I need to know what the loan value is on a 97 cobra with 89000 miles. Would like to know if its worth going to the bank tomorrow. Thanks in advance!
Chris
Chris
Can someone look up loan value?
- Thread starter Buck87
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Did you look up KBB or NADA? That is what my bank goes by.
I can't imagine them going for anymore then maybe 12-13K
He wants to know the actual value, not what you guess it might be. :read:
The amount someone is willing to pay is the actual value. Can't really go by nada or blue book for actual value.
NO. The BOOK value is what the bank will go by. Please stop posting about things in which you have no knowledge. Thank you.
No shit, But some people go lower or higher then book value. Not many banks will give you a loan if any on a 11-12 year old car.
Theres retail, trade in, and then there is loan value. That is what the bank will give me. Then i`ll have to cover the rest. ex. 120000 mile one booked 5500.
Chris
Chris
KBB came back with a private party value of $7070. Nada came back with $6000 for clean trade in. I'm not such which of these the bank goes by, however.
It depends on a lot of factors. It DOES matter what the book value is. Banks do not care if you would pay 20k for a car. If it only books for 10k they aren't going to loan you more. :read:
they go by retail they use NADA.
It depends on the bank, mine used KBB.
Exactly. Prime example a friend of mine bought his 03 last summer, dealer wanted 27k, he talked him down, dealer let it go for 24k, bank only would loan 21k. He is kind of right though about getting an auto loan for an 11 year old car.
My bank won't loan on a car if it is over 10 years old or has more than 100k miles on it. When I bought my car it was 9 years old and had 95k on it so I barely made it lol.
For the love of donuts, please go to SD now.
I can't remember which one they used but I believe they have access to a page the average Joe cannot see. Maybe a banker or car salesman on here can tell me. Just would go to bed knowing I can get it. Thanks again.
They do NOT go by retail. Yes they use NADA but it is NOT the retail value. NADA publishes what is called the "black book" and it is what dealers and banks use to decide what the "loan value" really is. it is different that the yellow and blue NADA price guide.
Depends on the bank. Some banks and credit unions use another NADA publicaiton called "cars of particular interest". It is a book that covers the so called collectable cars and if it is in there you can get a loan regardless of age. The prices are a bit higher than the normal NADA books as well. Cobras are listed. My credit union will make a loan on a 20 year olf car if it is listed in that book.
I can get the car for 8k. So I hope its around 7k. Leave a lil mod money leftover.
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