Question about getting a cobra.

[Brutaliate]

Hey guys, I'v just been wondering to myself for a few months about getting a cobra and how I would come about it, and I thought I might ask you older guys that have done this type of thing more than I have ever. Ever since I met my dads friend that has an 03' torch red 10th anniversery cobra a few years ago I have wanted my own one just like it badly, I love mustangs I myself have an 01' GT right now and my dad has a 11' 5.0 and he has taught me all I know about cars as he has had several cars and i have helped him mod things and such on his cars. Im 18, I have no credit but not bad credit, If I was to have 10-12k saved up in cash, and sold my 01' GT for (4000-4500) or so but I wanted to get a nicer more expensive cobra i was thinking in the (20000-22000) range because I want something nice that I could take and do what I wanted to it, and put a big down payment on a loan for the car. How willing are banks to loan on an 03' when you have no credit but i would be paying off more than half of the loan right there, and I also know some banks do not loan for cars past a certain year. I have wells fargo right now and just got a well paying job working for my Uncles Radiology compony, and I was just curious and how some of you guys have had luck with this type of thing, you may say "save up and just buy cash" but I want to do it this way because that way I could build credit doing it. Making the payments wouldn't be an issue I just think the issue will be getting the loan itself and I was just looking for some advice from more experienced people.


Thanks in advance!

 

[RDJ]

as long as the application doesn't have a written portion you should be ok. assuming you have a job that can support the payment. You may have to get your dad to co-sign for you however since the economy is still in the tank.

Hey guys, I'v just been wondering to myself for a few months about getting a cobra and how I would come about it, and I thought I might ask you older guys that have done this type of thing more than I have ever. Ever since I met my dads friend that has an 03' torch red 10th anniversery cobra a few years ago I have wanted my own one just like it badly, I love mustangs I myself have an 01' GT right now and my dad has a 11' 5.0 and he has taught me all I know about cars as he has had several cars and i have helped him mod things and such on his cars. Im 18, I have no credit but not bad credit, If I was to have 10-12k saved up in cash, and sold my 01' GT for (4000-4500) or so but I wanted to get a nicer more expensive cobra i was thinking in the (20000-22000) range because I want something nice that I could take and do what I wanted to it, and put a big down payment on a loan for the car. How willing are banks to loan on an 03' when you have no credit but i would be paying off more than half of the loan right there, and I also know some banks do not loan for cars past a certain year. I have wells fargo right now and just got a well paying job working for my Uncles Radiology compony, and I was just curious and how some of you guys have had luck with this type of thing, you may say "save up and just buy cash" but I want to do it this way because that way I could build credit doing it. Making the payments wouldn't be an issue I just think the issue will be getting the loan itself and I was just looking for some advice from more experienced people.


Thanks in advance!

 

[jdh1213]

Ask your bank or if you have State Farm Insurance they do car loans as well. I bought mine 2 years ago and put $5,000 down and financed the other $15,000 through State Farm.

 

[Brutaliate]

Well I used to have State Farm on my car, but i dropped it because one payment it jumped up 100 bucks for no reason, I'v never been in a wreck, never had a ticket nothing. So I switched to Gieco and they gave me a quote and my payment for insurance and it was lower than the original state farm one (before the random 100 dollars increase) I haven't had a problem since. I'm not sure if Gieco does car loans but I would assume they would.

 

[707svt]

Bank's dont load you the car they loan you the money so they dont care what your buying but it dose have to be within 10yrs from 2011-2012 so ur still good. you might need a co signer do to you have no credit, aslo the car ur buy has to be worth the money there leanding you or they will not give it to you, they also want a clean carfax. I would suggest to not go with ur current bank, IMO credit union's are the best for used car loans they have great intrest rates witch is something else you wana make sure you get.

 

[Brutaliate]

Well duh I know a bank does no "loan" you the car, they loan you money for it haha. I guess I worded that last post bad.

 

[nycarpenter]

Well duh I know a bank does no "loan" you the car, they loan you money for it haha. I guess I worded that last post bad.

Don't be surly here we are just offering ideas. Bottom line credit score over 700 and a job with little revolving debt is what it takes in this economy to get a used car loan.

 

[Brutaliate]

I wasn't at all? I appreciate all the feedback so far guys!

 

[Darko]

Personally I would co-sign the loan. Helps you build your credit but also enables you to keep a lower APR because chances are your parents have fair credit. As far as getting a loan for a used car. I have never run across a problem. But it all really depends on the amount and the bank. Good luck! And post pics when u get one!

 

[mach1033]

You can try joining a credit union as well. They have different rules than banks.

 

[SVT Pille]

Op my car was 21.5, I put 10,000 down and financed the rest at 8% interest and I came into the deal with no credit. Just a co-signer.

Bank had no problem financing it because of the age or credit, just find the right bank.

 

[RDJ]

Op my car was 21.5, I put 10,000 down and financed the rest at 8% interest and I came into the deal with no credit. Just a co-signer.

Bank had no problem financing it because of the age or credit, just find the right bank.

you had a co-signer that made all the difference in you getting the loan with no credit. had you not had a co-signer I guarentee the bank would have issues with your age and/or credit

 

[Brutaliate]

Alright, so it seems the way to go is to find a co-signer from what I can tell with no credit, and I'm sure my dad would have no problem with it, I know for sure he has good credit. Ill have about 10k saved up in a month then ill try to sell my GT and start looking for one! :beer: And RDJ you live pretty close to where I do, I live In Georgetown (but my profile says burleson just moved) You have a cobra you drive around?

 

[sabotage]

dont worry if you have 10 grand down a credit union will have no problem financing a cobra, you might get a high interest but you can allways refinance later. Just make sure you make payments on time and also dont rush into buying the first one, be patient it will come...... mine did

 

[T800]

You can try joining a credit union as well. They have different rules than banks.

This. A credit union will loan on an older car more often than a bank usually will. You can usually get a better interest rate.

My credit union will give me $1,000 towards a new car if this one gets totalled and they gave me $100 when I paid off my last loan. Not a lot of money...but, $100 more then Bank of America gave me. Also, they were willing to loan 110% of the book value of whatever I was buying.

Shop around. Banks and Credit Unions are businesses just like anything else. Good luck!

 

[RDJ]

dont worry if you have 10 grand down a credit union will have no problem financing a cobra, you might get a high interest but you can allways refinance later. Just make sure you make payments on time and also dont rush into buying the first one, be patient it will come...... mine did

this is just stupid advice when you can get a co-signer. if you CAN'T get a co-signer it is sort of ok advice depending on the interest rate you actually get.

 

[sabotage]

posted by RDJ>>>>>this is just stupid advice when you can get a co-signer. if you CAN'T get a co-signer it is sort of ok advice depending on the interest rate you actually get.


Iam just going by my expierence i ought my cobra with 22 percent interest refinaced two months later to anothe credit union with 4.5 interest rate......

 

[RDJ]

posted by RDJ>>>>>this is just stupid advice when you can get a co-signer. if you CAN'T get a co-signer it is sort of ok advice depending on the interest rate you actually get.


Iam just going by my expierence i ought my cobra with 22 percent interest refinaced two months later to anothe credit union with 4.5 interest rate......

learn how to quote .. jesus what are you using an abacus?


I will call B.S. on going from 22 percent to 4.5 percent with no credit and no co-signer in todays economy. if it's true good for you but you got extremely lucky or had a friend do it for you.

 

[Silver2003Cobra]

your forgetting ONE thing.. how much your insurance is going to cost you.. I'd be willing to bet that the insurance payments will be more than the car payments on an 03 Cobra for an 18 year old..

 

[Brutaliate]

Yes I would be more than willing to, I know I'm going to have to have to have full coverage if I'm getting a loan on car.