Question about getting a cobra.

[1Kona_Venom]

Couple questions...

how old are you?
graduate of high school and are you employed?

Ill ck back to see your answers before I respond:burnout:

 

[Brutaliate]

Im 18, I graduated high school last year, and yes I'm employed full time by my Uncle in his Radiology company.

 

[Bruha]

If I could give you my opinion it would be this. I would pay cash for this car. Owning your car is a great feeling. You can always upgrade down the road. I have a had all kinds of loans, and I have learned that the best way to build wealth is to stay out of debt. Either save some more money, or buy one in your price range. There are nice cars in that price range. Plus the money you have monthly and the interest you save would be better spent on mods

 

[Brutaliate]

Eh, I wont settle for less I know if I get something else ill just be wanting a cobra still, I want to build credit anyways and paying for it wouldn't be a problem. I have all my other expensense paid for besides my car insurance untill I finish college. :banana: But I do appreciate your input and advice.

 

[Bruha]

I never said get something else. Just pay cash!!! Credit rating is for the birds bro!!

 

[T800]

...I have a had all kinds of loans, and I have learned that the best way to build wealth is to stay out of debt.

This is true...but the irony is that the the only way to build credit is to be IN debt. OP, you are on the right track...put a big chunk down to keep your monthly payments low. Your insurance will probably be high, but not crazy 2-seater 'Vette high.

Try to keep the term(number of payments/months)low so that you can pay the car off as soon as possible. It will also help keep you ahead of the depreciation slide. I got 4.5% interest on my car with my credit union...try to join one, there are usually all kinds of benefits to doing so.

At your age, you want to have some revolving debt to help establish yourself in the credit world. Be sure to make your payments on time and you will be fine. This goes hand in hand with keeping your payments low. I pay $175 a month on my '03(put $10k down), if I lost my job or had money problems its alot easier to come up with that, than $300-400+ every month.

Next, BE PATIENT. I waited 7 months to find my car and 3 weeks after I bought it, a Sonic Blue '03 with 19k miles on it sold for $18k. I love my car, but damn. :whine:

Good luck and be sure to post pics of your ride when you get it!

 

[RDJ]

I never said get something else. Just pay cash!!! Credit rating is for the birds bro!!

one of the dumbest statements yet. try buying a house without a credit rating bucko ... bottom line is you CAN'T. so you go on and live in your apt paying someone elses mortgage.

 

[Brutaliate]

Thanks for all the replys guys I appreciate all the feedback, I have been researching around trying to find which credit union would be best for me to join.

 

[Bruha]

I never said anything about buying a house. Buying cars was my point!

Go ahead and live your life as someone else's bitch. Look at all the interest you pay on your loans.

one of the dumbest statements yet. try buying a house without a credit rating bucko ... bottom line is you CAN'T. so you go on and live in your apt paying someone elses mortgage.

 

[Crusher9008]

I bought my car a little bit ago(2 months) put 6500 down and financed 12k. (yes I got a crazy deal of 16,500 for my terminator) but my point is I ended up in the process of this switching banks from Comerica to a local credit union because there rates not only on loans but rates on cd's, savings, ect where sooooo much better. I have a credit score of 811 and I also have the money to pay for the car in full but I didnt. The point of what i'm trying to say is that sometimes its best to just make payments so you dont have to front everything at once... i'm not saying biuld a huge amount of dept becaus thats never good either.. but a good credit score can save you alot of money. oh by the way I got a 1.95% interest rate on my 12k. i think it works out to 800 dollars give or take in interest over the course of 52 months. I'm paying it off in a year but still not bad for a credit union.

 

[RDJ]

I never said anything about buying a house. Buying cars was my point!.

and my point is that without a credit rating you can't buy a house, and how do you get a credit rating? buy getting a loan on something like a car. put your rocket science hat on maybe you will get it then. here I will quote exactly what you said:

I never said get something else. Just pay cash!!! Credit rating is for the birds bro!!

and now I will reitterate what I said - this is one of the dumbest statements EVER when it comes to credit. try buing a house without a credit rating.

Go ahead and live your life as someone else's bitch. Look at all the interest you pay on your loans.

you can build credit without being someone else's bitch, all you have to do is be careful where you get your loan and your interest rates. Hell I have a Best Buy credit card that I have 8k on. ZERO percent for 5 years. how is using someone else's money for free, and getting your on time payments reported to the credit bureau being someone else's bitch?

YOU on the other hand, Mr. "credit rating is for the birds" will ALWAYS be someone elses bitch. because you will always be renting your house from someone else and paying their mortgage for them.

 

[Jimmysidecarr]

Hey guys, I'v just been wondering to myself for a few months about getting a cobra and how I would come about it. 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.

I'm 18, I have no credit, not bad credit. If I was to have 10-12k saved up in cash, and sold my 01' GT for 4000-4500 and wanted to get a nicer more expensive cobra 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? 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 company.

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!

Welcome to the forum. Thought and sentence separations, along with the associated punctuation changes and spell check provided free of charge.:beer:

Start shopping banks and credit unions. That is where your answers will come from, since they know what the conditions are fro lending you the money. The conditions are numerous and variable. They are in the money selling business, and they want your business, interest and fees are based mostly on risk.

Excellent credit is an extremely powerful financial tool worth acquiring. It is also power that can be gained much quicker than the same power derived from an equivalent wad of cash.

Be smart about your credit record and all your financial dealings and you will enjoy the freedom and leverage it can give you.