2003/04 Cobra question about loans

[luke1333]

Alright guys looking to get into an 2003/04 Cobra Convertible roughly 10k miles and for around $25k. Having a little trouble with financing though. Local credit union approved me for $20k auto loan but nothing more. PNC (my bank) will give me personal loan for $25k but approaching 8% for that loan for 5 years. Lot more interest then i wanted. I have some money down but not quite enough to get under that $20k auto loan window. Both the bank and credit unions told me to look into somebody that does specialized car loans on older, expensive cars. Tough for them to do $25k on a 12 year old car even though I have credit score over 700 and a decent income for a 25 year old. If anybody has any recommendations for who may finance an expensive low mileage cobra it would be greatly appreciated. Have a few cars in mind that I could snag if i had a loan! Let me know any leads thanks guys!

 

[mr. b_98GT]

I got financing through PenFed last year when I bought mine. They did 110% of NADA Retail Value, but I don't know if they are still doing that; I'm sure they are at least doing 100% of NADA Retail Value. You might have to just keep saving to come up with the difference. You could see what you can qualify for with them based off the 10k mile vert, and make an offer for the car based on the loan and cash you have. Don't forget to factor in the taxes and fees to get the car, and I would definitely get an insurance quote before buying one.

 

[luke1333]

I got financing through PenFed last year when I bought mine. They did 110% of NADA Retail Value, but I don't know if they are still doing that; I'm sure they are at least doing 100% of NADA Retail Value. You might have to just keep saving to come up with the difference. You could see what you can qualify for with them based off the 10k mile vert, and make an offer for the car based on the loan and cash you have. Don't forget to factor in the taxes and fees to get the car, and I would definitely get an insurance quote before buying one.

A $25k plus cobra is probably like double book value haha and I did figure the taxes and already got insurance quote! all I need is loan and I'm all set!

 

[Freakingstang]

Taking a 25K loan out on a 12-13 year old car is retarded.

 

[badjuicedgt]

why are you set on a 12k mile car your not gaining anything just go find one with 40-60k on it you can buy for under 20k,and I agree 25k for a 12 year old car and financing it is dumb you would end up paying over 30k for the car by the time its paid for.Keep saving your money and go pay cash for it that way if something ever happens to your job you don't have to worry about the payments or getting it repod,but its your money spend it how you want.

 

[luke1333]

Taking a 25K loan out on a 12-13 year old car is retarded.

Not if that's want I want, still cheaper then brand new mustang in long run.

why are you set on a 12k mile car your not gaining anything just go find one with 40-60k on it you can buy for under 20k,and I agree 25k for a 12 year old car and financing it is dumb you would end up paying over 30k for the car by the time its paid for.Keep saving your money and go pay cash for it that way if something ever happens to your job you don't have to worry about the payments or getting it repod,but its your money spend it how you want.

I want a showroom clean bone stock perfect car. Hard to find with low miles to begin with. I don't disagree $25k is crazy on an old car but I'm not concerned about that. If I can't get any better of a loan then $20k I'll just put down the difference. I'm not terribly far away now but I've found the car I want and don't want to lose it. If something happens to my job I can always sell the car. Cobras hold their value relatively well especially this one I want with under 5k miles

 

[KLLR SNK]

To secure the sale, take the collateralized credit union loan for the first $20k and get an unsecured personalized loan from PNC to make up the difference. Since you are close on having the savings to make up the difference pay off the PNC loan ASAP. Problem solved.

 

[badjuicedgt]

there was one at an auction I was just at I buy cars for a dealership group and we just had a 1200 mile 04 go through the sale 3 weeks ago same ford dealer that got it new still had it and they would have sold the car that day for 22500 and that car still had the window sticker on it and everything the way it rolled off the semi.They did not sell it because they couldn't get a bid on it,I just bought the store a 2008 gt500 with 23k miles on it last month and I paid 23k for that car.I wont argue that the 03-04 cobras hold their value but they are only worth what someone will pay for them,and most people don't have 15k or more cash laying around to pay cash for a car,I just bought my 03 last month and I saved for a couple month so I could pay cash for my car.

 

[P49Y-CY]

Not if that's want I want, still cheaper then brand new mustang in long run. I want a showroom clean bone stock perfect car. Hard to find with low miles to begin with. I don't disagree $25k is crazy on an old car but I'm not concerned about that. If I can't get any better of a loan then $20k I'll just put down the difference. I'm not terribly far away now but I've found the car I want and don't want to lose it. If something happens to my job I can always sell the car. Cobras hold their value relatively well especially this one I want with under 5k miles

i agree with you op that spending that amount for this particular car is the right thing to do as long as that's what you want. most of us are not in this hobby for the financial frugality of it lol. we spend money because they are toys that we want to have fun with.

low mileage, stock examples do seem to still be going for mid-20s, and i was even surprised that my cu was willing to fully finance my coupe for 25k back in 2012. maybe it has come down a bit since then, so you may have to come up with the difference.

best of luck with it! :beer:

there was one at an auction I was just at I buy cars for a dealership group and we just had a 1200 mile 04 go through the sale 3 weeks ago same ford dealer that got it new still had it and they would have sold the car that day for 22500 and that car still had the window sticker on it and everything the way it rolled off the semi.They did not sell it because they couldn't get a bid on it,.

wow! 1200 miles for $22.5, thats a deal

 

[badjuicedgt]

yea 22500 for the car was awesome but they couldn't even get a bid I don't know if it was because the day it was there it was snowing or what but if I knew that the store could have sold it and made money I would have bought it,but since we were going into winter and I really didn't want to hear about the car not selling every day,I ended up buying them a 2011 gt with brembo brake package with 60k on it for 12k the 5.0s have really come down I debated on which one to buy a new 5.0 or my cobra and my wife is the one that actually pushed me to buy my cobra because she was tired of hearing that I wanted one,and I am glad I bought my cobra by far the most fun and fastest street car I have ever had.Only bad thing is since I have had the car and my wife has ridden in it now she wants a mustang so I may end up getting her a 5.0

 

[luke1333]

To secure the sale, take the collateralized credit union loan for the first $20k and get an unsecured personalized loan from PNC to make up the difference. Since you are close on having the savings to make up the difference pay off the PNC loan ASAP. Problem solved.

Interesting idea although i dont want two loans. i thought of taking the 5yr/$25k personal loan and then refinancing when i get it to $20k after a short time. basically same idea just different ways of getting there lol

there was one at an auction I was just at I buy cars for a dealership group and we just had a 1200 mile 04 go through the sale 3 weeks ago same ford dealer that got it new still had it and they would have sold the car that day for 22500 and that car still had the window sticker on it and everything the way it rolled off the semi.They did not sell it because they couldn't get a bid on it,I just bought the store a 2008 gt500 with 23k miles on it last month and I paid 23k for that car.I wont argue that the 03-04 cobras hold their value but they are only worth what someone will pay for them,and most people don't have 15k or more cash laying around to pay cash for a car,I just bought my 03 last month and I saved for a couple month so I could pay cash for my car.

Vert?!?!?!

i agree with you op that spending that amount for this particular car is the right thing to do as long as that's what you want. most of us are not in this hobby for the financial frugality of it lol. we spend money because they are toys that we want to have fun with.

low mileage, stock examples do seem to still be going for mid-20s, and i was even surprised that my cu was willing to fully finance my coupe for 25k back in 2012. maybe it has come down a bit since then, so you may have to come up with the difference.

best of luck with it! :beer:



wow! 1200 miles for $22.5, thats a deal

Yeah most people tell me im an idiot and to go buy a new coyote or something but I DO NOT WANT THAT! Everybody and their brother has one and i just dont like those cars period. Yeah slightly down and i wanted to stay in the $25k range but ran across these two low mileage gems lol and now want one of them!

yea 22500 for the car was awesome but they couldn't even get a bid I don't know if it was because the day it was there it was snowing or what but if I knew that the store could have sold it and made money I would have bought it,but since we were going into winter and I really didn't want to hear about the car not selling every day,I ended up buying them a 2011 gt with brembo brake package with 60k on it for 12k the 5.0s have really come down I debated on which one to buy a new 5.0 or my cobra and my wife is the one that actually pushed me to buy my cobra because she was tired of hearing that I wanted one,and I am glad I bought my cobra by far the most fun and fastest street car I have ever had.Only bad thing is since I have had the car and my wife has ridden in it now she wants a mustang so I may end up getting her a 5.0

I would have bought for $22,500 or more and just had it shipped on covered truck!

 

[deano]

Don't listen to anybody telling you a loan for a car you love isn't worth it. I sold my Cobra a long time ago and totally regret it. I'll be getting a loan for one in the near future as well and could care less how old the car is. It's definitely a dream car for me. If it's the one "I" want, I'm getting it.

 

[luke1333]

Don't listen to anybody telling you a loan for a car you love isn't worth it. I sold my Cobra a long time ago and totally regret it. I'll be getting a loan for one in the near future as well and could care less how old the car is. It's definitely a dream car for me. If it's the one "I" want, I'm getting it.

thank you for agreeing with me. i dont care about everybody saying buy a coyote or this or that, that is new i dont want that crap i want an 03/04 cobra vert and that is it! Exactly im so picky and know what i want but i can only find 3k mile ones that are a little too much and then 20k mile ones that are too high of miles and modded. nothing right in the middle which is perfection. its so hard

 

[braindontstop31]

thank you for agreeing with me. i dont care about everybody saying buy a coyote or this or that, that is new i dont want that crap i want an 03/04 cobra vert and that is it! Exactly im so picky and know what i want but i can only find 3k mile ones that are a little too much and then 20k mile ones that are too high of miles and modded. nothing right in the middle which is perfection. its so hard

If it's what you want, get it. Life is short, enjoy it. Just remember opinions are like A$$holes, everybody has them. lol
I paid 29K for mine two years ago with 1500 miles bone stock.

 

[mr. b_98GT]

Is this going to be a DD? Do you have the funds to cover any repairs that come up since there obviously won't be a warranty that comes with the car? These cars can get expensive, and you can wind up spending more money on repairs/upgrades than you anticipated real fast. Ask me how I know?

I do agree, that if it is a car you've always wanted, and you have the means to own it, then go for it. Like you, I was in the market for another car last year, and I had the option to pick up a Coyote powered GT, but I have always wanted a Cobra. I was looking at a '97 Cobra that had low miles and was sweet looking (former show car) and was just about set to buy it, but my wife asked me why was I getting the same looking car I've had since '00 (I DD a 98GT). I seriously considered a '11-'14 5.0, but I knew I'd be happier in an '03 Sonic Blue Cobra.

 

[T3RM1N8R_18]

I would get it if you want it, life is to short to drive something slow! The only thing I would do is save for the car instead of getting a loan. Why pay interest to someone, I purchased my 2003 cobra this year with cash. You would be surprised how much money you can save if you really want to!

 

[getTwisted]

I would try to save up a little more and get the low interest rate from your personal bank. JMO. You will have a lower monthly payment and a lower interest rate that way.

Best of luck!

 

[luke1333]

If it's what you want, get it. Life is short, enjoy it. Just remember opinions are like A$$holes, everybody has them. lol
I paid 29K for mine two years ago with 1500 miles bone stock.

haha yes yes and thanks man i plan on getting exactly what i want!

Is this going to be a DD? Do you have the funds to cover any repairs that come up since there obviously won't be a warranty that comes with the car? These cars can get expensive, and you can wind up spending more money on repairs/upgrades than you anticipated real fast. Ask me how I know?

I do agree, that if it is a car you've always wanted, and you have the means to own it, then go for it. Like you, I was in the market for another car last year, and I had the option to pick up a Coyote powered GT, but I have always wanted a Cobra. I was looking at a '97 Cobra that had low miles and was sweet looking (former show car) and was just about set to buy it, but my wife asked me why was I getting the same looking car I've had since '00 (I DD a 98GT). I seriously considered a '11-'14 5.0, but I knew I'd be happier in an '03 Sonic Blue Cobra.

no sir i have a reliable cavalier (go ahead and make fun lol) as a daily right now. This is gonna be a garage queen that doesnt see rain lol yes yes its what i want just finding the perfect one is now the task!

I would get it if you want it, life is to short to drive something slow! The only thing I would do is save for the car instead of getting a loan. Why pay interest to someone, I purchased my 2003 cobra this year with cash. You would be surprised how much money you can save if you really want to!

I would try to save up a little more and get the low interest rate from your personal bank. JMO. You will have a lower monthly payment and a lower interest rate that way.

Best of luck!

You guys both bring up valid points. Actually I got approved from buddy at local ford dealer today for 60 months for $24k at roughly 4-5%. And I do have some money to put down and every week I dont buy one i accumulate more lol Just waiting to see what pops up. I either find a 3-4k mile one for $27k plus or a 20k mile one for just under $25k nothing in that happy medium yet which is what i want. 3-4k miles kinda scares me being that low. 10k is just about perfect i think

 

[Dan04COBRA]

I wouldn't waste too much time finding a way to make it work. Last fall I was pre-approved for 20k to buy my 2nd Terminator. I waited 8 months to find the right car and when I did, they were only offering 16.5 for financing. The week before I had a pre-approval for up to 50k for a 13 GT500. I have ridiculous credit and income and still had to fight for financing for my 03 even though I paid around 4k less than market value with its low miles.

There isn't a real advantage to buying a super low mileage Terminator. It seems the -regular' issues creep up still even if the car sits a lot with low miles.

I wouldn't pay 25k unless it's fully built or unless it's one of the first few hundred built in 03/04 Or one of the last hundred built in either year.

I hate myself every day for selling my 04 #216. It was absolutely mint, low miles and would take 15 minutes to return to stock. I should've just parked it in the garage and sat on it for the next 15 years.

 

[luke1333]

I wouldn't waste too much time finding a way to make it work. Last fall I was pre-approved for 20k to buy my 2nd Terminator. I waited 8 months to find the right car and when I did, they were only offering 16.5 for financing. The week before I had a pre-approval for up to 50k for a 13 GT500. I have ridiculous credit and income and still had to fight for financing for my 03 even though I paid around 4k less than market value with its low miles.

There isn't a real advantage to buying a super low mileage Terminator. It seems the -regular' issues creep up still even if the car sits a lot with low miles.

I wouldn't pay 25k unless it's fully built or unless it's one of the first few hundred built in 03/04 Or one of the last hundred built in either year.

I hate myself every day for selling my 04 #216. It was absolutely mint, low miles and would take 15 minutes to return to stock. I should've just parked it in the garage and sat on it for the next 15 years.

That is your opinion, the advantage to a super low mileage one is well it ias stock with no miles and rare. I want a mint car that has never seen rain and has no rock chips or flaws etc etc. i want a show car, cant find that with 50k miles etc. I dont want a built car i am not buying the car to race it. Few mods is all i would do just as a weekend cruiser that looks sick and sounds sick.