Hello All,

I have a question here. Will a bank still loan money on a 996TT? I am sure someone will, seeing that these cars are not that old! But don't have experience in this area.

Thanks for your help in advance.

Hope you all have a great week!

 

Yes we will....BUT depends on Year, Mileage and amount you need...

Most commercial banks (Bank of America, Wachovia, PNC, Wells Fargo etc...) will only do loans down to yr2001 but then terms are not favorable

You end up having small choices of only 28-42 months for cars under 2004 and up to 72months for newer cars, some even go for 84 months,Most banks also have thresholds of 100K before deal becomes high risk and has to be approved on a case by case basis. They also consider Black book value for how much they ll finance...In other words the perfect 996TT (Older in pristine condition with just the right mods will require a larger down payment on your end.

Finally, the better option is to go with a good credit Union and get mid 5% for up to 72 months on anything that is newer than 2000. (Navy Federal is one that offers such deal, but not everyone can join)

Hope this helps, any more banking questions...just ask

 

Man thank you for the input.

What do they usually require for the down payment?

I like the credit union idea - I will look into that as well.

So I would imagine the newer the better for loan to value etc..?

Thank you for your insight and help!

 

Usually 0 down.

They go by the book on the car, which is very high.
Grow financial is a good one too.

 

It's good for you that the cars are less expensive than the book. Consider leasing. Payments hould be right around $700 per month on a 50K car with 30K residual.

 

I am "assuming" that you already own a P-Car and hold the title and are now trying to extract capital from the car without selling it.

Call http://www.catsexotics.com and talk to Roy. What you will likely do is a bunch of paperwork that entails trading the ride into them and then repurchasing it with a bank as the new leinholder. Since the "trade" would be for the same price, you shouldn't have much else to pay for. Roy would get his financing bogey and you'd get a big fat check.

 

Man thank you for the input.

What do they usually require for the down payment?

Its based on loan to value...if you want a 60K car and it comes up as 50K on their book, you come up with 10K

I like the credit union idea - I will look into that as well.

So I would imagine the newer the better for loan to value etc..?

Newer doesnt have as much to do with loan to value, it depends on the car...the newer the more favorable the terms

Thank you for your insight and help![/quote]

Anytime

If you own your car and just want to refi so you can get cash out of it for other things, it will make no difference, as all banks only require the clean title etc...You dont have to go through a dealer or some special broker.

You send them the title within 30days of cashing their check

 

They use KBB so the great thing is that your 996TT's have "book" of around $80K and they trade in the market for around $55-65K so your downpayment may be next to nothing.

 

That would be great!

I do not own one yet - but look daily - and feel like I am finding a few that will work!

So it's time to get serious - and Instead of me exhausting all cash flow - I would rather purchase one and finance it - and pay it off quicker as I like.

The thing that I am dealing with is - I would like to work with a Bank and or Financial Guy - to get pre approved here for the loan and know what I am dealing with etc.

So If I find a car I like - I can go ahead and make the offer and know I have an approval ready to go.

Make sense?

 

I was going to use my CU at around 5.75%, but I ended up buying a "Certified" used 996TTX50 from the local P-dealer (a lot of haggling BTW - took out $15k in price from "asking price") 3-4 weeks ago, and Porsche Financing was the best deal at 4% - so I took it.

 

Wow thats pretty good haggling, what was the final price if you dont mine me asking... PM would also work, I am trying to get an idea of what I should counter if I was to find one from a dealership.

 

Home equity loan is a possible answer...can pay as fast as you want

 

Not really wanting to mess with that unstable method...

But do hear you.

I think I just need to contact our bank and or credit union - and go from there.

Unless someone has another thought.

Thanks,

 

Home equity is technically the most intelligent choice as long as you are disciplined in paying more than the min. It allows you flexible payments at extra low rates (since prime is so low) and gives you a tax write off in most cases.
It also enables you to keep your car title and make for quick and easy transactions if you wish to buy/sell at any given time

 

I am with you there - I completely understand where you are coming from.

I own 2 homes right now - and just don't want to dip into that at this time.

I am also a business owner - and it starts to complicate things a bit.

Going after an auto loan - would be the best thing for me right now.