- October 7th, 2014
- Write comment
Let’s face it, financing the purchase of a Corvette isn’t much different than financing any other car. You’ll likely have to secure a down payment, lock in an interest rate, and then calculate the monthly payments based on the remaining balance. It’s pretty much the same for all cars. However, there are always considerations to make when your investment is a top of the line sports car that will likely put a serious drain on your wallet. In this article we’ll review some of those concerns while giving you information on our preferred financing partner here at FindAVette.
Can I Afford A Corvette?
We all know that Corvettes are not cheap. For a C5 or better Vette with under 50,000 miles, you’ll be looking at a minimum price of $20,000. While searching for a used Chevrolet Corvette, we had a hard time locating any low mileage C5 for under $20k, and that is for a nearly 20 year old car! Of course newer models easily can reach well above $60,000. So, if we start doing the math, a monthly payment of at least $350 can be expected to put you in the drivers seat of a 20 year old C5 Corvette. The numbers just go up from there. When checking your budget, there is one other big factor to consider before making the purchase…and we’ll cover that next.
How Much is the Insurance?
Getting behind the wheel of a V8 American legend muscle car is going to cost you more than just a monthly payment. Auto Insurance providers are savvy to the fact that most Corvette owners like to put that horsepower on display, and as a result are considered more reckless drivers. It may not seem fair, but insurance companies are one of the few industries given a free ticket to discriminate wherever and whenever they want! Anyone under the age of 25, even with a clean driving record, should do exhaustive research on insurances prices before trying to finance a Corvette. The monthly insurance payment alone can be nearly as much as the car – which can amount to doubling your payment. Even people over 25 with a spotty driving record may want to check on the insurance rates before jumping into Corvette ownership. Knowing how much your have to pay in insurance ahead of time will make your budgeting decisions for financing the car a bit easier.
How is My Credit?
This question if the first thing that anyone looking to finance a car, whether its a Chevrolet Corvette or not, will be asked. We are all familiar with FICO scores and what they can mean when it comes to monthly payments. When going through the financing application process, we recommend CarLoans.com for their fast online credit checks that will give you an instant answer along with a highly competitive rate. With online services like this, the days of sitting at a bank office and being stuck with their single offer are gone. Once approved by CarLoans.com, you can take your approval to any dealer and shop (or negotiate) with the power to buy held firmly in your hands.
In conclusion, the steps to financing a Corvette can be slightly more in depth with the higher prices, the auto insurance factor, and the need for a lower interest rate. However, with a few simple planning steps taken in advance, your shopping, buying, and financing experience can be one that is completed with ease and with the best possible results.