Financing an older vehicle (03 Cobra)... Who has the best rate?

[jalock87]

I was banking with a privately owned bank in the small town I live in which pretty much let me tell them what I wanted my payment to be and adjusted the term accordingly. My interest was 6% and I had a 52 month payout on the car until the bank sold to a larger bank in my hometown. I'm now on a 36 month payout at 12% interest. I need to find a lender that will finance an older vehicle such as this for reasonable interest and term rates. Does anyone have any suggestions?

Thanks!

 

[spray'n mach 1]

Usually federal credit unions plus you can try lending tree.com on a side note I thought when a bank takes over another one they have to honor the loans that are outstanding?

 

[jalock87]

It was in deferment while I was in school and actually had plans to sell the car and still do, but I had to refinance at the end of the deferment which happened after they sold.

 

[black99lightnin]

Usually federal credit unions plus you can try lending tree.com on a side note I thought when a bank takes over another one they have to honor the loans that are outstanding?

Agreed. Try a credit union in your area. I got 2.99 on my GTO which I bought a couple of years ago. So it's not much newer than your cobra.

 

[jalock87]

Thanks for the replies! I will do some shopping around at some local credit unions!

 

[ctubbs]

Credit unions are your best bet, I have mine through State Farm bank. Did all the paperwork in my insurance agents office. It was very easy and fast.

 

[Kiohtee]

We use (NC) State Employees' Credit Union. My interest rate isn't the best (4.25%) but it works for me and now we have a terrific rapport with them.

They cut us a $19,200 check no questions asked.

 

[oneof185]

Credit unions always seem to be the best on older cars for sure. Usually just join the CU for like $25. They typically only adjust the rate .25% to .50% for the older years. I've only done newer through them but my 21 year old daughter has her 2006 at 3.5% and if I remember correctly, when she got per-approved the '04-'06 fell into the same rate. Got better by .25 for a little newer etc.

 

[RedRocketMike]

PenFed

 

[10splaya22]

Try Penfed. Costs about 20 to join but you can get 1.99%

 

[usmcsvtwannabe]

Credit union for the win, My cobra is only my second car and I got a 5yr loan at just under 4%

 

[RedRocketMike]

Try Penfed. Costs about 20 to join but you can get 1.99%

I get emails for .99% sometimes. Tempted to borrow against my own car and invest the money.

 

[RGrossman]

Penfed all the way. I have financed over 8 cars with them and all have gone smooth.

 

[XtraTQ]

Definitely look at going through a credit union. I've had good luck with Penfed as well.

 

[CobraBob]

Ditto on credit unions. AAA has some good rates but I don't think they quite compare to credit unions.

 

[jalock87]

Ditto on credit unions. AAA has some good rates but I don't think they quite compare to credit unions.

Will definitely be looking into Penfed! Do you insure through AAA? I'm also thinking about switching from Farmers, they keep changing my rates!

Thanks for all the replies!

 

[Never_Enough]

PenFed

 

[jblood37]

Credit Union like already stated.

 

[STAMPEDE3]

Also try State Farm.

Yes, you heard me correctly.

 

[LUBaseball2]

as stated above PenFed