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Topic: car bank loan advice
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351w
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Member # 11875
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posted
With 8% interest and a 4 year term his payment will be $610, insurance is unknown, but to tell anyone it's a good idea to spend around $750 a month to drive around an 03 Cobra isn't giving good advice, period.
Posts: 1018 | From: 510 | Registered: Apr 2012
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Robb
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Member # 9444
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quote: Originally posted by TEXAS: With 8% interest and a 4 year term his payment will be $610, insurance is unknown, but to tell anyone it's a good idea to spend around $750 a month to drive around an 03 Cobra isn't giving good advice, period.
Full coverage insurance on an 03 Cobra will be ALOT as well. $800+ a month is crazy for a 12 year old Mustang
Posts: 2467 | From: Sacramento,CA | Registered: Sep 2009
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*EPIK*
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Member # 7481
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quote: Originally posted by Robb: quote: Originally posted by TEXAS: With 8% interest and a 4 year term his payment will be $610, insurance is unknown, but to tell anyone it's a good idea to spend around $750 a month to drive around an 03 Cobra isn't giving good advice, period.
Full coverage insurance on an 03 Cobra will be ALOT as well. $800+ a month is crazy for a 12 year old Mustang
Can't say I disagree with you guys there. But I've gotten a loan for $26k once, and my monthly payment was $475, and I think my apr was around 7% give or take with a 5 year loan. Also got a loan for $19k with a 3.8% interest rate on a 5 year loan and my monthly payment was $300. If the loan is for $15k, he won't be in too bad of shape, but I suggest having at least $3k down on anyone of these loans.
What's even more crazy to me is that a 12 year old Mustang is still worth $25k, I'm sorry but 03-04 Cobras are grossly overpriced! [ 2015-06-03, 05:21 PM: Message edited by: *EPIK* ]
-------------------- =91 Notch:12.31@110 **Under Construction** =05 CTS-V: 418rwhp/393rwtq=13.01@111
http://www.djepikmusic.com
Posts: 6966 | From: 916 | Registered: Mar 2007
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Blind
2.3L CAFords OG
Member # 3052
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quote: Originally posted by *EPIK*: quote: Originally posted by Robb: quote: Originally posted by TEXAS: With 8% interest and a 4 year term his payment will be $610, insurance is unknown, but to tell anyone it's a good idea to spend around $750 a month to drive around an 03 Cobra isn't giving good advice, period.
Full coverage insurance on an 03 Cobra will be ALOT as well. $800+ a month is crazy for a 12 year old Mustang
Can't say I disagree with you guys there. But I've gotten a loan for $26k once, and my monthly payment was $475, and I think my apr was around 7% give or take with a 5 year loan. Also got a loan for $19k with a 3.8% interest rate on a 5 year loan and my monthly payment was $300. If the loan is for $15k, he won't be in too bad of shape, but I suggest having at least $3k down on anyone of these loans.
What's even more crazy to me is that a 12 year old Mustang is still worth $25k, I'm sorry but 03-04 Cobras are grossly overpriced!
a 5 year loan cost less per month than a 4 year loan?
-------------------- 89 LX Notchback ex 4cyl, 14psi 02 Harley F150, 15psi
Posts: 8521 | From: Fairfield | Registered: Jul 2003
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*EPIK*
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Member # 7481
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quote: Originally posted by Blind: quote: Originally posted by *EPIK*: quote: Originally posted by Robb: quote: Originally posted by TEXAS: With 8% interest and a 4 year term his payment will be $610, insurance is unknown, but to tell anyone it's a good idea to spend around $750 a month to drive around an 03 Cobra isn't giving good advice, period.
Full coverage insurance on an 03 Cobra will be ALOT as well. $800+ a month is crazy for a 12 year old Mustang
Can't say I disagree with you guys there. But I've gotten a loan for $26k once, and my monthly payment was $475, and I think my apr was around 7% give or take with a 5 year loan. Also got a loan for $19k with a 3.8% interest rate on a 5 year loan and my monthly payment was $300. If the loan is for $15k, he won't be in too bad of shape, but I suggest having at least $3k down on anyone of these loans.
What's even more crazy to me is that a 12 year old Mustang is still worth $25k, I'm sorry but 03-04 Cobras are grossly overpriced!
a 5 year loan cost less per month than a 4 year loan?
Thus the reason I've always opted for the 5 year loan, cheaper payments.
-------------------- =91 Notch:12.31@110 **Under Construction** =05 CTS-V: 418rwhp/393rwtq=13.01@111
http://www.djepikmusic.com
Posts: 6966 | From: 916 | Registered: Mar 2007
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adower
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Member # 5955
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posted
Get a 6 yr loan and make double payments every now and then.
-------------------- 98 Cobra Griggs S Trim HRE
Posts: 3327 | Registered: Aug 2005
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losbadgts
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Member # 4394
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Everyone knows making a longer loan means more money that u give away. I got a small loan last year for credit wise. Around 8500 with 3% interest. Which the bank is only going to make 500 bucks in five years but since im paying off the loan in about 2 years there only making around 200 bucks of me. Lol there is lots of loans now a days for new cars with 0% with good credit.
-------------------- Why pretent someone u are not, everyone else could see it.
Posts: 3625 | From: redwood city | Registered: Apr 2004
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92_5.0
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Member # 7624
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It's all about the down payment. Keep in mind dealer fees, tax, title, license, extended warranty etc. can easily swallow a down payment. Put a big chunk down to cover those fees as well as make a dent as a down payment.
-------------------- Infineon/Sears point? same difference! 11.8 @ 115 mph @ Sac Raceway 411 rwhp 402 trq (old set up) 540 rwhp 517 rwtrq (new set up) ET's to come
Posts: 1629 | From: bay area | Registered: May 2007
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*EPIK*
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Member # 7481
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posted
Yup, longer loan, means more interest, but it also gives you a lower monthly payment which allows you to pay extra on top of the payment if you can afford it, which goes directly to the principal, thus paying off the car a bit sooner. Also, it's nice to have the lower payment, just in case you are struggling money wise one month.
-------------------- =91 Notch:12.31@110 **Under Construction** =05 CTS-V: 418rwhp/393rwtq=13.01@111
http://www.djepikmusic.com
Posts: 6966 | From: 916 | Registered: Mar 2007
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losbadgts
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Member # 4394
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quote: Originally posted by *EPIK*: Yup, longer loan, means more interest, but it also gives you a lower monthly payment which allows you to pay extra on top of the payment if you can afford it, which goes directly to the principal, thus paying off the car a bit sooner. Also, it's nice to have the lower payment, just in case you are struggling money wise one month.
I totally agree with you on this. That why i went with a 5 year loan since u never know if something happens. But i knew going in i was going to pay off the car a lot sooner.
-------------------- Why pretent someone u are not, everyone else could see it.
Posts: 3625 | From: redwood city | Registered: Apr 2004
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*EPIK*
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Member # 7481
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quote: Originally posted by losbadgts: quote: Originally posted by *EPIK*: Yup, longer loan, means more interest, but it also gives you a lower monthly payment which allows you to pay extra on top of the payment if you can afford it, which goes directly to the principal, thus paying off the car a bit sooner. Also, it's nice to have the lower payment, just in case you are struggling money wise one month.
I totally agree with you on this. That why i went with a 5 year loan since u never know if something happens. But i knew going in i was going to pay off the car a lot sooner.
Yup, agreed 100%. I always put at least $50-$75 extra on top of my payment, at the bare minimum!
-------------------- =91 Notch:12.31@110 **Under Construction** =05 CTS-V: 418rwhp/393rwtq=13.01@111
http://www.djepikmusic.com
Posts: 6966 | From: 916 | Registered: Mar 2007
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Mr.10psi
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Member # 11062
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thanks for all the replies fellas. Really appreciate it. Should be easy from here on out
-------------------- 02 white saleen(sold) 347 stroker in the works
Posts: 1337 | From: 530 | Registered: Jul 2011
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SWITCH 625.0
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Member # 9322
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posted
I see you are in the 530, check with Sierra Central C.U. Their strong suit is car loans. If you are in the market for a Terminator, you don't have to pay 25K for one. I always jump on here and remind people not to go Terminator Crazy and over pay for one. The one warning I can give is, Terminator's are as expensive to insure as an 07 to 10 GT 500 or new 5.0 Good luck with your pursuit.
-------------------- 04 TR Cobra 07 Shelby GT/SC 552 HP 89 Gt 331,AFR's,Paxton,TKO,3:73 68 Nova 396, 4 speed, 12 Bolt 65 SPF 427 Cobra Replica
Posts: 165 | From: Yuba City,Ca | Registered: Jul 2009
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ed650
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Member # 9897
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I think the best thing to do is pay the minimum due and save on the side for incase you need money for your next payment, keep doing it like and at the end of the year give everything you have saved up and refinance again to lower your interest and monthly payments. Its pointless to give more than minimum because banks wont care if you pay more they will still want the minimum payment next month.
-------------------- 410w Hatch 306Ci Coupe
Posts: 1744 | From: menlo park | Registered: Apr 2010
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*EPIK*
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Member # 7481
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quote: Originally posted by ed650: I think the best thing to do is pay the minimum due and save on the side for incase you need money for your next payment, keep doing it like and at the end of the year give everything you have saved up and refinance again to lower your interest and monthly payments. Its pointless to give more than minimum because banks wont care if you pay more they will still want the minimum payment next month.
They don't care, but it knocks some directly off the principle when you pay extra, thus paying the car off quicker.
This has always worked for me, and it's even allowed me to payoff a loan a year and a half quicker by paying extra. [ 2015-06-03, 10:07 PM: Message edited by: *EPIK* ]
-------------------- =91 Notch:12.31@110 **Under Construction** =05 CTS-V: 418rwhp/393rwtq=13.01@111
http://www.djepikmusic.com
Posts: 6966 | From: 916 | Registered: Mar 2007
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SWITCH 625.0
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Member # 9322
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*EPIK* is right. It is a way to pay off early and save you money on the Interest. Start paying extra as early as you can. It's a very simple method to save you money and get the Pink slip early. Then you own it and have complete control.
-------------------- 04 TR Cobra 07 Shelby GT/SC 552 HP 89 Gt 331,AFR's,Paxton,TKO,3:73 68 Nova 396, 4 speed, 12 Bolt 65 SPF 427 Cobra Replica
Posts: 165 | From: Yuba City,Ca | Registered: Jul 2009
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ed650
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Member # 9897
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Didn't know that. [ 2015-06-03, 11:09 PM: Message edited by: ed650 ]
-------------------- 410w Hatch 306Ci Coupe
Posts: 1744 | From: menlo park | Registered: Apr 2010
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1996 GT
I'm Joe Yates
Member # 4992
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posted
quote: Originally posted by ed650: I think the best thing to do is pay the minimum due and save on the side for incase you need money for your next payment, keep doing it like and at the end of the year give everything you have saved up and refinance again to lower your interest and monthly payments. Its pointless to give more than minimum because banks wont care if you pay more they will still want the minimum payment next month.
That's really good advice!!! . I was denied a loan at Paul blanco, could you cosign for me?
-------------------- http://i.magaimg.net/img/257w.png
Posts: 9308 | Registered: Oct 2004
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Robb
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Member # 9444
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Carhop can get you driving today for as little as $99 down
Posts: 2467 | From: Sacramento,CA | Registered: Sep 2009
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JohnB
Tech Moderator
Member # 969
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quote: Originally posted by SWITCH 625.0: The one warning I can give is, Terminator's are as expensive to insure as an 07 to 10 GT 500 or new 5.0 Good luck with your pursuit.
My Shelby was double my Cobra. Wasn't expecting that, especially since both are paid off.
Insurance is definitely something to keep in mind!
And another +1 for Travis CU. They've been my bank for 20+ years, numerous loans through them. Good people.
-------------------- 1965 Shelby Cobra 1993 Cobra 2012 F150 Raptor 2020 GT500
Posts: 6523 | From: Orlando FL/Redding CA | Registered: Mar 2002
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SWITCH 625.0
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Member # 9322
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I checked last month and a new 5.0 and Gt 500's were $2.00 and $6.00 more a month compared to my Terminator. It may be my age and California vs Florida. The Terminator is high due to an "Excessive Claims History" (Go Figure!) The Gt 500 may not be old enough to have compiled a negative History with my Insurance Co. [ 2015-06-04, 11:48 AM: Message edited by: SWITCH 625.0 ]
-------------------- 04 TR Cobra 07 Shelby GT/SC 552 HP 89 Gt 331,AFR's,Paxton,TKO,3:73 68 Nova 396, 4 speed, 12 Bolt 65 SPF 427 Cobra Replica
Posts: 165 | From: Yuba City,Ca | Registered: Jul 2009
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venomous99
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Member # 1917
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crazy interest rates being thrown out here but i guess u gotta go w/ what is available to u based on your credit history. if you're getting quoted 7% obviously there is a good reason why you're getting a shiet rate .
financing is fine and yes even ppl w/ the money to front do it all the time..and there is nothing wrong w/ it as long as you put in some thought on whats the best course of action for your situation.
most often credit unions give you the best rates compared the big name banks. i was recently preapproved through premierone cu at 1.7% for a used car up to $50k for up to a 6 year term based on highest tier credit. also try penfed.org which usually has some damn good rates. good luck
-------------------- MKII Q7 89LX
Posts: 4811 | From: dc | Registered: Oct 2002
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5.t0es
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Member # 5864
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new vs used also plays a part in the rate.
Posts: 2990 | From: eb | Registered: Jul 2005
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adower
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Member # 5955
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quote: Originally posted by venomous99: crazy interest rates being thrown out here but i guess u gotta go w/ what is available to u based on your credit history. if you're getting quoted 7% obviously there is a good reason why you're getting a shiet rate .
financing is fine and yes even ppl w/ the money to front do it all the time..and there is nothing wrong w/ it as long as you put in some thought on whats the best course of action for your situation.
most often credit unions give you the best rates compared the big name banks. i was recently preapproved through premierone cu at 1.7% for a used car up to $50k for up to a 6 year term based on highest tier credit. also try penfed.org which usually has some damn good rates. good luck
The rate is being based off year of the car most likely. [ 2015-06-04, 12:21 PM: Message edited by: adower ]
-------------------- 98 Cobra Griggs S Trim HRE
Posts: 3327 | Registered: Aug 2005
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venomous99
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Member # 1917
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quote: Originally posted by adower: quote: Originally posted by venomous99: crazy interest rates being thrown out here but i guess u gotta go w/ what is available to u based on your credit history. if you're getting quoted 7% obviously there is a good reason why you're getting a shiet rate .
financing is fine and yes even ppl w/ the money to front do it all the time..and there is nothing wrong w/ it as long as you put in some thought on whats the best course of action for your situation.
most often credit unions give you the best rates compared the big name banks. i was recently preapproved through premierone cu at 1.7% for a used car up to $50k for up to a 6 year term based on highest tier credit. also try penfed.org which usually has some damn good rates. good luck
The rate is being based off year of the car most likely.
yeah i think most spots will give u prime rate as long as the car is 6 years or newer. im not sure how they scale the rates for cars older than that but it does make sense that rates may be higher.
my recommendation to the original poster is to hit up grandma or pops for some cash and pay em back over time. LOL...or u can just stack paper and buy the car outright. jp the challenges we face as car enthusiasts w/ limited cash flow.
-------------------- MKII Q7 89LX
Posts: 4811 | From: dc | Registered: Oct 2002
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