I have an 03 ranger that im making payments on, had the truck almost two years, been paying 20% per month more than the minimum payment so i have some equity in it. I really want to get an 03/04 Cobra, but cant seem to find any from a stealership that arent crazy overpriced, that and i dont have too much extra cash on hand to throw down as a down payment for bargaining them down either. There is a real nice 03 Sonic Blue (color of my ranger) that is all stock, still has the pony in the grill, 19k miles and the guy wants 24,500 for it, he is also looking for a truck similar to mine for a work truck and to DD. What i want to know is if anyone has had any kind of experience with this issue with a bank getting a vehicle financed while trading in the original with a private party. I know for sure that the bank would def appraise the vehicle for his asking price, so i would only need to give the guy a couple grand extra plus my truck which the bank would obviously have to authorize and do since they are the legal owner. Im a dummy with bank stuff. Any input is welcomed.
Auto loan question
- Thread starter FX4 SAPPER
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that is overpriced 03. you should be able to find one for 18k or so.
if you still have a note on your truck, in a private party sale of that truck you will need to complete the paper for that sale of the truck at the bank that holds the loan.
if you still have a note on your truck, in a private party sale of that truck you will need to complete the paper for that sale of the truck at the bank that holds the loan.
I'd shop around if I were you, like ON_D_BIT said you can find one for 18k, easily. There was a cobra for sale on the market section around 18k I believe with good amount of mods.
I just bought a 2004 Cobra and financed it through my Credit Union.
The Cobra only has 20000 miles on it.
THe most the would lend is the NADA Value for clean retail. I believe I financed it at 23000. But that is with tax, title and liscence added to total price. So basically the total amount the would lend was 23000 for it. The sale price wasnt 23000.
If you were to buy it at 24000 you would have to come up with any amount over the amount they will finance. And then also Tax, title and liscence.
I would do your best to sell the truck first and then get you a loan for a cobra.
If you and the guy do want to make the trade. Id make a contract that states he will purchase your truck for X amount and then you will pay off the lein and mail him the title.
Then also make a contract for the cobra with the same info.
You both end up with what you want and you protect yourself from just trusting someone.
The Cobra only has 20000 miles on it.
THe most the would lend is the NADA Value for clean retail. I believe I financed it at 23000. But that is with tax, title and liscence added to total price. So basically the total amount the would lend was 23000 for it. The sale price wasnt 23000.
If you were to buy it at 24000 you would have to come up with any amount over the amount they will finance. And then also Tax, title and liscence.
I would do your best to sell the truck first and then get you a loan for a cobra.
If you and the guy do want to make the trade. Id make a contract that states he will purchase your truck for X amount and then you will pay off the lein and mail him the title.
Then also make a contract for the cobra with the same info.
You both end up with what you want and you protect yourself from just trusting someone.
Yeah, im not going to jump right into this deal here per se, but it was just to give an idea. Plus, in all honesty, this car is virtually untouched minus regular maintenance, i SWORE that if i ever bought another mustang that it would have to be bone stock or modded by a shop. I learned my lesson with owners who hillbilly mod. I know with most of these cars though that people do em right so it wouldnt bother me at all to get one that is modded correctly.
for low miles like that, i would pay at most 21 or 22~ if its in extremely good shape, just because the miles are low does not mean its been taken care of though. If its average then 19k~ remember the price they say is the starting point.
Yeah, thats what i am saying, if i could find one this nice i would. Id post pics of a link, but its a guy in my neighborhood, older guy actually. Ive seen this car probably twice since hes had it around at car shows. Still has the pulley cover lol
Oh, and my truck through NADA is a lot more than i was expecting, the trade in value is 14k
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