Need help on information on monthly payments

[Thed]

I was 21 when I bought my Audi brand new. Still working at the same dealership too.

It is now my goal to buy a new Mustang by this time next year, before I turn 21. So I can beat you.

You have always been my arch enemy, you have only just revealed yourself.

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[Grimace427]

Well this was a strange thread. Felt almost like a troll.

It did indeed, though I think the OP either didn't realize how his thread would be received or is too young to understand what kind of attention an attention seeker would actually get. I didn't want to be harsh or jump to conclusions.

It is now my goal to buy a new Mustang by this time next year, before I turn 21. So I can beat you.

You have always been my arch enemy, you have only just revealed yourself.

I wish you luck then! A hint, save the money would have spent at Taco Bell and live off Ramen and PBJ's for a few months. That should put you there. Though if it makes you feel better I was 24 when I got my DD Mustang. It won't make you feel better that I was only 16 when I got my '67 Fastback. It will make you feel slightly better back knowing my parents initially paid for that car, but then I finished paying them back(and for the partial restoration) by 19-20 or so.

 

[Thed]

It won't make you feel better that I was only 16 when I got my '67 Fastback. It will make you feel slightly better back knowing my parents initially paid for that car, but then I finished paying them back(and for the partial restoration) by 19-20 or so.

I hate you, I literally hate your guts.

 

[Grimace427]

I hate you, I literally hate your guts.

The car's been sitting in my parent's garage since 2008 when the body restoration was finished. I literally dumped my life savings into that car and can no longer afford to finish the way I want to. Soon maybe.

 

[Seabee1973]

So i'm young 19 years old, got a good full time job at lowes working 40 hours a week, currently gearing towards buying The 2015 Mustang Eco or GT, Already have someone with a co-sign and good credit but the main goal is i want to get the monthly payment down to 300 dollars.

Any advice ?

For every $1000 you put down it will take roughly $20 off of your monthly payment .. taking a 72 month note with 39097 for a Mustang GT premium with the performance package, 401a and enhanced security pkg it's roughly 520 or so a month, it will take 4 to 6000 down to get the payment to at least 466 a month. I was about 27yo when I bought a 2001 Audi TT Quattro around 38000. I was paying 550 a month for 4 years.with a 1000 down on the special order.I had a salaried job then plus commissions and also working at a bar for extra cash up till around 2004. With all bills, rent and so on I was really pushing my limits making around 32 to 42k a year on average including being in the military up to losing the bar job and then being laid off from my primary job when they decided to move out of Texas in 2003. There were some really hard times between 2003 & 2004 till I got my current job making a decent hourly wage as a forklift technician where I still work to this day... Bottom line is that unless you are making above 15 an hour with no bills assuming you are living with your parents, I wasn't. You also have to consider your insurance, being 19yo your premiums are going to be pretty high especially with a mustang. Up to around 25yo does it drop a bit. If you live on your own, consider your electricity bill, cable if any included, internet, insurance, gas average for your car per week or two, rent and any other extra bills like gym, credit cards and oh yeah, food, you gotta eat right? Once you have all that down you can truly determine how much you can really afford. It may not be a gt but a base V6 or even a base ecoboost. I don't want to scare you off from getting what you want. I got what I have now by setting goals some of which I wish I had done sooner such as a house versus living at the same apartment for 11 years. Set your goals and beat them. I've never been to college, I hate school but for what college credit I do have has been accrued being in the military for 22 years and just retired in March. Once again, set your goals and don't ever let anyone tell you or convince you what you can or can't have. If you have to, get a second job to supplement but I can also tell you it will not be fun as far as having free time for yourself. You will have to sacrifice it. It was rewarding for me at the same time I gave up alot for 5 years missing alot of parties and family time.

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[derieuz]

My monthly payment is just above 300 a month after apr, im putting a hefty down payment on my car.

I am 19 years old, I am putting 17,000 down on 38,000 invoice pric, 6 year financing with 1.9% apr.

You have to put a larger down payment to get the monthly cost down, or increase the loan span.


To get a monthly payment of $250 before APR interest is added in, you need to finance 18,000 over 6 years.

 

[Ruin]

My advice:

I've been busting my ass for over four years to reach the point of financing my dream car at $0 down and 3% APR. Don't settle. If you want a 15 GT Fastback then plan for it. Pay for school, don't do loans (debt to income ratio will effect your ability to get a loan). Start working full time. Stash away 10% of your checks every time you get one. Then, when you're ready you can either find a used 15 or order yourself a brand new one of your own.

The greatest thing I've felt in years was submitting my own order for my dream car. You're not in any rush. Do it right and you'll feel so much better in the long run.

 

[Dirdle65]

To chime in: by saying you have "no bills" do you mean that you live with your parents? If so, channel that money towards a place of your own. The freedom is incredible! Much better than any car. You already have a relatively new car if it's only a 2008. Put your money towards either 1. school of some sort, 2. living on your own, 3. the bills that come with living on your own, 3. dating (with the left over $$), and maintenance on your current car, etc..

We were all young once as well (some still are) and have been there and done that. I remember when I graduated High School this friend of ours got a substantial amount of money from his parents and grandparents with the hopes he would go to school. Instead he pulled up in a brand new shiny red Honda Prelude (a pretty cool car at the the time). We knew then that the car wouldn't be worth anything by the time the rest of us graduated. We were right and he was working at a fast food place when we met up with him again.

Being WAY older than 19 I'm just now getting ready to buy the V6. Why? I can afford more but don't need nor want it. I still have a ways to go before retirement so don't want to jeapordize my nest egg. I live very well within my means but have fun too and can spend cash on what I want.

Just an idea. But do what makes you happy...oh, and get a real quote on insurance for a car like the Mustang. I think you might be a bit surprised and realize you "budgeted" way too low.

 

[Dirdle65]

Well this was a strange thread. Felt almost like a troll.

Winnersave...you went from 300, to 400, to 600, to 1200. What gives?

I'm out of this waste of time thread. Troll+1.

 

[5.0mg]

OP

 

[Seabee1973]

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

Finances is nothing to be joking with. Are you assuming that 1200 is for the car and insurance combined? Maybe gas along with it? ... my guess would be your payments would be around 550 upwards, insurance close to 300 monthly.. give n take and your gas around 250 a month and that's being generous. I see that you would be driving that around quite often, Houston traffic sucks and is also in a higher insurance region. I honestly do not see how that figures in working at a retail Lowes as I see them barely making 800 bi weekly with taxes taken out let alone thanks to ObamaCare your health insurance requirement. Hope you figured in your registration and inspection as well... comes a time where you really need to split your dependencies with your parents unless you plan on living there while you are working your ass off for this car or are you expecting some " chipping in" from your parents? They are not going to be around forever. If you feel like you still are going to do it, by all means just do it in the mean time I think I will be watching those shows related to Operation Repo. If you are indeed managing it yourself, thumbs up to you... I was out of my house at just before 18 & left for the Coast Guard stationed down in Galveston and was making alot more than a lowes wage back in those days also buying a new car at 19 though it was a new 93 Beretta GT up to the point of the Clinton budget cuts in march 94 I was forced out of the Coast Guard under force reduction. That was a tough time and shortly rebounded getting into the reserves and having 3, yes, 3 jobs.
Point is, that same thing is possible to you, back then we only had three year notes and now everything I mean everything is much more expensive. Good luck, you are going to need it!

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[Wild Stang]

I appreciate the people who are responding with serious insight to this possibly non-serious thread. There are actually younger people like myself that could use some of this advice from those who have already been through these decisions. Don't think your advice is being wasted on someone who may be a troll. I'm listening!

 

[Old 5 Oh]

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.

Just some thoughts from a guy who is no longer young and hopefully not so foolish as I once was.

Spending 40% of your take home on a car is nuts. Period. You really don't want to do that.

Taking out a note over 36-48 months is nuts. You will be paying for an old car and you won't like that. Besides, with a small down you will be upside down in the loan for years. Life changes, and if you need to sell you'll be scrambling for the money to pay off the balance. Owing $20K on a $15K car sucks.

Sounds like you need to be looking at a 2006 or 2007 in the $10K range, to be honest. $40K cars are for people who either own a $25K car outright, or who make $100K+. Just too much debt for anyone else to take on wisely.

As I said, just my $0.02.

 

[RisingForce]

Just some thoughts from a guy who is no longer young and hopefully not so foolish as I once was.

Spending 40% of your take home on a car is nuts. Period. You really don't want to do that.

Taking out a note over 36-48 months is nuts. You will be paying for an old car and you won't like that. Besides, with a small down you will be upside down in the loan for years. Life changes, and if you need to sell you'll be scrambling for the money to pay off the balance. Owing $20K on a $15K car sucks.

Sounds like you need to be looking at a 2006 or 2007 in the $10K range, to be honest. $40K cars are for people who either own a $25K car outright, or who make $100K+. Just too much debt for anyone else to take on wisely.

As I said, just my $0.02.

Any time you buy a car and take out a loan for almost full amount, you will be upside down if you plan on trading it in. but if you're gonna keep it for the next 10 years, then no need to worry about depreciation.

And while an 06-07 might fit better his budget, sometimes when we want the newest and the best we make some sacrifices elsewhere (cut down on vacation and other hobbies) to make it work

You only live once.. My $0.02 ;)

 

[fionic]

insurance close to 300 monthly

what? what kind of insurance are you buying that costs 300 dollars a month?

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