Financing a Mustang, has anyone done this?

[Barrel]

Two schools of thought:

One, you live only once so make it count.
Two, you have your entire life ahead of you to drive your dream cars.

I bought my 11 GT when I was 21 but I was also well into my IT career already. Wish I had parents like that, though! Super jealous.

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[Tempyy]

$375 a month is good. That must be a pretty big down payment. Sounds like a good deal if you can do it

Yeah it's about 12 grand down, with some wiggle room still in the bank so its not paycheck to paycheck trying to pay the monthly.

 

[Tempyy]

Two schools of thought:

One, you live only once so make it count.
Two, you have your entire life ahead of you to drive your dream cars.

I bought my 11 GT when I was 21 but I was also well into my IT career already. Wish I had parents like that, though! Super jealous.

Yeah I'm pretty fortunate and try not to take it for granted. I work retail so my plan is to use that money to pay the car and when I graduate from college I'll get a full time job to just finish off the car loan and move out haha

 

[Tempyy]

Yep! Exactly. I mean I can understand some people saying it's not enough for the car, but everyone is different. My first car note was like over half of my pay check (maybe 60% of it), but I lived with my mother (who couldn't back me up because of her disability, etc.).

My cousin in the same situation wouldn't have made it long. Pushed all the right buttons for me though. Just depends on the person.

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Appreciate the input man, thanks!

 

[Tempyy]

$900 a month?!

You can't afford a Mustang. Period. Your debt-to-income ratio is too high.

But is that necessarily relevant when I'm not paying a mortgage, insurance, etc.? It's just a monthly on the car and gas.

 

[altjx]

Appreciate the input man, thanks!

No problem man. Sub'd to the thread to see what decision you make. Good luck man!

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[Tempyy]

No problem man. Sub'd to the thread to see what decision you make. Good luck man!

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Thank you, I'll figure it out soon, hopefully by the end of next week. If it does happen, you wouldn't miss it, the world would know I bought this car I'd be so excited

 

[Mustang1260]

But is that necessarily relevant when I'm not paying a mortgage, insurance, etc.? It's just a monthly on the car and gas.

Little boy, you planning on living off mommy and daddy for the next 15 years......... (you sure as heck ain't gonna be emotionally, mentally, or financially able to do so any earlier). As our good buddy Forrest would say...stupid is as stupid does...

 

[Tempyy]

Little boy, you planning on living off mommy and daddy for the next 15 years......... (you sure as heck ain't gonna be emotionally, mentally, or financially able to do so any earlier). As our good buddy Forrest would say...stupid is as stupid does...

I forgot a car loan was 15 years.

 

[klumpikat]

Little boy, you planning on living off mommy and daddy for the next 15 years......... (you sure as heck ain't gonna be emotionally, mentally, or financially able to do so any earlier). As our good buddy Forrest would say...stupid is as stupid does...

^^ You were gonna get that at some point, OP

 

[Tempyy]

^^ You were gonna get that at some point, OP

No doubt, but if I am going to get it at all, I would like them to have some sort of relevant argument as to why I shouldn't get it. Explain to me why this won't work, ya know? Not just some bs

 

[Sammzway]

When I was in college, I barely slept. Reason being, I had 2 jobs and went to college full time. The difference is, I also had to pay for college. My car payment at the time was approximately $300 a month. As i'm much older now with a wife, a daughter, mortgage and several cars along with investments, IRA and several retirement accounts, I don't regret a single thing or a decision I made when I was younger. By the way I'm 32 LOL but feel much older since i've been working since I was 14.

You want success story? I'll give you one but I don't consider myself successful since I have such a way to go in life god willing.

You're only young once, owning that GT at your age won't be as much fun as owning it later in life (or maybe it will ;)). Like someone else said, it will force you to learn and mature quicker and most importantly, motivate you to be responsible. There's plenty of ways to save money, the question is, what are you saving for? Always have a plan and go after your dream.

I say DO IT! Enjoy and continue to work hard. You will be very successful in life. Good luck bud!

Can't wait to see pics of the ride.:amen:

 

[altjx]

When I was in college, I barely slept. Reason being, I had 2 jobs and went to college full time. The difference is, I also had to pay for college. My car payment at the time was approximately $300 a month. As i'm much older now with a wife, a daughter, mortgage and several cars along with investments, IRA and several retirement accounts, I don't regret a single thing or a decision I made when I was younger. By the way I'm 32 LOL but feel much older since i've been working since I was 14.

You want success story? I'll give you one but I don't consider myself successful since I have such a way to go in life god willing.

You're only young once, owning that GT at your age won't be as much fun as owning it later in life (or maybe it will ;)). Like someone else said, it will force you to learn and mature quicker and most importantly, motivate you to be responsible. There's plenty of ways to save money, the question is, what are you saving for? Always have a plan and go after your dream.

I say DO IT! Enjoy and continue to work hard. You will be very successful in life. Good luck bud!

Can't wait to see pics of the ride.:amen:

+1 to this. Well said!

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[Tempyy]

When I was in college, I barely slept. Reason being, I had 2 jobs and went to college full time. The difference is, I also had to pay for college. My car payment at the time was approximately $300 a month. As i'm much older now with a wife, a daughter, mortgage and several cars along with investments, IRA and several retirement accounts, I don't regret a single thing or a decision I made when I was younger. By the way I'm 32 LOL but feel much older since i've been working since I was 14.

You want success story? I'll give you one but I don't consider myself successful since I have such a way to go in life god willing.

You're only young once, owning that GT at your age won't be as much fun as owning it later in life (or maybe it will ;)). Like someone else said, it will force you to learn and mature quicker and most importantly, motivate you to be responsible. There's plenty of ways to save money, the question is, what are you saving for? Always have a plan and go after your dream.

I say DO IT! Enjoy and continue to work hard. You will be very successful in life. Good luck bud!

Can't wait to see pics of the ride.:amen:

Thanks man! I really appreciate that, I'm glad it worked out for you in the long run, as I hope it does for me too! ;)

 

[foghat]

Sounds like a sweet deal. Only you know if you can 'live' on the ~400 month you'll have left over after making the payment and paying for gas.

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