I think that may be for going through their car buying program.
Financing an older vehicle (03 Cobra)... Who has the best rate?
- Thread starter jalock87
- Start date
I think that may be for going through their car buying program.
My Credit union didnt do 10yr old loans. I ended up going to Wells Fargo and I got 8.75 but with a catch. I needed a co signor with with my 790 credit score? .They claimed my debt to income ratio was high cause the leased car still in my name. They didn't even look at my current bank statements and the leased car was sold but balance didn't clear And then they valued the car at only 15k. because of that they raised the interest to 8.75 from 6.75. I had to have this beauty so I did the deal and refinanced LOL.
Its so much easier to finance a car you cant afford at a dealership. You know within min if you can or cant. Wells Fargo it was a 3 day ordeal. If I were you I would just get a personal loan or a equity line of credit and do it that way
Its so much easier to finance a car you cant afford at a dealership. You know within min if you can or cant. Wells Fargo it was a 3 day ordeal. If I were you I would just get a personal loan or a equity line of credit and do it that way
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That sucks! Makes me feel really good about my credit union! Just bought my 03 Cobra a few months ago. They valued my car at more than I paid for it and got the loan at 3% interest. I had Wells Fargo before and absolutely hated them.
I went to a credit union. They also seemed to understand that the car was a special vehicle in excellent condition. I didnt have any problem getting a loan, and I believe the rate was great too, I'd have to check for an exact number though.
1.9 for 5 years at a credit union for my 03 cobra
Pyramid FCU here had a promotional rate of 2.5% for qualified buyers when I got mine.
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Good lord. Ive got A-Tier credit and could only get 48 months at 8.5% for my 23,000 mile '03 Mach 1.
How long ago did you buy your cobra for that rate and term?
Whoa, where did you get your financing? I got 1.99% at my credit union last October for 48 months on my Mach 1.
Huntington
I have a hard time believing some of you guys have the good credit you supposedly do with close to 10% interest rates. My wife and I are just starting out and with upper 600s have one loan for 3.75% and one for 4.25%. That's just crazy!
My mistake. Its 1.9 for 3 years and this was last year. My shelby is 1.9 for 5 years. At Houston.
720+ credit score is A-Tier right? Keep in mind we are talking about 10+ year old cars. Banks HATE to loan money on those. Trust me. I sell cars for a living.
I don't know what "A-Tier" is truthfully, but I do know it's more credit than either my wife or I have. And the car I have a 4.25% loan against is a 2000 model, so it's even older than anything being discussed in this thread lol. Granted it's only got a lien on it to help build my credit but still.
I figured you people with 700+ credit scores would have at least as good of a rate as us.
Most of the time that's the case. But sometimes people have a better chance of getting financed / a better rate if they go through their own credit union, when the car is that old. Every case is different.
Your best bet is with a credit union OP.
The ones that finance older models ('03 Cobras and older) are Navyfed and USAA. I believe you have to have served or know someone serving in the military.
Got my '13 through Navyfed 1.99% apr for 60 months.
The ones that finance older models ('03 Cobras and older) are Navyfed and USAA. I believe you have to have served or know someone serving in the military.
Got my '13 through Navyfed 1.99% apr for 60 months.
Car has 28k miles, would be financing a little over 20k
the credit union by me says that they wont give a car loan out on anything older than 7 years and nothing over 10% book value on the car. what credit unions are you guys talking about that jut cut checks with no problem
I've already listed mine, it just doesn't help anyone outside NC or that isn't an NC state (not the university) employee.
I've financed as old as my 160K mile '97 Cobra to as new as my wife's '13 Soul with them. No age/mileage limit that I'm aware of but the miles will play into maximum loan length. They'll finance up to 72 years and 110% of NADA Clean Retail.
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