Thinking about not leasing another car and buying a 2006 Mitsubishi Evo or 2006 Subaru Sti - likely from a private seller.
CUs or banks don’t seem to offer financing on these types of vehicles.
What are my options? Probably a 40-50k loan with 20% down.
P. S - I know this is insane to do considering price + interest
I was in a similar position a few years ago and ending up doing First Republic’s Personal Line of Credit (~2% APR) but sadly the bank went bust.
With Lightstream, SoFi, and other unsecured loan offerings, you’re looking at 8%+ APR, which isn’t pretty. Absent some crazy low rate, I suppose the financially prudent thing would be to save up for a few years before making the big purchase.
Do it..and post pics when you get it
what is the appeal to have a 2006 STI that will be destroyed by many midlevel cars on the road and certainly on the track and carry a 40k+ loan. That 40k+ is certainly not market price is it? if such, any auto loan will not go above 120% blue book on it mostly.
I get to each his own, I guess its a big “want”.
I’m not huge into Subarus, but, when I did an internet search on a 2009 STI, I immediately recognized it. I assume it’s more about having a fun and collectible car, not about actual performance.
You’d have to look at classic/collectible car financing, assuming the vehicle qualifies.
The implication was to get it, not necessarily finance it lol
you are all correct of course.
whoever holds the money, decides what to do with it.
Really wanted one when I was younger but couldn’t afford it. And then when I could, I was leasing new cars.
I don’t really seem to care for the newest, nicest car I could get the best deal on anymore.
Will look into it.
This is where I ended up after much thought. If I’m going to get it, it has to be a cash purchase.
$50k leaving my account at once and not towards a traditional investment is something I can’t wrap my head around.
On a separate note, I was offered a sign and drive (1st mo DAS) GLC w/ AMG package today for $468/mo
This would have been the ideal scenario.
Leaning more towards a 2006 Mitsubishi Evo rather than the STI. But yeah, you’re right.
Some Helocs have low introductory rates–that could be an option.
I understand the appeal of both of the cars you’re looking at. But how about this–a new GR Corolla is close to the same formula, and maybe there is a deal to be made on one of those (balloon maybe?)?
I’ve used lightstream many times but rate is nowhere close to what CU can offer these days but you can refi after the purchase with a CU. Good thing about lightstream is that they deposit money directly within 24hrs and they don’t require any mention to your insurance for the lien. One hint: when you do the application usualy the 36 month loan under $24,999 carries the lowest apr if “New Car Loan” option is selected.
Also Amex has been offering personal loan upto $49k at 7.49% for 60months.
+1 on Amex.
I think SoFi will do $100k @ 7.49% and BHG was right around 8% for up to $250k or so?
I’m trying to wrap my head around how a 2006 evo or sti would be worth $40k?! Are they mint and under 10k miles?
I haven’t reached out to a Toyota dealer since 2019 lol. But def worth a shot. I’ll check it out.
Recently received a personal loan offer from PenFed for 45k at 6.49%.
Lightstream is definitely another option that’s highly recommended, but the interest rate is a bit high.
