93 Cobra Financing?

[red95gts]

Anyone have a recommendation for a lender that is up to speed on 93 Cobra values? I've heard of a "Cars of Particular Interest" guide that some banks will use for classics or cars that deviate from "normal" NADA values. Unfortunately, my bank of choice (USAA) doesn't use anything but NADA. They are rather generous with loan amounts, but I'd like to explore some alternatives, if possible.

I've heard that Capital One Auto Finance is good - what about Haggerty and so on?

Thanks in advance for any advice!

Darrell

 

[Kevins89notch]

My credit union told me they would give me 75% of blue book value. I looked it up, and 75% was something like 5,400 or so. I told them thats cool, I'll take it. 18 hours before picking up the cash they call and tell me its 75% of blue book TRADE IT VALUE. They could only give me like $4,500. Thank god for cash advances on my master card. :lol:

I was easily able to pay the credit card off that month before I got hit with ungodly interest rates.

I don't want to sound rude, but if you can't pay cash for, I don't know, say 75% of a cobra, then you are going to be hard pressed to finding a lender. I could have paid fully in cash for mine, I just didn't feel like cashing in some stock, and thought a little car loan might help my credit, so why not.

 

[svt2205]

Anyone have a recommendation for a lender that is up to speed on 93 Cobra values? I've heard of a "Cars of Particular Interest" guide that some banks will use for classics or cars that deviate from "normal" NADA values. Unfortunately, my bank of choice (USAA) doesn't use anything but NADA. They are rather generous with loan amounts, but I'd like to explore some alternatives, if possible.

I've heard that Capital One Auto Finance is good - what about Haggerty and so on?

Thanks in advance for any advice!

Darrell

I've never heard of banks using the CPI value guide, insurance companies do, but even with that. The CPI has been showing the 93 Cobra on a downward trend for the past 12 months. Clearly their info is incorrect. But, they do show a better value then NADA.

 

[asperformance]

I checked CPI last week, Showed a High 93 Cobra in the 22K range and 93R in the 33K range, which is low for an R but the 93 Is right on, My Credit union Uses CPI for older car loans, the do charge a little higher rate, but still not bad. They lent me 13K few months back for a 93,

 

[1slohawk]

if you have a house then a home equity loan is the way to go. lower interest rates and you can write the interest off.

Mike

 

[racerbox77]

Credit Union is your best bet. I used mine they were willing to give me $30k.

 

[red95gts]

Thanks guys - any specific Credit Unions or banks you'd suggest?

Anyone have any comments or experience with these?

http://www.hagerty.com/finance/finance_index.aspx

http://www.woodsidecredit.com/

http://www.jjbest.com/2320

 

[cobra186]

I have sold several cars that the buyer used JJ Best to finance. One of them was a '00R. They are easy to deal with on the sellers end at least. They do require that one of their inspectors views the car before they will finance it.

 

[cobra186]

Also forgot to add... A buddy of mine uses capital auto finance to buy all his cars. They financed $25k on a 95R for him. With capital one they do not really care about book values.... the loan is based on how good your credit is.

 

[red95gts]

Thanks Daryl! I assume you mean Capital ONE Auto Finance? (www.capitaloneautofinance.com) I actually applied for one of their bank checks earlier tonight. USAA does the same thing and I used it when buying my wife's Expedition. VERY easy....

Thanks to everyone for their input.

Darrell (hopefully soon-to-be owner of 1 of 185)

 

[svt2205]

I checked CPI last week, Showed a High 93 Cobra in the 22K range and 93R in the 33K range, which is low for an R but the 93 Is right on, My Credit union Uses CPI for older car loans, the do charge a little higher rate, but still not bad. They lent me 13K few months back for a 93,

Odd, my current book shows the R w/ a high of 31900 and the non-R w/ a high of 12800. Do you have access online? Just wondering why such a difference.

 

[asperformance]

I am just going by what my Credit union told me that it said. Who am I to question what she will loan me on one?

 

[red95gts]

LOL! I've been denied credit by Capital One. They can't tell me *why*, but assure me I'll get a letter in the mail explaining why. If they won't approve someone with plenty of income, 12+ years of spotless credit, and a credit score of 804/816/870, I'm not sure who they will approve. I'm guessing a clerical error, but since it's all done by computer, teh Capital One Representative couldn't even explain why "the system" denied it. Kinda makes you wonder who's wearing the pants there...

They transferred my application to "Road Loans.com" and they instantly approved me for $25K, but the car has to be a 01+ and have less than 70K miles. So, dead end there. I'll be looking into JJ Best and if that doesn't pan out, I guess cash it is. Thanks for the suggestions and the help. Hopefully this thread will answer some questions for other prospective 93 Cobra buyers.

-Darrell

 

[red95gts]

Odd, my current book shows the R w/ a high of 31900 and the non-R w/ a high of 12800. Do you have access online? Just wondering why such a difference.

For what it's worth, I just had a local Credit Union give me the same $12800 figure out of the CPI.

 

[02JoeGhost]

never had a problem with my credit union when I bought my 93. Told me whatever i needed to get the car in my driveway they would write the check for. JJ best may be the best route. Bought a few cars through them and it was a breeze

Joe