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Financing your Cobra...Woodside Credit?
Hi all,
Doing some research. Found an Ebay listing for a Cobra from a dealer with a hotlink to Woodside Collector Car Financing. Questions: -Anyone heard of / used them? -Noticed a note on their site that said kit cars excluded, yet their add is listed in an SPF auction. -Who did you use to finance your Cobra & what were the terms/ how much down required, etc... Already did a search using key terms 'loan' & 'finance'. And please dont post if you paid cash, that does me no good, fool.:p Thanks -Mark Edit: Judging from the responses, I probably wasnt clear. I wont be financing or building a "Kit". I used the term "Kit Car" as it was used on the lender's site. I plan to purchase a new/used ERA/SPF/BDR fully assembled with engine & tranny- a "replica" I guess. Sorry for the confusion. -Speed |
I would never finance a kit car! but that is just me:JEKYLHYDE
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I won't finance ANY car or truck, it's a loosing proposition, save the cash and then bargain for the best deal. Cash talks and---------------------------.
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Just curious. Why not finance a kit car? No different from a boat or RV, or any other toy.
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I personally would NEVER look for a finance company using advertisements. Go to your local banks and get the best rate.
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If you can't pay cash...you can't afford it.
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:p |
Most won't finance kit cars. The ones that do will require 20% down, and will only finance a completed vehicle with an appraisal. Capitol One will finance.
I say if you can afford the payments - go for it. Why wait till your an old guy - if you can do it now - do it. It's too much fun. |
Check with your local Credit Unions. I bought my Backdraft new in "05 and the dealer told me that a Credit Union offered 4.9% financing up to 72 months. At that time I was getting a return of about 7% on my investments, so I did finance part of the purchase, kept some of the investment that I would have used for the purchase and paid it back with tomorrows money. Worked for me.
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I had a ton of equity in my house when I bought the cobra, so rather than tie up a bunch of cash in the car, I pulled a 2nd @ 5.5% for it. Also pulled some to completely reform the kitchen and some other parts of the house. Because it was a home loan the interest was fully deductible. Didn't make sense to do it any other way. Sold the house last year and paid off the loan. Still had a ton of equity to take away. It's only money and you can't take it with you!
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I made the mistake...
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I doubt there's real estate equity available...
LS can post his balance sheet and income statement and we'll play the Club Cobra version of "Can I afford it?" But I doubt he has significant real estate equity any more than he has Berkshire Hathaway certificates that he forgot about stuffed in the back of his sock drawer....:rolleyes:
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DIdn't we just have one of these threads a few weeks ago.:JEKYLHYDE
Bottom line do what ever is best for your circumstances and what you are comfortable with. Marc:cool: |
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There is an excellent show on tv called the repo man, he repo's 1992 celica's worth 1k to 100K plus bmw's to air planes. Now for the selfish part please buy the car, get in a bind, then I will buy it off you for 50cents on the dollar, i will feel good, you will feel good and we all win. |
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I took a year to get debts paid off - that was hard, sold my other toy for the down payment, and ended up financing about 60% of the car. The plan actually saved me money (month to month) and I've got a brand new Cobra.
Cheers |
Yesterday, the Treasury was selling notes with a ZERO % interest rate.
Today, the Treasury is selling notes with NEGATIVE % interest rate. That means investors are investing cash in order to receive less cash back than what they had originally invested. Sounds like a car purchase. :LOL: The prime rate is 4%. Rates should continue to decline. If you feel secure with your job and you have personal/family balance sheet that looks pretty good, then why not finance. Where else do you want to put your money? :CRY: |
That thars funny I don't care who you are!:LOL::LOL::LOL:
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