Financing offers for the 350

[5.Oh Crush]

It's really not, and people with 0% down are financing ADM's, taxes, and fees. None of that is good. If you're not able to sell it the next day without putting a chunk out of your pocket into the payoff, then it's bad debt. I can't believe how many bad ideas there are out there. Balloon loans? 84? 96? I hate to say it but at that point you really are stretching to afford the car.

I don't think 72 or 84 is always about stretching to afford it. It might be about flexibility. although I went 72, I pay extra to get it paid off early. If I get to a year left on the loan, I can also pay it off with a lump sum.

:cheers:

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[npsmith0485]

I don't think 72 or 84 is always about stretching to afford it. It might be about flexibility. although I went 72, I pay extra to get it paid off early. If I get to a year left on the loan, I can also pay it off with a lump sum.

:cheers:

I agree. Getting a low interest loan over 6 or 7 years gives you the flexibility that one would want, including myself. And paying an extra 20-50 per month would go a long way, maybe even shaving a year off. And if strapped for cash for one month, you can pay that lower payment afforded by the extra year on the loan. The only problem arises when you pay a higher interest, then it is a dumb decision to get a longer loan.

 

[daltron]

It might surprise a lot of people, but BOA has good loans and good terms. They could care less what you get. You just apply for x amount and they give you your loan length options (the higher the length, the higher the APR like normal but still not bad) and 145% LTV.

 

[lemers]

I always get best rates from credit unions

 

[50 Deep]

Credit union for sure. I'm at 1.95%

 

[SchultzLT1]

I don't think 72 or 84 is always about stretching to afford it. It might be about flexibility. although I went 72, I pay extra to get it paid off early. If I get to a year left on the loan, I can also pay it off with a lump sum.

:cheers:

Notice I didn't put 72 in my original statement. I think 72 is the longest reasonable loan. The important thing is to just always try to be ahead of the principle balance, and I with 84+ it's much harder to stay ahead.

 

[sstevens7]

PedFed offers a balloon loan. I did 5 years, $0 down, 2.49%. It's about $22k payment at the end. So I'll either plunk down the change, or do a two-year loan to finish it off. But 2.49% and nothing down is pretty attractive and the payment is lower than the traditional loan I did on my '16 with $19k down by about $100/mo.

I wouldn't recommend this loan for most cars, but the residual on the GT350 is going to be very good after 5 years comparatively so I think this is a good option.

So when I use PenFed's online calculator it says the car doesn't qualify for the loan because the amount being financed is more then what the MSRP is on the vehicle. I'm looking at a used 2016 with 250 miles selling for $61K and put in what I hope to buy the car for and that is $58K and like I said, it throws up the error saying the loan amount is more then the MSRP. It is valuing this particular one at $50,370; can you even find a GT350 that cheap? lol Did you run into any issues with this?

 

[firestarter2]

So when I use PenFed's online calculator it says the car doesn't qualify for the loan because the amount being financed is more then what the MSRP is on the vehicle. I'm looking at a used 2016 with 250 miles selling for $61K and put in what I hope to buy the car for and that is $58K and like I said, it throws up the error saying the loan amount is more then the MSRP. It is valuing this particular one at $50,370; can you even find a GT350 that cheap? lol Did you run into any issues with this?

Call them they are very helpful. The option packages are not quite right in the tool

I dont know their rules on a new car versus used so I cant speak to that. But a used car will normally have a higher rate.

Is the car a rare config? You can get 2016s at msrp and 2017s as well with some research.

Edit: They will do used.
2.24% APR 24 to 36 months $10,000 to $100,000
2.74% APR 37 to 48 months $10,000 to $100,000
3.24% APR 49 to 60 months $10,000 to $100,000

 

[sstevens7]

Call them they are very helpful. The option packages are not quite right in the tool

I dont know their rules on a new car versus used so I cant speak to that. But a used car will normally have a higher rate.

Is the car a rare config? You can get 2016s at msrp and 2017s as well with some research.

I did call and the lady on the phone just told me what the calculator told me so it wasn't much help. With the same vin I even changed the search from a USED one to a NEW one and the MSRP still stayed the same at $50K which again leads me to believe that can't be right. I have been using the calculator for the Payment Saver Loan in searching for my next ride purchase and the best option for monthly payment at this time is on used 2015 GT-R financing at $70K with a $550 monthly payment. Coming in very close to that is a 2015 Z28.

 

[STFUdonny]

So when I use PenFed's online calculator it says the car doesn't qualify for the loan because the amount being financed is more then what the MSRP is on the vehicle. I'm looking at a used 2016 with 250 miles selling for $61K and put in what I hope to buy the car for and that is $58K and like I said, it throws up the error saying the loan amount is more then the MSRP. It is valuing this particular one at $50,370; can you even find a GT350 that cheap? lol Did you run into any issues with this?

Which version of the 16 are you looking at? I see you're in Tucson. If you want a red teck package I know of 2 up in South Phoenix going at MSRP of $58.3 and 58.6 respectively.

 

[firestarter2]

I did call and the lady on the phone just told me what the calculator told me so it wasn't much help. With the same vin I even changed the search from a USED one to a NEW one and the MSRP still stayed the same at $50K which again leads me to believe that can't be right. I have been using the calculator for the Payment Saver Loan in searching for my next ride purchase and the best option for monthly payment at this time is on used 2015 GT-R financing at $70K with a $550 monthly payment. Coming in very close to that is a 2015 Z28.

Just pick options till you get the amount you want. When you are ready to apply just call them and give them the exact numbers.

 

[sstevens7]

Which version of the 16 are you looking at? I see you're in Tucson. If you want a red teck package I know of 2 up in South Phoenix going at MSRP of $58.3 and 58.6 respectively.

I just got off the phone with Santan Ford who said they have two 2016 red ones and that they would offer MSRP plus add ones (window etch, tint, etc.) The issue again though with PenFed is that their calculator for the Payment Saver Loan states that the MSRP for the 2016 is just over $50K. Like the guy above stated, maybe just play with the options until I get the calculator to list the price of the actual MSRP. I don't know lol..... I'm just trying to get the calculator to comply with me so I can see what the estimated monthly payment on this will be like I did with the other cars I've searched, GT-R, Z28, Z06, etc.......

 

[firestarter2]

I just got off the phone with Santan Ford who said they have two 2016 red ones and that they would offer MSRP plus add ones (window etch, tint, etc.) The issue again though with PenFed is that their calculator for the Payment Saver Loan states that the MSRP for the 2016 is just over $50K. Like the guy above stated, maybe just play with the options until I get the calculator to list the price of the actual MSRP. I don't know lol..... I'm just trying to get the calculator to comply with me so I can see what the estimated monthly payment on this will be like I did with the other cars I've searched, GT-R, Z28, Z06, etc.......

Current Balance: $57,345.00
Minimum Payment Due: $635.91
$25010 last payment

 

[daltron]

Call them they are very helpful. The option packages are not quite right in the tool

I dont know their rules on a new car versus used so I cant speak to that. But a used car will normally have a higher rate.

Is the car a rare config? You can get 2016s at msrp and 2017s as well with some research.

Edit: They will do used.
2.24% APR 24 to 36 months $10,000 to $100,000
2.74% APR 37 to 48 months $10,000 to $100,000
3.24% APR 49 to 60 months $10,000 to $100,000

BOA will do better rates for used AND 145% LTV.

 

[dron_jones]

My credit union offers the following rates on new car purchase, if you have an account with them and have a certain amount of business (investments, savings, loans), they will give you a 0.24% discount on the rate as well.
36 months 1.74%
48 months 1.99%
63 months 1.99%
75 months1 2.74%
84 months2 3.74%

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