Need help on information on monthly payments

[winnersave]

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 ?

Sponsored

 

[jcalvert86]

Yeah, spend the $300/mo on college.

Been there, done that.

 

[dabears2322]

I dont think you'd get either down to 300. Maybe a v6 with a Good dp.

Sent from my SAMSUNG-SGH-I437P using Tapatalk

 

[Taneras]

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 ?

Without pulling up a loan calculator, I think you'd have to put down a pretty sizable down payment to swing a GT at 300 a month.

Don't forget to factor in insurance as well.

My best advice is to shoot for a 2014, you'll find some great deals once the 2015's come out and it will be much easier to hit your goal going that route.

EDIT: For a 300 dollar note you'll need to finance 19,000 for 6 year loan (72 months) @ 4.25%. You could probably get a lower interest rate but its not going to help too much. Just spit balling rough figures. So if you want a 2015 GT, you'll need a good 12-13k down payment. Any advice I'd give to a 19 year old in college is not to spend that kind of cash on a car. I didn't get my 2013 GT until after I graduated and got a good paying job.

 

[winnersave]

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.

 

[winnersave]

Without pulling up a loan calculator, I think you'd have to put down a pretty sizable down payment to swing a GT at 300 a month.

Don't forget to factor in insurance as well.

My best advice is to shoot for a 2014, you'll find some great deals once the 2015's come out and it will be much easier to hit your goal going that route.

Well here's the thing, i have no bills and i spend my money on things i really don't need like clothes and electronics, i was saying 300 to 400 cause i'm stingy with car notes lol, if i have to pay around 600 for a car note then nevermind lol

EDIT: Looks like i'm going with either a Base which sucks lol, or the Eco my budget for a car note can be around 400 with insurance which can come to a little over 500 dollars on the car note, Now if i do decide to buy a 2014 Mustang in want to trade for the 2015 Mustang how would that work out ?

 

[brian30tw]

What advice are you looking for? The only way to lower the monthly payment is to put more money down or increase the loan maturity. But, you already know how much money you want to put down, so there's not much else to discuss.

You can find countless loan calculators online to compute your monthly payment for a given scenario.

If the car costs $35,000, and you put $3,000 down, then you have to finance $32,000. If you take out a 36-month loan, then your monthly payment from only the principle portion would be $890. Then, you add interest to that, and you're around $1,000 per month.

If you increase the maturity and take out a 72-month loan, then your monthly payment from the principle portion would be $450. Then, you add interest to that, and you're close to $600 per month.

No matter what, with only $3,000 down, you're not going to get a new Mustang for anywhere close to $300 per month. You better save up. In my opinion, a 19-year-old working at a retail job and not going to college has no business buying a new car.

 

[Patio208]

Having purchased a Mustang GT when I was 20 (about ten years ago) and 4 new cars since, I can tell you with that kind of down payment and what these cars currently cost, you are looking at over $500 per month minimum. As someone else said insurance will be well over $100 a month also. Not saying you need my advice or don't have responsibilities but I say IF you're able, enjoy spending that kind of cash now before life's responsibilities weigh you down too much and your money and attention are drawn elsewhere.

 

[winnersave]

What advice are you looking for? The only way to lower the monthly payment is to put more money down or increase the loan maturity. But, you already know how much money you want to put down, so there's not much else to discuss.

You can find countless loan calculators online to compute your monthly payment for a given scenario.

If the car costs $35,000, and you put $3,000 down, then you have to finance $32,000. If you take out a 36-month loan, then your monthly payment from only the principle portion would be $890. Then, you add interest to that, and you're around $1,000 per month.

If you increase the maturity and take out a 72-month loan, then your monthly payment from the principle portion would be $450. Then, you add interest to that, and you're close to $600 per month.

No matter what, with only $3,000 down, you're not going to get a new Mustang for anywhere close to $300 per month. You better save up. In my opinion, a 19-year-old working at a retail job and not going to college has no business buying a new car.

Well i'm not going to college because i have other things i'm doing currently at the moment for more currency, in i can bump up a the car note to around 600$ per month no problem, it's not like i have bills i don't see why i couldn't pay the car note, plus my mom and dad both has excellent credit so that play's a big part in it to.

If i could get my hands on the Base 2015 Mustang Eco or Just the base and only have to pay 600 that would be awesome !

AND also i might just get the 2014 Mustang and just trade it in when the demand goes down for the 2015.

 

[winnersave]

Having purchased a Mustang GT when I was 20 (about ten years ago) and 4 new cars since, I can tell you with that kind of down payment and what these cars currently cost, you are looking at over $500 per month minimum. As someone else said insurance will be well over $100 a month also. Not saying you need my advice or don't have responsibilities but I say IF you're able, enjoy spending that kind of cash now before life's responsibilities weigh you down too much and your money and attention are drawn elsewhere.

So no mustang lol ? good thing is i have the malibu 08 paid off, idk i'm just so excited for the mustang that's all.

I think i'll just wait then

 

[Shark77]

Well here's the thing, i have no bills and i spend my money on things i really don't need like clothes and electronics, i was saying 300 to 400 cause i'm stingy with car notes lol, if i have to pay around 600 for a car note then nevermind lol

Here's my rule of thumb. If you aren't at 50% of the purchase price of the car you bought by 2yrs into ownership, then you're probably buying something that is too expensive for your current situation.

Couple examples based on my rule of thumb...

So, if you put down $2500, on a $30k car, thus financing $27.5k, you'd need to have a 48 month loan. This would translate into a monthly payment around $600/month depending on interest rate.

To be under $400/month payment on a $30k car, you'd need to put down around $8k, but you could move the loan duration out to as much as 72 months.

Also, keep in mind, this doesn't cover tax,title, and license, which could be more than $3k on on on $30k car.

 

[Gmxblazer]

Your best bet for that payment would be getting a left over 3.7 base model or older gt. You really should consider where you are going to be at the end of the loan. A 19 year old at lowes likely won't be there at 25. If I was you is consider spending that money on trade school or college and getting something reliable to drive for the time being not a car that's value is worth more than what you make in a year.

 

[winnersave]

Your best bet for that payment would be getting a left over 3.7 base model or older gt. You really should consider where you are going to be at the end of the loan. A 19 year old at lowes likely won't be there at 25. If I was you is consider spending that money on trade school or college and getting something reliable to drive for the time being not a car that's value is worth more than what you make in a year.

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.

 

[Shark77]

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.

I've never disappointed myself by waiting. You've got years and years ahead of you to get cars you really like. Waiting until it makes financial sense just preserves your ability to buy more awesome cars in the future.

 

[winnersave]

I've never disappointed myself by waiting. You've got years and years ahead of you to get cars you really like. Waiting until it makes financial sense just preserves your ability to buy more awesome cars in the future.

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 !

Sponsored