Everytime I call one of these dealers that have a 93 Cobra they want alot of money down. They tell me that my credit is excellent but they want at least half down. Have any of you experienced this problem? If I put half down I might as well buy the damn thing. Any ideas on the best route for me to go to get financed for little down and with what banks? Thanks.
93 Cobra owners did you finance your car from a dealer?
- Thread starter black98snake
- Start date
It has to do with what the banks will allow for financing. Banks only finance what the car is worth.
If NADA says it is worth 4 or 5K, then the banks will only finance something like 80%.
Because it is worth more to an enthusiast, does not mean it is worth more to the computer running their equity program.
Look for a Collector Car type financing. Watch out though, then insurance becomes an issue, it might be valued less then what your loan is.
Bottom line is put more down.
If NADA says it is worth 4 or 5K, then the banks will only finance something like 80%.
Because it is worth more to an enthusiast, does not mean it is worth more to the computer running their equity program.
Look for a Collector Car type financing. Watch out though, then insurance becomes an issue, it might be valued less then what your loan is.
Bottom line is put more down.
I always thought it was near impossible to get a auto loan for one these days. Anyway, I just paid the whole thing cash in full. L8z.
I agree, you might as well give up on the idea of getting an auto loan for one. Perhaps a personal loan though?
When I was looking for a loan for my car I found it hard to find places that would give a car loan for anything more than 4 years old. A lot of places didn't even want to do cars more than 2 years old. Getting a loan for it from someone else is going to be pretty tough, I'd imagine.
Try Capital One Auto finance on-line. http://www.capitaloneautofinance.com/Public/Home/Default.aspx
Minimum amount they finance is $7,500. They'll give you an answer within 24 hours. I recently financed an '01 Cobra through them for 80% of the vehicle's sale price and it was pretty painless. Terms were 5 years @ 5.9% -not too shabby for a used car.
I realize an '01 is a different situation than a '93 but it's worth a shot.
Minimum amount they finance is $7,500. They'll give you an answer within 24 hours. I recently financed an '01 Cobra through them for 80% of the vehicle's sale price and it was pretty painless. Terms were 5 years @ 5.9% -not too shabby for a used car.
I realize an '01 is a different situation than a '93 but it's worth a shot.
It's the year of the car that's giving you a problem.
Banks go by the blue book, and what they think they can recoup on the car if they have to repo it or something.
If it's an 11-year-old car, and you're paying $15K for it, chances are they're not gonna take the risk, even though we know that's what they're worth.
I took out a personal loan on my current car (which is now getting scrapped-out) and they're charging me 17%!! Greedy bastids.
Banks go by the blue book, and what they think they can recoup on the car if they have to repo it or something.
If it's an 11-year-old car, and you're paying $15K for it, chances are they're not gonna take the risk, even though we know that's what they're worth.
I took out a personal loan on my current car (which is now getting scrapped-out) and they're charging me 17%!! Greedy bastids.
my credit union financed my 93 cobra. I paid less than 10k, and more than 7k, but I did put down the difference. orange county's credit union is the name. the mileage will help alot.
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