Quote:
Originally Posted by patrickt
Yeah, yeah, yeah... what do you think the rate would be on an $80k 10yr loan on a Cobra, assuming you could get it. 8%... higher?
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Assuming you can find a specialized loan, that's fixed. I'd speculate that a borrower would be lucky to see 10-year loan and 8%. And that $80,000 Cobra is now about $100,000 Cobra including interest.
If the OP had a HELOC, around 4%-ish, then maybe I'd finance a Cobra. Makes it easier to sell the car and cheaper with tax deductible interest.
I just think the whole process of selling a car with a specialized loan would be off-putting for any potential buyer.
"Ya, sure, you pay off my loan and the title will be in the mail to you in a few weeks from Podunk, USA."
Or maybe contact Toyota and see if they can extend their 0% financing to Cobras.
