Quick question, has anybody financed a Terminator recently? I've heard that penfed credit union is basically the only place that finances cars more than 10 years old. Is this correct or are there other places to get one financed. Let me know, thanks!
PenFed credit union
- Thread starter TexasNewEdge
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I used them 4 years ago. Worked fine.
I dont know if they are the only one but they are a great company with great rates. Financing a 10 year old vehilcle though 
I would think almost any credit union would. I have mine financed thru one. I also heard light stream does as well. There are also companies that deal in financing with older vehicles.
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I am a Penfed member. Never any problems with them. When I have financed newer cars the dealer gets me better rates tho.
How long ago did you get yours financed?
I financed one through a local credit union last November. I didn't have time to shop rates b/c the car was hot with 3 buyers looking so I went with the first one that said yes. They financed 16.5k at 5.25%. Not the lowest but I plan on having it paid off in 2.5 years. Financed for 4
Not too bad, what was the total price for the cobra? Around 25kish?
21K
Ohh, okay. Any idea if they would have financed more than 16.5k?
that was the max on my particular car. they looked up "book value". not sure where they got that from but I just did a quick KBB and came up with nearly the same number they did. My car had 57k on it when I bought it. I typed in 03 sonic blue cobra couple in "good" condition b/c the bank isn't going to say it's very good or excellent when giving you a loan, and I used Dallas TX as a zip (picked a random one in Dallas) and said car has 50k miles. Trade in value was 16.5k-18k so the bank probably looked over the risk to it and said we can offer you 16.5k.
Navy Federal Credit Union a couple of years ago.
$20k at 2.99%
$20k at 2.99%
Wow, not bad!
Yeah I was pretty happy and surprised by that rate. The car had 9100 miles on it at the time.
I used Pen Fed to buy my Cobra a few years ago, and I've been extremely satisfied with them so far. They'll go up to 110% of book value (clean retail value), and I think they use NADA. If I remember correctly, they'll finance any car with less than 100k miles for up to 5 years. I got the loan for 3.09%.
OP, ssfcu is in texas and they helped me finance my cobra last fall with no issues
My local credit union financed my Cobra 3 years ago. $20k @ 1.49%
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Mine is financed by wells fargo dealer services. Haven't had any issues but I'm not a fan of theirs. If you pay more than the minimum due online, the extra is applied to your next payment instead of toward the principal and you can't declare where you want the extra to go. the only way to apply extra money to the principal is to pay by check, which they seem to delay processing on in what i'm assuming is a ploy to assess late fees instead of properly applying the extra.
i hate feeling like i have to play games with banks. i'd much prefer a credit union over WF. i had a harley financed through a local credit union that was much easier to deal with.
i hate feeling like i have to play games with banks. i'd much prefer a credit union over WF. i had a harley financed through a local credit union that was much easier to deal with.
and on the subject of financing a 10+ year old car...
i guess some folks have $20k of f&ck you money laying around to buy a car. i don't, so i'm glad that there are banks that will finance dream cars for those of us who are less fortunate.
i guess some folks have $20k of f&ck you money laying around to buy a car. i don't, so i'm glad that there are banks that will finance dream cars for those of us who are less fortunate.
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