One for a loan. Their rates are too high, in the 8% range. I went with my credit union (Southland Credit Union) and got a rate of 6.74%. Rates have gone up. I was approved by Southland in July for 6.25%, but I could not find the car I wanted. You should also try The Pentagon Federal Credit Union. There current rate is something around 6.5%.

Good Luck,

Mario
 
shoot,
I got rejected by Capital One financing because the car is too old :rolleyes:

I found 92 around my town..
but I have no idea where to get the loan for 10+ car. Still haven't tried CU... but I doubt they will finance anything old like that.. :frown:
 
Last edited:
The credit unions normally go by your credit, and the value, not the age of the car. For example, you can finance a 1991 NSX for the same rate as you could a 2005 NSX, assuming the loan to value (LTV) is the same with PEFCU (Purdue Employees Federal Credit Union).
 
just applied for the CU auto loan today
so I should be hearing something by tomorrow..

Also I found out my credit score..it is 630, how horrible :frown:

despite my credit score, hopefully they throw something on the table for me to have.
 
Let us know how it turns out for you. I'd be VERY intrested to find out how it goes for you because i'm going to be in a very similar situation very soon.
 
lollolboy said:
shoot,
I got rejected by Capital One financing because the car is too old :rolleyes:
Click to expand...

Strange, I financed my car through them two years ago, and my car is a '91. Granted it has been two years, but at that time the car would still have been 10+ years old when I took the loan.
 
Try and get a personal loan because the money is for you and not a car. Therefore you have more of a chance getting approved. Whereas a car loan is determined by the vehicle year (In most cases)...they don't finance 96 and under.
 
Southland Credit Union, who I just secured a $30,000 loan with for my 95 NSX, normally does not loan on a car that is greater than 7 years old, i.e., 1999 is the limit. However, I was able to convince them to loan on a 95 because it was not your ordinary car. I suspect that my $6,000 contribution to the $36,000 selling price and decent salary also had something to do with their decision.

Good Luck,
 
I got quoted with 15% interest rate from Credit Union to loan out $20,000. Plus that is if I provide them with some kind of tax return paper so they can find out if I have steady income. They also told me I have high debt from credit card companies. Well I get paid cash from work never really had to file any tax related stuff. I could get about lower interest rate if I can get a co-sign from someone.

I am going to try if anyone else will give me better interest rate and loan if I put down 30%.

The hunt continues....
 
nsxtra said:
Strange, I financed my car through them two years ago, and my car is a '91. Granted it has been two years, but at that time the car would still have been 10+ years old when I took the loan.
Click to expand...


I was pre-approved but after 1 min later sales rep from capital one called me and asked me what year the car was..
I told him 92 and he said "oh I am sorry sir, we can only finance 2000 or newer."

He then cancelled it
 
I just went to Capital One Finance online and filled out thier app. that took about 2 minutes and then I hit the Submit button. I then moved a couple of papers around on my desk and got up to go to the bathroom and didn't even make it around the corner before the phone rang and it was Capital One. In the first 5 secs he informed I was approved and said he was sending a check out overnight. Nowhere on the app. did they ask for a type or year of an automobile. As a matter of fact I tried to tell them to keep the check and pay-off the car internally(because the seller has his loan with them) and they would not do that because they said if the deal was to fall thru that I could take the check and go buy whatever car I wanted! So....you need to go to Capital One Online my friend!
BTW: I don't know if any of you caught on but if all goes well I'M GONNA BE IN AN NSX THIS WEEKEND!
 
Greg Z said:
I just went to Capital One Finance online and filled out thier app. that took about 2 minutes and then I hit the Submit button. I then moved a couple of papers around on my desk and got up to go to the bathroom and didn't even make it around the corner before the phone rang and it was Capital One. In the first 5 secs he informed I was approved and said he was sending a check out overnight. Nowhere on the app. did they ask for a type or year of an automobile. As a matter of fact I tried to tell them to keep the check and pay-off the car internally(because the seller has his loan with them) and they would not do that because they said if the deal was to fall thru that I could take the check and go buy whatever car I wanted! So....you need to go to Capital One Online my friend!
BTW: I don't know if any of you caught on but if all goes well I'M GONNA BE IN AN NSX THIS WEEKEND!
Click to expand...

wow...
maybe I should try again..
 

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