I am looking to buy an S2000 in the next couple of months here, but I have a question on financing. I'm looking to finance for 72 months, and looking to spend a man of $20,000 on a used S2000.

Can anyone recommend some good sites with good rates? I have perfect credit, so I'm not worried about that.

So far I've looked at:
Capital One Auto Finance (rates suck)
E-Loan (rates suck)
Local Credit Unions (okay rates)

If I could get under 7% that would be awesome.

 

Rates and term are based on the year of the car. The older the car, typically the higher the rate. The next factor is your empirica score, the higher the better. It is tough to get an 01-03 for 72 months because of the year. If you are buying from a dealer they may have a source to get you extended terms on older cars. We have a bank that will lend terms on most cars up to 96 months!!!! if you want to.

 

america first credit union advertises 6.75%, i got 6.5%.

penfed (pentagon federal credit union) has 4.99% new and used, but there is some string to getting into it. search in google: "penfed site:s2ki.com" (without the quotes) because someone else recently talked about it.

 

Dude... you're streching it. If you have to spread out your payments that much for $20k then you should rethink your strategy. Why don't you just save up for a down payment? You're going to get killed in interest.

 

Depending on location, you can get as low as 4.90% for sixty months right now through AHFC through Jan. 31st, with approved credit.

 

my credit union sends me all the time emails advertising 4.5 % on new and used cars. HOWEVER, if you want to stretch it out over 72 months, you probably can't afford it. remember that besides the monthly rates, you'll have to pay for the monthly mod.

 

if you have ms excel, pull it up and go to the bottom where it says "sheet 1 // sheet 2 // sheet 3" and right click to add a new sheet. change the tabs until you see "loan amortization" or something to that effect as a template. run the term and rate. it tells you how much money you throw away. when you accept that payment and that interest money, youre making an informed decision, and it doesnt really matter how much money you're tossing out. if its a good (better than any alternative) decision to you, thats all that matters.

 

i'll lose as much as $6000 over 5 years at 6.5% if i remember right, and i want the car and dont care. my time value of money will change as my wife starts working, and it's worth spending $6000 to have the car now instead of later.

 

i pay 6.5% on the $25,000 i paid for my 2000 S2000 over 5yrs

 

Financing a car for 5 years is better than 6 for three reasons.

1) You get a lower rate for 5 years compared to 6

2) You're paying on interest for a shorter time with 5 years compared to 6 which equals to less money spent over the life of the loan.

3) You pay down the car quicker which means that you don't run the risk of being trapped in your vehicle (being upside down) if you ever need to sell it because of financial binds.

It just sounds to me like you're not financially ready yet. Like I said, save up some money and put a nice down payment on the car. I'd say $5000. Then finance $15,000 for 48 months and get on with your life.

You could save $5000 by the fall. $600 for the next 8 months.