Options for Older Car Financing?
07-10-2018, 02:28 PM
#16
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J. J. BEST BANC & CO was the highest interest rate, Went with USAA. if you have access to USAA give them a try.
for my next loan ill try light stream I've heard good things about them.
for my next loan ill try light stream I've heard good things about them.
07-11-2018, 02:02 AM
#17
Anjin San
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We did an app through PenFed and Lightstream a couple of months ago. Lightstream approved our loan instantly at the lowest rate they offer and funded us via a wire the next day.
PenFed sent us an email three days later asking for full financial documents, a completed purchase order from the seller, front and back pictures of the title, and *notarized* copies of our drivers licenses, social security cards, and a utility bill.
PenFed can suck it.
PenFed sent us an email three days later asking for full financial documents, a completed purchase order from the seller, front and back pictures of the title, and *notarized* copies of our drivers licenses, social security cards, and a utility bill.
PenFed can suck it.
sorry to hear that we financed two cars through them and no problem.
07-11-2018, 03:04 AM
#18
I have had nothing but good experiences with PenFed, on a large handful of different cars, over about ten years. I used Lightstream once and would definitely return. For the right borrower, as another said, they don't even require collateral...and they price/deal match other lenders if you prove you were granted a loan elsewhere at better terms.
Would also consider USAA.
Haven't found any other lenders with as good deals (rates/terms) as the above, except US Bank, which came through a Porsche dealer.
Would also consider USAA.
Haven't found any other lenders with as good deals (rates/terms) as the above, except US Bank, which came through a Porsche dealer.
07-11-2018, 04:40 AM
#19
Rennlist Member
I guess I’ll be the bad guy and suggest that these cars be paid with cash, lol...
I have looked into used car financing since I have seen 0% up to 2.99% for new and nearly new cars, but all I found was 5-7% rates. So a home equity might be best in the US due to its tax deductibility. Keep in mind all rates are going up.
I have looked into used car financing since I have seen 0% up to 2.99% for new and nearly new cars, but all I found was 5-7% rates. So a home equity might be best in the US due to its tax deductibility. Keep in mind all rates are going up.
07-11-2018, 08:49 AM
#20
Rennlist Member
I guess I’ll be the bad guy and suggest that these cars be paid with cash, lol...
I have looked into used car financing since I have seen 0% up to 2.99% for new and nearly new cars, but all I found was 5-7% rates. So a home equity might be best in the US due to its tax deductibility. Keep in mind all rates are going up.
I have looked into used car financing since I have seen 0% up to 2.99% for new and nearly new cars, but all I found was 5-7% rates. So a home equity might be best in the US due to its tax deductibility. Keep in mind all rates are going up.
07-11-2018, 10:08 AM
#22
Rennlist Member
That was an early proposition. But I think they lifted the total to $750K and reversed the HELOC restriction in the final tax law. So it would be all combined mortgage amounts up to $750K.
07-11-2018, 10:50 AM
#23
Rennlist Member
You can only write off Heloc loans if the money spent was to go towards home improvements. The old HELOC write off days are over for at least the next 8 years. Mortgage deduction dropped from $1mil. to $750k. I'm not an accountant, but asked my accountant this in a text about 5 minutes ago. He could be wrong, but I doubt it. So best thing to do to buy your car is to refinance your house and pull some cash out to buy your car (assuming you have the equity which most do today). Or better than that, write a check or wait until you can write the check. 
Found this article which might help. https://money.cnn.com/2018/03/08/pf/...ion/index.html
Found this article which might help. https://money.cnn.com/2018/03/08/pf/...ion/index.html
07-11-2018, 11:02 AM
#24
Rennlist Member
07-11-2018, 12:23 PM
#25
Race Director
yes and no
WASHINGTON — The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans.Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labelled. The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.Under the new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not. As under prior law, the loan must be secured by the taxpayer’s main home or second home (known as a qualified residence), not exceed the cost of the home and meet other requirements.
https://www.irs.gov/newsroom/interes...-under-new-law
Not gonna work for a car purchase
WASHINGTON — The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans.Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labelled. The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.Under the new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not. As under prior law, the loan must be secured by the taxpayer’s main home or second home (known as a qualified residence), not exceed the cost of the home and meet other requirements.
https://www.irs.gov/newsroom/interes...-under-new-law
Not gonna work for a car purchase
07-11-2018, 04:30 PM
#26
Rennlist Member
Another vote for Lightstream. If you have excellent credit, the rates can not be beat, you hold title and they finance very quickly. I did this for a car a few years ago- sub 3 % rate. No Collateral with excellent credit.
07-11-2018, 05:10 PM
#27
Instructor
This, cannot be beat, interest-wise. They will finance anything, regardless of age, so long as they can value it through either NADA or an appraiser. They'll loan out 110% on retail NADA for purchases to cover tax/license. There are ways to open an account without being a military member, including donating blood or $15 to a military charity.
07-12-2018, 07:19 AM
#29
Rennlist Member
You can only write off Heloc loans if the money spent was to go towards home improvements. The old HELOC write off days are over for at least the next 8 years. Mortgage deduction dropped from $1mil. to $750k. I'm not an accountant, but asked my accountant this in a text about 5 minutes ago. He could be wrong, but I doubt it. So best thing to do to buy your car is to refinance your house and pull some cash out to buy your car (assuming you have the equity which most do today). Or better than that, write a check or wait until you can write the check.
Found this article which might help. https://money.cnn.com/2018/03/08/pf/...ion/index.html
Found this article which might help. https://money.cnn.com/2018/03/08/pf/...ion/index.html
07-12-2018, 08:20 AM
#30
Rennlist Member
yes and no
WASHINGTON — The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans.Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labelled. The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.Under the new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not. As under prior law, the loan must be secured by the taxpayer’s main home or second home (known as a qualified residence), not exceed the cost of the home and meet other requirements.
https://www.irs.gov/newsroom/interes...-under-new-law
Not gonna work for a car purchase
WASHINGTON — The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans.Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity line of credit (HELOC) or second mortgage, regardless of how the loan is labelled. The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan.Under the new law, for example, interest on a home equity loan used to build an addition to an existing home is typically deductible, while interest on the same loan used to pay personal living expenses, such as credit card debts, is not. As under prior law, the loan must be secured by the taxpayer’s main home or second home (known as a qualified residence), not exceed the cost of the home and meet other requirements.
https://www.irs.gov/newsroom/interes...-under-new-law
Not gonna work for a car purchase