How to BUY

[coop33]

Hey guys and gals,

Forgive me if this is posted in the wrong section. I'll be glad to move it if so but it pertains to the buy/sell of a Termi so I thought it may qualify. Question is who are you guys using to finance these cars? I found a couple local credit unions that will loan clean retail trade in amount but both credit unions will not touch out of state cars.. They say it's too much of a hassle regarding paperwork. I'm unaware of how many of you pay cash for these cars, probably the majority, but surely there are some of you that finance them.

All opinions are welcome and any insight is appreciated!!

 

[R.D.P.]

Straight Cash Homie.

I know this is going to sound harsh, but I almost feel if someone isn't in a position to buy one outright, maybe they are better off just getting an 11+ GT. x2 if the Terminator is going to be their only car and daily driver. I know if I were in that position, that's what I would have done.

 

[cbradley49]

Paid cash for all the ones I've owned... It's hard to get a loan from banks on 10-11 year old cars, especially if they only finance trade in value. I know I'd never sell mine for that

 

[SonicBlur2003]

Might want to have this moved to Terminator Talk. However, I financed mine three years ago through my back and had no issue. Also, i got approved for 6k more than i spent on the car. So would probably depend on your credit and your bank.

 

[Chosyn1]

everytime i payoff a vehicle early my credit score jumps up, i'll most likely keep financing cars/bikes until i'm retired.

Navy Fed is my place, lowest apr and i've had them since birth...

 

[harricanfloyd]

Yeh, I know what you mean lol.. I can share the 'poor mans way" lol These methods are kinda unorthodox, but if your bank lets you, if you own you car outright, borrow against it. ofcourse it has to be more valuable than the termi.. YOur kinda tying up two cars on one loan tho...but one benefit is that you have the title to the termi right there. The title to you other car goes to the bank until the loan is paid off. That's how I financed my 99 against my 05 jeep. U can also borrow against 401k. That method takes directly out of your check....guaranteed you wont' miss a payment lol. I am actually gonna buy my MAXJAX through my 401k cause I get so stupid with credit cards.

 

[getTwisted]

I saved up half the price on my first Cobra and financed the rest through a credit union. My second Cobra I paid 95% down and financed the rest. I did it that way so I wouldn't use up all my money and I could maintain a good credit score with a small payment every month.

 

[tarheeltrooper]

agreed with all above comments, good info fellas. And yes this needs to be moved to terminator talk.

 

[jrichber]

check out penfed.org usually 1.99% apr. Costs $20 to join but worth it in the long run. They will finance any year. Only kicker is they do NADA price only. That is where i financed mine through, it takes them like 4-5 days to process your loan app but has worked great for me.

 

[mach14604]

I bought mine through my credit union. But my credit union is small and tied into my work so they knew me. I did buy mine out of state. They talked to the owner and his bank to work things out. I did get full NADA book value but the car was more than that so I did have to come up with cash.

 

[aarons04cobra]

Straight Cash Homie.

I know this is going to sound harsh, but I almost feel if someone isn't in a position to buy one outright, maybe they are better off just getting an 11+ GT. x2 if the Terminator is going to be their only car and daily driver. I know if I were in that position, that's what I would have done.

Just because a car is financed doesnt mean its a DD ^^ lol.

I financed mine through my local credit union. But they werent 10+ years old at the time.

 

[rlenzijr]

Woodside Credit and JJ Banc, Best & Co. will loan 90% up to 72 months, but credit and history must be clean. Also, JJ is hooked up with Hagerty for insurance. I was close to pulling the trigger last year. JJ gives pretty quick approval and had a quote from Hagerty that had State Farm beat by a ton with zero deductible.

 

[R.D.P.]

Just because a car is financed doesnt mean its a DD ^^ lol.

I financed mine through my local credit union. But they werent 10+ years old at the time.

Fair point. I'm just one of those people that hate debt and can't see going into debt for a toy, but I know not everyone feels that way.

 

[coop33]

Thanks for he heads up guys. It will be a toy and not a DD. I wish I was ballin like some of you guys and could throw cash at it without it hurting my pocket lol but that's not the case. Long term debt is inexpensive. Credit is good and want to throw about $5k at the car then make payments for 3-4 years. It's more of a cooperation issue than a financial standpoint issue but I appreciate all the conducive comments!! I'll look into those names mentioned. Mods please move if needed.

 

[tucsonbob]

Woodside Credit will loan but they have a pre-payment penalty clause.