Is it possible to get legitimate financing for a 2000 Cobra R?

[firebird1999us]

I'm sure this thread has come up before - but any idea where one might procure financing for a Cobra R. Now that prices have come down a lot on them I'd really like to look into getting one in the next 2 years. So without fear of having my kneecaps broken or finding a horse head in my bed any ideas?

I know most big banks i talked to won't touch cars over 4-5 years old - and in spite of "collectors value" most banks would probably look at an 11 year old Cobra R as about as valuable as a 2000 Honda sedan...I don't recall my credit union being receptive to the 2000 WS6 Formula I was looking at last year either. So that's out.

Any suggestions?:shrug:

 

[DAVESVT2000]

Obviously the rate would be higher, but maybe a personal loan ?

 

[cobrakidz]

Home equity loan ???

 

[pwrshft99]

Credit union maybe... or google classic car financing. There are a couple of dealers in the Chicago suburbs specializing in muscle cars and late model performance vehicle. They claim financing is available.

 

[BOOSTD5.4]

Credit union maybe... or google classic car financing. There are a couple of dealers in the Chicago suburbs specializing in muscle cars and late model performance vehicle. They claim financing is available.

Hagerty offers financing, and several others. Search classic car financing, and you will be all set. They will typically send out an "appraiser" to look at the vehicle and confirm the car's quality, etc.....

You typically need to put a good down payment, and away you go!

Mike

 

[03redrocket]

Woodsidecredit.com

 

[firebird1999us]

Talked to Hagerty about a year ago about a 2000 1LE Formula I found locally and they weren't interested:shrug:

 

[RDJ]

if a car is listed in the "Cars of Particular Interest" version of the N.A.D.A book my credit union will give me a loan for 5-7 years at about 6%. so yeah it is possible for some of us to get it.

 

[Robert M]

if a car is listed in the "Cars of Particular Interest" version of the N.A.D.A book my credit union will give me a loan for 5-7 years at about 6%. so yeah it is possible for some of us to get it.

Same with my C.U. It takes more than a special package/option on a regular production car to get into the area where banks/C.U.'s will loan at an older age. It takes ultra low build numbers, a historical track record of commanding bigger $$$, a VIN that is specific to those cars, unique engine for that specific number of cars, build number documentation, etc. <<<It is a combination of these things that lift a "special car" to a higher level when the financial institutions think about loaning $$$.

I never thought I would see this........"most banks would probably look at an 11 year old Cobra R as about as valuable as a 2000 Honda sedan..." <<Not that the $$$ value is the same, but the bank mindset is the same........Wow!!

R

 

[jfitts23]

i use navy federal credit union. the will give you a check for the amount you want, and you can get anything you like.

 

[Monster Mach]

Or just become friends with the bank... if your credit is good they will give you a loan for whatever you ask.. I walk into my local c.u aslong as. I tell my loan officer nancy I can pay for it she gets a check ready in 24hrs.. I was looking at a 93 cobra for about 20k (mint) and she had the check ready... then the mach came out

Sent from my DROID2 GLOBAL using Tapatalk

 

[9secondlx]

Talked to Hagerty about a year ago about a 2000 1LE Formula I found locally and they weren't interested:shrug:

i thought 99 was the last year? how many did they make in 2000?

 

[99BOSS]

It is tricky to get money for older cars. I had this prob with my Saleen. Its a 99 so its in the same boat as a 00R. I tried my local bank, State Farm, local credit union and none of them would go back that far. I also had a 800+ credit score so that wasnt an issue. I called some of the collector car places and they would go back that far but wanted 10% on the loan. Too much. I finally ended up talking to a friend of my dads thats fairly high up in a local bank and hes a gearhead so that helped a lot. I told him what I wanted and he was even familiar with the Saleens. Big plus. So he got me the loan but its set up as a personal loan. You just have to keep calling and checking around. A 99-00 is too old for most banks but not old enough for collector car places sometimes.

 

[RDJ]

It is tricky to get money for older cars. I had this prob with my Saleen. Its a 99 so its in the same boat as a 00R. I tried my local bank, State Farm, local credit union and none of them would go back that far. I also had a 800+ credit score so that wasnt an issue. I called some of the collector car places and they would go back that far but wanted 10% on the loan. Too much. I finally ended up talking to a friend of my dads thats fairly high up in a local bank and hes a gearhead so that helped a lot. I told him what I wanted and he was even familiar with the Saleens. Big plus. So he got me the loan but its set up as a personal loan. You just have to keep calling and checking around. A 99-00 is too old for most banks but not old enough for collector car places sometimes.

A personal loan is not a loan on the car which is what the op is looking for. You also pay a higher interest rate on an unsecured personal loan vs. a loan with the car as collateral.

 

[99BOSS]

True, but my point was, the OP may have to settle for a personal loan in this case instead of a legit car loan. Lending institutions are skittish now, especially on a 11 yr old car.

 

[GetBlown2k3]

finding the right credit union is the key. I was approved last year for a 1995 Twin Turbo Supra I was looking at, they'd finance 100% of the NADA value as long as it had under 75k miles. Rate was 3.99% at 72 months :banana: no joke.

 

[Chris!]

Penfed.org will go back that far, as low as 2.99% as well

Also check out j.j best banc