big down payment
Thread Starter
1st Gear Member
Joined: Feb 2007
Posts: 62
From: clermont, fl
RE: big down payment
I wouldn't mind having a 2008, especially if they are still planning the 5.0 gt base, detuned from the boss. Any word on this, or is this just pure speculation still. I read about it in a few places but I don't know if they were just out of date and trying to be the first to break the rumor.
1st Gear Member
Joined: Feb 2007
Posts: 58
From:
RE: big down payment
Damn, everyone of yall must be single, and making upwards of 50Gs or more, or saved up for a Mustang for several years. Maybe its just me being a college student working on a meager salery, but damn, 25-30K in hand
? I'll be lucky to be able to put 3k down on my Mustangaround May/June.Somebody want to enlighten me?
? I'll be lucky to be able to put 3k down on my Mustangaround May/June.Somebody want to enlighten me?
3rd Gear Member
Joined: Nov 2006
Posts: 941
From: Dallas, TX area
RE: big down payment
ORIGINAL: TPony
Now...there's a good question....
ORIGINAL: cryptic26djp
what the hell guys? how are you putting down $12-22k and still having a d@mn payment of $200-300 per month?
what the hell guys? how are you putting down $12-22k and still having a d@mn payment of $200-300 per month?
Another way of looking at it. At 8% for 60 months, your payment will be about $20.28 for each $1000 you finance.
And, BTW, if you finance $30K at 8% for 60 months, your payment will be $608.29. But the bad news is that you wil pay $6497.40 in interest. If you put $10K down, your payment will be $405.53 and you'll only pay $4331.80 in interest. You'll save $2165.60 in interest. Even better - if you can get, say, a 4% loan, then you'll pay $368.33 a month, and only $2099.80 in interest. That means you just saved $2232 in interest. That will make a lot of mods! The catch, of course, is that you have to have the cash available.
BTW, here's the calculator I used to come up with these figures: http://ray.met.fsu.edu/cgi-bin/amortize There are others on the internet - this is just the first one I found.
3rd Gear Member
Joined: Nov 2006
Posts: 941
From: Dallas, TX area
RE: big down payment
ORIGINAL: Georgian
Damn, everyone of yall must be single, and making upwards of 50Gs or more, or saved up for a Mustang for several years. Maybe its just me being a college student working on a meager salery, but damn, 25-30K in hand? I'll be lucky to be able to put 3k down on my Mustangaround May/June.Somebody want to enlighten me?
Damn, everyone of yall must be single, and making upwards of 50Gs or more, or saved up for a Mustang for several years. Maybe its just me being a college student working on a meager salery, but damn, 25-30K in hand
? I'll be lucky to be able to put 3k down on my Mustangaround May/June.Somebody want to enlighten me?
I'll tell you how you can achieve financial independence. How much money you make is not as important as how you manage what you make. Most Americans are up to their necks in debt. A big percentage of their money goes to interest payments.Here's some guidelines:
1. Pay yourself first. Start saving at least 10% of everything that you get your hands on. Put it in a savings account until you have enough to support yourself for 1-3 months without any income. Once you have that put up, save enough to buy yourself some CD's or other long term investments. Oh, and that's not to spend. That's for your retirement. But not getting into debt (see #3) will free up a lot of your income
2. Don't ever let a credit card accumulate a balance. Pay every one of them off every month.
3. Pay cash for everything unless you just have to have it (NEED it, not WANT it) and the only way is to finance it. If it's not a house or car we're talking about, you probably don't really need it. There are exceptions, but you really need to think long and hard about whether you can do without it.
4. Pay off any loans you have as soon as you can. Adding $100 every month to your house payment will drastically decrease the length of your loan.
Oh crap!, you're saying to yourself, I won't have anything if I can't finance it! But you will have lots more in the long range if you don't allow yourself to be eaten up by debt.
So, the answer for you, as a college student, is to do the best you can. That means you will be financing your Mustang. That also means you'll be financing a house later. But if you are careful with your money, in a few years, perhaps you can be paying cash for your next car.
Sorry about the sermon.
</rant>
3rd Gear Member
Joined: Jul 2006
Posts: 503
From: Garden State Parkway Exit 100
RE: big down payment
I'm done beating a dead horse... Its amazing how some people think the dealers wait for payments and whatnot... Those are the finance companies who are waiting for the payments. The dealer isn't the one who olds the title to your car when you take out a loan, its the finance company. So all you guys that want to pay cash, go in, pay your cash, and see how happy the F&I guy is that you're not going to finance your car. I'm sure he'll just be oh so nice to you. Great you moved some inventory, and they made some profit. They COULD have made profit on selling the financing, but hey, who wants to make more money these days.. JMO, but some people are just not intelligent enough to realize how money and financing really works...
3rd Gear Member
Joined: Jul 2006
Posts: 685
From: Chicago (South Loop)
RE: big down payment
i put $12.5k down, and got payments of $415.00/mo. for 60 months on my 06 GT. i did get the extended warranty, wheel/tire warranty, plus shaker 1000, plus IUP, and i paid $29K for my car. my credit was fantastic, but i still got raped with a 8.99% interest rate. that is the highest interest rate i've paid EVER, but everyone else in the stealership was getting 10%...sucks living in Chi-town when it comes to interest/sales tax rates!!
3rd Gear Member
Joined: Jul 2006
Posts: 685
From: Chicago (South Loop)
RE: big down payment
ORIGINAL: wthalliii
I'm sure that at least some of us are, shall we say, later in our careers, and have accumulated some assets. But, if it's enlightenment that you want, I'll tell you how you can achieve financial independence. How much money you make is not as important as how you manage what you make. Most Americans are up to their necks in debt. A big percentage of their money goes to interest payments.
Here's some guidelines:
1. Pay yourself first. Start saving at least 10% of everything that you get your hands on. Put it in a savings account until you have enough to support yourself for 1-3 months without any income. Once you have that put up, save enough to buy yourself some CD's or other long term investments. Oh, and that's not to spend. That's for your retirement. But not getting into debt (see #3) will free up a lot of your income
2. Don't ever let a credit card accumulate a balance. Pay every one of them off every month.
3. Pay cash for everything unless you just have to have it (NEED it, not WANT it) and the only way is to finance it. If it's not a house or car we're talking about, you probably don't really need it. There are exceptions, but you really need to think long and hard about whether you can do without it.
4. Pay off any loans you have as soon as you can. Adding $100 every month to your house payment will drastically decrease the length of your loan.
Oh crap!, you're saying to yourself, I won't have anything if I can't finance it! But you will have lots more in the long range if you don't allow yourself to be eaten up by debt.
So, the answer for you, as a college student, is to do the best you can. That means you will be financing your Mustang. That also means you'll be financing a house later. But if you are careful with your money, in a few years, perhaps you can be paying cash for your next car.
Sorry about the sermon. </rant>
ORIGINAL: Georgian
Damn, everyone of yall must be single, and making upwards of 50Gs or more, or saved up for a Mustang for several years. Maybe its just me being a college student working on a meager salery, but damn, 25-30K in hand? I'll be lucky to be able to put 3k down on my Mustangaround May/June.Somebody want to enlighten me?
Damn, everyone of yall must be single, and making upwards of 50Gs or more, or saved up for a Mustang for several years. Maybe its just me being a college student working on a meager salery, but damn, 25-30K in hand
? I'll be lucky to be able to put 3k down on my Mustangaround May/June.Somebody want to enlighten me?
I'll tell you how you can achieve financial independence. How much money you make is not as important as how you manage what you make. Most Americans are up to their necks in debt. A big percentage of their money goes to interest payments.Here's some guidelines:
1. Pay yourself first. Start saving at least 10% of everything that you get your hands on. Put it in a savings account until you have enough to support yourself for 1-3 months without any income. Once you have that put up, save enough to buy yourself some CD's or other long term investments. Oh, and that's not to spend. That's for your retirement. But not getting into debt (see #3) will free up a lot of your income
2. Don't ever let a credit card accumulate a balance. Pay every one of them off every month.
3. Pay cash for everything unless you just have to have it (NEED it, not WANT it) and the only way is to finance it. If it's not a house or car we're talking about, you probably don't really need it. There are exceptions, but you really need to think long and hard about whether you can do without it.
4. Pay off any loans you have as soon as you can. Adding $100 every month to your house payment will drastically decrease the length of your loan.
Oh crap!, you're saying to yourself, I won't have anything if I can't finance it! But you will have lots more in the long range if you don't allow yourself to be eaten up by debt.
So, the answer for you, as a college student, is to do the best you can. That means you will be financing your Mustang. That also means you'll be financing a house later. But if you are careful with your money, in a few years, perhaps you can be paying cash for your next car.
Sorry about the sermon.
</rant>
at least give credit where credit is due!
1st Gear Member
Joined: Feb 2007
Posts: 58
From:
RE: big down payment
Well, Ford is handing out a 4.9% APR Rate right now for 60 month finance on a new Mustang. I agree, if people knew how to properly manage their income, they wouldnt have to worry about half the things they do. But, if yall have the money, more power to ya....I mean, why wouldanybodywant to brag about themselves being able to put 10k+ down on a car, or anything for that matter? In the near future, cash will be done away with, and it will all go on a type of account that you use such as a credit card. And next year we are all supposed to get a National ID card. But, if yall got the goods, GIT-R-DONE.
3rd Gear Member
Joined: Nov 2006
Posts: 941
From: Dallas, TX area
RE: big down payment
ORIGINAL: imyy4u
you copied this directly out of the richest man in babylon...a #1 selling book.
at least give credit where credit is due!
ORIGINAL: wthalliii
I'm sure that at least some of us are, shall we say, later in our careers, and have accumulated some assets. But, if it's enlightenment that you want, I'll tell you how you can achieve financial independence. How much money you make is not as important as how you manage what you make. Most Americans are up to their necks in debt. A big percentage of their money goes to interest payments.
Here's some guidelines:
1. Pay yourself first. Start saving at least 10% of everything that you get your hands on. Put it in a savings account until you have enough to support yourself for 1-3 months without any income. Once you have that put up, save enough to buy yourself some CD's or other long term investments. Oh, and that's not to spend. That's for your retirement. But not getting into debt (see #3) will free up a lot of your income
2. Don't ever let a credit card accumulate a balance. Pay every one of them off every month.
3. Pay cash for everything unless you just have to have it (NEED it, not WANT it) and the only way is to finance it. If it's not a house or car we're talking about, you probably don't really need it. There are exceptions, but you really need to think long and hard about whether you can do without it.
4. Pay off any loans you have as soon as you can. Adding $100 every month to your house payment will drastically decrease the length of your loan.
Oh crap!, you're saying to yourself, I won't have anything if I can't finance it! But you will have lots more in the long range if you don't allow yourself to be eaten up by debt.
So, the answer for you, as a college student, is to do the best you can. That means you will be financing your Mustang. That also means you'll be financing a house later. But if you are careful with your money, in a few years, perhaps you can be paying cash for your next car.
Sorry about the sermon. </rant>
ORIGINAL: Georgian
Damn, everyone of yall must be single, and making upwards of 50Gs or more, or saved up for a Mustang for several years. Maybe its just me being a college student working on a meager salery, but damn, 25-30K in hand? I'll be lucky to be able to put 3k down on my Mustangaround May/June.Somebody want to enlighten me?
Damn, everyone of yall must be single, and making upwards of 50Gs or more, or saved up for a Mustang for several years. Maybe its just me being a college student working on a meager salery, but damn, 25-30K in hand
? I'll be lucky to be able to put 3k down on my Mustangaround May/June.Somebody want to enlighten me?
I'll tell you how you can achieve financial independence. How much money you make is not as important as how you manage what you make. Most Americans are up to their necks in debt. A big percentage of their money goes to interest payments.Here's some guidelines:
1. Pay yourself first. Start saving at least 10% of everything that you get your hands on. Put it in a savings account until you have enough to support yourself for 1-3 months without any income. Once you have that put up, save enough to buy yourself some CD's or other long term investments. Oh, and that's not to spend. That's for your retirement. But not getting into debt (see #3) will free up a lot of your income
2. Don't ever let a credit card accumulate a balance. Pay every one of them off every month.
3. Pay cash for everything unless you just have to have it (NEED it, not WANT it) and the only way is to finance it. If it's not a house or car we're talking about, you probably don't really need it. There are exceptions, but you really need to think long and hard about whether you can do without it.
4. Pay off any loans you have as soon as you can. Adding $100 every month to your house payment will drastically decrease the length of your loan.
Oh crap!, you're saying to yourself, I won't have anything if I can't finance it! But you will have lots more in the long range if you don't allow yourself to be eaten up by debt.
So, the answer for you, as a college student, is to do the best you can. That means you will be financing your Mustang. That also means you'll be financing a house later. But if you are careful with your money, in a few years, perhaps you can be paying cash for your next car.
Sorry about the sermon.
</rant>
at least give credit where credit is due!
2nd Gear Member
Joined: Jun 2006
Posts: 345
From: Wheelwright Mass.
RE: big down payment
Well I put 15k down on mine, which was 32k. So I financed 17k over 60 months at 5%. I believe my payments are about $320 a month. I'm on my 2nd year out of highschool. The key for me was, I'm good at what I do, I bust my ****, and I spend my money wisely. Parents didn't give me a cent, nor did they even co-sign. The bank I went to said that they were suprized I was able to save up such a large amount at my age and thats why they approved me. I'm paying extra on my loan every month, hopefully just 3 years, then I'll gave real good credit and I'm going to get a house.