Financing/Loans...first timer

[Emt1581]

How the f can you guys afford these high ass car payments? They are almost mortgage payments lol.

Like I said, this is the reward for working 3 different jobs over the past 5 years to pay $1000/mo for my kid's daycare. Now part of that money will be going to the car for 3 years and the rest will be saved for vacations and actually living our lives instead of being prisoners to day care.

Not that we make a lot but my wife and I were always able to take care of the bills and have some left over. But once we got sacked with $1k/mo for daycare that sucked!...only way to put it.

So now it's time for some fun!

-Emt1581

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[paul123]

How the f can you guys afford these high ass car payments? They are almost mortgage payments lol.

Performance cars aren't cheap. That's why it pays to be this guy:

http://www.mustang6g.com/forums/showthread.php?t=39579
Merry Xmas to me

 

[DanDglassman]

I believe I'm one lucky SOB. I pounced on a Ford credit deal of 0% for 72mo AND $1000 cash back near Memorial Day. Sounds like I timed that right.

 

[kray]

You got that right! That was one hell of a deal through Ford. Ford Credit is a top notch lender and great to deal with.

 

[volinbham]

I'm old enough to realize how good we have it with interest rates today. I routinely go for long term loans if the rate is good knowing I'll pay it off sooner. If the rate is 1.9 for 36, 48 and 60 I always take the 60. On my recent Mustang I did 75 at 2.25 but I'll knock it out in 36 since the rate was virtually the same.

 

[daltron]

Hmm, well length of credit history is the weakest thing on my report, but its not less than 6 years, though not much longer either. This was my first financed car so maybe its that? Not sure how else to explain it hehe.

I'm guessing that as well then, first financed car.

 

[JTR]

Different lines of credit will effect you as well I understand. When I bought my car my credit score was 710 +/-, however my only line of credit was my previous car loan. I went with 72 months at 2.9 from a credit union and my payments are $311 a month. I also got the Gap insurance through ford which added $10 a month if I remember correctly.

That was after 5,000 in trade equity and my D plan pricing.

 

[keiths2kgt]

I believe I'm one lucky SOB. I pounced on a Ford credit deal of 0% for 72mo AND $1000 cash back near Memorial Day. Sounds like I timed that right.

:cheers:
Me too 0% FTW

 

[Skatz5000]

I couldn't do better than 3% for 72 months, if I had done a 36 months I could of gotten 1.99%, but payments would be through the roof. (This is with 760 score, and 5k down). I investigated refinancing a little while ago to look for a better rate and cant really find a deal better than -0.5% or so from my current rate ><.

also depends where you getting your score from. dealers/banks generally come up with their own scores regardless of what your credit reporting score is (be it equifax, transunion, or experian) so while you may believe its a 760 the bank could be using a 720 or something. other than that who knows :shrug:, maybe credit to income ratio. score isn't everything unfortunately

 

[Skatz5000]

I had a 770 score and I put 50% down...Id like to think the
dealers finance man was just a douche..:shrug:

certainly possible, their reputations precede them. i was just saying that in my various experiences with dealers be it leasing or financing they always shop around. who knows for sure what kinda shit they pull though

 

[daltron]

also depends where you getting your score from. dealers/banks generally come up with their own scores regardless of what your credit reporting score is (be it equifax, transunion, or experian) so while you may believe its a 760 the bank could be using a 720 or something. other than that who knows :shrug:, maybe credit to income ratio. score isn't everything unfortunately

Yep, everyone using different FICO scoring formulas. For auto loans if you have had an auto history, your score is usually higher than your normal FICO score. This was true for my wife and I in April when we bought out Escape and last month when I got the Mustang.

 

[Driversound]

The exact car I want (except for color) with premium and performance and under 10k miles is already available for under $32k. Or am I misunderstanding you?

Thanks

-Emt1581

Sorry, I thought you were looking new. I don't know much about Ford's resale value as this is my first new Ford and the only other Mustangs I've had were all 95 and older. $32K used sounds reasonable.

 

[daltron]

They seem to be holding their value at least here in SoCal, then again we are only a couple months into the second production year.

 

[rick8172]

I'd check around a little on your own. I bought a used Nissan for my son a few months ago and got 0.9% through the dealer (they went to a local S&L)

 

[Emt1581]

They seem to be holding their value at least here in SoCal, then again we are only a couple months into the second production year.

Worst case, they stay right around $31k-$32k...am I going to refuse to buy one? No. I'll still pull the trigger. With a 36month plan the $1k-$2k is only going to add a small amount to each payment. Again, not a deal breaker. Still I'm hoping 6 months from now I can get better pricing, still have plenty of warranty left and an ear to ear grin on my face while driving for years to come!!

-Emt1581

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