I want to finance $25,000 I want to buy either an FD rx7 or

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>financing a car
>financing a 25 year old used car
>financing a fucking rotary
this has to be bait

Don't finance toys.

>>15995623
I have no problem paying cash. I just need to build better credit with a loan. I'm already approved at 8% interest which doesn't bother me.

I have literally nothing that I will be taking out a loan for any time at all in my life aside from a mortgage, which my bank told me that it will be hard to get a nice mortgage if I have no loan history.

It will be paid off in less than 6 months, it's winter coming up, and I obviously have a second car.

>>15995632
Ignore the financing part then and give me your opinion as if I was paying cash.

>>15995599
Find me a bank that will finance a 25 year old used rotary
>inb4 they don't exist

Pretty sure no bank in the work would ever let a person finance a 25 year old car

>>15995623
That's what I was thinking. If a dealer can get you financing on an old rx7 I wonder what the interest will be

>>15995599
The S2000 will be easier to own and easier to maintain and repair.

performance doesn't really matter that much on the street so the S2000 not having apex seals blowing out its exhaust along with your entire gas budget like FD makes it the no brainer

>>15995657
>>15995668
Well the bank doesn't know I'm financing a car. It's a personal loan, and I'm only financing half, just because.

>>15995599
The oldest car I've ever financed was a 2003 in 2014. My apr was 8.7%

>>15995668
What about financing a classic muscle car?

>>15995685
the only real answer OP

>>15995657
>>15995668
>>15995678
Not open but I once took a 20k loan to buy a truck. Went in told them I was looking at a truck, got approved for 6% and they just put the 20k in my account never questioned it further.

>>15995690
forgot that's for 3 years too

>>15995599
It's all personal preference. A rotary would require a lot of babying, and the Honda is very reliable. I'd personally get the Honda, less hassle especially if you're financing.

>>15995647
>I have no problem paying cash. I just need to build better credit with a loan. I'm already approved at 8% interest which doesn't bother me.

Holy shit 8% interest. You're legit retarded.

You know you could just finance 8k of it, pay cash for the rest, and build your credit without wasting THOUSANDS OF DOLLARS on interest?

>>15995685
>>15995710
Alright, so that makes sense, I'm probably not going to DD it though since I have the miata for that which is super cheap to do anything with.

Eventually I would want an rx7, but I know both the rx7 and the s2k are appreciating in value, so eventually I can make up my losses from interest from the appreciation of either vehicle. Insurance is where it hurts most in my opinion.

But yeah, I'd keep either one in the garage.

>>15995735
$12,500 x .08 = $1000 (if you read my post where I said how I was doing it)

If I pay off half the principal in the first 3 months and then the rest later, then my interest is negligible.

>8% interest
>meanwhile I have never had a loan of any kind and was approved for 2%

stay poors

>>15995599
I hope you like 12% loans.

>>15995685
>performance doesn't really matter that much on the street

busrider here. What do you mean by this?

>>15995755
So you don't know how compound interest works? That or it's only a 1 year loan.

>If I pay off half the principal in the first 3 months and then the rest later, then my interest is negligible.
You won't build credit if you do that. Rofl. Go talk to a financial advisor, dude. The credit agencies watch shit like that and fuck you over if you try cheap tricks to build credit like that.

How old are you? I had a 780 credit score when I was 25. I'm 28 and it's 840 now. You say you already have a car, so you probably aren't THAT young, yet your credit is garbage.

>>15995781
you can't drive a car to it's limits on the street. Even on empty back roads there are too many variables that mean you have to be conservative

>>15995761
Oh, I can get approved for 0% on new cars, but that's not the point. Why would I buy something I wouldn't want?

Or more importantly, why is everyone talking interest instead of about cars? That's not the point, I'll pay a very small amount of interest for this car and have it paid off in less than 6 months like I've said.

Maybe it was my mistake adding information that wasn't needed.

get an elise instead

>>15995793
I'm 22, credit is 761, except apparently when it comes to loans it's shit because I've never taken out a loan.

I was told 6 months or more is generally what they look at. So why not pay it back in 6 months? I mean I'll never have a loan on anything so I have no way to build any decent credit other than financing something at some point in my life, so might as well be a car and ignore a couple hundred dollars of interest.

>>15995814
Ehhhh, they're not comfortable enough. I've driven one before and while they're fast and fun, I could never drive it for more than an hour tops.

>>15995836
you want an s2k or rx7 for comfort?

>>15995816
Yes, they look at not just your score but other things like that.

Why don't you just finance like a $4000 TV for 6 months? It will probably help just about as much for less.

That or finance something that you can have collateral up against. Something that can be repossessed you can probably get 3-5% on.

>I was told 6 months or more is generally what they look at. So why not pay it back in 6 months
You said you planned on paying off half the principle in the first 3 months with extra payments. Doing that won't build your credit nearly credit the same as reliably paying your payment amount on time.
It sounds fucking retarded, because it is, and it's a rigged system, but that's how it is.

>>15995848
I've never sat in an rx7, but I assume it's more bearable than an elise. I've driven my miata 4ish hours before comfortably, the s2k felt about just the same in terms of comfort. It's not luxury car, but it's doable.

>>15995860
Shit, well I don't know what I should do then. I figured financing a car would be a great way to go. I've gotten approved for a loan on a loan for the s2k for the full price, and the rx7 I was going to rig with a $12,500 personal loan.

Thing is, I don't want a tv, I don't really care about much really that I would need to finance. I'd want a nice car and then probably in a year or two I'm buying a house, anddd that's about the extent of things I will finance.

Shit, that does sound dumb. I figured that if I paid off half the principal in 3 months, then they would only charge me interest on the remainder of the principal, and then wew golly gee, I figured that would make them happy and then I'd maybe ride out the rest of the payments paying minimum per month?
Bottom line I guess is maybe I should just say fuck it and buy what I want, so the question still stands as to whether I get an s2k or rx7 which I will semi-daily drive.

>>15995657
Any and every bank
They don't care what the money is for just if you xan pay it back

>>15995911
Well you could probably finance an ND with your score even with no loan at like 3-3.5% at 4 years, but that's like $1900 of interest.

Your 12,500 loan at 8% APR should be $548. Is it an APR loan?

>Shit, well I don't know what I should do then
But you could probably finance a loan mower, TV, tools, or something like that at 0% if you find the right deal. I don't know what the hell you like to spend money on.

>I figured financing a car would be a great way to go
You're not financing a car. You're getting a personal loan that has no collateral which will cost a lot with your credit history.

>I figured that if I paid off half the principal in 3 months, then they would only charge me interest on the remainder of the principal, and then wew golly gee, I figured that would make them happy
You CAN do that, and yes it lowers the interest you pay. It just, as I said, won't build your credit as much as you're hoping. They want to see that you can pay payments every month reliably, not that you tried to game the system.

https://raleigh.craigslist.org/cto/5798503907.html

>>15995955
Oh yeah, I've looked at the ND, and driven it and I loved it. It's just I can't justify the depreciation it will have. Hell, I found a club with 8,000 miles on it with the brembo brakes package, MSRP would be 32k and the dealer was listing it for 25k already. That's some scary depreciation even if it was probably the best deal I could find on an ND out there. Though, someone bought it. I mean I regularly see grand tourings going for 4k under MSRP with a couple thousand miles on em.

You know what, I have no clue if the loan is APR, I did it real quick today over the phone and just asked the interest rate. I need to call back the bank and find out. I don't spend my money on much of anything really. Normally anything I do is less than $500.

>>15995973
That's pretty nice senpai. I mean I live in pittsburgh, so I only shot my search radius out 200 miles.

>>15995955
I meant is it an APY? APY would be $1000. APR would be $548.

>>15996001
For $25k, already having lost $7k of value, that's a good deal. It'll probably be $15k in 10 years. It will probably save you $1000 in gas if you drive enough as it has double the fuel economy as the rx7. But if you're losing $17k in 10 years, well obviously that's a bigger deal.

The Skyactiv engines can handle some boost as well, not to mention.

I didn't think Club ND were $32k though. I thought the club model was $29k.

Anyway, if you drive a modest 10,000 miles per year, you will spend $681 in gas per year. It will be $1526. That's based on current gas prices, 33mpg for the ND, 18mpg for the RX-7. That's something to considered. For the S2000, it's not much better than the FD and you'll still be spending like $1400 a year on gas, still almost $800/yr more than the S2000.
If you drive 15,000 miles a year, those savings are 50% higher, I'm sure you get the picture.

I daily drove my FD and I bought one for a similar reason to you and I was also looking at the S2000. Don't regret that decision, but the NC didn't get 33mpg on low octane gas when I got my FD either. And the ND is cheaper than the NC, while being a way way better car.
If I did the same thing today, I'm thinking the ND, slightly used, is the better buy and would only get a roller FD as a second car, but this was over 10 years ago and things were different.

So bottom line, if you find another ND for 7k off, slightly used, I'd buy the fuck out of that over the S2000 or FD.
The ND is a better car than the S2k. Pure and simple. It gets like 3-5% faster track times, it's better handling, it has insane aftermarket parts and the aftermarket doesn't have a massive ricer-tax like the S2k and FD. It's way more comfortable to both. It's pretty damn nice looking, especially from the side and back. It's god-tier engineered, engineered better than pretty much every new car except a Koneigsegg.

>>15996001
>>15996121
Also you would probably have leverage to get the car for cheaper if they can't get you at least 3% when you are buying a slightly used one.

Pay half down in cash. If the loan is 4.5% over 4 years, you tell them you can't unless they knock off another $500, and it's like you got it at 2.7%.

>>15995599
>paying off a loan super early won't improve credit
>no bank will loan for that old of a car
>a "personal" loan is SUPER hard to get and you need amazing credit
>you also need collateral
>this is never going to happen

>>15996121
>>15996129
I mean I do like the ND, and I'm kinda mad I passed up that deal but I was very on the fence about it and eventually decided the s2k was better. Then I just figured, well fuck, if I'm this far down the rabbit hole, why not get an rx7?

I mean now that I've seen that ND at that price I don't want to get any club for any more than 25k. Though, again, I'm kinda afraid that it will depreciate its value wayyyy quicker than I want. The s2k I know will be worth probably another 5k in the next 3 years easily. While the ND will probably lose that same amount.

You're right though, it kinda comes out as a wash. Mannnn, these decisions are tough. I should have taken that ND when I found it.

But I figure if I get the S2k, drive it for a year, get it out of my system I could trade it in for an ND that's even cheaper than 25k since the 17/18 models will be out as well as the RF.

>>15996164
>eventually decided the s2k was better
You were wrong. The S2000 would be alright if it was like $12k for a really really clean example, but not $25k. And that's only because it'd be closer to ND performance for cheaper currently. At the same price? The S2000 is awful.
Like I said, the money you save on gas (not to mention maintenance) will cancel out the deprecation compared to the S2k if you simply get a slightly used one.
The ND is a plain and simple superior car. Don't let the S2000's power numbers fool you, it's heavier and very flimsy. The ND is geared tighter. The ND has a 5.9s 0-60 and with the S2000's EIGHT FUCKING TWO horsepower advantage it only goes 0-60 in 0.2s faster.
And that's the only thing it does better on. On a track it's slower since it handles far worse.

Anyway, it's really simple. You need to add cost-to-own to the depreciation. The S2000 will cost $1000-$2000 more per year to own on average than the ND if you daily drive them. That is a greater cost than the ND will depreciate.

Now compared to the FD? Well you can't really compare those cars. I like my FD, and I feel it was the right decision 10 years ago, but the ND wasn't for sale 10 years ago. As for today, they're just super different cars, and the likelihood is that if you buy an FD the owner is selling it because something is wrong with it.

I also don't think it's a guarantee that the S2k will hold it's value. They cost less than half as much in Europe. There are 5x as many S2000s as the FD and the FD is a much more unique car while the S2000 is just an inferior ND MX-5.
Same for FD too, though. If the next RX-7 is under 50k new, as good as people hope, and they drop to 25k in 3-5 years due to normal sportscar depreciation, I don't see FDs staying at 15-30k like they are now when someone can get the new one that's 25 years newer for that.

But in the end I guess buy what you want. Sportscars are a passion and not financial decision.

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>>15995755
If it's a weekend car then go weapons free then. I've also wanted an rx-7, just remember the responsibility and cost of having one. It eats oil, you can't just turn it off, revving it, etc. If money is not an issue then get it. But if you want something reliable and cheap to maintain then s2k. Just my two cents.

>>15995599
Dude you're dumb
Car loans don't build credit. I learned this the hard way

I'mma bump this thread.