Financing a ZR-1: Is it possible?

[pologreenvette]

I'm still in engineering school, but I was talking with my Dad about getting a loan. He would co-sign, and his credit is excellent. I'll be making around $10k this summer as an intern, and that combined with selling my current car (92 Corvette M6) and taking out a loan should be enough to afford a ZR-1 and still have money left over for things such as insurance and daily life.

I've been doing a lot of research and I can't seem to find anywhere that would finance a ZR-1 without crazy interest rates. I would most likely be taking out a $10,000 loan and pay for the rest of the car with cash (I'd sell my LT1 for around 6-7k as well).

Now I don't know much about auto loans; in fact I know almost nothing. I'm just wondering if it would even be possible to get a manageable loan for the car if I were to buy one this summer, maybe at C@C I could find a decent price for one?

Have any of you ever had your cars financed somewhere that you would recommend? Sorry for sounding stupid, I really don't know anything about this!
The ZR-1 is all I can think about lately, just have some ideas brewing on how to get one

[LGAFF]

Woodside Credit gives good rates, they will likely sell off your loan but rates are good.

[HAWAIIZR-1]

Has your dad ever served in the military or do you have family members that might meet some of the criteria for Pentagon Federal Credit Union or other credit unions?

https://netmember3.penfed.org/NetMem...igibility.aspx

They are awesome and no problem getting loans for decent rates for our cars and only 1.49% APR for used cars:

https://www.penfed.org/used-auto-loan/

Best wishes!


Used Auto Loan



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Rate Term Loan Amount Approx. Loan Pmt. ($20,000 Auto)1.49% APR* 12 to 36 months $500 to $70,000

$568.41

1.49% APR* 12 to 48 months $7,500 to $70,000

$429.47

1.49% APR* 49 to 60 months $10,000 to $70,000

$346.11

[Paul Workman]

Oh...You got it BAAAD! (And that's GOOD!)

Some places have an age limit on cars they'll loan money on: 5-7 years with some lenders (banks) But, if you have access to a credit union as Craig mentioned, that worked for me in the past. And, Capital One was willing to lend money on a early C3. The rates were around 18% for a $10k, 5-year contract with no penalty for early payoff or paying more than the minimum contract amount.

(From my compound interest calculator) est monthly rate range for 60 payments on $10k @

equiv 10% annual = $212.47/mo (approx what a credit union might charge, depending on credit)

18% = $253.93/mo = approx. for a Capital One contract.

Hope this helps. Looking forward to another Brother of the Beast!!


P.

[efnfast]

It's a toy, don't finance it. There are enough things in life that we have to borrow money on and give our money away as interest to others. If you borrow 10K @ 10%, interest will be about $2700. Think of all the mods you could do with that money. I bought headers, had them ceramic coated, new exhaust and had it all installed for less than that. Don't finance your toys. -Steve

[scottfab]

Originally Posted by efnfast

It's a toy, don't finance it. There are enough things in life that we have to borrow money on and give our money away as interest to others. If you borrow 10K @ 10%, interest will be about $2700. Think of all the mods you could do with that money. I bought headers, had them ceramic coated, new exhaust and had it all installed for less than that. Don't finance your toys. -Steve

Good advice here. Focus on engineering school. You have time later to get toys. AND much more discretionary income. The force is strong in you. Learn to control the "force".

[Corbusa]

I went to my local bank . Last Oct. ( 2011 ) . worked extra , sold a few items ( motorcycle ) etc . . My loan was 18.5K I now owe $2700.00 If I didnt have my bike to put a dent in the loan I probably wouldnt have done it . The guys are right its a toy and shouldnt be in debt for toys.. You have to deside .

[alwayscode390]

Originally Posted by LGAFF

Woodside Credit gives good rates, they will likely sell off your loan but rates are good.

Truth ^^^ ---

There was a SWEET 1990 Black/Black ZR-1 at a local dealership just last month. 34k original miles, chrome rep A-molds, D/S Rotors, and all paperwork.

I had them talked down to $18k ... and they were willing to do whatever it took to get me a loan.

I ended up buying one 10 minutes up the road with the LPE package I was looking for instead.

They are out there ... I would try a dealership first , let them do all the legwork ---

BTW ... swap your wheels , they are facing the wrong direction front to rear

[Kevin]

you're not in the position to be able to have a zr-1 right now. I get it, I do. But you're young and will have plenty of time to have a zr-1, wait. your sig says your current vette is your daily driver, are you going to daily drive your zr-1...in the winter...with 315/35/17 rear tires? are you going to run 9" wheels with winter tires? do you have money to fix it when it goes wrong, and it will. Stock size tires are going to run me $1600 + mounting/balancing or if you can find a deal on slightly larger tires, $14xx. Insurance, gas, student loans....this all adds up. I know I'm coming off as a **** but I've been where you are and it's not fun. Get your education, the myans were wrong and the zr-1 will be waiting for you when you're established

[LGAFF]

Woodside sells to Penfed...thats who bought mine