Learn Me: Bank Loans

1999, C2, Aero, 6 speed, 82k miles

Yep that's a 2 year loan. OUCH.

IF you can even find a place that will loan on it. My bank will, but it'll be a 2 year.

Payment will be over $1000/month easy.

DukeOfUndersteer wrote: No house yet, no student loans, no child support. I am in a relationship where we had a daughter, but SWMBO has a job and combined now make a pretty decent amount of money a year. This is what I am considering:

You may want to check on insurance rates in advance. Your credit score (or lack there of) will be used to determine your insurance rates as well.

$25k old cars are bought often but it is really not that easy. Most are bought with home equity loans or personal lines of credit.
I agree as others have stated, join a credit union and fix (create) your credit score. You do not need a credit score in this world but if you plan to play along in the "consumer world" of driving Porsches, you will need it.

92CelicaHalfTrac wrote: Disregard loans, buy this for $1500.

X2. Save and bank all the cash you can. Paying interest sucks.

http://www.daveramsey.com/articles/article/articleID/drive-free/category/lifeandmoney_automobiles/

jrw1621 wrote: You may want to check on insurance rates in advance. Your credit score (or lack there of) will be used to determine your insurance rates as well.

already did. Surprisingly not that bad for full coverage. Though i did say it was for pleasure.

Often, to get "pleasure" rates you need to be insuring more cars than you have drivers. If it is your only car they will not give you the best rates.

Hmm.. good to know. Looks like the negatives are outnumbering the positives. Well, I'm gonna give it a shot tomorrow when I go deposit my paycheck. Can't hurt to try. If i dont get approved, oh well. If I do, I'll look at the paperwork closely before making a snap decision.

In reply to DukeOfUndersteer:

Whoa, that was NOT what I was thinking. lol

Anti-stance wrote: In reply to DukeOfUndersteer: Whoa, that was NOT what I was thinking. lol

HAHAHAHA!!!! Its a deal. Fabspeed Exhaust, H&Rs, Champion Motorsports wheels, technician owned. All the engine failure stuff has been addressed. Just need to watch the rear main seal and make sure the case doesnt split. Man, i want it so bad

assuming you can afford the 700ish a month that payment would likely be if you paid 23 for that and got say 6% interest (likely to be higher) on the loan, you could likely get into a lease on a new cayman or a cpo on a longer term like 60 mo. with a better rate for the same cost per month... just sayin.

i really think you're going to have a real hard time getting someone to loan you that kind of money on a 10+ year old car, regardless of marque, without at least a significant down payment.

DukeOfUndersteer wrote:

Anti-stance wrote: In reply to DukeOfUndersteer: Whoa, that was NOT what I was thinking. lol

HAHAHAHA!!!! Its a deal. Fabspeed Exhaust, H&Rs, Champion Motorsports wheels, technician owned. All the engine failure stuff has been addressed. Just need to watch the rear main seal and make sure the case doesnt split. Man, i want it so bad

It isn't a deal if you can't afford it. I personally wouldn't do it.

Sounds like a terrible idea to me.

Make sure you can afford to keep the car on the road, not just to buy it. :) I have a pretty decent job, gaze longingly at 911's on a regular basis, but am terrified of a $5k+ DIY repair around the corner: especially on the 996's.

Yea, this was more of an educational thread than an actuality for me. Going back to Escorts and E30s

FWIW, I've been watching 964 prices start to trend upward, and have been REALLY tempted to stretch myself and "just do it". I'll bet they're a safer bet than my RRSP's have been! :)

DukeOfUndersteer wrote: Yea, this was more of an educational thread than an actuality for me. Going back to Escorts and E30s

Best thing you could do dude. I want a 911 also but I am not pulling the trigger until I can buy one with cash and be able to still have an appliance to drive everyday.

As others have alluded to, here's everything you will ever need to know about "bank" or other type of loans:

DON'T.

Save your money and pay cash. That is how you screw the man.

In reply to Dr. Hess:

Sometimes it makes a good deal of sense to borrow money for a car.

I bought my Corvette (C5) on credit in November. If I had waited to save up it would have been April or May before I'd had the money.

I borrowed $10,000 at 6%, and paid it off over 7 months. It cost me about $200 in interest.

A Corvette in New England is worth a lot more than $200 more in the spring than in November. I also got the use of the car all winter. GM HVAC is a nice, nice thing to have.

Anti-stance wrote:

DukeOfUndersteer wrote: Yea, this was more of an educational thread than an actuality for me. Going back to Escorts and E30s

Best thing you could do dude. I want a 911 also but I am not pulling the trigger until I can buy one with cash and be able to still have an appliance to drive everyday.

This is a good plan. Don't buy a 911 (or any other old expensive to repair car) unless you can pay cash easily and still have a repair and maintenance fund of a few thousand set aside.

So.... any good deals?

Yes Ben, I see the Escort. How much you want for it?

EDIT: ah, I see how much. I like...

DukeOfUndersteer wrote: So.... any good deals? Yes Ben, I see the Escort. How much you want for it? EDIT: ah, I see how much. I like...

Not mine, unfortunately....

Trying to get you a phone number.

You have PM with phone number. Seller thinks chassis has 102k miles, very clean, no rust anywhere.

I'm jealous.