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[mazen189]

So, I'm getting ready to finish up my BA here. I was really set on getting an 03/04 cobra since i was i 16. Today, I come to find out, banks (well, BOA) will not finance a car more than 5 years old if its from a dealer. Capital one said 7 years is the deadline for how old a car can be for them to finance.

So, if anyone out there is looking to finance a termi in the future. Unless you have excellent credit, it is doubtful or just have cash in hands. Unfortunately, Cobras have taken some time to get down in price

My other option. There is a wrecked 04 cobra, no frame damage or anything. The local shop he took it too was fixing it slowly (overtime) and got 7k in the hole with them. Since he has had over a year to pay them, someone how, he ended up giving them the slip to the car and they're asking 7K for it now. It needs about 4K in repairs.

what do u guys think?

 

[LarsD]

Don't buy a wrecked car. Find a credit union, they are usually better then banks. I got a loan from my CU for my Cobra and it is 11 years old.

 

[Deleted member 38176]

Find yourself a good co-signer and get yourself that Cobra

 

[tank_567]

Don't buy a wrecked car. Find a credit union, they are usually better then banks. I got a loan from my CU for my Cobra and it is 11 years old.

+1 Im with a credit union out here in nc, looking at getting an 04 CTS-V and they have a 10 year limit

 

[SteedaGT9150]

Credit union my man, thats how i got my loan for the Roush... it was 9 years old at the time. All it takes is a good credit score.

 

[mazen189]

does anyone here work in the banks with credit? At the moment mine is around 670. I remember before this score was considered "good" or "alright" however, these days, ive heard a low 700 is considered "good." Are credit unions a little more forgiving? I dont have any repos or credit card debts. Thats just what it is.

 

[mazen189]

also, Aside from getting the loan, if the interest rate is going to be over 12%. Forget it.

 

[KBExperience]

CU's are a lot easier to work with than banks.. you can usually get a much lower rate than most banks.

 

[nancygrl]

credit union A+++++. Really low rates. I got a loan thru my Credit Union on my 10yr old 99 GT last year.

 

[SteedaGT9150]

when i got a loan for the subaru i bough last year my credit score was 720 and i think the interest was only like 2 percent....

 

[Crzyhrse]

I got my first car loan from a Credit Union, and I had 0 for a credit score. I could'nt believe they gave me the loan and no co-signer either.

 

[LarsD]

I got 2.9% on the loan for my Cobra. I hear people talking about how bad their bank is, and I always wonder why in the world people put up with their BS.

 

[Maxpowers]

Banks and credit unions have been throwing money into the economy lately. I'd be surprised if you couldn't find a place to get a decent loan.

I got my loan last year for my 02 through PNC bank. They gave me a good rate too.

 

[46stang]

I agree on the credit union. I financed a 50 year old car with no money down. I do have a 800 plus credit score but still I was impressed with getting a loan on that old of a car with no money down. lol.

 

[motard1]

2.9% from my CU on an 8 year old car.

 

[mazen189]

does anyone know of a good credit union around the So Cal area?

 

[007]

Don't buy a wrecked car. Find a credit union, they are usually better then banks.