Financing Advice - 991.2 GT3
11-14-2021, 09:58 PM
#31
Why do you assume this? Asking a question about financing a car (with the details provided in the post) isn't always a toll. I financed a large amount for my GT3, paid off the car early, and it worked great for me because I had low monthly payments and could leverage that extra money elsewhere.
11-14-2021, 10:33 PM
#32
Rennlist Member
It sounds like the deal I got in 2020 of zero down and zero interest rate is long gone?
Last edited by pdxjim; 11-14-2021 at 10:35 PM. Reason: wrong year
11-15-2021, 02:21 AM
#33
odd situation.
400k salary means like around $20k a month take home.. with no bills. I'll take him for his word that this is legit. Just odd that insurance is mentioned as a cost in his post and not the food for 2 other people, which would dwarf any car insurance payment.
i'd say just shop around for the best rate. Even if 2 places are a full percentage point different its not really going to make a dent in your bank account.
400k salary means like around $20k a month take home.. with no bills. I'll take him for his word that this is legit. Just odd that insurance is mentioned as a cost in his post and not the food for 2 other people, which would dwarf any car insurance payment.
i'd say just shop around for the best rate. Even if 2 places are a full percentage point different its not really going to make a dent in your bank account.
11-15-2021, 11:29 AM
#34
Rennlist Member
11-15-2021, 11:44 AM
#35
Rennlist Member
I used BofA on mine. Here’s a tip that most don’t know and may not expect - I was able to get them below their published rate by doing a rate match against USAA. I was originally going to go with USAA because they had a lower rate than Bank of America, but when I tried to move forward with USAA they informed me that their calculated value of the car was less than I planned to pay and wouldn’t fund unless I came up with the difference.
BofA didn’t have this valuation problem so I told them the USAA rate, they agreed to match it, and the deal went through easily. Highly recommend BofA.
BofA didn’t have this valuation problem so I told them the USAA rate, they agreed to match it, and the deal went through easily. Highly recommend BofA.
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jto24 (11-19-2021)
11-15-2021, 11:48 AM
#36
Burning Brakes
Perhaps they changed policy but I know in the past there were stiff pre-payment penalties for anything within the 24 month window - coupled with the higher interest rates on an extended amortization schedule, it seemed like a great way to tread water and not get the car actually paid down.
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AlexCeres (11-15-2021)
11-15-2021, 01:15 PM
#37
3rd Gear
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As someone else in bigtech at G, just make sure your finances are sound. These jobs can come and go and remote policies can change. 300-400k for junior engineers are only applicable in NY or SF, so I suspect you're remote temporarily for now. Keep in mind, there may be pay adjustments for living elsewhere cheaper.
11-15-2021, 02:44 PM
#38
Yeah, I am mid-level and "based" in the bay area (faangmula too). No pay adjustments here...I was hired remote and have no comp differential - remote for us is decided on a team by team basis so comp is on org location and level afaik. Agree with you though, this is more right place right time to have some fun
11-15-2021, 06:53 PM
#39
Lot of people don't understand Asian culture, living at home and saving and helping take care of parents is very common. My suggestion is to go with TechCU. Silicon Valley based and they deal with a lot of tech people and shouldn't have trouble approving you. Borrow money for cheap now before inflation shoots rates up in 6 months.
11-16-2021, 12:42 PM
#40
I'm looking for suggestions on the best places to finance a 991.2 GT3, ~190K without extremely longstanding credit. I know that the topic of financing has come up in numerous threads but having some fresh responses never hurts.
Specifically, I'd like to finance ~100k-120k. I'm in my mid-20s, so my credit history is fairly young, and banks are pretty strict on that metric. I've only had one loan (60k, 60 months) which I took to build credit and paid in full after 2 payments for my 991 C2S (which I'm keeping)
I've seen Woodside mentioned, Penfed, BoA has low rates currently...Woodside looks appealing since I'd only want to keep the car for a year or so to track, but a little wary of that.
Some extra tidbits - score is ~800, no debt. I live with family, have zero expenses other than insurance and chipping in for incidentals, and I'm single. I work remotely and my primary income is 300-400k. I also live in a state where sales tax is capped at $500. For all the proponents of cash - I can afford a cash purchase, but I prefer to keep my money in the market (not factored into primary income).
Any thoughts or suggestions are welcome!
Specifically, I'd like to finance ~100k-120k. I'm in my mid-20s, so my credit history is fairly young, and banks are pretty strict on that metric. I've only had one loan (60k, 60 months) which I took to build credit and paid in full after 2 payments for my 991 C2S (which I'm keeping)
I've seen Woodside mentioned, Penfed, BoA has low rates currently...Woodside looks appealing since I'd only want to keep the car for a year or so to track, but a little wary of that.
Some extra tidbits - score is ~800, no debt. I live with family, have zero expenses other than insurance and chipping in for incidentals, and I'm single. I work remotely and my primary income is 300-400k. I also live in a state where sales tax is capped at $500. For all the proponents of cash - I can afford a cash purchase, but I prefer to keep my money in the market (not factored into primary income).
Any thoughts or suggestions are welcome!
Other than that, your score, income, and down payment amount are all very positive and will likely overcome the short credit history.
However, I would recommend that you consider financing through the dealer that you are buying from. When you go direct to the financial institutions, the criteria for approval seems to be much higher vs letting the finance guy work the banks on your behalf. People really underestimate how much the finance people "sell" loans to the bank. They want the sale to happen and will sell your financial situation in the best way possible.
^ Sure you may pay a bit more interest if you don't bring your own financing but you could always refinance in 6-12 months without issue. Also, most small dealers make a commission on the financing and they will be more likely to work with you a bit on the sale if they know you are going through them.
I'm not saying you can't get this done by going direct to BoA or to another institution, I just think you will have less headache and a more enjoyable buying experience if you let the finance department handle this one. Best of luck!
Last edited by phow; 11-16-2021 at 12:44 PM.
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11-16-2021, 05:54 PM
#42
Pro
Sticking to the discussion at hand. If the 'dealer' is not a 'real' dealer (major car manufacturer, or some of the national chains like Carmax, Carvana etc), the good chance that BofA will not finance the car. It is a national policy, and it stems from the fact that in the past, there have been some very reputable independent dealers, that had engaged in fraud (rolling back odometers, changing titles etc). BofA has a list of dealers they deal with and if the dealer in question is not on that list they will under no circumstance finance.
That then leaves you with local credit unions (many of which will limit to 100K and have issues if you are out of state).
After that you have Woodside. They are the financiers for Barrett Jackson, and not only finance exotic cars, but also boats etc. They know the value of specific cars, and will do a thorough title check etc. The caveat is they finance for long terms only (8-12 years) and at high interest rates (6+%). That being said, many people that use them are either flippers, or will refinance. I wanted to get a loan from BofA, but dealer I wanted to finance through was not on the list. The bank manager at BofA then told me to buy/finance the car any way I wanted to, and and then I can immediately refinance through them asthey have no issues refinancing from anywhere. And that is what I did. Finance through Woodside, and then within 6 weeks, once registration etc was paid, and title cleared and transferred, I refinanced through BofA. Refinance rates are the same as used car rates and are about 0.5-0.75% higher than NEW car loans.
Before anyone gets upset, Woodside within 1 week of closing the deal sold the loan to Mercantile Bank in Irvine. I called them up and asked why, and that is what Woodside does. They do the initial paperwork and once they finalize the deal, they then sell the note to banks. Thus when I refinanced, the payoff was to Pacific Mercantile and not Woodside.
I have nothing but good things to say about Woodside, and they know people refinance all the time.
That then leaves you with local credit unions (many of which will limit to 100K and have issues if you are out of state).
After that you have Woodside. They are the financiers for Barrett Jackson, and not only finance exotic cars, but also boats etc. They know the value of specific cars, and will do a thorough title check etc. The caveat is they finance for long terms only (8-12 years) and at high interest rates (6+%). That being said, many people that use them are either flippers, or will refinance. I wanted to get a loan from BofA, but dealer I wanted to finance through was not on the list. The bank manager at BofA then told me to buy/finance the car any way I wanted to, and and then I can immediately refinance through them asthey have no issues refinancing from anywhere. And that is what I did. Finance through Woodside, and then within 6 weeks, once registration etc was paid, and title cleared and transferred, I refinanced through BofA. Refinance rates are the same as used car rates and are about 0.5-0.75% higher than NEW car loans.
Before anyone gets upset, Woodside within 1 week of closing the deal sold the loan to Mercantile Bank in Irvine. I called them up and asked why, and that is what Woodside does. They do the initial paperwork and once they finalize the deal, they then sell the note to banks. Thus when I refinanced, the payoff was to Pacific Mercantile and not Woodside.
I have nothing but good things to say about Woodside, and they know people refinance all the time.
Last edited by Deven; 11-16-2021 at 05:56 PM.
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jto24 (11-19-2021)
11-16-2021, 06:29 PM
#43
Sticking to the discussion at hand. If the 'dealer' is not a 'real' dealer (major car manufacturer, or some of the national chains like Carmax, Carvana etc), the good chance that BofA will not finance the car. It is a national policy, and it stems from the fact that in the past, there have been some very reputable independent dealers, that had engaged in fraud (rolling back odometers, changing titles etc). BofA has a list of dealers they deal with and if the dealer in question is not on that list they will under no circumstance finance.
That then leaves you with local credit unions (many of which will limit to 100K and have issues if you are out of state).
After that you have Woodside. They are the financiers for Barrett Jackson, and not only finance exotic cars, but also boats etc. They know the value of specific cars, and will do a thorough title check etc. The caveat is they finance for long terms only (8-12 years) and at high interest rates (6+%). That being said, many people that use them are either flippers, or will refinance. I wanted to get a loan from BofA, but dealer I wanted to finance through was not on the list. The bank manager at BofA then told me to buy/finance the car any way I wanted to, and and then I can immediately refinance through them asthey have no issues refinancing from anywhere. And that is what I did. Finance through Woodside, and then within 6 weeks, once registration etc was paid, and title cleared and transferred, I refinanced through BofA. Refinance rates are the same as used car rates and are about 0.5-0.75% higher than NEW car loans.
Before anyone gets upset, Woodside within 1 week of closing the deal sold the loan to Mercantile Bank in Irvine. I called them up and asked why, and that is what Woodside does. They do the initial paperwork and once they finalize the deal, they then sell the note to banks. Thus when I refinanced, the payoff was to Pacific Mercantile and not Woodside.
I have nothing but good things to say about Woodside, and they know people refinance all the time.
That then leaves you with local credit unions (many of which will limit to 100K and have issues if you are out of state).
After that you have Woodside. They are the financiers for Barrett Jackson, and not only finance exotic cars, but also boats etc. They know the value of specific cars, and will do a thorough title check etc. The caveat is they finance for long terms only (8-12 years) and at high interest rates (6+%). That being said, many people that use them are either flippers, or will refinance. I wanted to get a loan from BofA, but dealer I wanted to finance through was not on the list. The bank manager at BofA then told me to buy/finance the car any way I wanted to, and and then I can immediately refinance through them asthey have no issues refinancing from anywhere. And that is what I did. Finance through Woodside, and then within 6 weeks, once registration etc was paid, and title cleared and transferred, I refinanced through BofA. Refinance rates are the same as used car rates and are about 0.5-0.75% higher than NEW car loans.
Before anyone gets upset, Woodside within 1 week of closing the deal sold the loan to Mercantile Bank in Irvine. I called them up and asked why, and that is what Woodside does. They do the initial paperwork and once they finalize the deal, they then sell the note to banks. Thus when I refinanced, the payoff was to Pacific Mercantile and not Woodside.
I have nothing but good things to say about Woodside, and they know people refinance all the time.
11-17-2021, 10:00 PM
#45
Rennlist Member
Don't get the "living at home" "mom and dad" hate. Different people, different cultures. Reminds me of high school days. "As soon as I'm 18 I'm moving out".. "You still live at home? OMG you're a loser". In a perfect world I'd own a large ranch/property and would have all my family on the property. Imagine leaving your elderly parents to rot away all alone. Family FIRST.
He doesn't HAVE to finance his car. Maybe he wants to finance and put the rest of the cash to better use. I'm sure everyone here knows a thing or two about stonks/cyrpto currency. We're in a major bull market at least in the crypto side of things. There are plays out there right now which can easily net you 5 GT3's within the next couple of months.
OP: Bank of America is the absolute BEST major bank when it comes to auto loans. However, the most they'll loan you on a GT3 is roughly 115k. BofA doesn't care about fair market value. In their eyes GT3's are worth 100k-120k. RS they might loan you around 140k right now... Side note, but that's what these cars are truly worth. 100k-140k tops. If the bank says that's what they're worth, that's what they're worth regardless of market conditions.
Walk into a dealer with your BofA approval letter, and I 100% guarantee you that PFS "Porsche Financial" will match that offer or even give you slightly higher approval amounts as PFS will finance current "fair market value" conditions.
He doesn't HAVE to finance his car. Maybe he wants to finance and put the rest of the cash to better use. I'm sure everyone here knows a thing or two about stonks/cyrpto currency. We're in a major bull market at least in the crypto side of things. There are plays out there right now which can easily net you 5 GT3's within the next couple of months.
OP: Bank of America is the absolute BEST major bank when it comes to auto loans. However, the most they'll loan you on a GT3 is roughly 115k. BofA doesn't care about fair market value. In their eyes GT3's are worth 100k-120k. RS they might loan you around 140k right now... Side note, but that's what these cars are truly worth. 100k-140k tops. If the bank says that's what they're worth, that's what they're worth regardless of market conditions.
Walk into a dealer with your BofA approval letter, and I 100% guarantee you that PFS "Porsche Financial" will match that offer or even give you slightly higher approval amounts as PFS will finance current "fair market value" conditions.