wastntim
Enthusiast
Who did you use to purchase your viper? Last time I used Capital One but they will only finance cars less than 7 years old.
Financing a Viper Purchase
- Thread starter wastntim
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jmillsUT28
Enthusiast
PenFed.com. No need to check with anyone else. They are also doing a 2.99% for 60 months new and used!!
Keep in mind that most Banks , and CUs are now " Booking," the cars, and this will not give most Viper buyers any leeway for the super clean , low mileage vehicle - hence more money down is becoming the key to financing.
Good luck and if at a Dealer, most have access to some Banks that will go back 7 years or more.
Good luck and if at a Dealer, most have access to some Banks that will go back 7 years or more.
wastntim
Enthusiast
wastntim
Enthusiast
I don't think I qualify as I am not a member of the military nor do I work for the government.
jmillsUT28
Enthusiast
Yes I have my 2002 viper with them. It was very easy! You do not have to be in the military or work for the government. You can donate like $25 bucks to one of their charities and that will qualify you. Been with them for about 7 months now. Got in at 3.99%.
sdaddy
Enthusiast
Penfed will allow you to be a member if you are military, ex military, know someone in the military or ever thought about joining the military or ever saw someone in a military uniform. LOL The requirements to join are quite liberal and the rates for cars like Vipers cannot be beat.
otterbeinjumper
Viper Owner
Stretch pointed me in the right direction. They were super easy to work with and easy to get on the phone too. I am also not a civilian with no qualifying family. I paid to join their union and will use them on any and all future purchases.
Bird325
Enthusiast
Well, I waited a LONG time to get my first Viper, but if at all possible, pay cash for it. Our economy is not in very good shape and having a huge debt hanging over your head for a 'luxury' item just doesn't make fudiciary sense.
P.S. And, as a note that may hold off some of the hounds, I bought an '01 because I loved the style, not because that was all I could afford.
P.S. And, as a note that may hold off some of the hounds, I bought an '01 because I loved the style, not because that was all I could afford.
Martin
Enthusiast
While I'd normally agree with paying cash or not buying at all, if you have to have an expensive toy in this economy, and you can get it financed, that's probably a good move. Say you lose your job and you have money saved up that you would have otherwise used to pay cash for an expensive toy. That money can pay your mortgage for a while - and if you get into dire straights and you have to make a decision between car payments and mortgage, it's much easier to lose the car than it is to lose your house...
Bird325
Enthusiast
THAT question shouldn't even come up. I agree that it's better to lose your car than your house, but shouldn't some level of common sense in owning a car like this be involved?
If losing your job is even an option, buying ANYTHING that costs more than your 'play' money shouldn't happen. Maybe it's just my age speaking, but you 'play' with what you can afford to lose, whether it's on a car, bike, stocks or Vegas.
REDSLED
Enthusiast
Thumbs up for Penfed. Just cut the interest in 1/2 off of a truck. Approval in minutes on line. Easy to deal with so far.
Took me less than 10 minutes to set up an account and apply.
CEJ
Enthusiast
+1
If you're single and nobody is dependent on you for support, and you don't have other consumer debt, then financing a car like this may be okay. If interest rates rise, and inflation starts to settle in, you will have made a good move. If the stuff hits the fan, you'll think that buying the car wasn't such a good idea.
Be frugal, but have some fun too.
+1 for financing and +1 for PenFed
If I was saving up to buy a viper for 40grand I would much prefer putting 20down and doing a 20k 3% loan. Having that 20grand in the bank is a good move in this economy or really any economy IMO with an interest rate this low.
Given the nature of this beast if you drive it you have to have mucho $ on the sideline waiting for maintenance & repairs.
Another thing to think about is home equity loans. They are down to 4% and the interest is deductible. So depending on your scenerio this could be a better move.
If I was saving up to buy a viper for 40grand I would much prefer putting 20down and doing a 20k 3% loan. Having that 20grand in the bank is a good move in this economy or really any economy IMO with an interest rate this low.
Given the nature of this beast if you drive it you have to have mucho $ on the sideline waiting for maintenance & repairs.
Another thing to think about is home equity loans. They are down to 4% and the interest is deductible. So depending on your scenerio this could be a better move.
costanZo
Enthusiast
I've been using PenFed since 2008. I got a used car loan for my Viper through them, and I also took out a personal $6,000 loan for some Viper upgrades..which will be paid off in 3 months!
ZYellow01RT
Enthusiast
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Wayne64SS
Viper Owner
There is always the personal loan option as well. My banks's personal loan rates were better than what they gave me on my last used car. While I like paying cash, I'm also a big advocate on using someone else's money. Keep your cash under the mattress, especially in this economy.
TowDawg
Enthusiast
What did you guys do to qualify, just join one of the organizations listed?
I bought the Viper with cash, but financed a little of my DD because I'm doing better than the interest rate I'm paying with investments. That said, 2.5% is a good bit less than I'm paying because it's an older car and it was a Saturday when I bought it. I had planned on re-financing it anyway for a better rate, but I just never got around to it. If it's really as easy as y'all say, I'll do the penfed thing in a heartbeat and cut my interest rate.
I bought the Viper with cash, but financed a little of my DD because I'm doing better than the interest rate I'm paying with investments. That said, 2.5% is a good bit less than I'm paying because it's an older car and it was a Saturday when I bought it. I had planned on re-financing it anyway for a better rate, but I just never got around to it. If it's really as easy as y'all say, I'll do the penfed thing in a heartbeat and cut my interest rate.
REDSLED
Enthusiast
Sent you a PM on the subject.
TowDawg
Enthusiast
Got it Sled. I just got done smashing the interest rate on the DD.
moparracing
Enthusiast
what he said.... paid cash for my gts.
REDSLED
Enthusiast
The OP wasn't interested in everyones personal philosophy on borrowing money for luxury items, he wanted a bank. At 2.49% APR PenFed is hard to beat for purchasing a Viper. Funny how everyone feels the need to give their $.02 on whether to finance a Viper or not. For those who pay cash, congrats. Just don't post up a "Have to sell my baby" thread when you lose your job or get handed divorce papers beacuse you have your cash ******* into a Viper. Banks are there to provide a service.
TowDawg
Enthusiast
I have to agree with Sled. While I paid cash for the Viper, I will finance other things things depending on the rate and if I can beat that rate with other investments. It's just a personal thing to me to never finance toys because if it's a toy and not usable all year round, it kills me mentally to make a payment in the months I'm not using it. I would be better off to keep the cash for investments, but that is mental thing with me and I'll probably always be that way. That's why I can't bring myself to buy a boat. I have nowhere to keep it, so even if I pay cash for the boat, I'm going to have to pay a monthly fee to the marina and it would drive me crazy writing that check from Oct through April every year! lol
AZMotorgod
Enthusiast
I too went with PenFed based on recommendations from this forum. I too was not military, relative of miliatry, etc...but, for a one time fee of $15-$20 you can become a supporter of one of two assocations, which will then qualify you for membership into PenFed. It is very easy and it can be done though PenFeds website as you sign up to become a PenFed member.
I have used them multiple times now and I get quicker service with them via phone and FedEx then I do using my credit union, which I have been with for the past 10+ years.
Needless to say I am a fan of theirs and will use them again in the future.
I have used them multiple times now and I get quicker service with them via phone and FedEx then I do using my credit union, which I have been with for the past 10+ years.
Needless to say I am a fan of theirs and will use them again in the future.
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ZYellow01RT
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The OP wasn't interested in everyones personal philosophy on borrowing money for luxury items, he wanted a bank. At 2.49% APR PenFed is hard to beat for purchasing a Viper. Funny how everyone feels the need to give their $.02 on whether to finance a Viper or not. For those who pay cash, congrats. Just don't post up a "Have to sell my baby" thread when you lose your job or get handed divorce papers beacuse you have your cash ******* into a Viper. Banks are there to provide a service.
Thanks for setting us all straight, daddy.
But if you actually took the time to read the posts carefully, the gist of our messages was actually supportive of the OP, and to provide insight that may be beneficial to him. It was intended to bring up and explore cash as a "financing" alternative, which may or may not apply to his individual case.
It's not your place to restrict judge anyone's else's comments. The whole intent of this Club is to support each other...not shut each other down during these types of discussions.
But...if you feel that anyone else is veering off track again, then please...set us all straight again.
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