2011 ford mustang gt
09-29-2010, 04:13 PM
#21
5th Gear Member
Join Date: Apr 2007
Location: CT
Posts: 2,612
Thats the spirit!
big things are going to income to debt ratio, and not letting the dealer take advantage of you. A lot of them see a kid with 10k and start trying to stick as many markups on the page as they can. Go in there no downpayment, walk in like it wont be a issue at all, let them do the leg work, make them try to get it for you, then start comming in with down payment. Little bits at a time, keep trying to get more % of the loan by offering more money.
If all goes right it should go like this
You: I want that car
Dealer: lets do the paperwork, do you have a down payment
You: no (or a little)
Dealer: we ran it, cant do it are you sure you cant come up with a bigger down payment.
You; I can get $1500
Dealer: We can do it, but its gonna be 19%, are you sure youw ant to do that.
You: what if I put 5k down
Dealer: We can get 12%
etc, etc till you get the car with no markup, a good chunk paid off, and hopefully not a outrageous % finance charge
See, all us here want you to get the car, and not get taken advantage of, but we see so many kids come in here without a clue and act like there parents owe them the car, that we all get up in arms too quick. Not many man up and say they will try it on there own like you did, so grats and GL.
big things are going to income to debt ratio, and not letting the dealer take advantage of you. A lot of them see a kid with 10k and start trying to stick as many markups on the page as they can. Go in there no downpayment, walk in like it wont be a issue at all, let them do the leg work, make them try to get it for you, then start comming in with down payment. Little bits at a time, keep trying to get more % of the loan by offering more money.
If all goes right it should go like this
You: I want that car
Dealer: lets do the paperwork, do you have a down payment
You: no (or a little)
Dealer: we ran it, cant do it are you sure you cant come up with a bigger down payment.
You; I can get $1500
Dealer: We can do it, but its gonna be 19%, are you sure youw ant to do that.
You: what if I put 5k down
Dealer: We can get 12%
etc, etc till you get the car with no markup, a good chunk paid off, and hopefully not a outrageous % finance charge
See, all us here want you to get the car, and not get taken advantage of, but we see so many kids come in here without a clue and act like there parents owe them the car, that we all get up in arms too quick. Not many man up and say they will try it on there own like you did, so grats and GL.
Last edited by JDWalton; 09-29-2010 at 04:15 PM.
09-29-2010, 04:49 PM
#23
2nd Gear Member
Join Date: May 2010
Location: Liberty, Mo
Posts: 206
I'm 24 and had very little credit right after college. I ordered, it came in and i had every intention of putting 13k down but i didnt tell them that. I told them that i might put 5k down. theyll give you your financing options...in my case they said we cant get you below 6%. then i told them that i dont see any reason why they cant put me below 4.5%. after i told them how much i was really going to put down they lowered the interest rate. hands down, the lowest interest rate the better youll be.
where in ok are you? im in Tulsa.
where in ok are you? im in Tulsa.
09-29-2010, 04:52 PM
#24
Banned
Join Date: Mar 2010
Location: missouri
Posts: 502
Yet these days that's about the only way to help the kid build credit. But I have to agree..whining about not co-signing on a 35K car...well...thats silly.
I reluctantly co-signed on my daughers 10K car purchase (I wanted to see her in something safe and reliable and I pushed her into it) but I also put the fear of God into her regarding even a day late payment. But hers was a special case I guess. Her ex husband screwed her buy buying a car and then leaving her with the note. We got the car repoed but she still ended up having to pay it off. 4 years later her pay record is perfect and my credit score remains at 840.
Sometimes ya just got to give em' a break...but not a 35K break.
I reluctantly co-signed on my daughers 10K car purchase (I wanted to see her in something safe and reliable and I pushed her into it) but I also put the fear of God into her regarding even a day late payment. But hers was a special case I guess. Her ex husband screwed her buy buying a car and then leaving her with the note. We got the car repoed but she still ended up having to pay it off. 4 years later her pay record is perfect and my credit score remains at 840.
Sometimes ya just got to give em' a break...but not a 35K break.
Right now I have 8200$ in checking. During the school year my income is about 1300$ a month. I want payments around 200$ which I have right now. When I do buy another car I don't want to drain my bank account also.
09-29-2010, 05:04 PM
#25
5th Gear Member
Join Date: Apr 2007
Location: CT
Posts: 2,612
The problem is the 2011 GTs cost well over 30k. I'm talkin the premium not the Delux thats about 31k. It's not my fault a competent performance car cost over 30k.
Right now I have 8200$ in checking. During the school year my income is about 1300$ a month. I want payments around 200$ which I have right now. When I do buy another car I don't want to drain my bank account also.
Right now I have 8200$ in checking. During the school year my income is about 1300$ a month. I want payments around 200$ which I have right now. When I do buy another car I don't want to drain my bank account also.
I dont get it, this is a round of statements that dont lead anywhere, unless your trying to say the logical step is what you stated earlier, of have the parents pay for the car? I would think what would make the most sense, is to finish school in that nifty 06 GT that is not a bad car by any means, then buy the car you want when you get out of school and land a sweet job that easily affords it.
On a side note, you know you want 200 a month. Assume a normal term of 5 years and a all right interest rate of 7%. Then your 31k car, you say you dont want to empty savings, so we will say 5k down payment of the 8k you say you have, leaving a payment of 515 a month, or 2 1/2 times more car then you say your comfortable with paying for right now.....
09-29-2010, 05:20 PM
#26
Banned
Join Date: Mar 2010
Location: missouri
Posts: 502
I dont get it, this is a round of statements that dont lead anywhere, unless your trying to say the logical step is what you stated earlier, of have the parents pay for the car? I would think what would make the most sense, is to finish school in that nifty 06 GT that is not a bad car by any means, then buy the car you want when you get out of school and land a sweet job that easily affords it.
On a side note, you know you want 200 a month. Assume a normal term of 5 years and a all right interest rate of 7%. Then your 31k car, you say you dont want to empty savings, so we will say 5k down payment of the 8k you say you have, leaving a payment of 515 a month, or 2 1/2 times more car then you say your comfortable with paying for right now.....
On a side note, you know you want 200 a month. Assume a normal term of 5 years and a all right interest rate of 7%. Then your 31k car, you say you dont want to empty savings, so we will say 5k down payment of the 8k you say you have, leaving a payment of 515 a month, or 2 1/2 times more car then you say your comfortable with paying for right now.....
09-29-2010, 05:30 PM
#27
5th Gear Member
Join Date: Apr 2007
Location: CT
Posts: 2,612
Well its not paid off, as you said your still paying 200 a month. But there probably going to give you like 11, seeing as those are selling for like 15.
So 11- what you owe, I'll be gracious, say you only owe 5, leaves you +6k, brining you down to a 20k loan or 396 / month, or twice as much car as you say you can afford. I hope your studying something in English or history and not math or science.
That aside, that doesn't take into account other things like insurance that will probably triple going from a 2006 to a 2011 with significantly more power and worth. Or the higher compression motor that is high octane only.
So 11- what you owe, I'll be gracious, say you only owe 5, leaves you +6k, brining you down to a 20k loan or 396 / month, or twice as much car as you say you can afford. I hope your studying something in English or history and not math or science.
That aside, that doesn't take into account other things like insurance that will probably triple going from a 2006 to a 2011 with significantly more power and worth. Or the higher compression motor that is high octane only.
Last edited by JDWalton; 09-29-2010 at 05:33 PM.
09-29-2010, 05:41 PM
#28
Banned
Join Date: Mar 2010
Location: missouri
Posts: 502
Well its not paid off, as you said your still paying 200 a month. But there probably going to give you like 11, seeing as those are selling for like 15.
So 11- what you owe, I'll be gracious, say you only owe 5, leaves you +6k, brining you down to a 20k loan or 396 / month, or twice as much car as you say you can afford. I hope your studying something in English or history and not math or science.
That aside, that doesn't take into account other things like insurance that will probably triple going from a 2006 to a 2011 with significantly more power and worth. Or the higher compression motor that is high octane only.
So 11- what you owe, I'll be gracious, say you only owe 5, leaves you +6k, brining you down to a 20k loan or 396 / month, or twice as much car as you say you can afford. I hope your studying something in English or history and not math or science.
That aside, that doesn't take into account other things like insurance that will probably triple going from a 2006 to a 2011 with significantly more power and worth. Or the higher compression motor that is high octane only.
09-29-2010, 05:53 PM
#29
4th Gear Member
Join Date: Jun 2010
Location: Illinois
Posts: 1,846
I'm not sure why you're still arguing this one. If it was feasible for you to buy the 2011, you'd have already done it. So no point in arguing that you should be able to, reality is reality.
