Location: NYS
Posts: 2,511
My VIN: 4519
New info: USAA has made a lot of unfortunate changes to their processes and interest rate structure. There's now more than twice the paperwork (as in: real paper,) Interest rates are higher than average, and a high credit score doesn't carry as much weight as before.
PSECU mentioned above has better rates, but a bit slower process.
Location: Austin, TX
Posts: 694
My VIN: 1710
A couple of years ago I bought a vintage Mercedes SL roadster, and financed it through Lightstream, which is an online-only division of Suntrust bank that focuses on specialty loans such as classic cars. The whole process could not have been easier. I applied online & they called me within an hour of my submission. The next morning the funds were in my account. I was able to get a very reasonable interest rate, too (under 5%). Though I paid the loan off in a year... so I didn’t end up paying out a whole lot in interest anyway.
It looks like they’ve altered their program some since I used them: they have shorter loan terms than they used to, and interest rates are a little higher as well. Still, I can’t recommend Lightstream enough from my personal experience. Super easy transaction, reasonable rates, great customer service.
Louie Golden
Location: NYS
Posts: 2,511
My VIN: 4519
+1Originally Posted by louielouie2000
Coincidence....I just came back to this thread to report on Lightstream. Total winner on all accounts, and no BS paperwork hassles.
Sent from my LGL164VL using Tapatalk
Posts: 743
I used LightStream for my car as well. Super easy, good rate.
Location: Northern NJ
Posts: 8,576
My VIN: 10757 1st place Concourse 1998
Don't discount going to your bank and setting up a personal line of credit. Might be a little more expensive but once set up you can get money quickly when you need it. Good for a quick flip, not a long term loan. Of course this depends on how much you are worth, what you have in the bank etc.
David Teitelbaum
Posts: 1,243
My VIN: 10201
SunTrust bank outright refused an auto loan for something as old as a delorean. They gave me a rate for a new car and that was higher than what the credit union gave me for the DeLorean loan.
Location: Central Cali
Posts: 302
My VIN: 5087
$9100 financed through USAA 11 years ago. Paid off 2011. My DeLorean is the only car I have actually owned outright. As mentioned tho, seems some things have changed so I dunno how easy or generous they are now. Might want to look at credit unions...especially if they are military and you are too. They seem a bit more willing to lend and have better rates.
Location: Pittsburgh, PA
Posts: 363
My VIN: Between VINs
I have a race car financed with Lightstream. I like them a lot and they would be my default if I weren't a USAA member.
Location: NYS
Posts: 2,511
My VIN: 4519
I'm a USAA member; their banking is very good, and they have good customer service.
In 2015 (when I bought 4728,) the auto loan process was smooth & easy: low rate, no physical paperwork, and a loan amount based on book value.
This past week I learned the lowest rate has almost tripled, they require a notarized POA/Lien Certification, I couldn't get the lowest rate with a credit score of 800, and they only approved half the average book value. I paid off the 2015 loan in 48 months, but that didn't seem to matter either.
While I had a USAA loan in progress, I got a Lightstream unsecured loan for a better rate than a USAA secured loan, and no BS involved.
Location: Pittsburgh, PA
Posts: 363
My VIN: Between VINs
I bought a late model used car with USAA recently and it was still painless, the way you describe it being before. Must only be for unconvential stuff that they have changed things. Getting my DMC through them took about an extra day because they had to conduct a market analysis for collateral value, but that was it. That was in late 2017.
Posting Permissions
Reply With Quote