Loan on Cobra

GTermi · June 26th, 2010, 11:33 PM

My future wifey is wanting a Cobra and i was wondering if it was still possible to get a loan on a car thats that old. Would a personal loan b better or can i still do a car loan? any feedback helps, thanks

mystk96 · June 26th, 2010, 11:35 PM

what yr cobra

GTermi · June 27th, 2010, 12:48 AM

oh sorry, 03 04 cobra

mystk96 · June 27th, 2010, 12:54 AM

id say you could depending on the price

GTermi · June 27th, 2010, 01:19 AM

we r look between 17-20k.

BadBlackGT · June 27th, 2010, 01:57 AM

Bank wouldn't loan to my friend for an 03 mach 1 because if its older than 7 years old and over 10k they wouldn't finance it. But thats just his bank, so i'd just go look around and talk it with them. Possibly an 04 may get through there though. Someone has to because people are still buying them and they're obviously holding onto some value. and thats badass that ur wife wants a termi. give her knucks for me. And you get a hug for marrying such an awesome gal.

lol...

Threetimes · June 27th, 2010, 02:34 AM

I tried getting a loan for a older cobra but the bank told me somthing about the value and year not being resonable,They like to dictate what kind of cars people get I guess. It really just depends on the bank.they wanted me to get somthing 2000 or newer which sucked but im happy witht he end result anyways.

Perfectcircle · June 27th, 2010, 02:43 AM

Originally Posted by Threetimes

I tried getting a loan for a older cobra but the bank told me somthing about the value and year not being resonable,They like to dictate what kind of cars people get I guess. It really just depends on the bank.they wanted me to get somthing 2000 or newer which sucked but im happy witht he end result anyways.

It's not that they like to dictate what car you drive, THEY'RE paying for it. Not you. When you decide to default on the loan and the bank takes the car THEY BOUGHT back, and sells it to recoup the money you owe them they want to make sure they get as much as they can back. You take out a 20k loan on a 5k car, and default..they're screwed. If you don't understand how loans work you have no business in getting one.

98Cobra_sleeper · June 27th, 2010, 08:01 AM

i got a loan for a 1994 mustang gt 2 yrs ago. it all depends on the bank.

Doc8224 · June 27th, 2010, 11:29 AM

Most banks will loan on 10 yr old cars and newer. If you have a good bank that knows you then they will go older mostly because it's not a lot of money and they can swing it as a "personal" loan. Banks are looking at your debt to income ratio as well so make sure that is low or they may not even look at you. Most big automaker lenders such as ford and GM finance will lend on used cars from their dealers but they like to keep that to a 10 yr old maximum too. Best to try your bank or find a bank that will lend you the money. If you tell a bank you will switch all your accounts to their bank they will work with you more. Still comes down to credit score and debt to income ratio so don't forget to check both of those before wasting your time at the bank or dealer

04MachOne · June 27th, 2010, 12:03 PM

My bank wouldn't give a loan on a car over 7 years old which is why I didn't end up with an 01 Cobra. Really glad now that they wouldn't. BUT they would give a personal loan but the best interest rate with that is 14% or something so that was a definite no.

RC04SVT · June 27th, 2010, 01:38 PM

Wells Fargo gave me a loan for my 04 cobra a couple months back

weems · June 27th, 2010, 02:06 PM

I got a loan on my 03 in february, I had a hefty down payment though.

Stephen4036 · June 27th, 2010, 02:11 PM

most banks go up to 10 years fyi if its really old they will only go up to 4 or 5k. if its a nice 04 cobra with low miles and your only borrowing 15k then yeah they will.

GearedGT · June 27th, 2010, 10:31 PM

Originally Posted by GTermi

My future wifey is wanting a Cobra and i was wondering if it was still possible to get a loan on a car thats that old. Would a personal loan b better or can i still do a car loan? any feedback helps, thanks

Depends on your bank, although you may have better luck with a credit union.

bigz5000 · June 28th, 2010, 01:22 PM

My Credit Union gave me a 100% loan on my 98...

Jobra · June 28th, 2010, 01:30 PM

I took out a 12k loan on my 04 Cobra. Had to finance through a dealership because other banks didn't like older than 05. I did a huge downpayment as well, but even if someone finances you for an 03/04 with perfect credit (what I have) they will rape you with interest rates. I tried to get a 3 year loan from a local bank and they wanted 9.799 interest or something and my credit is exceptional.

June 26th, 2010, 11:33 PM	#1
GTermi Enthusiast 2004 Mustang GT Join Date: Mar 2009 Location: Fort Worth Posts: 640 iTrader: 0 reviews	Loan on Cobra My future wifey is wanting a Cobra and i was wondering if it was still possible to get a loan on a car thats that old. Would a personal loan b better or can i still do a car loan? any feedback helps, thanks __________________ My Car- 2004 Mustang GT Her Car- 2011 V6 Auto Premium Saving up for either a 2009 Shelby GT500 or a 2011 5.0...Can't decide!

June 27th, 2010, 12:48 AM	#3
GTermi Enthusiast 2004 Mustang GT Join Date: Mar 2009 Location: Fort Worth Posts: 640 iTrader: 0 reviews	oh sorry, 03 04 cobra __________________ My Car- 2004 Mustang GT Her Car- 2011 V6 Auto Premium Saving up for either a 2009 Shelby GT500 or a 2011 5.0...Can't decide!

June 27th, 2010, 01:19 AM	#5
GTermi Enthusiast 2004 Mustang GT Join Date: Mar 2009 Location: Fort Worth Posts: 640 iTrader: 0 reviews	we r look between 17-20k. __________________ My Car- 2004 Mustang GT Her Car- 2011 V6 Auto Premium Saving up for either a 2009 Shelby GT500 or a 2011 5.0...Can't decide!

June 27th, 2010, 08:01 AM	#9
98Cobra_sleeper Enthusiast 1998 mustang cobra Join Date: Jul 2009 Location: pa Posts: 617 iTrader: 0 reviews	i got a loan for a 1994 mustang gt 2 yrs ago. it all depends on the bank. __________________ HP twin turbo - 691hp/608tq with 15lbs huffed in (old setup) comin soon...ON3 turbo kit, PTE7175

June 27th, 2010, 11:29 AM	#10
Doc8224 N/A 4v Guru 2003 Mach 1 Join Date: Oct 2007 Location: Afghanistan Posts: 3,463 Blog Entries: 2 iTrader: 1 reviews	Most banks will loan on 10 yr old cars and newer. If you have a good bank that knows you then they will go older mostly because it's not a lot of money and they can swing it as a "personal" loan. Banks are looking at your debt to income ratio as well so make sure that is low or they may not even look at you. Most big automaker lenders such as ford and GM finance will lend on used cars from their dealers but they like to keep that to a 10 yr old maximum too. Best to try your bank or find a bank that will lend you the money. If you tell a bank you will switch all your accounts to their bank they will work with you more. Still comes down to credit score and debt to income ratio so don't forget to check both of those before wasting your time at the bank or dealer __________________ Military Crew U.S. Army Aviation Apache's Lead The Way

June 26th, 2010, 11:35 PM	#2
mystk96 Hardcore Enthusiast 2005 trd tacoma sport Join Date: Mar 2007 Location: Cleveland Ga Posts: 1,237 iTrader: 0 reviews	what yr cobra

June 27th, 2010, 12:54 AM	#4
mystk96 Hardcore Enthusiast 2005 trd tacoma sport Join Date: Mar 2007 Location: Cleveland Ga Posts: 1,237 iTrader: 0 reviews	id say you could depending on the price

June 27th, 2010, 02:34 AM	#7
Threetimes Regular 2000 Join Date: Jun 2010 Location: Ohio Posts: 62 iTrader: 0 reviews	I tried getting a loan for a older cobra but the bank told me somthing about the value and year not being resonable,They like to dictate what kind of cars people get I guess. It really just depends on the bank.they wanted me to get somthing 2000 or newer which sucked but im happy witht he end result anyways.

June 27th, 2010, 12:03 PM	#11
04MachOne Regular 2004 Mach 1 Join Date: Mar 2010 Location: Winston-Salem, NC Posts: 461 iTrader: 0 reviews	My bank wouldn't give a loan on a car over 7 years old which is why I didn't end up with an 01 Cobra. Really glad now that they wouldn't. BUT they would give a personal loan but the best interest rate with that is 14% or something so that was a definite no. __________________

June 27th, 2010, 01:38 PM	#12
RC04SVT Regular 04 Cobra Join Date: Jun 2008 Location: Richmond, VA Posts: 363 iTrader: 0 reviews	Wells Fargo gave me a loan for my 04 cobra a couple months back __________________ 04 Redfire Cobra SVT - JLT RAI, Bassani Catted X,Borla Stingers, MGW STS, Tune 08 Mazdaspeed 3 - Too many boltons - SOLD 00 Mustang GT - Too many boltons - Traded

June 27th, 2010, 02:06 PM	#13
weems Tech Exchange Head Honcho 2003 SVT Cobra 11.70 @ 121 Join Date: Aug 2006 Location: Forsyth/Statesboro, GA Posts: 9,176 iTrader: 3 reviews	I got a loan on my 03 in february, I had a hefty down payment though.

June 27th, 2010, 02:11 PM	#14
Stephen4036 Banned 2000 Mustang GT 14.10 @ 98 Join Date: Aug 2009 Location: Orlando, FL Posts: 491 iTrader: 0 reviews	most banks go up to 10 years fyi if its really old they will only go up to 4 or 5k. if its a nice 04 cobra with low miles and your only borrowing 15k then yeah they will. __________________ [SIGPIC][/SIGPIC] [LEFT][B][COLOR="Red"]4r70w to TR3650 Swap...[/COLOR] [COLOR="Red"][COLOR="Yellow"]SRA to 2001 IRS Swap...[/COLOR][/COLOR] [COLOR="Orange"]2000 2v to 98 4v Swap...[/B][/COLOR] [COLOR="RoyalBlue"][B][I]there really isn't much else to swap... :cool:[/I][/B][/COLOR][/LEFT]

June 28th, 2010, 01:22 PM	#16
bigz5000 Regular 1998 Mustang Cobra Join Date: Apr 2010 Location: Kansas Posts: 111 iTrader: 0 reviews	My Credit Union gave me a 100% loan on my 98... __________________ MMR Built Short Block, Vortech V1 Supercharger, AIS Methanol Injection, BBK LT's, X Pipe, Flowmasters, Steeda Springs, Tokico Shocks, Spec 2+ Clutch, Tri Ax shifter, 4:10's, SCT Tuner

June 28th, 2010, 01:30 PM	#17
Jobra Hardcore Enthusiast 2004 Cobra 7.4@97 Eaton Join Date: Jan 2009 Posts: 2,124 iTrader: 1 reviews	I took out a 12k loan on my 04 Cobra. Had to finance through a dealership because other banks didn't like older than 05. I did a huge downpayment as well, but even if someone finances you for an 03/04 with perfect credit (what I have) they will rape you with interest rates. I tried to get a 3 year loan from a local bank and they wanted 9.799 interest or something and my credit is exceptional. __________________ NEW NUMBERS: 609/543

Remove Advertisements Sponsored Links
Ford Mustang Forum Advertisement

Threads Similar to: Loan on Cobra
Thread	Thread Starter	Forum	Replies	Last Post
Loan without a title?	dcook_14	The Clubhouse	14	February 2nd, 2010 05:03 PM
Loan Help.	01KnightRiderGT	The Clubhouse	12	October 14th, 2009 01:26 PM
k takeing a loan out and?	00GT5spd	99-04	63	August 24th, 2009 04:13 AM
Help.. AUTO LOAN...??'s an INSURANCE ??'	svtkidd23	The Clubhouse	33	May 4th, 2009 12:45 PM

All times are GMT -4. The time now is 05:43 PM.
Contact Us - Modded Mustangs : Ford Mustang Forums - Privacy Statement - Top
Modded Mustangs is ©2005-2008, All Rights Reserved, And is Not Affiliated with Ford Motor Company. Forum is powered by vBulletin ©2000 - 2012, Jelsoft Ent. Ltd. & SEO by vBSEO 3.3.2 ©2009, Crawlability, Inc.