Stang Loan???
 

Hey guys,

Im thinking about getting a loan and buying a 1999 2000 cobra stang. Do u guys happen to know about the going rate of the pay periode on the loans? like per month? :confused:

Re: Stang Loan???
 

I heay they are selling the 03-04 cobras and 05 stangs at 84 months financing here locally. I am really fighting not going to look cause I won't be able to say no, then I'll be living out of a paper bag and eating pork-n-beans, but driving a Bad *ss stang.

Re: Stang Loan???
 

Most used car loans are for no more than 36 months.

Depending on the cost of the Cobra (around $18,000.) and your down payment (at least 10% is usually minimum - more is better) and with rates around 7%, you are looking at a pretty big monthly payment for a used car. Consider a big down payment if you can (to lower the monthly) but I doubt you'll get anything more than a 3-year loan on any used car. A home equity loan would be a much better way to go...if you own a home and have equity in it, of course. If not...save up a big down payment or be prepared to pay the monthly payment of a new car loan - and having a used car.

Re: Stang Loan???
 

Or wait until an 84 month finance plan comes near you! lol, good luck.

Re: Stang Loan???
 

I got a 5 year loan on both my 01 cobra and my 00 beetle and I bought them both usd and both at 5.9%

Re: Stang Loan???
 

Navy Federal Credit Union goes 6 years on all used vehicles. Interest rates vary on credit.

Re: Stang Loan???
 

Anyone you takes an 84 month loan on a car should have their head examined. 60 months is too dam long. If you have to take an 84 month loan, you should not be buying that car.

Interest rates very depending on the bank, length of the loan, your credit worthiness, and how much money you make.

A good interest rate for a used car for 60 months would be anything below 6.5%. Figure on $16.70 per $1000 borrowed for a 60 month loan at 0%. So at 6%, it is more like $19.00 per $1000 loaned.

You should be able to buy a '99 or '00 GT with some miles (say 60 - 70k) for about $9000. If you put $1500 down and financed $7500 that would leave you with a reasonable car payment of about $160 per month with taxes etc... (I did all these numbers in my head, so I know I am in the ballpark, but not on the nose).

Re: Stang Loan???
 

The Kelly Blue book on a 1999 Mustang Cobra coupe with 71k is a bit over $14,000., not $9,000. Few banks or finance institutions will accept anything less than 10% down and many want more, depending on your credit rating, so figure $1,500. down payment as a bare minimum. Even with a $4.5% loan rate (hard to get) your payment would be near $400. per month on a 36 month loan. If you can swing a 48 month loan it would come down to about $300. per month - at that very low finance rate. Still a lot for a five-to-six year old car with 70,000 miles on it.

Lots of variables here and no one can give you a precise number.

You need to have a firm price on the car, know exactly what you can spend as a DP and then apply for a loan and see what rate you qualify for and how long you can stretch out the payments. On a five year old car, I can't see any point in a five year loan, even if you could obtain it, which is doubtful. Even with a low 5% loan rate, after 60 months , you'll have paid over $16,000. for a car that is now ten years old and probably has 140,000 miles on it. I would opt for a big DP, get the best rate you can and go for the 36 month loan. But that's just me.

Re: Stang Loan???
 

I miss-read the original post and did not realize he was asking about a Cobra.

Re: Stang Loan???
 

Financing a 1999 at a bank will be hard enough. Most banks won't directly finance a vehicle older than about 5 years.

It's also important to consider other factors like tax, title and license. In many states that can add up to a 8-10% premium on top of the car price, and you shouldn't expect to be able to finance that portion.

Other considerations may be immediate repairs/maintanence that is needed. It's not easy to find a Mustang Cobra or GT with good rubber on it. Expect to drop another $600 easy on 4 new tires. 70k? You'll need to replace the clutch in the next couple of years. Don't forget about brakes. Bottom line is you'll probably need to have at least $4000 of cash at the time of sale to assure your loan, pay for tax, title, license, and imminent maintanence costs.

Hyper-extending yourself on a used car is a real bad idea.

Re: Stang Loan???
 

Decided to go 01 cobra....