For those who are buying a cobra....

cobralvr01

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I was wondering how those of you who are looking to buy a cobra plan on buying it? Do you typically pay cash, finance, or take out a bank loan? Do you fight the urge to get a loan and save for possibly years or say f*** it and get a loan? I've had a 1998 cobra before but had to trade it for a car that was more cross country friendly since I had to move. I've been getting that real bad itch for a year now for a cobra but it seems that I can never save enough to buy one straight with cash. Before you hit me, yes I make good money. I'm able to save over $450 a week after all bills are said and done (I am married and don't live with my parents) but it seems life keeps throwing stuff at me to knock out my savings. Should I just be patient and pay with cash and hope life doesn't throw another curve ball at me making this take even longer or should I try to finance? BTW I have an excellent credit score. The current vehicle I am financing I have almost paid off the loan and have 3.57% apr on it. So I get really good apr rates. My wife really wants me to get a cobra again. I'm just curious...
Here's my previous cobra
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It had 33k original miles when I bought it.
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Look at that mint interior. No real creases in the leather and still had that brand new leather smell.
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The paint was absolutely flawless and didn't have any bubbling on the rear wing like my previous sn95 had.
1916334_1341367497488_5063321_n.jpg


When I traded it in everything was the same but it had the y2k hood on it. I truly did tear up when I walked away from the dealership lot and left it behind :cryying::cryying:. It was my dream car all through my childhood and finally owned it when I was only 19. Mommy and daddy didn't buy it for me fyi. I worked my ass off for years to save and when I had money left over from a student loan I put it towards buying this.
 

J.Rovirosa

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They're cheap enough now to where I'd probably try to buy in cash. Also not sure how easy it would be to get a loan on these cars now as old as they are.
 

howie8124

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DCU (digital federal credit union)- maybe not for the sn95 age but my friend used them for his terminator and got a smoking rate. I believe it was well under 3%
 

dlaude

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Try to find a credit union, many finance up to NADA.com values for any year car. Mine does 100% of NADA value, up to 60 months @ 4.99%. Depending on mileage, NADA values are about 7-9k for these 96-98 Cobras now. You can throw a little on top if you find one you like if they're asking more than NADA value. I wanted to pay cash as well, but once I found that out, 4.99% isn't horrible, and for $180/month, I'm going to go the finance option. Good luck!
 

Zemedici

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It will be difficult to get a loan through a bank for the earlier cobras due to age and mileage. Credit union maybe.

I went through my old dealership to finance my 04, and got 4% with moderate credit, for 48 mths.

I would suggest just saving up and paying cash, one and done. :beer:
 

getTwisted

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You will need to find a credit union, like mentioned above. Then you will need a large down payment. If you are putting back a solid $400.00 per week, it will not take you long to save up for a down payment. A credit Union isn't going to loan you much on an older car so I would make atleast a 75% down payment. Your monthly bill will be super low and with the extra money you will be saving you can just pay the car off early. Better to do it like that then to try to take out a huge loan that will eat up most of your savings, then have the so called "curve ball" thrown at you.

I made a 90% down payment on my car, through a Credit Union and got a great interest rate on the rest. Every couple of months I just pay a little extra on whats left.

Best of luck!
 

cobralvr01

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Damn, this forum community is a lot better than the one I just came from (R3VLimited). I would've been flamed immediately for asking this question. Thanks for all the help guys. :coolman:
 

Zemedici

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Damn, this forum community is a lot better than the one I just came from (R3VLimited). I would've been flamed immediately for asking this question. Thanks for all the help guys. :coolman:

This forum's better than most :beer:

Just stay out of smackdown unless you've got the skin thicker than hell.
 

2 cam sam

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Mine I borrowed from my Mother in law. 1 year loan no interest. I do have to put up with her though.
 

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