financing suggestions for 04 co cobra

[svtcollector1]

Im really wanting to buy a low mile co cobra but no one around her will go over 3 yrs and 30k on 3 years would be around 900 a month and with my current payment on my 07 shelby gt500 I cant swing another payment that big tried to sell the shelby but no luck there either so any suggestions on were I could turn for longer loan terms or exotic financing would be appreciated I have an a+credit score and good income

 

[SVTORANGE]

Try the credit union or Wells Fargo Bank - I have had great luck with them.

But they will not give you more than what the car is worth just beware of that sometimes they make exceptions it's worth a shot.

 

[Blackoyote]

BOA will go 72 months on an 04. Someone also suggested to me Nationwide Auto Loans, they'll do the same. Both have solid interest rates for a used auto loan.

 

[svtcollector1]

Ok ill try those thanks guys!

 

[svtcollector1]

Another problem Im gonna run into is the amount 30k for an 04 cobra is about double what loan value is on the car of course banks and nada kbb dont reconize comp orange tax ! So they think your crazy for payin that much for an 04 lol

 

[SVTORANGE]

Another problem Im gonna run into is the amount 30k for an 04 cobra is about double what loan value is on the car of course banks and nada kbb dont reconize comp orange tax ! So they think your crazy for payin that much for an 04 lol

That is true, but you may get lucky and find a bank who will fiance a good chunk of it BUT you will most likely need a decent down payment for sure.

 

[mavisky]

Going to be very tricky to get 30K for an '04 Cobra. USAA gave me 72 months on my 09 GT500 but their max approved value was 37K.

 

[2KBlackGT]

You're about to pay 30k for a 04 Cobra? CO or not theres no way lol! What were/are you asking for your GT500?

 

[SeanUSAF]

I just got financed through Wells Fargo on a 5 year for my 03 with 76k miles, even got a 3 year 36 mile warranty. Around 15k total.

 

[HYBRED]

USAA is the only bank I've seen willing to go over the value of the car, but only by 10%. Anything more than that the bank thinks is stupid...because it is.

 

[CobraBob]

What do you consider "low mileage"? If you're looking to buy a CO Cobra with under 6K miles, $30K is high. Limiting your color choice will, however, make it more difficult to find what you want at a fair price. Sellers know that. Especially dealers. If you would be happy with under 24K miles and can be patient, you should be able to find a good one at under $25K. If you've found one and the price is $30K, make an offer under that amount and see what happens. I understand, though, that you can pay a higher amount if you absolutely want a particular CO Cobra and the seller won't come down in the price.

Kat's comment above is spot on. I've dealt with USAA and they're awesome with car loans. But when you talking $30K for a 2004 Cobra you're not likely going to find any loan institution willing to give you that much over book value. You're going to have to come up with a hefty down payment.

Why can't you sell your '07 GT-500? Was your asking price too high? Is it is so-so condition? Title issue? Loan balance above the book value? I don't understand why you couldn't sell it.

 

[Boosted T-4]

I have heard a lot of good things about PenFed.

 

[Torch10th]

Another problem Im gonna run into is the amount 30k for an 04 cobra is about double what loan value is on the car of course banks and nada kbb dont reconize comp orange tax ! So they think your crazy for payin that much for an 04 lol

It's getting to the point that you're not going to be able to finance a quality Cobra, regardless of color, without some out of pocket funds. I've heard of a few outfits like USAA allowing a bit more than book value. But with the age of the car it's becoming less likely. I would put some out of pocket funds in your plan if you want a low mile example. I'm not certain there's any way around that at this point.

 

[Cobra_GATA]

From my experience, you need to look up the NADA value and that is typically what the bank will finance before taxes are added on. I have been told some banks/credit unions will go over by 10% but I have not personally run into that. More than likely for 30k cobra, you are going to have to come to the table with 10k in cash and finance the rest.

 

[thomas91169]

You are crazy.

You want to spend $30k on a car thats a decade old that MSRP'd for $35k? Then you need to put $10k down and only finance $20k-ish, which is more in line with what lenders will give you.

Also, try different lenders. Most blanket statement that 3yr term on cars over 7-9 years old, but its really dependent on the cars value and whether or not the lender wants to take the risk with you (a great credit rating helps in this situation).

 

[getTwisted]

Save up for a large down payment. Use a credit union. Best of luck!

 

[XtraTQ]

Save up for a large down payment. Use a credit union. Best of luck!

Yep, this is what I would suggest as well. Also curious as to why you weren't able to sell your GT500.

 

[zachcrosen]

Try www.lendingclub.club. They will loan up to $35k and up to 5 years. Its peer-to-peer lending. My wife and I have had 4 loans thru them (2 business and 2 personal) so it is legit even though it seems sketchy.

 

[mavisky]

I just got financed through Wells Fargo on a 5 year for my 03 with 76k miles, even got a 3 year 36 mile warranty. Around 15k total.

This guy's asking for double that.

 

[SonicDTR]

You cant afford it, dont buy.