WVCR-V

So I'm getting realy close to seriously looking for my first S2000. I don't have the cash to buy one and probably never will. Even if I had saved it all up I would rather finance it and have a cushion laying around for maintenance and repairs. I have mediocre credit and it is steadily rising but t takes time. I should be in the mid 600's. I know there are a million ways to get screwed by the dealerships so I'm hoping you all have some tips that may help. I live in WV and there are never any S2000's within 150 miles of me so needless to say I will be buying out of state. Likely PA, NC, TN, AL, OH, GA....etc. Since I have to make such a long trip I want to be pre approved and be at least 90% sure I'm coming home with the car. It doesn't seem that my local banks want to finance anything older than 2004. I am not dead set on any specific year. For example I saw a 2003 in Alabama for $14500 with 66k on it. My price cap is likely around 15k or so. I'm not sure whether I would rather have an 05-06 with 100k or or an 02-03 with lower mileage. I think I would be thrilled with either AP1 or AP2. Any advice or links to advice on how to make a somewhat smooth interstae transaction and what my prospects are with a mid 600's credit score I'd really appreciate it.

Thanks

Jon

darcyw

I used my line of credit. just push for your best interest rate possible and don't accept the first offer.

darcy

engifineer

Talk to a credit union. I have financed 2 cars and a home through the same large bank, and when I went to them to buy my 01 S2000 last year, paying blue book price, but only financing 2/3 of that, they straight up said no, because the car was too old. They said they would give me a personal loan for credit card rates or put it on my mortgage ... I walked out, called a local credit union. That day I had a new account set up and the loan was ready the next day. Better interest rates than car loans at the big bank, MUCH better customer service. They did of course tell me I could finance more rather than putting down some cash, but I paid the cash down anyways. I still have my mortgage and checking with the big bank, but my savings goes in the credit union.

NNY S2k

^^^^
Levi

Zack225

I agree with the credit union statement. I just purchased my 02 about a month ago and had absolutely no trouble financing it through my credit union, even without having any sort of credit. The day I applied for the loan, I walked out with a check and bought the car.

Car Analogy

Bought my '06 through a local credit union. They did have a vehicle model year restriction, which '06 was the cutoff (this was a couple of years ago, cutoff is higher now). Agree with above, excellent customer service.

As for older lower miles vs newer, higher miles, get whichever you like best, and whichever is Better condition. No worries about miles on these cars so long as they were taken care of.

If you will be using as a DD, then the VSA traction control of the '06 and newer might be something you want. Also these models allow you to use Flashpro, which more easily allows you to optimize for any mods you might do. Even just a HFC and a Flashpro tune will get you more real world performance gains (engine wise) than most anything else short of a supercharger.

If you want more of a weekend car, and more of a raw, sportscar feel, ap1 might be your choice.

As much as ap1 and ap2 differ though, compared to most any other car they are very similar to each other.

tampaBAYs2k

FWIW: I literally just financed my first car(s2k). Got a 2.75% from my credit union, and I financed exactly what you need, 14-15k.

Sabre

+1 for Credit union.
They tend to be a little more lenient, have better rates, and better customer service than the big banks.

WVCR-V

Thanks for all of the great responses. For those of you who went through your credit union, how long did you finance the car for?

Le S2K

+1 For credit union here as well. ESPECIALLY if you can get a personal loan for cold hard cash. Cash in hand = purchasing power, it puts you at the advantage in this field/industry where as if you HAVE to finance from the dealer (and they know you have to finance) they will likely not budge on price knowing you don't have to much purchasing power to go elsewhere for private party sale where you get MUCH better bang for your buck.

When I was searching the average costs I was seeing wasealership 2005 85k miles $19,000 List price Private owner 2005 85k miles $15,500 asking price. This is how the market in South Florida has been the last 2 years while I was searching for my first S2000. Different regions will have different prices but I can always assure you if you have cash in hand you will save a LOT of money when buying ANY car because cash gives you purchase power.