financing 03/04 cobra

[skatermckimm]

End of the year I will finally be debt free and looking to purchase a cobra. obviously I don't have $15-20k laying around so I will be looking into financing the car. My question is, I have great credit, 750+ and a credit history a mile long, all positive. Will I have any issues financing a cobra, with the car being as old as it is? I bank with SCCU and they have always been great to deal with, just wondering if others have had a hard time financing something this old and what there plan B was.

thanks

 

[dom418]

So you are finally debt free and want to get right back into debt? As far as financing, Well it depends how much you are going to borrow. A lot of guys want to borrow 100% of the purchase price which isn't smart on a 10 yr old car. Credit Unions will borrow you the money so that's your best bet. Good luck in your search.

 

[Camaro_94]

I dont see it being a problem. The guy who bought my 02 Z06 was able to finance $20k of it FWIW. And it would be even easier if you bought it from a dealer also.

 

[skatermckimm]

I plan on putting some money down, not all. Im comfortable with a payment and wont over extend myself.

Space Coast Credit Union is who I usually get all my loans through, which is who I will try with the cobra as well.

 

[thomas91169]

So you are finally debt free and want to get right back into debt? As far as financing, Well it depends how much you are going to borrow. A lot of guys want to borrow 100% of the purchase price which isn't smart on a 10 yr old car. Credit Unions will borrow you the money so that's your best bet. Good luck in your search.

That's usually true but you also have to take into consideration these cars depreciate very slowly.

You can buy a $15-20k 03/04 and sell it for almost the same amount in 2-3yrs when you owe much less by then, unless you put 50k on it in that time.

That being said, I wouldnt finance over $15k without being able to at least pay for TTL right off the bat in cash.

 

[Mr. Mach-ete]

If your credit is good you might pick up a 3 year loan for an 11-12 year old Mustang for 9+% interest but what do I know.

 

[Formula51]

My credit union will finance around 115% of NADA value and you can get 2.5% for up to 6 years (1.5% for up to 3 years). It's basically free money (less than inflation), so why not take it!?! Just go talk to your local credit union.

 

[NC85]

If your credit is good you might pick up a 3 year loan for an 11-12 year old Mustang for 9+% interest but what do I know.

Not much if 9% is acceptable. OP should be able to source a loan for 3% pretty easy.

 

[ON D BIT]

The problem is banks will appraise the car at auction prices and then will have you come up with 10-20% as a down on that appraisal. 20k buck svt will auction at 14k and then say that the most they finance is 12k. Which means you have to come up with 8k. I went through this looking at a 25k 03 RS6.

 

[mineralgrey01gt]

I financed my 02 saleen 2 years ago and had to put down $6500 and still have someone with a 800+ credit score cosign, I had over 700 at the time

 

[Ponyracer1]

My CU (CU1 out of anchorage ak-great by the way!) financed 80% of high book at 3.25% for 48 months. Ended up being around 18K IIRC? I put 4K down (paid 19.5k) and rolled home in my "new" cobra.

 

[Blackoyote]

I JUST bought one and used Nationwide Bank...they financed every bit of it, even though it was more than NADA (though they say they will not go over 100%). I got 72 months at 3% (with zero down)...no reason you shouldn't be able to with a 750 score.

 

[Formula51]

I JUST bought one and used Nationwide Bank...they financed every bit of it, even though it was more than NADA (though they say they will not go over 100%). I got 72 months at 3% (with zero down)...no reason you shouldn't be able to with a 750 score.

Exactly. Shop around with some credit unions and you can absolutely finance the full amount and at rates of 3% or less. To those who were unable to do this, shop around a little more next time until you find a bank that will. I recently sold my 1972 Corvette to a friend and my credit union even financed him for the full amount, again based on 115% of NADA Excellent value. Even if you have the cash, like I do and my friend did, at 3% or less take the money and keep your cash in the bank (or safe and liquid investments) in case something bad happens and you need quick access to it. No need to tie your money up in a car when you can finance at less than inflation!

 

[Blk04L]

Even if you have the cash, like I do and my friend did, at 3% or less take the money and keep your cash in the bank (or safe and liquid investments) in case something bad happens and you need quick access to it. No need to tie your money up in a car when you can finance at less than inflation!

+1

I agree with this.

 

[Zemedici]

i bought mine through Wells fargo, financed 50% of purchase value, put 50% down

4% for 48 months. Shouldnt be a problem. :beer:

 

[getTwisted]

I like to do large down payments to keep my monthly payments as low as possible. Your Credit Union would be the best place to borrow from. If you don't want to use a lot of your own money I would make sure you are getting a great interest rate I.E. 3.5% or better. My Credit Union would only do 4.25 for both of my cobras, which isnt bad, but I paid them off faster having a payment I could manage better and didn't pay a lot of extra interest.

I saved for 2 years on my first Cobra for a 50% down payment. Paid the car off a year early and then sold it so I could buy my current Cobra.

Think about it for a while, make sure you don't jump into something to early.

 

[Blackness03]

Lightstream will finance it for around 2.9

 

[sonicblew]

my thought is always that if i have money to put down on anything I'll throw it down on my house everytime before my vehicles.
Our rates in the past were 1.5 and 1.99 through PenFed. Not sure what they offer now. Like others stated they are such low rates it's better for some not to tie up that money in a car if you can do more or better with it elsewhere.

We built last year and put our money down on the house because ultimately thats where you spend the most in interest. Crazy amounts go to the bank on that. Even at these historically low rates they will get a huge profit. Pay off the mortgages!

If you ever end up in a tough spot you want to either be able to have no mortgage or paid down enough you have options

sorry kinda got off on a tangent but just my $.02 of advice.

 

[KilledbyKenne]

Any Credit Union that is worth mentioning will loan you the full Nada value no questions asked, especially with a score of 750+.

I financed mine for $19k for 6 years and have a 3.24% rate. You should be fine OP.

 

[nxhappy]

just curious....how old are you, and do you own a home yet ?