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Balloon Financing Availability

Discussion in 'How to Buy a Kia Stinger' started by Indy499, Jul 12, 2018.

  1. Indy499

    Indy499 United States Newish Member

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    It's been pretty well established that the best deal on a Stinger is to get the Lease cash and pay the lease off immediately (or take out a loan with a lower rate than the 5.5% lease APR). I've seen that some folks have used balloon financing to get the lease cash, avoid paying the lease acquisition and purchase option fees, and avoid the title transfer.

    Does anyone know what states allow balloon financing? Is it rare, or is it allowed in a majority of states? More specifically to me, is it available in Indiana?

    Also, what is the APR rate for balloon finance?
     
  2. shaggystinger

    shaggystinger United States Member

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    Frederick, MD
    I am curious about the same.
     
  3. StingEm

    StingEm United States Member

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    I’ve only heard about it being available in Arkansas, Oklahoma, and Texas.

    There could be others but we’d need someone who has purchased on a balloon in another state to confirm.

    The APR is high (~7% IIRC), but honestly who is going to hold onto it for more than a month before buying it out or refinancing it anyway?
     
  4. ant

    ant United States Newish Member

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    I have tried asking about balloon financing at 3 different dealerships in MA and they all say they can't do it, so I would rule out MA.
     
  5. Indy499

    Indy499 United States Newish Member

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    I was told by a sales manager at a Kentucky dealer that balloon financing is not available in this region (Great Lakes region I assume).
     
  6. mightbestung

    mightbestung United States Newish Member

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    Balloon financing available in both Texas and Louisiana. Had quotes from both and ended up purchasing in Houston from Demontron Kia. Great experience and highly recommend.
     
  7. StingEm

    StingEm United States Member

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    Awesome! Congrats!

    So now we know it’s available in: Arkansas, Louisiana, Oklahoma and Texas.
     
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