Financing Options??

[WastedGate]

Hey Guys,

Anyone got any option on a financial institution that will finance a 2003 model, it seems that all the banks I look at offer models down to 2004. I am in the market for an 03/04 cobra but with all of the banks I see going only down to 04 its literally cutting my options in half. Thanks for the input guys...

Marcus

 

[xtremeskime21]

Credit Union

 

[Fox-4]

Even most credit unions have a set limit on the oldest model year they will accept for a autoloan. You might need to look at getting a personal loan instead.

 

[s_x_i]

There's a ton of 3rd tier lenders that will finance older cars, but you'll have to pay out the ass for interest.

I would try a relationship with a local bank or credit union and see if you can get an 03 squeezed in. 7 years old is normally the cutoff point for most main street lenders.

 

[gilby959798]

try state farm or your insurance co... I know state farm offers auto loans though

 

[XtraTQ]

Credit Union

+1. I've had good luck with Penfed.

 

[ncarter124]

I was going to say Penfed, USAA if you are eligible or perhaps Capital One Auto Finance.

 

[99BOSS]

State Farm wont go back that far. I tried them when I bought my 99 Saleen and I have had insurance through them for 20 yrs. I know some on here have had good luck with credit unions. I had to do the personal loan route through a car guy banker lol.

 

[RDJ]

Even most credit unions have a set limit on the oldest model year they will accept for a autoloan. You might need to look at getting a personal loan instead.

I would try a relationship with a local bank or credit union and see if you can get an 03 squeezed in. 7 years old is normally the cutoff point for most main street lenders.

Actually, what is needed is a credit union that uses the CPI book. The Cobras are listed in that book going back quite a ways. CPI stands for Cars of Particular Interest. My credit union will loan 100% of the purchase price if bought from a dealer and if it is listed in the CPI. Don't even bother with a Bank.

+1. I've had good luck with Penfed.

PenFed has a horrid rep on the internet. and has been discussed a number of times on here. I would not go to penfed or send anyone I cared about to penfed. you got lucky.

 

[CobraBob]

I just did an auto loan search through my CT Auto Club (AAA) for a 2003 Cobra with 20K miles and an assumed credit rating of 720. Only a 2-year load is available and it from a local credit union at 6.68%. So this tells me that you should be able to at least get a 2-year loan and that you are best off with a credit union vs. trying to get a bank loan.

I don't know if you have to be a AAA member to use their auto loan services. If you're a member, for sure go to their website and you can enter the car info and the site will search out their participating lenders for applicable loans.

 

[WastedGate]

thanks for all the info guys, I guess I will be hitting up the local credit union and try to get a membership deal going on. Do the usually let you go in the CR and get a loan relativly quickly after becoming a member?