I've been lurking on this forum for a while (contributing when I can) and I'd like to say that you guys are awesome! These forums are an absolute wealth of knowledge.

Here's my question:
I'm going to be ordering a 2012 GT/CS (hopefully soon), and I'm wondering what kind of loan I'd be approved for. I have what I think is pretty good credit (around a 735-745) and make about $40k/year. (I'm 23 and have no real financial responsiblities, loans, or debt BTW). Does anyone on this forum have any information about what kind of loan amount I'd be approved for? I know you can't know for sure, but if anyone works in the finance dept and sees these kind of numbers, if you even have a ballpark amount that'd be awesome. I'm trying to get this car ASAP, and I have about $4k in trade in, plus about $2500 in cash and an x-plan, so I'm hoping that I'd get approved for $34k or so so that I'd be able to do it soon rather than have to save up for a larger down payment and get approved for a lower loan amount.

Thanks in advance guys! Can't wait to have a mustang sitting in my driveway...I've wanted one since I was 12 and all the pieces are coming together at last!

 

First off...Congrats on the Credit Score!!! That's awesome. Alot will depend n your Income to Debt ratio and the amount of money your putting down and length of the loan....

I actually got a better rate using my Credit Union than going thru Ford Credit....

I know I didn't answer your question really......

 

$34k? What are you buying, the Boss? With your trade, cash, plan, haggling and any other incentives I'd think you'd only need about $24k - $26k for a well equiped GT. Remember: only fools pay at or even near full sticker price.

 

The numbers you put down sound and look ok for the loan you want..... But that also may depend on your amount of credit history. Sometimes, they want to see more of a payment history from my experience. Debt ratio is a biggie. I do not know all they figure into it as far as expenses going out but that will be the bottom line. If you have a large amount going out, it could change things. Another thing a lot of people do not realize is the more loan apps you run without accepting, the lower your credit score can go. I have been told this by more than one loan officer.

I speak only from my 59 years of life experiences.

When we bought our '11 GT/CS, we financed just under 50% with Ford credit. Using their credit we got an additional $500 discount. Set the payment date and one week before that first payment was due, we went to our Credit Union and did a refinance at 1% lower rate with no problems.

Apply with them and see how it comes out.....only way to know for sure.

 

Well, if my understanding of the xplan is correct, it's basically invoice pricing, which with all my options is 38,481 according to edmunds. Plus tax, title and such, we're talking 40000, minus trade in and cash is around 33500. What other haggling is there to do? Lower price than xplan? More money for the trade in? Thanks for your advice, I remember reading your other posts and thinking that you're an expert at maximizing what you get out of a new car sale. Thanks!

 

x plan is not window sticker price......

 

Unless you're only after a 2012, you might consider waiting a bit until they're doing super deals to move the 2011s off the lot.

If you have good credit history you should get the lowest rate. I think my used car loan is like 3.8% and my credit score is good.

 

The dealership can always come down more. They can sell the car at invoice and still make at least $2000 profit (I don't know the exact amount, but the profit could actually be much more when sold only at invoice). Aside form the incentives and trade in, this is the part where you have to really throw your negotiating muscle around.

Some dealerships will make you wait for hours before they call you back to sign the papers over. This is a tactic, and don't fall for it. The goal here is to get you to say "Screw it, I'll just pay without negotiating because I don;t want to wait anymore." If the sales and finance guy does this tactic, tell the sales guy or general manager that you are leaving because they are blowing you off. If they follow you to try to talk you back in, you now have a weapon. Demand that they take more off for mistreating you.


As for the financing, I honestly say that credit unions offer much better deals than the dealership. The only best Ford financing plan I have seen is the 0% APR.

 

Do you really want a $34k loan making $40k/year? That seems like an awful lot. I went for the 0% financing (had to be 36 month term) on my $25k loan making just under $60k/yr and its a pretty big monthly payment. I really didn't have any credit when I bought mine, only had a CC for about 3 years and paid off my student loans. I was approved almost instantly.

If you have that credit score, you should be able to pull it off I think.

 

Hi, Hmmmm.....23 and getting your first new Mustang GT...GREAT!! You will not be disappointed with your new car as I'm sure you know. You can get a great 400A Premium GT for around $30,000.00($33,000 sticker) + $2000.TTL. With $4000 /$2500 down and a 7% interest rate(without co-sign)....this will depend if your parents will co-sign your loan.....your looking at around $550.00 a month for 60 months(real world). Not meaning to sound like an old fart but, you don't need the fully loaded CS/GT.....get the Premium 400A it will have everything you need. You don't want your car to be the reason for working!!! Making $40,000 a year is great at 23 but, as you get older and have more responsibilities you don't want to be stuck with an upside down $700+ a month payment for 5 years. This will limit your future choices in life. Good luck and hope your dreams come true!!