Club Cobra Keith Craft Racing  

Go Back   Club Cobra > Club Forums > Texas Cobra Club

Keith Craft Racing
Nevada Classics
Keith Craft Racing
Main Menu
Module Jump:
Nevada Classics
Nevada Classics
Keith Craft Racing
Keith Craft Racing
Advertise at CC
Banner Ad Rates
MMG Superformance
December 2024
S M T W T F S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31        

Kirkham Motorsports

Reply
 
LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 05-09-2006, 05:10 PM
RedSabre's Avatar
Registered User
Visit my Photo Gallery

 
Join Date: May 2006
Location: Austin, TX, TX
Cobra Make, Engine: Midstates
Posts: 175
Not Ranked     
Default 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
Reply With Quote
  #2 (permalink)  
Old 05-09-2006, 05:57 PM
TRIG's Avatar
CC Member
Visit my Photo Gallery

 
Join Date: Jan 2005
Cobra Make, Engine: SPF2275 #50 of the anniversary edition cars. Roush 427R TKO600
Posts: 143
Not Ranked     
Default

Chinese financing.....one lump sum...lol
Reply With Quote
  #3 (permalink)  
Old 05-09-2006, 07:37 PM
CHRIS DAMSCH's Avatar
CC Member
Visit my Photo Gallery

 
Join Date: Sep 2003
Location: WEST SUBURBS OF CHICAGO, IL
Cobra Make, Engine: SPF 1454
Posts: 1,137
Not Ranked     
Default

Are you a homeowner with excessive equity? You can always do a home equity line of credit.

Just another option.
__________________
CHRIS
Reply With Quote
  #4 (permalink)  
Old 05-09-2006, 08:57 PM
jetenginedoctor's Avatar
CC Member
Visit my Photo Gallery

 
Join Date: Mar 2006
Location: Austin, TX, TX
Cobra Make, Engine: FFR Roadster #5566 SBF Autronic engine management
Posts: 65
Send a message via ICQ to jetenginedoctor Send a message via AIM to jetenginedoctor
Not Ranked     
Default

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
Reply With Quote
  #5 (permalink)  
Old 05-10-2006, 06:28 AM
392cobra's Avatar
6th Generation Texan
Visit my Photo Gallery

 
Join Date: Feb 2002
Location: Devil's Backbone,RR 32, TX
Cobra Make, Engine: Lone Star Classics #240,Candy Apple Red,Keith Craft 418w - 602 HP,584 TQ
Posts: 8,157
Not Ranked     
Default

Quote:
Originally Posted by CHRIS DAMSCH
Are you a homeowner with excessive equity?
Is this the same thing as too much money and too little debt ??


IMHO - If you have to (further) incumber your home for a toy, you can't afford it.

Last edited by 392cobra; 05-10-2006 at 06:38 AM..
Reply With Quote
  #6 (permalink)  
Old 05-11-2006, 11:19 AM
Madmiles442's Avatar
Senior Club Cobra Member
Visit my Photo Gallery

 
Join Date: Feb 2006
Location: McKinney, TX
Cobra Make, Engine: SPF #867 gone....
Posts: 1,272
Not Ranked     
Default

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!
__________________
MadMiles442
She said, "The only thing I'll ask of you, you gotta promise not to stop when I say when..."
Reply With Quote
  #7 (permalink)  
Old 05-11-2006, 01:52 PM
Senior Club Cobra Member
Visit my Photo Gallery

 
Join Date: Jan 2000
Location: Frisco, TX
Cobra Make, Engine: ERA #122 (Sold) : Ford GT #484 Heritage Edition; 2008 GT500 Red/Black
Posts: 1,075
Not Ranked     
Default

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
Reply With Quote
  #8 (permalink)  
Old 05-11-2006, 01:58 PM
sssnot's Avatar
Banned
Visit my Photo Gallery

 
Join Date: Aug 2005
Cobra Make, Engine:
Posts: 177
Not Ranked     
Default

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!
Reply With Quote
  #9 (permalink)  
Old 05-11-2006, 02:11 PM
CC Member
Visit my Photo Gallery

 
Join Date: Nov 2002
Location: Cupertino, CA
Cobra Make, Engine: Contemporary Classic CCX 3970: 1965 427 Cobra S/C, Shelby aluminum 427 CSX 290 (468 cu in) engine
Posts: 789
Not Ranked     
Default

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.
Reply With Quote
  #10 (permalink)  
Old 05-11-2006, 02:17 PM
CC Member
Visit my Photo Gallery

 
Join Date: Feb 2006
Cobra Make, Engine: SPF 1421
Posts: 237
Not Ranked     
Default

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
__________________
Joe S.-LI Lake Grove
Reply With Quote
  #11 (permalink)  
Old 05-11-2006, 03:05 PM
392cobra's Avatar
6th Generation Texan
Visit my Photo Gallery

 
Join Date: Feb 2002
Location: Devil's Backbone,RR 32, TX
Cobra Make, Engine: Lone Star Classics #240,Candy Apple Red,Keith Craft 418w - 602 HP,584 TQ
Posts: 8,157
Not Ranked     
Default

Insurance :

Dan (The Man) Hardiman 903-597-5700

Great rates and he and his dad are Texas Cobra guys .
Reply With Quote
  #12 (permalink)  
Old 05-11-2006, 04:53 PM
CC Member
Visit my Photo Gallery

 
Join Date: Mar 2002
Location: Chicago,Illinois,
Posts: 37
Not Ranked     
Default

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
Reply With Quote
  #13 (permalink)  
Old 05-11-2006, 05:45 PM
CC Member
Visit my Photo Gallery

 
Join Date: Aug 2005
Location: Pittsburgh, PA
Cobra Make, Engine: SPF, 351 Stroker
Posts: 4
Not Ranked     
Default

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
Reply With Quote
  #14 (permalink)  
Old 05-11-2006, 11:29 PM
CC Member
Visit my Photo Gallery

 
Join Date: Dec 2003
Location: Murphy, TX
Cobra Make, Engine:
Posts: 413
Not Ranked     
Default

Quote:
Originally Posted by badrich
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.
We had Allstate and last fall switched over to State Farm. Both offered very reasonable rates.
Reply With Quote
  #15 (permalink)  
Old 05-14-2006, 10:09 AM
am9648's Avatar
CC Member
Visit my Photo Gallery

 
Join Date: Feb 2006
Location: Houston, TX
Cobra Make, Engine: SOLD - BDR 1381 Artic White/Silver Stripes / Coyote 5.0
Posts: 146
Not Ranked     
Default 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
Reply With Quote
  #16 (permalink)  
Old 05-14-2006, 10:13 AM
jams's Avatar
CC Member
Visit my Photo Gallery

 
Join Date: Jan 2002
Location: Bridgewater, NJ
Cobra Make, Engine: B & B
Posts: 1,323
Not Ranked     
Default

A pension loan is another option. 0% credit cards helped me with most of the part orders. Just check the fine print.
__________________
Just enough knowledge to build a cobra and be dangerous...

You can observe a lot from just watching.
Reply With Quote
Reply


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -7. The time now is 07:34 AM.


Powered by vBulletin® Version 3.8.0
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Search Engine Friendly URLs by vBSEO 3.6.0
The representations expressed are the representations and opinions of the clubcobra.com forum members and do not necessarily reflect the opinions and viewpoints of the site owners, moderators, Shelby American, any other replica manufacturer, Ford Motor Company. This website has been planned and developed by clubcobra.com and its forum members and should not be construed as being endorsed by Ford Motor Company, or Shelby American or any other manufacturer unless expressly noted by that entity. "Cobra" and the Cobra logo are registered trademarks for Ford Motor Co., Inc. clubcobra.com forum members agree not to post any copyrighted material unless the copyrighted material is owned by you. Although we do not and cannot review the messages posted and are not responsible for the content of any of these messages, we reserve the right to delete any message for any reason whatsoever. You remain solely responsible for the content of your messages, and you agree to indemnify and hold us harmless with respect to any claim based upon transmission of your message(s). Thank you for visiting clubcobra.com. For full policy documentation refer to the following link: CC Policy
Links monetized by VigLink