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Got a great financing deal.....

Discussion in 'General Viper Discussion' started by AFL in NJ, Oct 17, 2007.

  1. AFL in NJ

    AFL in NJ Enthusiast

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    I just finished re-financing my Viper to take advantage of a crazy low rate of 5.29%.....don't know if many of you finance your Vipers or other cars, but this rate was unreal compared with others I was quoted.

    http://www.penfed.org

    I was able to join the credit union by making a $20 donation (or more) to help military families, which I thought sweeted the already great deal.

    Regards,
    Aaron
     
  2. DodgeViper01

    DodgeViper01 Enthusiast

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    On a used car, that is an unbelievable deal!
     
  3. AFL in NJ

    AFL in NJ Enthusiast

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    Yep, I think I might even use them for my mortgage too!

    Regards,
    Aaron
     
  4. DodgeViper01

    DodgeViper01 Enthusiast

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    Best of luck Aaron!!
     
  5. plumcrazy

    plumcrazy Enthusiast

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    great deal but i always feel toys should be paid for in cash myself.
     
  6. CitySnake

    CitySnake Enthusiast

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    That's an interesting alternative. I'll save the address. Thanks!

    Another alternative is to use a primary residence line of credit. Of course you need to have unencumbered equity, but not only can you get a rate at or under prime (mid to low 7's today) but you can deduct the interest against income which (depending on your tax bracket) can make the effective rate below 5% with long term amortization.
     
  7. mike & juli

    mike & juli Enthusiast

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    :omg: If only!! LOL--We bargained and walked away a few times until they came up with the rate we asked for. :2tu: ~juli
    Congratulations Aaron!!
     
  8. RAYSIR

    RAYSIR Enthusiast

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    Man, I agree with this one. Too many people get over the head in debt with toys. Only way to finance is if you make more in interest investing than the interest you are being charged. Sounds like a good rate. But I still prefer the single payment method.:2tu:
     
  9. AFL in NJ

    AFL in NJ Enthusiast

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    Generally I'll purchase items with cash on hand, but if a great deal comes along before my cash is fully saved, I'll pull the trigger and finance the remainder....so far it's worked out great on both the Viper and Mercedes. I have investments to borrow against, but I got my statement today and over the past year I got near 43% return, so that was pretty exciting!

    I would have used a line of credit against the house, but I couldn't get a rate lower than 5.29% no matter what I tried.

    Regards,
    Aaron
     

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