2nd car advice

[zygrene]

Originally Posted by n2oinferno

I don't believe that fee is annual. Once you donate to one of those groups you're in Penfed for good, if I remember correctly.

Wow, even better. And it's tax deductible anyway.

[fatoni]

Originally Posted by zygrene

What about credit unions? I did a quick search and people on other forums said they're the way to go for older cars.

that would work. i guess i just tend to see credit unions as banks. my credit union will loan me money for anything with a bluebook value. i was gonna note that but then i figured it would be a moot point since its been stated that the bank wont loan for cars older than 15 years or something.

credit unions in my experience have been great. super low rates and really easy to work with.

[zygrene]

Cool. Well I found a 1991 Formula Red NSX with 72k miles, 5spd. More details here:

http://sfbay.craigslist.org/scz/cto/3586944066.html

Also looked up the smog history here: http://www.bar.ca.gov/pubwebquery/ve...pubtstqry.aspx

VIN: jh4na115xmt000450

What are your opinions on this car? I am driving down to Santa Cruz tomorrow to check it out, and if I like it I may pull the trigger if it's still available in about a month.

[n2oinferno]

Looks good to me, imo. It'd look even better with the OEM hood, which looks like he's keeping the aftermarket so even better.

If only there were deals like that around here. It's more like 40 grand for ones with 100k on them.

[zygrene]

Just checked out the car in person. It's very clean except for a broken rear shock (would need to replace both rears) and some scuff marks in the back near the wheel. The interior is great except for scratches in the leather on the driver's side bolster.

At first the car wouldn't start but he fiddled around with a cable or something at the front near the battery and it started. Besides the broken shock the car rides pretty well. It's kind of stiff but that's to be expected. Engine is stock and there's an aftermarket exhaust.

I told him I'm interested but wouldn't be able to purchase until early March. We'll see what happens. This is so tempting...

[zygrene]

Penfed's online loan app only supports cars from 1994 and on. I read somewhere that if the car is over 20 years old and/or has over 100k miles, Penfed will offer something ridiculous like 8% APR for 2 years. I'm waiting for them to call me to flesh out the details, but in the meantime does anyone else have suggestions on how to get a decent loan on a 1991 car?

[bestwheelbase]

Originally Posted by zygrene

Here's another question for you guys:

What's the best way to get a loan on a 20+ year old car bought from a private party?

This is a specialty thing. Hagerty no longer does it. JJ Best is a name I have seen when it comes to classic/exotic/etc lending.

[n2oinferno]

Originally Posted by zygrene

Penfed's online loan app only supports cars from 1994 and on. I read somewhere that if the car is over 20 years old and/or has over 100k miles, Penfed will offer something ridiculous like 8% APR for 2 years.

Well that blows. I asked specifically about buying a car that was a few decades old and that's exactly the opposite of what they told me in the email I was sent a few months ago. I went to look for it but I must've deleted it. Maybe they changed it, or maybe they just misinformed me and you can only get it when you call.

Looks like a credit union or a personal loan is going to be the way to go. Unless you have a house and care to take out a home equity loan.

Originally Posted by bestwheelbase

This is a specialty thing. Hagerty no longer does it. JJ Best is a name I have seen when it comes to classic/exotic/etc lending.

I came across this. Hope it might help a bit too.
http://classiccartradernet.com/2011/...car-financing/

[zygrene]

Originally Posted by n2oinferno

Well that blows. I asked specifically about buying a car that was a few decades old and that's exactly the opposite of what they told me in the email I was sent a few months ago. I went to look for it but I must've deleted it. Maybe they changed it, or maybe they just misinformed me and you can only get it when you call.

Looks like a credit union or a personal loan is going to be the way to go. Unless you have a house and care to take out a home equity loan.



I came across this. Hope it might help a bit too.
http://classiccartradernet.com/2011/...car-financing/

Actually I think I might have been misinformed. I didn't get that info from Penfed directly. Saw it on the nsxprime forum. Anyhow, I submitted a loan app already and should hear back from them this week.

Any thoughts on saving money on a salvage title car if I plan on keeping it long term? This is assuming the car never had serious frame damage, just salvaged due to a replaced door or something, like this one:

http://sfbay.craigslist.org/eby/cto/3530480819.html

[zygrene]

Welp, got rejected by three credit unions because the car is too old and I have less than a year of full-time work experience. 4th time's the charm?

[zygrene]

Got approved by a local credit union. Going to buy the NSX probably right when I get my tax return. Any last tips before I bite?

Also, how would you all value the car? It's a 1991 Formula Red NSX with 72k miles, a few owners, timing belt and water pump replaced fairly recently. It has 18/19 staggered SSR GT3 wheels, stock engine, aftermarket exhaust (not sure which), and lowering springs (not sure which).

The bad: One broken rear shock, will need to replace both probably. Front tires rub when turning hard. Large scratch on driver's seat bolster.