MTHLY PAYMNT RECONSIDERATION..HELP

[S550Ace]

So ever since i seen this new 2015+ mustang i fell in love, i am currently going through Ford dealer here in Northern Nj [MENTION=16449]RT[/MENTION] 23 Automall for a 2015 Ford Mustang Blk/Blk V6 6spd... Car being priced at 23,400 with all these deals goin on & with $1,500 down paying 593 a month, which sounds too damn much but with a 19% interest rate due to credit reasons.... Any opinions or help?

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[rvlyssup]

So ever since i seen this new 2015+ mustang i fell in love, i am currently going through Ford dealer here in Northern Nj [MENTION=16449]RT[/MENTION] 23 Automall for a 2015 Ford Mustang Blk/Blk V6 6spd... Car being priced at 23,400 with all these deals goin on & with $1,500 down paying 593 a month, which sounds too damn much but with a 19% interest rate due to credit reasons.... Any opinions or help?

[ame="[MEDIA=youtube]Y8EMndSFFMk[/MEDIA]"]

With that said...see what a CU can do for you.

Or...wait till your CS goes up higher to support a proper rate.

 

[Zemedici]

GOOD LORD 19% ON A NEW CAR


ahem.


I would not pay $600/mo for a v6 mustang. Just save your money and pay cash for it. That's insanity.

 

[Jonspeed]

So ever since i seen this new 2015+ mustang i fell in love, i am currently going through Ford dealer here in Northern Nj [MENTION=16449]RT[/MENTION] 23 Automall for a 2015 Ford Mustang Blk/Blk V6 6spd... Car being priced at 23,400 with all these deals goin on & with $1,500 down paying 593 a month, which sounds too damn much but with a 19% interest rate due to credit reasons.... Any opinions or help?

bahahah, omfg, this has got to be a troll thread. Nobody can seriously be that stupid LOLOL

PLEASE PLEASE PLEASE buy it at that rate, and post proof of purchase so we can laugh.

:clap2:

 

[Shouldhavegotthegt]

Fix your credit before you do anything. It's not really that hard to do. Obviously don't buy this car or it's going to push your further down and make things way harder down the road.

I've done this a few times and it has immensely improved my credit score. First you are going to have to pay back all the negative stuff you owe. No way around it. After you do that wait a few weeks and setup an account with Credit Karma or Free Credit Report and dispute all the negative activity saying that it wasn't yours. All of my negative stuff fell off. It bumped my credit score 75 points in two week. I recently just did this with some stuff that got sent to collections I didn't know about. I paid it off and disputed it.

 

[9secondko]

GOOD LORD 19% ON A NEW CAR


ahem.


I would not pay $600/mo for a v6 mustang. Just save your money and pay cash for it. That's insanity.

THIS!

Please do not do this to yourself.

For that money, you should be driving the car of your dreams. Not a grocery getter that happens to look like a Mustang.

Seriously. Just buy a cheap used Honda or something until you can get 0-5% on a new car. Start working on your credit score NOW. If you have any outstanding debt, PAY IT. Get a second job, whatever you have to do.

Never be late again if you have been. Even if you have to eat less, go out less. etc.

I've been there. Right out of college, just starting out in the world. Got married, got a good job. a couple years go by and need to buy a house. Not with my barely there credit.LOL. Fortunately, the sales guy of all people took pity on a young married couple and gave us sound advice, which I FOLLOWED for once in my life. Having a supportive wife helped much. Two years later, we bought the house we wanted.

So get a credit card. Even if you have to pay an annual fee. And use the card. And pay it off regularly. Don't go over half of your limit ever.

And watch your score go up and up and up.

once you get to a good score, get another card. Use it the same way.

your score will take a slight hit due to the hard inquiry, but it's short term.

Then watch your score climb.

After about two years, you should be able to buy the car you love.

For an AFFORDABLE payment.

Paying 19% interest and paying corvette money for a v6 is throwing your money away. the finance company is abusing you and they know it. But they don't care. Don't let them bleed you like that.

At the same time, realize that it's not a corrupt system. They don't know you. They only know what your CS says about you - i.e.: they don't think they can trust you based on the data they have. It is now up to YOU to prove them wrong. It WILL be reflected in your credit score and you WILL greatly benefit in a variety of ways.

It's only two years. And you'll benefit the rest of your life. You can wait two years right?

If you buy that crazy expensive grocery getter now, you'll be in financial misery for a loooong time. You WILL have regret.

If you never listen to anyone's advice, please listen now.

I promise you will not regret it.

 

[redline727]

OP, don't know how old you are or what situation you're in, but please take everyone's advice, DONT put yourself in a worse situation then you're already in. 19% is insane on ANY car. I've been there, had to take a 23% interest rate once. Did it for almost a year before I could refinance cheaper. But it was on a cheap base model truck, roll up windows and everything. I just was in a bad spot and needed a car, had no cash, no co signer. I did what I had to do. If your looking at a Mustang this can't be one of those times for you. After going through all the stupid decisions I made in my past, high interest rate loans are the equivalent of throwing a handful of 20's in the fire place every month while hardly making a dent on your principle, and you have one of the highest depreciating model Mustangs. If Shia LeBouf made a DONT DO IT video instead of a Just Do It video I would insert it here lol.

 

[chrisgonzales]

I agree with all above save up money, build up your credit buy something cheap if you need to get around and just to put that into perspective. I'm paying essentially that per month for a loaded GT, build up your credit. Buying a Mustang may be something you really want to do but its not gonna help you long-term or short term

Sent from my Nexus 6 using Tapatalk

 

[plc268]

You shouldn't be paying $600 a month on $20k car, period. That's a lot of money a month for someone with no or bad credit.

 

[Swoop89]

I think you might need to talk to someone about your bad credit before asking for help on a mustang forum about such a high payment. No insult intended just stating my opinion.

 

[S550Ace]

Thank for all the info, but what is a resonable monthly payment for New V6..?

 

[Zemedici]

I personally wouldn't pay over $400/mo for a $20,000 car

 

[rvlyssup]

Thank for all the info, but what is a resonable monthly payment for New V6..?

Never shop for a car using monthly payments as an affordability guide.

Price of the car and interest rate is what you care about. Monthly will be properly figured out right afterwards.

 

[chrisgonzales]

It comes down to interest rate not so much the monthly payment

i put in your info assuming its 19% @ 5yrs since that is the closest i could get the payment to match what you posted. Link below to the breakdown of payments,

You will pay an additional 12k in interest, so the car will end up costing almost 36k.

http://www.bankrate.com/calculators...an+2016&ic_id=auto_loan_calc_amortization_btn


use this website. http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx

 

[kz]

Thank for all the info, but what is a resonable monthly payment for New V6..?

Price of the car divided by number of months + up to 3-5% APR depending on a loan length. Anything above is completely unreasonable. As somebody above said - shopping with a monthly payment is a just dumb - think about how much money you're going to give to the lender- money you will never ever get back regardless of how much value your car is going to loose.

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