Obtaining financing for an LJ

[smcnich]

You could always take out a HELOC assuming you own a home with equity. The rates should be pretty good right now.

 

[smcnich]

double post

 

[L J]

Stay in your budget and pay cash, invest in your future and be wise with your money.
Vehicles are only depreciating liabilities.

He's buying a used TJ not a 392 JL.

 

[Claytone]

Put it on a HELOC and pay it off quickly

 

[SoCalTJ]

You could always take out a HELOC assuming you own a home with equity. The rates should be pretty good right now.

This is what I was going to say. Depending on your equity and credit rating, HELOC's are dirt cheap right now. Just dont make the mistake of paying the min amount each month because that would make it like a 30yr loan.

EDIT: And a big thumbs up for NFCU & USAA but you need military ties for those. Outstanding services.

 

[LJtheunicorn]

He's buying a used TJ not a 392 JL.

Don’t tempt me! Those things are bad!

 

[LJtheunicorn]

not going for a HELOC I have other plans there.

 

[LJtheunicorn]

So how do I make a response to someone post on this forum? Where’s the like button? Help the newbie out here

 

[ejay]

So how do I make a response to someone post on this forum? Where’s the like button? Help the newbie out here

 

[LJtheunicorn]

Borrow against one of your paid off existing vehicles. Easier to get the funds and shop for a Jeep. If you wait and find something you like you risk losing it if the bank drags its feet. Also the rate will be better.

i have other plans for my truck and her car isn’t worth enough to borrow against. Yota camry

 

[LJtheunicorn]

View attachment 216097

Yea I don’t have that button yet..... I’m not yet at the cool kids level I guess.....

 

[Dunkut88TJ]

You will get there quickly

 

[Mr. Bills]

My wife and I are planning to buy a TJ in the next few months. . . . We would like to pay cash for a Jeep but in the event we find the perfect one outside of our cash allowance we want to be ready and knowledgeable with our financing options. . . .

My opinion won't win any popularity contests but here it is:

Rather than approach this with the assumption that you are going to blow your budget, instead determine the maximum you and your wife are prepared to pay for the LJ you seek, don't start shopping until you have that sum in the bank, and have the discipline to stick to your plan.

That may mean that you must walk away from a jeep you lust for because its over your limit and you don't have the cash. Not to worry, there will be another jeep.

 

[cliffish]

My opinion won't win any popularity contests but here it is:

Rather than approach this with the assumption that you are going to blow your budget, instead determine the maximum you and your wife are prepared to pay for the LJ you seek, don't start shopping until you have that sum in the bank, and have the discipline to stick to your plan.

That may mean that you must walk away from a jeep you lust for because its over your limit and you don't have the cash. Not to worry, there will be another jeep.

I agree with you but I am older than 50...younger generation does not think like that (even 10 years younger). Now the OP does seem to have a handle on his finances and maybe the YOLO generation has it right???? I will likely leave both my kids with way more money than I should.....

 

[Irun]

Stay in your budget and pay cash, invest in your future and be wise with your money.
Vehicles are only depreciating liabilities.

This is the best post. Don't buy until you can pay cash. If you have two other vehicles, there's no hurry. We all know that once you buy it, you'll only be spending more money to mod it!

 

[Irun]

My opinion won't win any popularity contests but here it is:

Rather than approach this with the assumption that you are going to blow your budget, instead determine the maximum you and your wife are prepared to pay for the LJ you seek, don't start shopping until you have that sum in the bank, and have the discipline to stick to your plan.

That may mean that you must walk away from a jeep you lust for because its over your limit and you don't have the cash. Not to worry, there will be another jeep.

Nothing wrong with being sensible!

 

[Tray Burge]

Taking out a HELOC for a car is absolutely the dumbest financial advice you can get. Not smart, ask Dave Ramsey.
Yes, we're huge Dave Ramsey fans.

 

[Tray Burge]

Don't buy until you can pay cash. If you have two other vehicles, there's no hurry. We all know that once you buy it, you'll only be spending more money to mod it!

This is great advice!

 

[LJtheunicorn]

Thank you all for the concern and suggestions but we have decided on this as a priority. It is something we have both wanted for a long time and we plan to use for a long time after we have kids.

We are looking for loan options, not financial advice.

We are buying a Jeep and we prefer to finance it, could pay cash but we want to finance it.

We will look into Lightstream as the concept described by others is appealing to us.

So far the options are Penfed and Light stream as well as some local credit unions.

 

[jazngab]

1000% agree with those saying wait until you have the cash saved up. I looked into financing an older vehicle once and 1. you can't get a loan and 2. if you do get a loan, the rates are INSANE. Just try to be patient and I know its a hard pill to swallow but there will always be another jeep. Especially if its a third vehicle. Is it a "want" or a "need"? Your future self will thank you

EDIT: just read your last post and ignore mine then lol