Financing your Cobra...Woodside Credit?

LudicrousSpeed · #1 (**permalink**) 12-09-2008, 06:47 PM

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.

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

Ibr8k4vetts · #2 (**permalink**) 12-09-2008, 07:22 PM

I would never finance a kit car! but that is just me

63mercury · #3 (**permalink**) 12-09-2008, 07:28 PM

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---------------------------.

Maurice Johnson · #4 (**permalink**) 12-09-2008, 07:29 PM

Just curious. Why not finance a kit car? No different from a boat or RV, or any other toy.

wtm442 · #5 (**permalink**) 12-09-2008, 07:41 PM

I personally would NEVER look for a finance company using advertisements. Go to your local banks and get the best rate.

392cobra · #6 (**permalink**) 12-09-2008, 07:44 PM

If you can't pay cash...you can't afford it.

LudicrousSpeed · #7 (**permalink**) 12-09-2008, 08:02 PM

Quote:

Originally Posted by 392cobra

If you can't pay cash...you can't afford it.

True, but absolutely no fun.

STL Mark · #8 (**permalink**) 12-09-2008, 09:05 PM

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.

SS COBRA · #9 (**permalink**) 12-10-2008, 05:37 AM

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.

patrickt · #10 (**permalink**) 12-10-2008, 05:52 AM

Quote:

Originally Posted by LudicrousSpeed

[If you can't pay cash, you can't afford it.] True, but absolutely no fun.

Mark, I'm not going to bug you about it and, frankly, I don't care whether you get yourself in financial trouble or not. But I will offer up some unsolicited "fatherly advice." If you're dead set on getting a Cobra and financing it, why don't you first try putting your down payment into an interest bearing account and then make the anticipated monthly payments for a year in to that account. You can't miss a single payment (for any reason), and you can't touch that money even for emergencies. If after the end of a year that didn't bother you, then pull the money out and get your Cobra. The year will also give you a chance to shake off a temporary bout of "Cobra-Heat" -- if you haven't shaken it off in a year it's probably the real thing.

WarrenG · #11 (**permalink**) 12-10-2008, 07:00 AM

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!

Bartruff1 · #12 (**permalink**) 12-10-2008, 07:08 AM

Quote:

Originally Posted by WarrenG

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!

Of waiting till I was old and had the cash and had met my responsibilities. It makes sense to me to finance one if you can do it with deductable interest and assuming the payments are not a risk or a burden. These cars are a hell of a lot of fun for the money, I wish I had done it 20 years ago !!!

patrickt · #13 (**permalink**) 12-10-2008, 07:31 AM

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....

mln385 · #14 (**permalink**) 12-10-2008, 07:40 AM

DIdn't we just have one of these threads a few weeks ago.

Bottom line do what ever is best for your circumstances and what you are comfortable with.

Marc

patrickt · #15 (**permalink**) 12-10-2008, 07:46 AM

Quote:

Originally Posted by mln385

...do what ever is best for your circumstances and what you are comfortable with.

What kind of lousy advice is that?!?

madmaxx · #16 (**permalink**) 12-10-2008, 08:10 AM

Quote:

Originally Posted by patrickt

What kind of lousy advice is that?!?

No sheet is that not how the current economic crisis started, people have no clue what they are comfortable with. You think you own your home or cars, if you do not have a title you own nothing do not make a couple payments and you will see who owns them.

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.

patrickt · #17 (**permalink**) 12-10-2008, 08:14 AM

Quote:

Originally Posted by madmaxx

... 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.

That's the American way.

STL Mark · #18 (**permalink**) 12-10-2008, 10:57 AM

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

RodKnock · #19 (**permalink**) 12-10-2008, 11:20 AM

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.

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?

STL Mark · #20 (**permalink**) 12-10-2008, 11:24 AM

That thars funny I don't care who you are!