buying terminator

[Turbo96]

no i dont have my mind made up on this particular car thats why im asking for opinions. the only thing i know for certain is i will be in a 03/04 cobra by the end of the year some how. yes i checked the interest rate and it wasn't too bad. i know they wont loan me $20k with no credit. but im also not waiting until i have no job to buy this car either. and im not waiting until im 40 years old to buy a beat one with 200k miles. if i could i would take a personal loan right now for $20k and i could find alot cleaner lower milage cobra with a clean history.

 

[RDJ]

buying a 03/04 under your circumstances will not end well for you. but you go ahead and do it. just don't come back in here crying about your bad decision

 

[mach1033]

no i dont have my mind made up on this particular car thats why im asking for opinions. the only thing i know for certain is i will be in a 03/04 cobra by the end of the year some how. yes i checked the interest rate and it wasn't too bad. i know they wont loan me $20k with no credit. but im also not waiting until i have no job to buy this car either. and im not waiting until im 40 years old to buy a beat one with 200k miles. if i could i would take a personal loan right now for $20k and i could find alot cleaner lower milage cobra with a clean history.

Have u tried selling your car instead of trading it in?

 

[TARZAN]

problem is i already talked with a few banks and i wont be able to get a personal loan for that much for a few years. and i only have 5 years of job security....

If you're THAT worried about not having a job in a few years you need to pass on a Cobra and start saving $$$

-Will

 

[PonyFever]

IMHO, that's a little too much money for a 51k mile coupe. There are deals to be had. If you're getting a personal loan, look at this site for a deal. If you need to trade-in w/auto loan, I'd suggest you make sure it's a good buy or pass and keep looking. Best wishes.

 

[TARZAN]

Be patient....rushing a multi thousand dollar purchase is a HORRIBLE idea

And if you're accepting a high interest rate, just walk away.....it may SEEM like you MUST have it now....but you don't. Seriously.

-Will

 

[JoeRacer]

Here is how it worked for me when I bought my truck:

1. Called bank, pre-approved for a loan up to $20k
2. Found truck from private seller, agreed upon price of $15k
3. Called bank, told them how much I was paying, the truck VIN, they overnighted me a cashier's check (made out to the seller) for $15k along with some paperwork for me to fill out and mail back with the title
4. Went back to the seller, gave him check, received truck + title
5. Mailed paperwork with title back to bank
6. Registered truck at DMV

Now every bank might have a slightly different process, but this is basically how it should work. It was fairly painless.

DO NOT FINANCE AT THE DEALERSHIP. You lose a lot of bargaining ability by doing this. If you walk in pre-approved for a loan through your own financier then you have the power. You can get a much better price this way, and you won't get screwed by the dealership on the financing.

O ya, and pass on this car. It is way over-priced, and wasn't repaired properly. If you can tell the paint isn't original then it is crap and will probably be flaking off in a year or two. For that price I'd want lower miles, and no accident. Be patient, get pre-approved for loan, and shop around.

 

[99gtstinger]

Why do you keep mentioning personal loans? No bank would give you a personal loan without a cosigner--and if they would, the interest rates for personal loans are 9%+. That's because it's unsecured debt....

Since you're buying a car, get a used car loan...rates are around 4% for used car loans...go to any bank and talk to them--if one bank approved you, you have a good chance at getting approved elsewhere...go to credit unions, you may need to open an account there but who cares if you're saving money.

finally, I know you asked for advice on the car, but if you're really concerned about not having a job in 5 years, what are you going to do about that? Live out of your paid for cobra?? Think about it dude.....

And that car is overpriced and you could do better...banks will finance private party purchases all day long...if you're told otherwise, go to a new bank.

good luck

 

[MoKo_03SVT]

i bought my cobra (about 3 years ago), with around the same miles as the one you are looking at....never wrecked, and completely stock for $18k...and guess what...it was also from a dealer (in dallas).

they are asking waaay to much $ for that car. especially since its been wrecked before. $17k would be about as high as i would go, for that car....IF that.

 

[03cobra#2]

That Does seem steep for the price, and yo are buying completely at the wrong time of year to get a good deal on a sports car, but Buying from and financing through the dealer can be ok, but make sure that you do your research on interest rates before you sign the papers. Get them flexible on the price and do your research on pricing before you go back, you need to be able to justify why you are going to ask them for a lower price. And don't let them push you around about the loan, and your credit. Dealers love to tell people they don't have great credit so they can justify a higher interest reate and monthly payment. If you can't get them flexable on price walk away, there will be many oppertunitys for you, also don't feel like it's now or never to buy a Cobra, I understand about your job security but there will be many things that will change or come up in the next 5 years, like refinancing the car, possibly paying it off early, ect. Good luck.

 

[Turbo96]

thanks for the input. like i said i am going back today to see if i can get the price down on it. obviously if i cant im not buying the car. as far as not having a job in 5 years i worded it wrong. i will have a job but it wont be the better job im at now. i work 2 jobs. i will still be working and will have enough to pay the basics but not sufficient enough to support a high $$ sports car for an extended period of time. i am going at 4pm. if i cant get the car in the sub $20k range im walking. i know i want a cobra but im not overpaying by $4k for one. if i overpay maybe a thousand i wont be upset.

 

[svt4me38]

18 grand at best!!! Id pass.... HI END AUTO is the way to go if your looking for a dealer purchase!

 

[Instigator99]

Lol at you being ok with overpaying when everyone itt is telling you to pass.


-Eric

 

[Turbo96]

Lol at you being ok with overpaying when everyone itt is telling you to pass.


-Eric

because im not fortunate enough to get a personal loan until im probably 40 thanks to these new laws they are putting out now. i realize all dealerships are more $$. banks are tight. my brother is 24 with a 700 credit score with 5 years on a state job and the banks wouldnt give him $23k to buy an 04 cobra he wanted. they approved him up to $15k

 

[JoeRacer]

I don't know why you would do a personal loan for a car. Maybe you are uncomfortable with using the car title as collateral. If you take out a personal loan you are going to be given a much higher APR, and it sounds like you can't even qualify for one this high. Unsecured credit is appropriate for certain purchases, but in the end you would be better off with an auto loan that doesn't rape you on the APR for this.

You also shouldn't take your brother's experience with a particular bank as evidence of what you would encounter. Go and talk to local credit unions, and larger banks. Shop around. You do yourself an injustice to simply walk into a car dealership with the mentality of "I don't mind overpaying a thousand for the sticker price, and a higher rate APR that I end up paying maybe a few thousand for after 5 years sounds pretty good too."

I guess in the end we can give you advice, but it is up to you if you actually listen to anything that is being said here... Good luck

 

[Turbo96]

I don't know why you would do a personal loan for a car. Maybe you are uncomfortable with using the car title as collateral. If you take out a personal loan you are going to be given a much higher APR, and it sounds like you can't even qualify for one this high. Unsecured credit is appropriate for certain purchases, but in the end you would be better off with an auto loan that doesn't rape you on the APR for this.

You also shouldn't take your brother's experience with a particular bank as evidence of what you would encounter. Go and talk to local credit unions, and larger banks. Shop around. You do yourself an injustice to simply walk into a car dealership with the mentality of "I don't mind overpaying a thousand for the sticker price, and a higher rate APR that I end up paying maybe a few thousand for after 5 years sounds pretty good too."

I guess in the end we can give you advice, but it is up to you if you actually listen to anything that is being said here... Good luck

already tried multiple banks with a cosigner for both personal and used car loans and they pretty much told me come back in a few years when you have credit. so my next step is to just pay cash for a cobra at the end of the year so i wont have to deal with those crooks. if only we still lived in the 1930s i'd be driving a brand new '34 ford right now with no "credit" issues.

 

[Dirks9901]

already tried multiple banks with a cosigner for both personal and used car loans and they pretty much told me come back in a few years when you have credit. so my next step is to just pay cash for a cobra at the end of the year so i wont have to deal with those crooks. if only we still lived in the 1930s i'd be driving a brand new '34 ford right now with no "credit" issues.

Do this. You sound like you're not in a position to take on a loan of any kind right now.

 

[Turbo96]

Do this. You sound like you're not in a position to take on a loan of any kind right now.

by the end of the year i will have about $20k saved maybe more. i figured since everyone tells me i need credit i would either finance a car or get a car loan because i heard that builds good credit. i am passing on this one and going to some more banks to see exactly how much they will give me for a loan. then i will make up the rest in cash to get the right car. if i can get a loan for maybe $10k, in a few months i can have $10k cash saved and spend $20k on a nice one. thanks for everyones input on this. i know when it comes to cobras you guys know best. and BTW called and talked to veracka and he's at $21995 FIRM. so forget that mess.

 

[EvilBlack]

by the end of the year i will have about $20k saved maybe more. i figured since everyone tells me i need credit i would either finance a car or get a car loan because i heard that builds good credit. i am passing on this one and going to some more banks to see exactly how much they will give me for a loan. then i will make up the rest in cash to get the right car. if i can get a loan for maybe $10k, in a few months i can have $10k cash saved and spend $20k on a nice one. thanks for everyones input on this. i know when it comes to cobras you guys know best. and BTW called and talked to veracka and he's at $21995 FIRM. so forget that mess.

I think that you are making good choices here. Build some credit, pay a solid chunk in CASH, and get a good deal. Full of Win here!

 

[SoCaDan]

I think that you are making good choices here. Build some credit, pay a solid chunk in CASH, and get a good deal. Full of Win here!

Agree!!!