A question for the younger owners regarding financing

**Eachey51** · 10-24-2016

Im pretty young to be looking at Vipers so i do not just have a ton of cash lying around to plop on a car, but i am financially stable enough to make payments. The issue i am having is nobody wants to finance a young guy like me. I am looking to get into a late gen 2 or a gen 3 coupe but banks don't like financing a car that old. I dont know anybody who can cosign a loan for me so i was wondering how you guys financed your viper? Or do i just need to wait till i can off with cash?

**Stealth78** · 10-24-2016

How much established credit do you have? There are plenty of lending institutions that will work with you, you just need to have established credit. It also helps if you are working with a banking institution that realizes what the car is. I guess if you are using it as a daily driver and you are going to rack up 15,000-20,000 miles a year on it, it won't matter as much, but if it's a lower mileage car that you won't be racking up a ton of miles on some banks realize (or have the common sense) that the vehicle won't lose to much value at this point with the car already seeing the mass of it devaluation.

**capevettes** · 10-24-2016

Check out JJ Best. They are in the business of financing classic/muscle cars. sports cars. I did not finance my Viper but I just sold a 68 Big Block Corvette. The gentleman who purchased the Vette financed it through JJ Best. They seemed like a reputable company. They came to my house, inspected the car and cut me a bank check. Good luck.

**Purple Haze** · 10-24-2016

Yes good question on your credit...Yes make sure they know what you are buying. Then it becomes how much you can put down the more the better and the more the less questions they ask. Put as much down as you can and with interest rates low you should get a fair deal.

**Stealth78** · 10-24-2016

Also, if you do have really good credit do your research. Even with an older car you should be able to get 2.99% or better.

**v10CodeMonkey** · 10-24-2016

Pentagon Federal has always been good to me for financing. Obviously, the older the car, the shorter the terms and higher the payments.

**Stretch** · 10-24-2016

Pentagon Federal or Milton Bank (VOA sponsor).

**98intrigue** · 10-24-2016

I had no problem getting financing through PenFed on a previous '03 vert. I was 28 and had an excellent credit score.

**Vprbite** · 10-25-2016

Be careful though because no matter how well the car has been maintained, it ain't no spring chicken and will probably need some work. I financed my viper but I did at at a time when I could have purchased with cash, it just made sense with 1.49 rates. But what I mean is if all your money is going to payments, will you be able to pay for a $1200 repair that comes up in a month? Be aware, cheaping out on maintenence will bite you in the ass so budget for that with a qualified tech if you can't do it yourself. Also, DD a viper is a commitment. I've done 8k a year of fun miles but I wouldn't want to DD my viper. Some people have done it, so it is do-able but isn't my choice. So do all your due diligence before jumping into this purchase.

Remember there is a difference between being able to buy something and being able to afford it. I could buy a gen V but don't feel I can afford it right now.

Good luck. Do your research to make sure you get the right one for your intentions.

**jns681186** · 10-25-2016

Originally Posted by Eachey51

Im pretty young to be looking at Vipers so i do not just have a ton of cash lying around to plop on a car, but i am financially stable enough to make payments. The issue i am having is nobody wants to finance a young guy like me. I am looking to get into a late gen 2 or a gen 3 coupe but banks don't like financing a car that old. I dont know anybody who can cosign a loan for me so i was wondering how you guys financed your viper? Or do i just need to wait till i can off with cash?

Eachey51, I was 26 when I got my 15 GT, but I had financed several other cars with no issues previously, and have worked for the same company since I graduated high school. If you have good credit history, and stable income, someone will approve you..... I would also have to agree with what Vprbite mentioned, if this is going to be your daily driver, have something set aside financially to keep it going, especially looking at a Viper out of warranty.

**VIPER1996** · 10-25-2016

I own a car dealership and deal with this everyday. There are way's for a fist time buyer to get an auto loan without previous credit history. Not a Viper but something under $10,000 let's say. I have one lender that will do this but you need to meet some requirements. 1 year on the job and 1 year at your address. You can't have any negative marks on your credit and you must put at least the tax, title and license down. If this is you then you need to start out small and work your way up. Get a credit card even if you have to secure it with cash. Buy your gas with it and pay it off every month. You need two types of debt to establish a good strong credit score. Revolving debt ( Credit Cards ) Installment debt ( Mortgage, Auto loan etc ). Stay at your job if it's a good direction for you and don't move around. You need stability in your life. The lender's will look at Job time, Address time, previous credit history and debt to income. It cost's money to build credit unfortunately. You will pay higher interest rates in the beginning and don't pay your debt off in 3 months on a year loan even if you can. Why you ask???? Because lender's want to see payment history ie. how stable are you? Keep the credit cards going every month and find a way to get an installment loan going and pay on it for a couple years. Once you establish yourself it's relatively easy from there. My advice if you're young would be to stay away from borrowing huge sums of money on a depreciating asset like a Viper. Every dollar you save or use wisely when you're young compounds for your later years. But if you must then walk before you run.

**Track Pack** · 10-29-2016

I highly recommend Adam @ Milton Bank, who is a forum sponsor, I have used and finances for up to 96 months.... Here is his info:
Adam Massie

NMLS#431209

The Milton Banking Company

Phone (740) 384-2116

Fax (740) 384-2488

**SnaakeBit** · 10-29-2016

Originally Posted by Track Pack

I highly recommend Adam @ Milton Bank, who is a forum sponsor, I have used and finances for up to 96 months.... Here is his info:
Adam Massie

NMLS#431209

The Milton Banking Company

Phone (740) 384-2116

Fax (740) 384-2488

^^^ THIS. Adam is tremendous to work with, and the process was so easy.

**BlknBlu** · 10-29-2016

Yes, Milton bank, and they have paid for a years membership to the club if I remember right. The VOA takes care of it's members

Bruce

**Martin2000GTS** · 10-31-2016

I always use Penfed.org for my financing. How old are you? I would assume if you were 24/25 years old you should be able to get a decent loan, assuming you have a decent debt/income ratio and a good credit score. My mother cosigned for my corvette at 18 and viper at 21. Looking back on it, I think she was nuts. But I love her for it.

Martin-

**braunstein82** · 11-01-2016

I was 31 when I got my first one almost 3 Years ago. Went with pen fed for my 98 gts. Got 2% for 5 Years. Pretty much have to have a 690+ with most banks for preferred rate. JJ s best offered me 6% for 6. Recently for my gen 5 Milton had a good rate and term. So so with state employees 5% up to 10 Years. Ended up with pnc for 4% for 7years

**serpent** · 11-01-2016

Would it help to put a large amount of cash into the said bank you are going to getting a loan from?

My main credit union is Navyfed. My checking account is Chase.
I also have another credit union and became a member at USAA as well.

If I was to purchase a 2013 or 2014 and put a good chunk like $25-$30k in the bank i was getting a loan from, would the bank give me a lower rate? I've been with same company for over 2 years. Same home for over 10 years and have credit above 720.

**Vprbite** · 11-03-2016

Originally Posted by serpent

Would it help to put a large amount of cash into the said bank you are going to getting a loan from?

My main credit union is Navyfed. My checking account is Chase.
I also have another credit union and became a member at USAA as well.

If I was to purchase a 2013 or 2014 and put a good chunk like $25-$30k in the bank i was getting a loan from, would the bank give me a lower rate? I've been with same company for over 2 years. Same home for over 10 years and have credit above 720.

Having money in an account with a bank doesn't effect getting a loan as far as I know. I have seen a lot of people's credit scores and have a theory as to what makes for higher ines or lower ones (credit agency's don't disclose their algorithms). But I had my first loan through penfed with 50 dollars in an account. For autos, it pretty much all based on credit score and debt to income ratio. It's done by a computer, not a human. For the most part, at least. Perhaps there are some exceptions. As I recall, they want over 740 without asking for tax returns, etc.

If you have credit cards, get them below 50% to help your score. If you have 30 grand in a checking account though, use that as a down payment to lower principle. If you can't, I don't advise getting nailed to the wall on a car. It would be a shitty position to be in.

**v10viperbox** · 11-01-2016

Woodside will do the loan as well that is who I have mine through. So will Bank of Stockton. You need to be Tier 1 and have good cash reserves through.

Cash was better utilized else ware.