advice for trying to purchase a termi

[stealth gt92]

ive been really itching to get into a 03-04 cobra but im trying to find the right way to go about it. im relatively young 21 im a student and have a good job i currently drive a 94 cobra but the downside is ive never had a credit card thus i have no credit.ive tried to get a loan with my bank but got denied. i have a good amount of cash to put down if i go to a dealership i was thinkn 3-4k and i have a buyer ligned up for my car. what dealership could or should i go to thats not going to get me out the ass on interest and take a chance on giving me the car if theres any chance at all? alll advice is appreciated thnx aaron

 

[.n0b.]

All dealers are gonna be the same. The problem with having no credit is your gonna get screwed with the interest until you get some credit built and then you could refinance your loan to a lower interest at your own bank or somewhere after a few months.

Do you have a co-signer? Like a parent or someone? If they have good credit that should get a decent loan.

 

[stealth gt92]

no i dont have a co-signer. i mean i use to work for a good car dealer i have good negotiation skills haha but also what kind of payment deals will they work out with you these days with an 8-9 year old car like month wise? because obviously like everyone else i wanna pay around 250-300 a month? 60-72?

 

[WOTjunkie]

Best advice would be not to call it a "termi"... and look for one with few mods and low miles... better chance it wasn't beat on that way... Go to a credit union. They usually have the best interest rates for car loans and are pretty good about giving loans to those with new credit especially if you have a good down payment

 

[WOTjunkie]

I bought my car for $17k, put $2k down on the loan, I owe just under $15k and my payment is $250 a month. Car had 43k miles on it bolt ons and exhaust and not a single problem and got the loan through a credit union

 

[stealth gt92]

any specific credit unions to mention?

 

[stealth gt92]

yeah the cars ive been looking at have all been around the 17-20k price range and around 45k miles and under.

 

[WOTjunkie]

I don't know what unions you have down there in Florida but I would just start giving them a call and see who has the best interest rate and ask them about first time buyers. They'll tell you what your chances are based of how much you have to put down. And honestly, $4k to put down on a $17k loan is a lot so there shouldn't be too much trouble getting one. You probably wont even have to sell your car

 

[stealth gt92]

^ ok thnx for the advice i appreciate it.

 

[WOTjunkie]

Oh and one more thing. The thing about credit unions is they usually make you open an account with them before they'll give you a loan. So you might have to put $100 bucks in a checking or savings account. But I would just open a savings account and start putting money in cause again, credit unions usually pay back the most interest on savings accounts and you can just let your money sit there and accrue a lot of interest

 

[SVTADVISOR]

If you need to establish some credit quick, open a secured credit card and wait for it to report on your credit. Should take 30 to 60 days. Your score should come in at the 620 to 640 range which usually is good enough for most credit unions to do a loan for you.

 

[fast ford brian]

My friend is going through this trying to find a cobra . Credit union told him 80,000 miles max no older than 2004 , no GT's had to be a Cobra and only 48 month term on loan with good , established credit . The best one to deal with on financing mustangs in Florida is GTE federal credit union.

 

[.n0b.]

yea I'd agree with a CU as well.

 

[Bad03Vert]

I'd definitely go with a credit union as the lender as they will help you to build credit and they offer decent interest rates for first time buyers. Granted, over the course of time building credit will yield you better interest rates on your next purchase. I'm in FL and have used Space Coast Credit Union and Central Florida Postal Credit Union to buy cars; most of there offices are located in Orlando. I live in Palm Beach and didn't even have to set foot into one of there offices; I did all the paperwork by mail and signatures via overnight couriers.

Also keep in mind lenders are going to base the loan off of the age of the vehicle and mileage. They will only lend what they feel the vehicle is worth so it wouldn't hurt to have some money down (at least 10%) just in case.

Good luck! :thumbsup:

 

[testorossa1989]

ive been really itching to get into a 03-04 cobra but im trying to find the right way to go about it. im relatively young 21 im a student and have a good job i currently drive a 94 cobra but the downside is ive never had a credit card thus i have no credit.ive tried to get a loan with my bank but got denied. i have a good amount of cash to put down if i go to a dealership i was thinkn 3-4k and i have a buyer ligned up for my car. what dealership could or should i go to thats not going to get me out the ass on interest and take a chance on giving me the car if theres any chance at all? alll advice is appreciated thnx aaron

i highly suggest you take an hour or two.. Sit down with a credit union rep and a note pad and write down everything you can. There is so much info to know, learn, and follow before you purchase. This isnt about a cobra much less about a car in general. All i can say is, stop applying for credit until you speak with someone. It only hurts you

 

[CobraBob]

Oh and one more thing. The thing about credit unions is they usually make you open an account with them before they'll give you a loan. So you might have to put $100 bucks in a checking or savings account. But I would just open a savings account and start putting money in cause again, credit unions usually pay back the most interest on savings accounts and you can just let your money sit there and accrue a lot of interest

I took out a credit union loan about 2 years ago and had to put a whopping $10. into a savings account. So it probably varies from credit union to credit union.

Also, I found that getting a personal loan from a credit union was so much easier than with a bank. It was also too easy.

 

[ez2cyi1]

All of my loans have been through credit unions, and have been totally hassle free.

 

[earico]

All of my loans have been through credit unions, and have been totally hassle free.

Same here. Every car loan I have ever had (8 or so) was with a credit union. They are non-profit (earnings pay employees and dividends). Now I'm payment free with zero car loans!

 

[JStyles]

Get a credit card, buy gas/groceries with it and pay off the balance every month. In 6-12mos or so, find a low mile cobra and finance it thru penfed. I got 2.49% on my 10th thru them. Can't beat that! I had years of good credit history though... Patience is key. You don't want to pay thousands more in interest on your car.

 

[stealth gt92]

all great advice thnx guys im going to go to some credit unions tomorrow and see what can be done.