Lotus Emira Financing/Lease Rates

[Nova]

From the article;

“All I can say is good luck to the high income earners who finance these things.”

I think they mean high income earners who have never heard a credit union.

People in the press frequently opine confidently about people and subjects they have no familiarity with.

 

[trackday14]

Not financing, but no way in hell would Lotus force a specific lender on me. It's not even legal.

Well, if you are financing through Lotus, then you don’t have any say…If you choose to finance through another institution, then you have all the choice your credit provides.

 

[Lowtush]

FWIW, I searched rates and ended up financing my Evora purchase through Navy Federal Credit Union. They had the best rates and stellar customer service. They actually answer when I call and everyone I've spoken with has been helpful and pleasant. They were quick to process my application and send me a check. Some others didn't even respond to my application until weeks after I had already bought the car. 🙃

You don't have to be in the Navy (or military at all) to become a member. I think you do have to have someone in your family who's served, but I didn't have to provide any proof of this. As a member, I believe I have the ability to refer others as well, so lmk if you need a referral. I have an 800+ credit score, but I think they'd happily work with anyone with a decent score and I imagine a new vehicle (Emira) purchase would have lower rates than a pre-owned purchase.

I would be interested in a referral. Navy Fed rates are typically phenomenal.

 

[Blue Dude]

I entered $100,000.00 purchase price with $20,000.00 down payment at woodsidecredit.com and was quoted $933.12 per month on a 144 month term loan.

Here are some additional details from woodside:

"*Monthly payment of $555.05 based on a purchase price of $50,000.00 with 15% down and 9.72% APR financing for 120 months. Monthly payment of $937.71 based on a purchase price of $100,000.00 with 20% down and 9.60% APR financing for 144 months. Monthly payment of $1,674.88 based on a purchase price of $200,000.00 with 20% down and 9.54% APR financing for 180 months. TT&L may also be financed. Not all applicants will qualify. Rates and terms are subject to change. All trademarks, logos and brand names are the property of their respective owners."

 

[EZcheezy]

I entered $100,000.00 purchase price with $20,000.00 down payment at woodsidecredit.com and was quoted $933.12 per month on a 144 month term loan.

Here are some additional details from woodside:

"*Monthly payment of $555.05 based on a purchase price of $50,000.00 with 15% down and 9.72% APR financing for 120 months. Monthly payment of $937.71 based on a purchase price of $100,000.00 with 20% down and 9.60% APR financing for 144 months. Monthly payment of $1,674.88 based on a purchase price of $200,000.00 with 20% down and 9.54% APR financing for 180 months. TT&L may also be financed. Not all applicants will qualify. Rates and terms are subject to change. All trademarks, logos and brand names are the property of their respective owners."

wow iv never heard of loan terms so long before

thats $55,800 worth of EXTRA payed just for INTEREST (144 months). what a huge waste of money, I hope you arnt saying you plan on doing that...

 

[Hell4Leather]

wow iv never heard of loan terms so long before

thats $55,800 worth of EXTRA payed just for INTEREST (144 months). what a huge waste of money, I hope you arnt saying you plan on doing that...

Supercar loans can go as high as 30 yrs. That said if you are buying a car that depreciates slowly, like a Lotus, and plan on selling/trading at the warranty expiration it’s not THAT bad.

 

[Climber]

I just want to throw some numbers out. I looked at some finance numbers. I have exceptional credit and this is what I was quoted. I am already thousands into the vehicle, but I will show numbers as if i am just buying the car with ZERO down for the first. This is something to think about, seeing these numbers hurt. Pay cash if you can and finance as LITTLE as possible.

For 93900

36 months​

$2,986
monthly payment

8.99% APR*​

with AutoPay and excellent credit
Loan option 2 of 5, 9.19% APR, 48 months, $2,345 monthly payment autopay and excellent credit,

48 months​

$2,345
monthly payment

9.19% APR*​

with AutoPay and excellent credit
Loan option 3 of 5, 9.49% APR, 60 months, $1,972 monthly payment autopay and excellent credit,

60 months​

$1,972
monthly payment

9.49% APR*​

with AutoPay and excellent credit
Loan option 4 of 5, 9.49% APR, 72 months, $1,716 monthly payment autopay and excellent credit,

72 months​

$1,716
monthly payment

9.49% APR*​

with AutoPay and excellent credit
Loan option 5 of 5, Lowest payment, 10.99% APR, 84 months, $1,607 monthly payment autopay and excellent credit,

Lowest Payment

84 months​

$1,607
monthly payment

10.99% APR*​

with AutoPay and excellent credit

-----------------

Now I will be financing around 15k for it because I would still like to have some money in my savings to enjoy my lifestyle, but if it keeps getting pushed I will be able to pay cash for it. For 36 Months it puts me at 477 a month at 8.99%. This whole delay is whopping my ass as far as getting a good finance %. My last car was 4% and the one before that was 3.5%.

In Texas 72 months @ 7.85% zero down
60 months @ 7.50 zero down

shop it

 

[DerTheDer]

This thread is so old I'm now a cash buyer lol. But keep the good rates coming for other members

 

[KCMO68_510]

I got 5.29% for 72 months, but I also put $85K down. (I should mention I had found 7.29% for 84 months and asked the Lotus Finance office to beat it and that's how I got the 5.29% with BOA)

 

[Davebeats]

I ended up going with Grow financial credit union, 66months at 5.75%, I already bank with them
Dealer was offering 7.99%

I was to lazy to apply with Navy FCU

 

[Hell4Leather]

In Texas 72 months @ 7.85% zero down
60 months @ 7.50 zero down

shop it

Any state really, it should be about $17-20 per thousand financed for 60 months.

My credit union: East Texas Professional is offering 66-84 months @5.75%. $14.50 per thousand financed. Not bad really.

 

[FlyNavy01]

An 84 month loan is bonkers... I'd only do that if it was fixed at 3% or less. Current rates means I'm paying cash. Not worth the headache or interest paid to the bank anywhere above 5%.

 

[bluemyself]

I don't think anyone has mentioned this yet, but one thing you could do, if you have a 401K that allows it, is to borrow against it. The interest is paid back into your 401K so it kinda doesn't matter if the rate is high, because you're paying the interest back to yourself anyway. The only major downside to this is if you leave your job, or are let go, then you just immediately pay back the loan or be penalized for early withdrawal. I've taken out this kind of loan for a car purchase in the past.

 

[Atlantis Blue Emira]

Not financing, but no way in hell would Lotus force a specific lender on me. It's not even legal.

Agree. I called them out on this. I told them they are doing something illegal by making me finance with them and I get better rates at my credit union. Obviously they retracted their statement.

 

[Atlantis Blue Emira]

I don't think anyone has mentioned this yet, but one thing you could do, if you have a 401K that allows it, is to borrow against it. The interest is paid back into your 401K so it kinda doesn't matter if the rate is high, because you're paying the interest back to yourself anyway. The only major downside to this is if you leave your job, or are let go, then you just immediately pay back the loan or be penalized for early withdrawal. I've taken out this kind of loan for a car purchase in the past.

Agree. I took a loan on myself for 4% and paying it back, so cheaper than the car loan rates.

 

[Atlantis Blue Emira]

Over 840 credit
Steady career (W2 worker)/good income
Dealer > 7% on all loans
Credit union: 4.4% for 24m, 4.95% for 36m, 5.45% for 48m

again, this is based on my situation and varies based on individual situations

 

[R35_J]

I got 5.29% for 72 months, but I also put $85K down. (I should mention I had found 7.29% for 84 months and asked the Lotus Finance office to beat it and that's how I got the 5.29% with BOA)

You went directly to BofA for the 5.29? Or that was through Lotus?

 

[erich]

Over 840 credit
Steady career (W2 worker)/good income
Dealer > 7% on all loans
Credit union: 4.4% for 24m, 4.95% for 36m, 5.45% for 48m

again, this is based on my situation and varies based on individual situations

Do you remember which credit unions you were getting quote those rates for?

 

[Atlantis Blue Emira]

Do you remember which credit unions you were getting quote those rates for?

CUTX (credit union of texas); but rates might have changed. also was a customer there so maybe it helped?

 

[John777]

wow iv never heard of loan terms so long before

thats $55,800 worth of EXTRA payed just for INTEREST (144 months). what a huge waste of money, I hope you arnt saying you plan on doing that...

What do you expect? Loan is 12yrs!!