Financing for 03/04 Cobra?

[rjackson19]

I know this has been posted before, however I'm looking for more recent information.

Has anyone financed an 03/04 recently?

I had no issues in 2015 before the value sky rocketed and was able to finance close to the cost of the car.

Now that the value/cost has gone up, my credit union is still valuing them around $15,000 when they're obviously no longer going at that rate.

I've called around and haven't had much luck with the local credit unions as they're all telling me that they can't finance over the value of the vehicle.

Has anyone had any luck recently?

And if so, how much were you able to finance/what was the term of the loan?

 

[nxhappy]

check out penfed

 

[Liquidsnake]

I financed one partially a year ago(gave them cash too), I used navy fed with zero issues since I’ve had like 14 loans through them.

 

[Zemedici]

Credit union will be your best bet, but with the value hike, and credit unions getting hammered on interest rates. My credit union said they got nailed for loaning out too much on vehicles and had to reduce loan values

 

[BlksvtCobra01]

Credit Union. I’ve also heard lightstream.


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[rjackson19]

I appreciate the input. I've already called a few credit unions and haven't had much luck, guess I'll have to keep calling around.

 

[Black Gold 380R]

People who are or were military normally get the best options because banks and credit unions know they cannot get fired or laid off. So, I think they risk a little more on military folks.

I purchased my Cobra (Vert) about a year and a half ago through USAA. They said I qualified for up to 120% of the value of the vehicle (Didn't need that much though). However, you have to be military or a family member of a military person to get loans from them.

So, 120% of 15K = 18K. Lots of nice Cobras out there for around 18K. Last time I checked anyway. Maybe not MC, SB or CO, but black, silver and others for sure. And if you can come up with 2K cash that puts you in the 20K range. You can definitely find something really nice for that.

Good luck, hope it works out for you.

 

[03 Cobra DSG]

Use LightStream ( need good credit) they deposit the full amount into your bank account and you can go pay for the car in cash the only bad thing it’s like 3.95% which is really high but they are 15 yr old cars


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[thatdude305]

I financed mine through Navy Fed in June. They said the loan to value was low and they still financed me @ 3.75 for 48, but I've since paid the loan off in full about 4 months ago. If you have a good credit score go to the bank who you do the most business with and they should loan you the money with no issues

 

[jrichber]

If your not going for something with super lower mileage that will demand a higher price. I would suggest penfed. They have been great for me. Will match up to 110% of NADA value I believe. Cost like $15-$20 to sign up, then your good forever.

 

[UncleSAm]

I just used USAA last month and they give up to 120% and valued the car at 21k so there’s plenty of room to find something nice

 

[Goose17]

^^Yes to USAA! I’ve used them numerous times in the past. For current or ex mil, you can’t beat them.

 

[01Jes]

USAA just approved me like 5 days ago for 23,500. Up to 72 months if I want.

 

[HPLouis]

Another vote for USAA. I only use them for loans and credit cards.


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[rjackson19]

Unfortunately, I've never been in the military so USAA is a no go. I found a credit union local to me that claims they'll finance more than NADA value however due to the age, the best interest rate would be a 7%..

I'm interested in trying LightStream, but don't have the best credit due to past medical bills. Might give it a shot though, thanks guys!

 

[gumtp00]

I financed mine through my local credit union.They loan up to 125% of the book value.So I was able to finance 125%,I still had to come out of pocket for almost all of the DMV fees.

 

[Sfcjerryharris]

Yes I did, Royal Ventures llc, Longwood Florida, 86000 miles, but I'm in house finance. 2003 blk on blk, vert

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[dumbstixlars]

Did mine through my credit union (non-mil), 66 months on $23.5K at 1.9%.

 

[Av3ng3d]

You can try Digital credit union, they allow up to 120% of the vehicles value and also allow loans on older cars. You can fill out the app online and have an answer through email fairly quick.

 

[Caseindaplace]

Nationwide bank - did it all online on my phone on my couch. Got high 2 low 3% believe. No vehicle older than 20 years and has to be less than 150,000 miles


https://www.nationwide.com/used-auto-loan.jsp

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