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help w/recommended financing & insurance
Being fairly new to the idea of acquiring a Cobra, can anyone offer any advice on financing and insurance coverage? Where can I find the best deals and what can I expect to have to pay? Since I am in Texas, the rates and requirements may be different than other states. I already found out the credit union I belong to will not finance any kit car. Really hurts as they are offering 4.25% currently on cars. Anyhow, due to limited garage space to build one, I am looking for a completed car and any help would be appreciated in this process.
Mike |
Chinese financing.....one lump sum...lol
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Are you a homeowner with excessive equity? You can always do a home equity line of credit.
Just another option. |
I know of a guy in North Carolina that's looking to sell his Superformance. I'll get the details on the car for you if you're interested in buying a car that's finished already?
BK |
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:) IMHO - If you have to (further) incumber your home for a toy, you can't afford it. |
I bought a completed Superformance and financed mine through JJ Best Banc
http://www.jjbest.com/ Not as good a rate as you can get at your CU, but okay. Any 'normal' financial institution doesn't have any idea what these cars are so you have to go with a specialist. I have mine insured through Classic Car Insurance. Look under "Resources" on the JJ best website. Good luck and look forward to having another Cobra in Texas! |
I don't know what happened to the post I made but again.
JJBest is one of the few that will do the loans...be ready though they will probably charge in excess of 10% For insurance you need to talk to Dan Hardiman..he is a Texas guy and writes for alot of the cobra crowd down here. I am sure someone has his number or you can search for it. Matt |
Use a 0% credit card.
I have to concur with 392Cobra, however. If this is the case, as was with me when I bought and restored my Vette, I got business minded and this was my game plan: My bank will allow me to use every penny of a vehicle's equity in place of money down on the purchase of rental homes. Each rental is simply financed on its full sale price--and pays for itself in 20 years, btw. After insurance, repairs and taxes on each home, I still always make money each month on each home. The car I'm left with is a bonus! I could watch thousands seemingly go away in the form of 20% rental down payments, but if each home is going to pay itself off in 20 years, and I don't need them paid off before then, where's the fun in that?! Instead of saving thousands to put down on the purchase of these rental homes, I get the same result and have a roadster to boot! *For the skeptics, yes, this does work. I have a Vette in the garage right now that I used to purchase two of my rental homes this way seceral years ago. What a racket--I need a bigger garage! |
Mike: For insurance, do a search, as this topic has been covered before. But here's my two bits worth. After wasting time checking with "specialty" insurance firms and not being satisfied, I called my State Farm agent (with whom I insure my townhouse and Plastic Chevvy), and added my Cobra for full value with a very reasonable rate. Good luck, Rich.
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If you do a home equity loan or line, the interest may be tax deductible. That is how I did mine while interest rates were nice and low (4.5%). I had about ½ in cash and the original plan was to only finance the other half, but with the rate and terms so good at the time, I financed the whole thing and kept the cash invested instead. So far, so good.
Good Luck |
Insurance :
Dan (The Man) Hardiman 903-597-5700 Great rates and he and his dad are Texas Cobra guys .:) |
If you will consider a Superformance, I would check with D&M Motorsports in Glen Ellyn, Illinois. They are now an official Superformance dealer. The last time I was there, they had about 20 roadsters in stock, and they can provide financing just like any car dealer. l bought there and had a good experience, although I arranged my own financing. As a matter of fact, I have a Superformance GT40 on order with them now.
You can go the home equity route if you like, but why not have the title of the car as the security for the loan, and save the home equity loan for a possible financial emergency or business opportunity? It might be worth it to pay a couple hundred bucks to fly in and see what they have, but I would call first or check their website. Just my .02 cents. Foowowee |
Mike:
For what it is worth, when I bought my Cobra (SPF2206) one of the sales points was that it was the only of the completed specially constructed replicars that was financiable with the usual institutions that handle retail automotive financing. I was not in a position that required financing to complete the deal and therefore have no further info on such matters. However, if you are in need of financial assistance, I recommend you call Shane Miller at Dynamic Motorsports in Ross OH for more information on the financing option for acquisition. They are a Superformance dealer of some note and their number is 1-800-297-6253. Good luck. Bill |
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Registration and Insurance
Here is what I found for the best rate.
I am ready to pull the triger on an LSC 427 with a Keith Craft 468ci/630hp. Rates given based on $30K value and 3000 mi year were $235. Check it out. Michael J. Smith Agent Northeast Classic Auto Insurance P.O. Box 287 Monroe, CT 06468 1-800-866-6440 203-459-9789 203-459-9791 Fax Web- www.classiccarinsurance.com E-Mail – MSMITH@MAGS.NET |
A pension loan is another option. 0% credit cards helped me with most of the part orders. Just check the fine print.
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