Financing your Cobra...Woodside Credit?

[rtstrack]

I used my local credit union. They were very easy to work with
Good Luck

[patrickt]

Originally Posted by rtstrack

I used my local credit union. They were very easy to work with.

I went with Benny's Loan Service http://www.nypost.com/seven/10132008...ark_133385.htm I missed a payment, but my knees are starting to recover now.

[poboy427]

I am probably the poorist SOB on the forum,(state public employee). I barrowed to get my Pantera. I barrowed to get my 66 Shelby GT350 and I paid cash for my SPF roller and built the alum Shelby for it the hard way-out of my back pocket over the course of 3 years. I sacrificed and drove my family trucks and cars to 150,000 miles. My neighbors and co-workers bought and leased cars every 2-3 years and as a result they have nothing in the way of toys. They were smiling and I was smiling.

I have a gorgeous home and put 3 kids through college too.

My secret-I have always bought smart and bought homes and cars that appreciated. I never smoked and curtailed my drinking at age 30. I have 30 yrs at one job and I AM STILL ON MY FIRST MARRIAGE (divorces can be devistating) and I have always been healthy. At age 56 I should have something to show for it.

Don't lecture the man on desire to have an expensive toy. Sure there are guys on this forum who can pay cash for everything. That's not the majority though. If your job is secure and you are willing to sacrifice until your toy is paid for-Go For It. You may have to put up a title of another car. Most banks cringe at the words kit car or componant car. Once the car is done you can always look to refinance under a more suitable rate.

Don't forget most banks will want full coverage insurance year around over the life of the loan. I had an understanding and trusting banker who let me drop liability and collision coverage in the winter months as he was convinced these cars never have seen rain or snow. Oh yeah, honey has to agree to. If she is against it you have a challenge. Good luck.

Ray

[lovehamr]

No opinion here but I used another car that I own to put up as collateral and got a loan from my credit union @ about 5%. Worked for me.

Steve

[JWheaton]

Truely not meaning to be disrespectful of peoples opinion but reading this thread is difficult. ( iknow don't read it..blah, blah, blah)

The guy asked about financing. He didn't ask to be lectured by anyone with their own financial philosophy. If he can get the money to finance then that is his choice to do so. The big 3 might be in bailout mode, but it does not mean this guy is in bailout mode.

What do we have here as real advise:
1) Bank - doubtful
2) Equity line of credit or loan
3) Loan based on other colateral - currently owned car as an example
4) Bank of Mother, Father, Brother, Sister
5) Save

Good luck to you and your purchase Ludicrous. My opinion... get what you want to and reasonably can afford. You decide how to define reasonablly afford. You will enjoy the car way more than the payments.

[Michael P. Wole]

Has anyone thought about why the nation(world) is in the shape it is in today? It all boils down to the credit/financing issue...Homes being purchased by people that are probably upside down on thier vehicle ('s).
A Cobra kit car is not an investment....you are upside down the minute you pay for and then start putting more money in it(maybe even putting the parts on plastic).
I waited along time to get my toys to play with and pay cash for them.
I paid my mortgage off like I was supposed to.
I paid off mega bucks that was used to finance my business.
I got two kids thru college without loans.
Now it looks like I am going to be paying for mortages that I have not committed to.
AND the best part: now maybe some Cobra's

[Rick Parker]

I don't want to oversimplify this but most lenders require that an auto loan be collateralized. There are rare exceptions, but they generally do not apply here. The collateral for an auto loan is the Vehicle Title itself, which is then held by the Bank or lender or in some states the title is stamped with 1st or 2nd lien assigned on the title itself. Understand that all kit cars do not have a title created or issued until they become a complete vehicle (assembled with engine, transmission, etc) and are then inspected by the proper authorities as needed, pass emissions testing (if required) and then subsequently licensed. Prior to that they a "just a collection of parts", regardless of the $$ spent on them, their quality or origin. Often from a lenders standpoint, if the proceeds of the loan are to be used for an incomplete kit car, it will (in most cases) be considered a high risk loan, even though it may be secured with alternative collateral (perhaps the title from another car, bonds or other real property) and in most cases carry a little higher intertest rate. If it is a completed car or one with an MSO such as a Superformance, Shelby CSX, or Kirkham that is finished barring final licensing, they can often be treated as a completed car with favorable interest rates.
Some lenders & specialty finance companies have lost their funding sources due to losses and the "Credit Crunch" so it is possible it could affect the availability of this type of loan.

[Cashburn]

Just to add updated info. We have seen a few more lenders throw their hats in the ring on the financing of "kits", so there are plenty of options now. If you need any info just shoot me an email.

[tcrist]

Everything that I have done including buying the kit/sort of ( I bought a previously built Cobra that was taken completly back apart "every nut and bolt" less motor and trans) I paid CASH for. No financing. For me, this is an expensive hobby and it will just cost more in finance charges if you do not pay cash. Save up your money and pay cash for it piece by piece. I have been putting it together for 4 years.
JMHO
Terry

[Gary Stubbs]

A Cobra to me is like a Harley on 4 wheels. Can't remember who said the mostfun I 've had with my cloths on. Probably Bob HOpe. Do it without any regrets though, practice the buyers remorse thing first. BTW ludicrous, inverted flat spins in a pitts are okay with a tail shute and one on your back, how do I know?

[LudicrousSpeed]

Originally Posted by Gary Stubbs

A Cobra to me is like a Harley on 4 wheels. Can't remember who said the mostfun I 've had with my cloths on. Probably Bob HOpe. Do it without any regrets though, practice the buyers remorse thing first. BTW ludicrous, inverted flat spins in a pitts are okay with a tail shute and one on your back, how do I know?

I'm guessing maybe because you had to use one o them chutes? All my Pitts time is in S-2b's, but I have heard & read about the smaller Pitts' tendency to enter & not want to leave certain types of spins.

[Mac VABCH]

I financed mine when I first got into it... Paid it off within the 1st year but I was able to enjoy the car while I was relatively young I was 37 when I purchased it....Have fun...Mac

[cdog]

Some of you guys have got this all wrong - Cobras are EXCELLENT investments.

Some years ago, I only had about $50-60K in the world. And I used that money to buy my SPF Cobra instead of putting it in stocks, 401K's, etc. All my friends called me dumb - they put their money in stocks or 'away for retirement.'

Their $60K is now $30K. My $55K Cobra is worth $40K or so PLUS I've gotten to drive a Cobra all these years while they tooled around in mid-size pedestrian Acuras waiting for their 'savings ship' to come in. This Cobra has SAVED me a lot of money that would just have been lost in the markets. And, it's given me something to do, a reason to get up every warm weekend day.

Point is, you can never predict anything, so just buy the ****ing car. Same principal applies to Harleys.