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Financing Q's
Anyone found financing available, aside from the 2nd mort or equity credit line. I would like to keep real estate out of this. I would like to order a BDR car.
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financing
MDP727.
There are "friends" in the COBRA business that will finance the COBRA as you go plan, but amen, BDR is not one of them. Not unlike the "StreetBeasts" program, but a very simple plan, not the dreaded "AHC" type functions against your valued $10k limit card. The intrest is "0%" unless you miss a payment or two then it goes to the 12.4% until a reoccurance and your money is refunded and contract canceled. grumpy |
Gettysburg Financial has financing plans for exotics such as Cobras but I am sure the rate are ridiculous. As these are toys and not driven everyday(some exceptions for those who do enjoy them daily), I am not sure it is so wise to go in to great debt for one. Just my opinion.
Stu |
Whats wrong with equity? Tax deduction! Well.......... not that I have any personal exprience in that or not. Oh, never mind. I don't know which I would prefer to loose anyways!
Rick |
If you have a newer expensive car that is paid off you can put on a lien on that car and get a decent rate. I paid about half cash on my FFR and then took a loan out on my wifes Taurus SHO for the remainder. The beautiful part of this is that if I didn't pay the loan the bank would have taken her car.
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The home equity line is really preferable. The rate is considerably better than conventional loans and you do have a tax deduction that is not available on traditional consumer loans.
The trap of home equity financing is that you don't want to refinance an entire home to to get funds for your Cobra. The amortization period for most homes is 15-30 years. Your car will depreciate and you, undoubtedly, will not own the car for that long a period. You will end of making payments on something that is long gone; yet, you will be making payments into the future on an asset that is not there. |
Try Capital One Finance-formerly People First Finance. They deal with Tier I credit applicants only but if you qualify, they have excellent rates and terms. Their philosohphy is to 'buy' the applicant not the vehicle. I financed my Superformance chassis with them and received approval in about 10 minutes and a check within 48 hours.
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Thanks for the input folks. I can't justify the home equity line on a liability. However, I'll research the other avenues mentioned and see what happens. The Cap One sounds promising already being a customer.
regards |
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