Need help on information on monthly payments

[Gmxblazer]

i'm just joking, i really do have the money lmao, it's either a ariel atom 2 or Ford mustang GT but thanks man i thank you guys for the help !

Don't worry we all have the money for the Bugatti veyron as well ;)

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[Shark77]

i'm just joking, i really do have the money lmao, it's either a ariel atom 2 or Ford mustang GT but thanks man i thank you guys for the help !

No need for a consigned then as well!

 

[zackmd1]

Well over the years i invested into music and now i'm getting a name for myself, maybe i should just stick with not paying a car note and just duke it out.

Or you could do what I did and buy a decent used 2011-2014. I ended up buying a 2010 v6 (yes I know its the 4.0l) but it is meant to be my daily driver and honestly I was happy enough with the power output. Bought the car for $12,800 with about a $4000 down payment and after taxes, tags and other fees I have about a $150 a month payment over 60 months. (plan to pay it off before then) With the money I saved going this route I was able to customize the car to my liking. (wheels, stripes, tuner, etc...) I now have a decent daily driver mustang that gets me about 26mpg and is easy on insurance.

PS: I am also 19 and am currently attending college with a "full ride" scholarship.

 

[winnersave]

Or you could do what I did and buy a decent used 2011-2014. I ended up buying a 2010 v6 (yes I know its the 4.0l) but it is meant to be my daily driver and honestly I was happy enough with the power output. Bought the car for $12,800 with about a $4000 down payment and after taxes, tags and other fees I have about a $150 a month payment over 60 months. (plan to pay it off before then) With the money I saved going this route I was able to customize the car to my liking. (wheels, stripes, tuner, etc...) I now have a decent daily driver mustang that gets me about 26mpg and is easy on insurance.

PS: I am also 19 and am currently attending college with a "full ride" scholarship.

That's dope man, i did something similar like that to my malibu when i first got it.

Don't worry we all have the money for the Bugatti veyron as well ;)

LOL i'll let you have that one.

No need for a consigned then as well!

Right on brother

 

[PsyopGoat]

There are plenty of payment calculators online, but the bottom line is you are going to have to pay for the car (and then some) one way or another. In most cases you also have to factor in sales tax, which on an expensive car adds up to a lot of money. You also need to factor in the cost of insurance.

Aside from your interest rates there are only two ways to lower your monthly payments, putting more money down or stretching your payments out over a longer period of time. I believe the longest you can borrow for is something like six or seven years, but keep in mind longer payment plans usually means higher interest rates, which means you end up paying even more for the car.

In summary, if you only have $3000 to put down and you can only afford $300 per month, you might want to look at something else. If I were you I would buy an old fox body. You can buy a very nice one for $6-7000, and they give you by far the most bang for your buck.

 

[winnersave]

There are plenty of payment calculators online, but the bottom line is you are going to have to pay for the car (and then some) one way or another. In most cases you also have to factor in sales tax, which on an expensive car adds up to a lot of money. You also need to factor in the cost of insurance.

Aside from your interest rates there are only two ways to lower your monthly payments, putting more money down or stretching your payments out over a longer period of time. I believe the longest you can borrow for is something like six or seven years, but keep in mind longer payment plans usually means higher interest rates, which means you end up paying even more for the car.

In summary, if you only have $3000 to put down and you can only afford $300 per month, you might want to look at something else. If I were you I would buy an old fox body. You can buy a very nice one for $6-7000, and they give you by far the most bang for your buck.

I was just joking, i actually have the money, i know for the GT i'm expecting to pay around 1200 monthly which is my budget

 

[Fenderaddict2]

I was just joking, i actually have the money, i know for the GT i'm expecting to pay around 1200 monthly which is my budget

$1200 monthly? Are you nuts? For that kind of money I'd be rolling in an Aston...

 

[Gmxblazer]

$1200 monthly? Are you nuts? For that kind of money I'd be rolling in an Aston...

Or an rs7 or gt3. Not everyone is a millionaire like this kid. I should leave my job for one at lowes.

 

[mustanghobo]

What about around the 400 area ? the down payment i'm putting down will be around 2500 or even 3000 grand, and i'm not going to college.

lol, thats kinda evident. No offense but logically you can't swing that. Have you even plugged the numbers into the financing part for a 2014 mustang gt on the ford website to get a rough ballpark figure?

 

[c3po]

You know, it all depends on how it makes you feel, like when you drive it, or when you simply stare at it when you're at home. Honestly, if you're living with your parents and can swing $600-$700 a month on a payment and insurance and can swing the gas too, I say go for it. Like an earlier reply, your life may change completely at any time and you'll wake up some morning when you're 50 years old and wondered what in the hell happened with your life. I ordered a BMW Z4 when I was 28 years old, had a really good job, was single and had no debt. I met my eventual wife 1 year later and sold the car after only driving it for a year and a half. (Car might have had something to do with getting the woman!) I sort of lost my ass on the deal but I don't regret it for a second. I loved that car. Enjoy life, young man!

 

[Shark77]

I ordered a BMW Z4 when I was 28 years old, had a really good job, was single and had no debt. I met my eventual wife 1 year later and...

I was so expecting this to end with, "now she has the car and I pay her mortgage."

 

[L8APEX]

http://www.cars.com/go/advice/financing/calc/loanCalc.jsp?mode=full

I would save up your money and put at least 30% down. Also, don't be a payment shopper..

 

[Taneras]

You don't seem to understand what's going on here. First you thought a new GT or ecoboost could be had for 300ish a month with such a low down payment. A simple google search for loan calculator would have showed you how impossible that is. Now you're on the other end of the spectrum thinking that a note for a new GT would be $1200? Dude, that's pretty much a house note.

You don't seem to have a grasp on finances, I wouldn't be purchasing a new car right now if I were you. Especially if you're still living at home. In order to make this even slightly affordable you're going to need to swing a 6 year loan. You'll be 25 before its paid off, and are going to have a hard time getting out of your parents house before then on a Lowes salary when you're forking out 450ish a month for a car note alone. Have you even called around for quotes for insurance? They're going to be really high for a 19 year old who's not in college driving a 420+hp coupe. You could easily be paying over 700 a month when you add in gas and insurance.

I understand you probably don't have a lot of bills right now, but you're 19... You're going to be having bills soon unless you're just going to live with your parents for a long time. Don't rush into signing a loan on a car that's going to pretty much be a money pit for a huge chunk of your income. Once you sign the dotted line, you're on the hook. And its going to be a long 5 or 6 years for you.

Again, I had graduated from college and had a nice job before I got my 2013 GT. Despite being a very affordable sports car, its not cheap for someone in your shoes.

 

[Taneras]

I was so expecting this to end with, "now she has the car and I pay her mortgage."

Some women are super cool.

My daughter was 2 weeks old when I got my GT. 2 years later I'm still driving the same car ;)

But I have friends that would be found dead in the ditch the next day if they even tried to pull what I did.

 

[c3po]

I was so expecting this to end with, "now she has the car and I pay her mortgage."

Not quite. I did end up driving her minivan back and forth to work while she drove the new Honda Accord I traded in for, though!

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