USAA or Navy Federal as well
USAA will loan up to 120% of BLACK BOOK VALUE which always leaves money for mods after purchase
USAA will loan up to 120% of BLACK BOOK VALUE which always leaves money for mods after purchase
Financing your future cobra/ car?
- Thread starter cschuette
- Start date
I called around for collector car insurance awhile back. They all had age discriminators set at 25 years or older for a driver of the vehicle. Since I like to share my cars with my 2 teenage sons, I’m forced to pay daily driver rates for my cars through USAA. Having teenage boys and a growing fleet of performance cars puts my insurance in the stupid-high category. Once my boys are 25+, I’ll switch to an agreed value collector policy.
I use Grundy for insurance since the Cobra spends most of it's time sitting in the garage.
Have you asked your insurance for storage coverage when you're not driving it to save some money on insurance? My wife and I have 3 other cars so in the winter, we place both Lexus' on storage insurance and drive the Pathfinder. In the summer, we put the Pathfinder on storage and drive the Lexus'
Have you asked your insurance for storage coverage when you're not driving it to save some money on insurance? My wife and I have 3 other cars so in the winter, we place both Lexus' on storage insurance and drive the Pathfinder. In the summer, we put the Pathfinder on storage and drive the Lexus'
I just purchased my 03 Cobra 2 months ago and my credit union gave me a 2.25 percent interest rate for 72 months and don't have to make my first payment until the 3rd month. I drove 26 hours round trip for my car and was worth it. Got a great price on a 18k mile 03 cobra...
Magdaleno hernandez
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What was your credit score if you don't mind me asking? I'm trying get a loan as well for I can get my first cobra. And I'm planning on going to my local credit union. Thanks!
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My score was 786...
I’m over 800 too, but it’s more than that... I’ve been with USAA for about 30 years. I’ve financed and insured a crap-ton of stuff through them. At this stage, I just pick up the phone and only hear: “yes sir... no problem.” They will basically finance anything for any amount. I’m quite positive it all can be attributed to my long history with them and the fact that I’ve never had a late payment on anything ever.
I financed mine through WPCU for 60 months I think APR was high 3 or right at 4%. They went 120% of value can’t remember which book.
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You could always try these guys.
https://www.jjbest.com/auto-finance....+best&utm_content=1384644x695854578685591466
Usually credit unions are good to work with and they have great rates. I financed my '13 Roush Stage 3 with one and got a killer monthly payment. It was 100 bucks less a month, but added one year to the loan. No biggie. I financed it for 7 years,..........paid off in less than 3. I use that extra 100 bucks savings towards adding to the payments. I forget what the interest rate was, but it was silly low. Something like 1.9%.
I'm financing my '16 Ram Sport 4X4 rcsb with Chase Auto Finance. My interest rate is 2.49% at 7 years. I put 0 down. Financed everything, taxes, everything. I love financing for longer terms. It gives me a lower monthly payment, which I have the truck paid off for the complete 2018 year. No payment due till the end of January, 2019.
I may try to refinance with the credit union to see if I can get the monthly payment any lower and pay it off that much quicker.
https://www.jjbest.com/auto-finance....+best&utm_content=1384644x695854578685591466
Usually credit unions are good to work with and they have great rates. I financed my '13 Roush Stage 3 with one and got a killer monthly payment. It was 100 bucks less a month, but added one year to the loan. No biggie. I financed it for 7 years,..........paid off in less than 3. I use that extra 100 bucks savings towards adding to the payments. I forget what the interest rate was, but it was silly low. Something like 1.9%.
I'm financing my '16 Ram Sport 4X4 rcsb with Chase Auto Finance. My interest rate is 2.49% at 7 years. I put 0 down. Financed everything, taxes, everything. I love financing for longer terms. It gives me a lower monthly payment, which I have the truck paid off for the complete 2018 year. No payment due till the end of January, 2019.
I may try to refinance with the credit union to see if I can get the monthly payment any lower and pay it off that much quicker.
Best thing to do for financing is to call around and find an institution that uses “cars of particular interest” black book. It has a realistic valuation for older collectible cars and most places will use that for the loan rather than kbb
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I financed my 03 cobra through my local credit union. It wasnt the most ideal situation but was the best option for me. They will loan 125% of book value,which I was able to get as the purchase price.Then i had to pay for DMV fees out of pocket.
When I got mine, they said the value was $18k. I had to explain to them what it is and what they typically go for, but Ive had 2 auto loans already with them that I paid off over a year early so I didnt have an issue.
You have to go with a creit union or bank that you have used previous. In the last 4 years I've paid off two cars with Navy Fed. They valied the car at Around $19k so they said the loan to value was too high, but I explained to them what exactly the car is. If youir credit score is over 800 with recent vehicle credit and a solid income, you should have no issue. You should be able to walk into any bank and get a loan.
I think it's more the bank than anything... I've used this credit union since I was 16 and had my first motorcycle loan. Credit score over 800, 70k a year and still no dice. Simply see the car valued far lower than asking price. I know better, but there program doesn't. The other thing I'm blown away by, is the interest rates you all see with credit unions lol I have never had a loan through my local CU lower than 3%. Gah... My ass hurts reading your comments! Lmao
Yep!!! I agree 100%. Being retired from the Army after 22 years and going through USAA to finance my coupe was no big deal because the car was only 4 years old at the time. However, when I bought my Vert in 2016 they gave me NO/ZERO issues when I applied for the loan and the interest rate was pretty good too.
They also give up to 120% of the value in case you need it. USAA has always been great when it comes to my financial needs.
Really, wow. I never paid more than 4% on a vehicle. I was 2.75% on my Lightning. Usually credit unions have the lowest rates because they are unregulated. How much is the price of the car? Year and miles?
And by no means am I bragging. I'm high 700's with income in the upper $40's
No man not at all - I don't mean to come off as arguing either. I am extremely happy for you folks that are able to finance these cars with such low interest. So with that being said...
I like to drive generally cheaper cars - I guess my thing is to buy cheap cars, fix them and flip them. I do this at least 5 times a year. Most of my loans are on vehicles that are older, and I'll run the term out to 60 months - 72 if I can. Just due to my nature of flipping the cars I guess cheapest payment is ok for me.
Maybe my CU is annoyed at how many times they deal with me taking one out and paying it off that they screw me? lol Hard telling.
But again - I certainly don't mean to sound like the asshole who is arguing so don't think that please. Just simply stating I am jealous of you folks!
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