MTHLY PAYMNT RECONSIDERATION..HELP

[uglygun]

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?

If you are considering this it hints as to why your credit is poor.

You need to modify your lifestyle and fix some things.

Example, my financed part of my GT premium perf pack is 24500 @ 0% for 340 a month at 6 years. So it gives some idea of how much that 19% is killing you when you see difference in payment size.


Take care of your credit issues and revisit the idea in a year or two. Spoken as someone who had a 30k credit line when younger and didnt even gross 30k in a year while dying a death of a thousand papercuts making minimum payments.

I climbed out and learned my lesson. Dont tie yourself down to more debt.


/edit

Dont pay interest on something that depreciates like a car. And it is a v6 so it will drop at a rate even faster than more desirable models....

Again, wait and come back to the idea a year or two from now.

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[Tamadrummer88]

If your credit is that bad for the dealer to offer you 19% interest on a $23k car you should not even be looking at a new car, period, cosigner or not.

If you absolutely NEED a car, check out a used mustang. You may be able to get one at a nominal interest rate without a $500 payment. Get your credit score up and try for a new mustang in a couple years or so.

 

[olla]

but everyone is tellin me not to jump & i am still on the edge....

If everyone is telling you not to do it and you still want to do it then you are just waiting for one person to tell you DO IT.

People ask for advice but sometimes/most of the times they only want to hear what they want to hear which in your case would be: Yes, buy it.

But no, don't do it. At the end is Yo money, Yo problem.

:cheers:

 

[OH5GT 2 S550]

Thumbs up, what if i were to get a co-signer with a good credit score & pay no more than 430? Even tho my credit is not so good i can pay my depth off in the mean time, I am just in a rush because i want a new S550... Not that i don't have a car, but everyone is tellin my not to jump & i am still on the edge....

Being in a rush will kill you every time. Take your time, get your credit right. Making large purchases like a car should never be a want in your situation, it should be a need. You don't need a new car it sounds like, and if you did need a new car it shouldn't be a 20k+ car. Be smart bro, do the right thing by you. Once you get your shit straight you will be able to get what you want then. If you do this now, you will pay for it...starting immediately!!!!

 

[S550Ace]

[/B]

If everyone is telling you not to do it and you still want to do it then you are just waiting for one person to tell you DO IT.

People ask for advice but sometimes/most of the times they only want to hear what they want to hear which in your case would be: Yes, buy it.

But no, don't do it. At the end is Yo money, Yo problem.

:cheers:

Got a point, im wilaiting for the dealer to call me with a pretty good co signer but if it is not at 450 bucks max i will not buy the car.

Being in a rush will kill you every time. Take your time, get your credit right. Making large purchases like a car should never be a want in your situation, it should be a need. You don't need a new car it sounds like, and if you did need a new car it shouldn't be a 20k+ car. Be smart bro, do the right thing by you. Once you get your shit straight you will be able to get what you want then. If you do this now, you will pay for it...starting immediately!!!!

Yeah i have credit cards that is helping me out right now.

 

[Tamadrummer88]

Got a point, im wilaiting for the dealer to call me with a pretty good co signer but if it is not at 450 bucks max i will not buy the car.



Yeah i have credit cards that is helping me out right now.

The thing is that you shouldn't pay $450 for a $23k car period. That's way too much.


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[PonyGrrrl]

The thing is that you shouldn't pay $450 for a $23k car period. That's way too much.


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I'm not even paying that much on the 28k I financed on my GT.

Obviously the OP hasn't learned his lesson yet since he's looking to buy a car when he shouldn't. Regardless of what anyone tells him he's going to do what he wants.


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[Glenn G]

19%!!!!!! My credit card has lower interest. Not only that but 23400 is too much for a V6 seeing as I bought an eco for 24200! I also got 1.99% and drove it off for $100 down (my deposit for my order) I pay $374 a month. DO NOT BUY THAT CAR!!. If you are in that tight of a financial bind $600 a month plus insurance will ruin you for life. To be perfectly honest, almost everyone I know who bought a car under similar conditions (yours is the worst deal I have seen) has had the car repossessed within the first 24 months. When it comes time to put good on the table and pay the power bill, the car will lose and you will lose it and almost any chance of affording another one any time soon.

 

[madweazl]

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

To put it into perspective, I'm paying $678 for a loaded GT Premium with Performance Pack, 401a, nav, etc. 2.49% on a $38k loan @ 5 years. My '12 was $679 (right around $40k) with 0% @ 5 years.

 

[MagneticA]

When I can't afford to buy something... I wait until I can.

 

[jaja6009]

Op be patient and hold off. I too want my Mustang now. But I am waiting until I save up enough to probably pay for it cash.

I know we all have to balance things we want with financial responsibility and that we only live once but you have to know when to draw a line. Save up for a year, fix your credit score and go back and buy your Stang with a lower interest rate and a big down payment. Take the $500 monthly payment you were gonna pay and put it into a savings account. After 1 year you will have $6000(more if you throw a little extra in) and when you go back with a large down payment and better credit score you'll get a much better deal. And even consider buying a used precertified Stang with low miles.

Don't forget that with that interest rate if you wreck the car what the insurance company gives you might not even cover what you owe since so much of your loan is going to be for interest, especially in the first 2.5 years.

Hang in there.....I am.

 

[bay584]

Get a VW GTI, OP. They're cheap now...

 

[GT P-TREE]

I'll just echo what everyone else is saying, for the love of god, don't buy a car with 19% interest. New car rate should be in the 0-4% range.

 

[Glenn G]

Got a point, im wilaiting for the dealer to call me with a pretty good co signer but if it is not at 450 bucks max i will not buy the car.



Yeah i have credit cards that is helping me out right now.

$450 a month for a v6, NO WAY. you do realize you still have to have full coverage insurance on a car with a Lien right? Probably $150 a month or more at 26. I'm thinking if your credit is this bad a $600 hit a month ,before gas and maintenance is going to be rough!

Don't do it. I hope you prove me wrong but I see 3 things happening

1)Car getting repoed leaving you and your co-signer with fairly terminal credit damage. Not to mention the damage you will be doing to your relationship with your co signer.

2)You will be so far upside down on your loan that if something happens to the car you will still have a large payment wou will not want to make for NOTHING. Get gap insurance!

3)When you realize you cant really carry this level of debt you will sell the car for a loss, leaving you in a slightly better position than #1 and #2 above but still worse than if you had never done it. You get to watch someone drive away in your car for an amazing deal! you Just financed their first year of depreciation!

4)The most unlikely and best scenario is that you actually carry that $600 a month for 6 years, you will barely have the money to enjoy the car or anything else for that matter. At some point during those 6 years, you will realize you are WAY overpaying for a V6 and the dealer or bank have been bending you over. $450 a month is what you could expect to pay for A base GT with a good down payment!

This sounds harsh and it was intended to. When I was a Sargent in the Army I had lots of my young soldiers come up to me and ask advice of this type when they wanted a new car while in a bad financial situation.

90% of those who ignored my advice ended up in 1,2 or 3 above. and taking a walk with me to the commanders office to get thier payments automatically withdrawn from their pay and face punishment for failure to pay debts.

You look like you already made up your mind. I figure you have a few months to enjoy your New 'Stang before reality bites hard. enjoy them.

 

[Voo Doo]

Been at a ZERO DEBT LEVEL SINCE 2000!! And it's staying there!!! Owe nothin!!

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