Payments?

[keynan]

Hey guys I have been wanting an 03/04 cobra for sometime now and I have some money saved up not a lot but 5k so far and I have come the the conclusion thanks to members here that buying my old gt back is not a good idea so that leaves me with only 1 option left and that an 03/04 cobra. My question is what are your payments? I have some bills right now and I'm almost done paying credit cards off and wanted to see if this was something I could afford now or if I needed to wait a few more months.

Thanks guys,
Keynan

 

[LTHL VNM]

first of all, good luck getting a loan....

but with that said, it is gonna vary soooo much that you need to talk to a couple different financial institutions. remember that in their eyes it is a 7yr old car

 

[KINGCOBRA86]

word! i was in the same boat 3 weeks ago 5k down and 3 banks told me to get lost lol i dumpt the cash on my sn95 cobra

 

[keynan]

I don't have a problem getting loans ever one good thing I can say is I got great credit lol once my cards are paid off (end of this yr) I will have about 8-9k to put down
With them being older would it be better for me to come up with more???

 

[BoostFiend]

If you have good credit you shouldn't have a problem with that kind of down payment. I pay 366/mo on mine and financed 21k, it all depends on your credit and how much you make. Good luck

 

[keynan]

Thanks for the info guys and as long as there is iron to hang I make a good living

 

[Jomo1994z71]

Here's my question...once your credit cards are payed off by the end of this year you will have 8-9K down?
Why not pay the credit cards now...then save from there...
Either way...plan for a little extra money for repairs, etc...these cars do need the best lovin' care

 

[Smacked_in_ATL]

Here's my question...once your credit cards are payed off by the end of this year you will have 8-9K down?
Why not pay the credit cards now...then save from there...
Either way...plan for a little extra money for repairs, etc...these cars do need the best lovin' care

Ain't that the truth. Better have your maintenance game on point!!

 

[keynan]

Reason being is because I have had that money saved for my toy only it's in a separate bank that I don't take money out I only put money in. It's my toy fund lol

 

[T-Pain808]

The thing that sucks, is if the car is older then 3 years it is usually harder to get a loan, and if you do, the interest is higher. The next problem is after you get the car, your broke, and if your human your going to want to mod it.

 

[Tylerb59]

If you can deal with shelling out $750 a month for total cost you'll do fine, assuming you're financing a entire loan and full insurance coverage. Depending on how much you drive per month gas money could be included in that figure without issue and if you drive a lot it may actually cost that amount.

Always remember there is more to cost of ownership then straight up car payments so take a look at your finances and DO NOT spread yourself thin to allow some buffer for more important things like food and a mortgage.

 

[rotor_powerd]

Food is nothing.... Raman noodles all month is worth owning a Terminator. Haha!

 

[holiks03cobra]

I just bought one about 2 1/2 weeks ago for 24.5k and financed all of it with nothing down and my payments are 470.00 a month.

 

[Tylerb59]

Ouch, what is your interest rate?

 

[keynan]

I have learned from a young age not to spread my spread myself thin. This will be a toy and it wont be driven except on sunny days and I do think I will start modding but not much till the summer. And yes I can afford a 700+ payment hell my truck payment is 635

 

[Tylerb59]

Get on it then. :banana:

Hard to beat the feeling I had when I took my car home for the first time as the new owner. It's been a real love hate relationship at times but these Cobras do alright.

I always catch myself gazing.

 

[thomas91169]

I just bought one about 2 1/2 weeks ago for 24.5k and financed all of it with nothing down and my payments are 470.00 a month.

dam! whats your term and interest?

My first go-around due to the car only being 4-5 years old at that point i was able to finance $22,500 for a 7 year loan at 4.49% and payments were $430/mo.

Sold it, then repurchased it at $24k. Due to age, they could only do a 5 year term, and 6.49% interest. Payments are $530 and coupled with now my own insurance of $230/mo, i ****ing hate life.

Needless to say, its for sale.

Financing; sounds great in the beginning, give it a few months and it sucks major ass.


btw i just got approved (in case the cobra sells) for $5500 personal loan to buy my buddies 97 Eclipse Spyder GST (in immaculate condition). Interest was like halfway between a personal loan and a car loan if i let them have the title but then it needs full coverage. With no cobra payment, that shit will get paid off in like 2 months lol.

 

[Tylerb59]

FWIW Mine is $435/72M for 26,000 @ 6.24% but that was three years ago.

 

[Jroc]

Take into account that insurance on these cars is a bitch.

Really high.

 

[steedafever]

200+ on insurance, damn....