Loan companies for Private Party purchase

[commoditybroker]

Hello all,

Getting close to pulling the trigger on a GTS from a Private Party. This will be my first purchase of this type (non-dealer), any recommendations on loan companies with descent rates/options? I prefer to spread the payments out a bit...

Found E-loan and a few others through basic searches but does anyone know of companies that specify in either private party loans or the like (I assume they will offer more attractive rates)?

Thanks

Zach

 

[dave6666]

Isn't E-loan basically a private party loan vendor?

 

[Venomiss]

This is the Viper club for Southern California.
Might be an idea to contact some members and ask them who they use. Here in KC we have a member who is a banker who has helped quite a few members get into their Vipers.


http://www.socalviper.com/

 

[Paul Hawker]

Check out your friendly local credit union. They usually have the best rates, and can be pretty easy to deal with.

 

[commoditybroker]

Great, thanks guys!

 

[Copernicus]

Capital One also offers a similar service. They send you a blank check authorized to the amount you have requested. Go with the lender with the lowest rates as all of the aforementioned are reputable.

 

[FATHERFORD]

Me credit union approved me for up to 50k on a 97 Viper GTS for up to 8 years with a 6.75% interest rate.

Although there is no chance ill do an 8 year loan, lol.

 

[klamathpro]

You want some good advise? Never take out a loan on a toy. My motto is, "if you can't afford to pay cash for the toy, you can't afford to play with the toy." Save up for the toys. You have to wait but you learn patience and you save money. (You earn interest on the money you are saving, and you don't have to pay interest now or later.)

 

[slaughterj]

A Viper is not a toy, it is a serious piece of driving technology.

 

[commoditybroker]

LOL, agreed 100% about the "serious piece of driving technology"

Regarding borrowing, I agree that borrowing money for a toy, excuse me, for a "serious piece of driving technology" is not a good idea in most cases. BUT, in my case, it's opportunity cost. If I can borrow the money at a certain rate instead of burying the money in a depreciating asset and invest it at a rate of return superior to the cost of capital, that's the way you do it.

rate of return > cost of capital

The cost of capital is still reasonable, and today's move by the Fed should aid my cause....thanks Bernake, you made my Viper one step closer

 

[dave6666]

LOL, agreed 100% about the "serious piece of driving technology"

Regarding borrowing, I agree that borrowing money for a toy, excuse me, for a "serious piece of driving technology" is not a good idea in most cases. BUT, in my case, it's opportunity cost. If I can borrow the money at a certain rate instead of burying the money in a depreciating asset and invest it at a rate of return superior to the cost of capital, that's the way you do it.

rate of return > cost of capital

The cost of capital is still reasonable, and today's move by the Fed should aid my cause....thanks Bernake, you made my Viper one step closer

You have more confidence in the stability of car values than most I would guess. Personally, I'd be buying stock in paper mills for when OJ's next book hits the presses.

 

[commoditybroker]

Actually, the superior rate of return I was talking about was through investments in the commodity fund I run....I do agree that car values are not heading in the right direction for the near term due to the economy, etc.