financing questions

[89TBen]

ok guys. im lookin to get a mkiv. i need some help on financing. i was wondering if anyone knew a good lender. i can get financed through my local credit union but they cant get the payments where i want them or the term of the loan where i want it. any help would be very much appreciated. i really want a mkiv and ive found a few. please help guys.

thanks
ben

 

[gixxer750]

don't finance toys.

 

[lewis15498]

don't finance toys.

This.

P.S. going from place to place trying to find someone to finance you will hurt your credit.

 

[Poodles]

Finding someone that will finance a car that old and for that price...yeah, doubt it.

 

[Zumtizzle]

PennFed

 

[HIDPLANET]

Agreed not a great idea to finance an older car, but your credit union will probably be the only source that will give you funds with minimal questions.

 

[jksmith]

This.

P.S. going from place to place trying to find someone to finance you will hurt your credit.

this is false, multiple checks on your credit for the same thing will not affect your credit..

but do not finance toys, ive learned the hard way!!

 

[Supracentral]

going from place to place trying to find someone to finance you will hurt your credit.

this is false, multiple checks on your credit for the same thing will not affect your credit..

Correct, one inquiry vs one hundred for the same purpose will not make a difference...

As for financing a MKIV, even a 1998 at nearly 13 years old, not a great idea. Even if you've got the self control to leave it stock (you won't), it's a bad move to finance your toys.

Any financial institution is going to consider this a VERY high risk loan. The car is old. We know it's a MKIV - the banks' bean counters generally don't care.

The best deal you're going to find is a Credit Union - if they aren't giving you the deal you want, odds are you won't find it.

Capital One is known for being very MKIV friendly, but even if they are willing to touch it, I suspect the terms/rate are going to be worse than your credit unions rates.

Good luck - but IMO, it's not a good idea.

 

[te72]

I'll toss my hat in with the above experiences. This is exactly why I'm ~15k in debt right now, all over a couple cars worth about half that. Don't tie yourself down with that man. Trust me, payments suck when the car you're making payments on blows up.

 

[Keros]

Buy something sensable you can afford to pay for in cash, or finance something that's 2-4 years old that will A) hold its value and B) will have affordable insurance.

A MkIV will do none of the above (accept hold most of its value)... it will not be cheap, it will not be affordable insurance, and maintanence costs are through the roof.

It's just a generally bad idea.

 

[Supracentral]

Buy something sensable you can afford to pay for in cash, or finance something that's 2-4 years old that will A) hold its value and B) will have affordable insurance.

A MkIV will do none of the above (accept hold most of its value)... it will not be cheap, it will not be affordable insurance

Agreed.

and maintenance costs are through the roof.

I disagree here. Maintaining a MKIV is no more or less expensive than any other car of its age. Stock, or close to stock they are relatively easy to maintain.

Now once you modify it? That's a different animal.

It's just a generally bad idea.

Indeed.

 

[Poodles]

New cars depreciate BADLY, do not finance unless you absolutely need a car today to drive to work tommorow...

 

[cool chuck]

Credit union will be your best option for financing.
I've gotta agree... making payments on a 13+ year old car that you will at some point make repairs on will suck.

 

[BlackDevilSupra]

Eventhough you guys have provided the most sensible objections and cautions about the OP intentions, I doubt he'll oblige. The lure of MKIV ownership is strong, regardless of any unfavorable debt....

 

[te72]

Sadly, I think you are speaking the truth all too clearly. I've always wanted a Mk4, NSX, something along the mid-20k price range to work with, but I just couldn't justify stretching myself to such an extreme, as I like to have a bit of wiggle room with my finances. You NEVER know when something's gonna come up, and selling expensive cars these days isn't easy...

 

[89TBen]

sorry guys i havent been on in a while. thanks for all the input. i really do want the mk4 tho lol. i dont know what ill do. but i do appreciate the input. if i had the 18,000 in the bank id just go and buy it lol. but woulldnt we all.

 

[te72]

Not I, if I had 18k in the bank, I'd be paying off the debt that this Supra and the SS I have got me into in the first place. Regret buying both cars, to be honest with you. Not saying that you'd regret buying the Mk4, but chances are better that you would than wouldn't.

 

[89TBen]

wow. its kinda dissapointing to hear all u guys say that you regret buying a mk4 or that you dont like the maintainence or whatever. dont take that wrong guys. not trying to be rude, but is it really that bad of a car?

 

[Supracentral]

wow. its kinda dissapointing to hear all u guys say that you regret buying a mk4 or that you dont like the maintainence or whatever. dont take that wrong guys. not trying to be rude, but is it really that bad of a car?

Don't get me wrong, I love my MKIV. It's a fantastic car. But, if you believe the statistics, our household is well into in the top 10% of income earners in this country... Owning a 15-20 year old sports car can be an expensive proposition, especially if you have modified it or drive it hard.

Taking a loan out on a car that old is a bad move. I'm not saying the car is the problem.... Put bluntly, the fact that you are looking for a loan, and are concerned that you can't get the payments low enough and/or the term long enough means that you likely can't afford the car.

When you've got the money for one? Sure, go for it, it's a rewarding toy to own... When you can afford it.

 

[FullNelson]

I was in the same situation, an I financed a toy to play with while I rebuilt the supra. I financed the car and was ok, abeit a little stretched with the payments. Then life happened and the payments just suck to have to live with. The worst part was that I purchased the car at close to factory price being only 2 years old and having 4k miles on it. Now If I go onto autotrader, the car can be found for 2k-13k less than I still owe on it. A rule of thumb would be not to spend more than maybe 1/5 your income on a car payment. If I cold do it again, I would have stuck with the perfectly well running car I had before and WAITED untill I had a salary position somewhere.