2003/2004 Cobra loan question

[Modded04]

So I have been looking for another cobra, and the issue that I have been running into is that my credit union goes by the nada or Kbb book value. For instance I found a 2003 with 74,200 miles on it black coupe for 18k. But the car only books for 16,175. I don't understand this since you can't fine one car for that price. They said bringing in comparisons at dealerships would not help. They did however say that we could have a appraisal done on it, so we called a dealership where he is and they said ok, well that was till he showed up this morning and they said that they couldn't do that. Just go by Kbb and nada. I am at a loss on what to do. Any info or experience or ideas would be great.
Thanks,

Dan

 

[Windir77]

Find a different credit union. All credit unions will go by the KBB, but only some will be more flexible with you. I just bought a sonic blue whipple cobra off a member from here, and I had the same issue. HOWEVER, because of my great credit score, my credit union worked out a deal with me. I bought the car for 24k, the kbb was only 17, not only that, but they said they only offered 48 month loans, I needed 72. The deal we came to was that my interest rate would be high, 9%, but they would give me the 24k loan and 72 months. It was my dream car, so it was worth it. So you just need to find another credit union that will work with you more. Hope this helps.

 

[Two 5.0s]

When i bought my 03 i was able to get a loan through State Farm Bank for the entire amount of $20,000. Give them a shot but your credit has to be impeccable.

 

[T3RM1N8R_18]

Save up and pay in cash, that's what I did! Just picked my 2003 Black cobra with 10,000 original miles today. WOOOOO HOOOOO!!!!

 

[evolve]

Or save enough to cover the difference.

 

[mr. b_98GT]

Try PenFed Credit Union. They will loan up to 110% of NADA, interest rate in the low 2-4%, and 60 months for cars with less than 100K miles on them. You can become a member by simply donating a small amount of cash to a military charity (available on their website) and funding an account with a small deposit. Might have to still come up with the difference, but it depends on the car.

 

[getTwisted]

Like said above, then only thing you can do is save up and pay the difference.

I would save up for a while and make the biggest down payment possible. For two reasons: You will have a smaller payment (obviously). If you decide to sale shortly after you purchase (for some reason) you won't owe more than what banks a willing to loan on it.

Best of luck!

 

[Tpeezy24]

usaa will give you that loan easy

 

[Svt_kid90]

I had the same problem, so I just had to put the rest in cash.

 

[02gt87]

Find a different credit union. All credit unions will go by the KBB, but only some will be more flexible with you. I just bought a sonic blue whipple cobra off a member from here, and I had the same issue. HOWEVER, because of my great credit score, my credit union worked out a deal with me. I bought the car for 24k, the kbb was only 17, not only that, but they said they only offered 48 month loans, I needed 72. The deal we came to was that my interest rate would be high, 9%, but they would give me the 24k loan and 72 months. It was my dream car, so it was worth it. So you just need to find another credit union that will work with you more. Hope this helps.

Wow, you do understand over the life of the loan at a 9% interest rate you will pay 7100 in interest alone. It may have been your dream car but not a smart purchase. Bring that balance down and refi it asap.

 

[jblood37]

Op, whatever you do, don't do like Windir and get stuck with 9% interest. That's horrible! My credit union financed me for 3%, although the loan amount was only what Nada value was. Be smart and save up the difference if need be.

 

[TGL211]

I 2nd the PenFed suggestion. Have had several loans through them, always very competitive rates and easy to deal with.

 

[Modded04]

Where is PenFed out of?

 

[Windir77]

Wow, you do understand over the life of the loan at a 9% interest rate you will pay 7100 in interest alone. It may have been your dream car but not a smart purchase. Bring that balance down and refi it asap.

I'm able to pay far more than the monthly loan payment. It being a smart purchase is subjective. It will be paid off within 4 years, so it was indeed smart for me considering it's exactly what I wanted down to HP, color, low mileage etc.

 

[CobraLucci]

I just bought mine but my credit union wouldnt finance me for a car loan. I put 10k down and they gave me the rest in a personal loan with a high interest using the car as collateral. My credit is above 750. All financial institutions are different

 

[davidbettencour]

I bought mine when I got back from Iraq in March of 2009, with nothing down and the bank never questioned the price. I paid $32,000 for a 2004 Whipple cobra. They saw pics and just handed me the cash. Now, I have been with that bank for over 25 years and never had any issues with them. I'm also military, so they knew I always get paid. I got the loan for 72 months, and the final payment was last month. I only had a 2.4% interest rate on the loan. I'm with Wells Fargo.

 

[lobra97]

Damn really? Im with WF fargo my house so i may look into the loan with them if they can get below 4% with my current bank

 

[cobra-k]

just get a credit line and use that

 

[ViciousJay]

I'm in the same boat OP

 

[davidbettencour]

Check out WF there 97. I think they are probably one of the best banks around