Ford credit

[marks]

I would check the APR on the loan and work out what you will end up paying - don't get taken in by low monthly payments.
Of course it's your decision and probably not my business but at your age and while you're still on a relatively modest salary, do you really want to saddle yourself with the debt for a Mustang, especailly with the current uncertainty?! Then to spend thousands on insurance as well. £3,500 is an absurd amount to spend on insurance.

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[marks]

You can currently get loans at about 1.7%, so there is a base line for any PCP deal which I'm imaging will be much higher

 

[Harebear72]

I know this is a few years ago and my circumstances are different as I am a home owner with wife, kids etc etc.

I bought a new GT in March 2016, the car itself was £35,650 (something like that) I had savings of £10k and I got a personal loan from Tesco. The loan was on 4 years and was £557 a month, total paid back was about £1750.

I have recently got another loan for £25k over 5 years now for another car and its £459 a month.

For me personally I have never got finance or a PCP as again this is for me, the figures never add up. All my cars I buy so they are mine plus if during the time I'm still paying them off if I ever needed to sell then the fact theres no finance its easier to shift and the money is mine to then pay the loan off or spend !

Again, most of this will be dictated by your personal circumstances. It may be a case that in 2 months time and £10k in your pocket you may get a blinding deal on a ex-demo or even a new one as dealers are going to need start selling some cars soon !

Good luck mate.

 

[Arashk998]

I know this is a few years ago and my circumstances are different as I am a home owner with wife, kids etc etc.

I bought a new GT in March 2016, the car itself was £35,650 (something like that) I had savings of £10k and I got a personal loan from Tesco. The loan was on 4 years and was £557 a month, total paid back was about £1750.

I have recently got another loan for £25k over 5 years now for another car and its £459 a month.

For me personally I have never got finance or a PCP as again this is for me, the figures never add up. All my cars I buy so they are mine plus if during the time I'm still paying them off if I ever needed to sell then the fact theres no finance its easier to shift and the money is mine to then pay the loan off or spend !

Again, most of this will be dictated by your personal circumstances. It may be a case that in 2 months time and £10k in your pocket you may get a blinding deal on a ex-demo or even a new one as dealers are going to need start selling some cars soon !

Good luck mate.

Thanks mate i think it’s best to see what will happen eventually when it comes to searching for the right one. Right now no loan company gives me quotes which could be the current circumstances or my short credit history

 

[SpArKy]

For me personally I have never got finance or a PCP as again this is for me, the figures never add up. All my cars I buy so they are mine plus if during the time I'm still paying them off if I ever needed to sell then the fact theres no finance its easier to shift and the money is mine to then pay the loan off or spend !.

don't forget at his age it's significantly easier to get finance than a large loan. the finance is secured on the car.

 

[marks]

There was talk of PCP being the new sub-prime mortgage ballon. Basically saddling people who can least afford it with worse interest rates and higher debt than those who can.

 

[Gloucesternige]

Just my 2p here.. as an old bugger who's bought a few cars and had a few loans.

Looking forward, there are a number of unusual issues to consider.. Dealers will be desparate to sell cars and will be offering deals to get them sold, in a market which is going to be in recession. So, deals will be there. However.. VAT may rise to pay back the massive debt the Government now has, so any discount could be wiped out there?

Running alongside this, the pandemic will have made loan companies a bit edgy lending money to those who may be unemployed in a few months time? BUT.. If Ford are desparate to sell cars, they will do anything to get them sold. Ford credit are currently doing 3yrs 0% PCP, max 40% down on some commercials so this may stretch across the whole range?

Loans vs PCP.. a loan is better as already mentioned, because you can sell the car and pay off the loan. Take my example here.. My Focus RS is worth about £25k and has a balloon of £17K next month.. If I take it back to the dealer and dont buy another car I will not get the balance refunded. So.. If I couldnt afford to pay it off, i would be stuck in the situation of not being able to sell it because it's on finance, so I'd have to go somewhere like WBAC and take a hit. If I had taken out a personal loan instead of PCP it would be much simpler.

As for advice on buy new vs secondhand.. I would go for a good post April '17 GT and personally bought my car to avoid the high RFL on earlier cars and to avoid getting the Gen 3 engine and manual trans. I dont consider a new GT to be worth over 10 grand more than mine, to me it's less desireable.. just my opinion.

 

[Arashk998]

Just my 2p here.. as an old bugger who's bought a few cars and had a few loans.

Looking forward, there are a number of unusual issues to consider.. Dealers will be desparate to sell cars and will be offering deals to get them sold, in a market which is going to be in recession. So, deals will be there. However.. VAT may rise to pay back the massive debt the Government now has, so any discount could be wiped out there?

Running alongside this, the pandemic will have made loan companies a bit edgy lending money to those who may be unemployed in a few months time? BUT.. If Ford are desparate to sell cars, they will do anything to get them sold. Ford credit are currently doing 3yrs 0% PCP, max 40% down on some commercials so this may stretch across the whole range?

Loans vs PCP.. a loan is better as already mentioned, because you can sell the car and pay off the loan. Take my example here.. My Focus RS is worth about £25k and has a balloon of £17K next month.. If I take it back to the dealer and dont buy another car I will not get the balance refunded. So.. If I couldnt afford to pay it off, i would be stuck in the situation of not being able to sell it because it's on finance, so I'd have to go somewhere like WBAC and take a hit. If I had taken out a personal loan instead of PCP it would be much simpler.

As for advice on buy new vs secondhand.. I would go for a good post April '17 GT and personally bought my car to avoid the high RFL on earlier cars and to avoid getting the Gen 3 engine and manual trans. I dont consider a new GT to be worth over 10 grand more than mine, to me it's less desireable.. just my opinion.

Thanks for your advice, appreciate it.
As you said i guess it’ll all depend on how Ford credit will be when I’m gonna go for it. Either cautious because of the current situation or just trying to get rid of stock. Because of my age loans just don’t work for me and i get rejected as another user mentioned.
Since I’m not planning to get a mortgage soon i think i should be able to save up in the 3 years until i get to the balloon payment. The only thing left will be choosing between a used or new one and right now I’m leaning more towards a used 18 model for the facelift features

 

[andyturbo2000]

OP what’s the monthly’s on the car plus insurance and tax you think?

 

[Arashk998]

OP what’s the monthly’s on the car plus insurance and tax you think?

First year wont have tax and I’d pay off the insurance in one go but for second year it would be ~£330 car+£37.5 tax+ £250 insurance so roughly £620 pm

 

[andyturbo2000]

First year wont have tax and I’d pay off the insurance in one go but for second year it would be ~£330 car+£37.5 tax+ £250 insurance so roughly £620 pm

It’s a lot of pennies. Nearly more than double my mortgage. You thought of a three year old, financed over a bit longer but with smaller deposit. Might make your monthly’s halve.

 

[SpArKy]

First year wont have tax and I’d pay off the insurance in one go but for second year it would be ~£330 car+£37.5 tax+ £250 insurance so roughly £620 pm

You've forgotten your mod budget. Don't think for one second u won't want to spend daft amounts of money making it your own. It's very addictive

 

[marks]

 

[wenklaw]

Just my 2p here.. as an old bugger who's bought a few cars and had a few loans.

Looking forward, there are a number of unusual issues to consider.. Dealers will be desparate to sell cars and will be offering deals to get them sold, in a market which is going to be in recession. So, deals will be there. However.. VAT may rise to pay back the massive debt the Government now has, so any discount could be wiped out there?

Running alongside this, the pandemic will have made loan companies a bit edgy lending money to those who may be unemployed in a few months time? BUT.. If Ford are desparate to sell cars, they will do anything to get them sold. Ford credit are currently doing 3yrs 0% PCP, max 40% down on some commercials so this may stretch across the whole range?

Loans vs PCP.. a loan is better as already mentioned, because you can sell the car and pay off the loan. Take my example here.. My Focus RS is worth about £25k and has a balloon of £17K next month.. If I take it back to the dealer and dont buy another car I will not get the balance refunded. So.. If I couldnt afford to pay it off, i would be stuck in the situation of not being able to sell it because it's on finance, so I'd have to go somewhere like WBAC and take a hit. If I had taken out a personal loan instead of PCP it would be much simpler.

As for advice on buy new vs secondhand.. I would go for a good post April '17 GT and personally bought my car to avoid the high RFL on earlier cars and to avoid getting the Gen 3 engine and manual trans. I dont consider a new GT to be worth over 10 grand more than mine, to me it's less desireable.. just my opinion.

You and others are saying that if you have an unsecured loan the car is yours and you can sell at anytime, you can do that on a PCP as long as the finance is cleared, it doesn't matter who clears it, the buyer, seller, dealer. I have done it both ways, purchased from someone where the car had finance on and sold a car that I had outstanding PCP finance on. Its really wasn't that hard. I would actually prefer to clear some ones finance as its an extra level of checking identity and you know you are transferring £££ to a finance company and not some dodgy scammer, it also then confirms they are legally entitled to sell, although HPI checks etc should always be done as well.

Loans better than PCP's? Sometimes but sometimes not it all depends, my GT is on 0% PCP so without doubt a PCP is better. PCP's also offer some guarantee and lower payments. Lose your job and lower PCP payments are going be easier or less consuming of any savings you may have than finding probably 2.5x that to keep paying off a loan of the same amount. A PCP also enables you to hand back at term, VT probably 6-9 months before term (a few factors need to be considered) or sell the car. An unsecured loan means you are completely at the mercy of the used car market and in the current COVID19 situation I wouldn't particularly want to 'need' to be selling a car.

Ive purchased cars with cash, loans and PCP's. It all depends on many factors which one is best.

Why would you avoid the GEN 3 Coyote and manual? The original 6 speed auto wasn't the best i recall. I find the manual gearbox a real pleasure in comparison to many

I chose an M2 over the original new Mustang but then when the facelift came out I purchased one as for me it resolved some of the niggles i had with the pre-facelift. It has more power, revs higher and has the active exhaust and uplifted cabin. Now I am not saying it is 'better' what i am saying is the changes are worthy ones not to be discarded. Some prefer the old front etc but that's very subjective. No one is going to say they prefer prefacelifts exhaust note or the cabin uses nicer materials or boy do I hate those LED headlights much rather the originals and why oh why did they increase that redline and give me more power, pesky Ford darn them.. Before anyone mentions it, digital dash, one day all of us will have one, that's the way it is!

 

[V8_MOTOR]

My advice would be to wait until you are at least 25 to buy a GT. 3.5k on insurance is literally money thrown away.

If you have money saved. Buy a house or better yet, open a stocks ISA and invest your money in something like Aviva or Shell. These mustangs aren't going anywhere.

I would urge you to be smart about this but buying a mustang is never a smart decision lol

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