Would I be crazy to trade in my ‘18 GT pp1 for a ‘16 GT Premium pp1?

Discussion in 'Mustang S550 General Forums' started by tps7c, Jul 9, 2019.

  1. tps7c

    tps7c Member

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    Hey guys, need some advice here. About a month ago I picked up a 2018 GT pp1 in Kona blue, 15k miles, for $29,500. With the tax and fees I think the payoff is around $32k. I’m paying 21% - I know I know I’m an idiot but long story short, I had a heart attack a few years ago, couldn’t work, and my credit tanked. Any way, health and finances are great now, but credit hasn’t bounced back. So, don’t have to make a payment until August 5th so I’ve been pondering the idiocy of a 21% loan.

    I talked to a dealer who has a 2016 gt premium, pp1, 40k miles, for $26k. But, he’s almost positive that with my credit score he can get me a 10% loan with Cap 1. That saves a ton of interest and brings the payment down by around 250 a month, but I’d probably have to put a grand or two down. The car has some options that I was really looking for - shaker audio, 8” touch screen with sync 3, heated and cooled leather seats. It’s black with the black pp1 wheels. Looks amazing.

    I know the hp is less on the ’16, I’m not really worried about that. I’m hoping the exhaust note on the 16 is as sweet as the 18, however.

    Anyway, any thoughts or advice would be much appreciated. Thanks!
     
  2. ChromaticGrey

    ChromaticGrey Well-Known Member

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    One thing is certain. Stock for stock, the exhaust sounds much better on the 2018-2019. I can comment more thoughts later, too sleepy now.
     
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  3. OP
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    tps7c

    tps7c Member

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    Thanks, looking forward to hearing your other thoughts!
     
  4. kluke15

    kluke15 Well-Known Member

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    could you refinance your loan? certainly you can get a better interest rate than that thats crazy. i had no credit history when i bought mine new only put down 4k and i only had like 7 or 9%
     
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  5. bluebeastsrt

    bluebeastsrt Oh boy

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    DING DING DING! If one dealer can get you a loan at 10% Any bank should give you that same 10%. So f#$k no! Dont trade backwards!
     
  6. thehunterooo

    thehunterooo Well-Known Member

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    Just refinance.
     
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  7. OP
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    tps7c

    tps7c Member

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    Guys, my score is around 540. Embarrassing, I know. So I tried the Cap 1 website, where you can pre-qualify. And I just got denied. Maybe the dealers have better leverage to get loans approved?

    Anyway, any suggestions on who to try to refi with?
     
  8. armsdealer

    armsdealer Well-Known Member

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    Have you considered trying your bank? When I got into trouble after a major flood I was able to raise my credit score over 100 points borrowing money from my savings account once we had cash flowing in again. The bank structured it as multiple loans and revolving accounts to make it look like I had a ton of credit. Then as bankers do they tried to get me to take out a home equity loan on my paid for house when my credit score was up, I declined, bad enough I have to pay taxes on a "paid for" house.

    Right now you are probably paying more than what my yet to be delivered PP2 premium would be if I finance it. I have saved up cash and plan to pay cash unless there is some incentive tied to using Ford financing.

    I wouldn't trade down, I would look into getting your credit score up and refinancing.
     
  9. thehunterooo

    thehunterooo Well-Known Member

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    Sounds like the dealer is BSing. I would check with a credit union or two. If you can't refinance now and have to wait a year its not a big deal. People are going to freak out at the number but its not like you are going to refinance down to 3%. I wouldn't lose sleep over it if you can conformably afford it.
     
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  10. 5pointOh

    5pointOh Well-Known Member

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    If you have the ability to join Navy Federal CU, they would probably refinance you. I think as long as you have family that is or was in the military or government employment you can join. They gave me a loan back in my early 20's when my credit wasnt that great and iirc my interest rate was well under 10%.
     
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  11. ws16gt

    ws16gt Member

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    Try rategenius.com they only do refinancing and work with multiple banks/credit unions to lower your rate. Used them many times with great success. Hope this helps.
     
  12. poncho@home

    [email protected] GettingOld

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    I don't know if trading down is the answer, but get out of that loan. 21% is insane. You are probably giving away $2-300 extra a month on interest compared to lower interest rates.

    Dude...you are throwing away money.

    100% find some new financing, and if the dealer is offering 10% on an older car when no one else is, there might be something in the fine print...be weary
     
  13. Jmtoast

    Jmtoast Well-Known Member

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    Dude get with a credit union, setup direct deposit, and refinance. I had a bankruptcy 6 years ago, which is still on my Credit report, and was able to get two car loans at 4% and 4.25%. Look until you find a CU in your area that will help you. Go in don't just call.
     
  14. Interceptor

    Interceptor Daily Driver

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    Hope you got GAP insurance, if not get it no matter what you decide to do. State Farm use to give it free with there auto loans
     
  15. Jiki05

    Jiki05 Well-Known Member

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    I have 3% and I cant imagine paying 20%...like everyone else is saying go with a credit union and talk to someone in the bank. They should be able to help you out.
     
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