Almost bought my V6 Pony tonight from a dealership... Was this a good deal?
02-09-2008, 12:59 AM
#12
1st Gear Member
Join Date: Jan 2008
Location: Plaquemine, LA
Posts: 114
RE: Almost bought my V6 Pony tonight from a dealership... Was this a good deal?
A little advice from someone that makes a living with loans. If you can, avoid financing 72 months because unless you are putting a good bit of money/trade in you will be upside down if you ever decide to trade it in. When you get a rate from the dealership there is always an upsale in it. For Ex. If you have A+ credit a credit union/bank will tell the dealer they can finance the vehicle at 5% with maybe a 2% upsale. The dealership will try to get you at 7% and use that extra 2% because they make extra money off of it. With the way the economy is right now you can probably find a better rate than that, and credit unions normally have better rates than banks, not to mention service. If you are not sure about buying it right away my advice is wait because vehicle rates will probably DROP again very soon!
02-09-2008, 01:03 AM
#13
1st Gear Member
Thread Starter
Join Date: Jan 2008
Location: Los Angeles, CA
Posts: 140
RE: Almost bought my V6 Pony tonight from a dealership... Was this a good deal?
ORIGINAL: ruger3.5
A little advice from someone that makes a living with loans. If you can, avoid financing 72 months because unless you are putting a good bit of money/trade in you will be upside down if you ever decide to trade it in. When you get a rate from the dealership there is always an upsale in it. For Ex. If you have A+ credit a credit union/bank will tell the dealer they can finance the vehicle at 5% with maybe a 2% upsale. The dealership will try to get you at 7% and use that extra 2% because they make extra money off of it. With the way the economy is right now you can probably find a better rate than that, and credit unions normally have better rates than banks, not to mention service. If you are not sure about buying it right away my advice is wait because vehicle rates will probably DROP again very soon!
A little advice from someone that makes a living with loans. If you can, avoid financing 72 months because unless you are putting a good bit of money/trade in you will be upside down if you ever decide to trade it in. When you get a rate from the dealership there is always an upsale in it. For Ex. If you have A+ credit a credit union/bank will tell the dealer they can finance the vehicle at 5% with maybe a 2% upsale. The dealership will try to get you at 7% and use that extra 2% because they make extra money off of it. With the way the economy is right now you can probably find a better rate than that, and credit unions normally have better rates than banks, not to mention service. If you are not sure about buying it right away my advice is wait because vehicle rates will probably DROP again very soon!
02-09-2008, 01:10 AM
#14
2nd Gear Member
Join Date: Dec 2007
Location:
Posts: 321
RE: Almost bought my V6 Pony tonight from a dealership... Was this a good deal?
You sound like a person with patience.
It is a virtue.
Continue to research for
1. a better loan rate and duration (don't take a loan through the dealership and *try* to get one for less than 72 months)
2. a better priced Mustang
Good luck.
It is a virtue.
Continue to research for
1. a better loan rate and duration (don't take a loan through the dealership and *try* to get one for less than 72 months)
2. a better priced Mustang
Good luck.
02-09-2008, 01:18 AM
#16
1st Gear Member
Join Date: Jan 2008
Location: Plaquemine, LA
Posts: 114
RE: Almost bought my V6 Pony tonight from a dealership... Was this a good deal?
One more thing, Im not sure if you were interested but if you want to purchase GAP insurance or even an extended warranty check with your credit union. I know we sell them and beat the dealership's prices everytime.
02-09-2008, 01:20 AM
#17
3rd Gear Member
Join Date: Dec 2007
Location: IL
Posts: 777
RE: Almost bought my V6 Pony tonight from a dealership... Was this a good deal?
i paid 18500 out the door for my pp as well. i also used cash as far the the dealership was concerned; i took a line of credit against my house and i just wrote them a check.
02-09-2008, 01:25 AM
#18
1st Gear Member
Join Date: Jan 2008
Location: Plaquemine, LA
Posts: 114
RE: Almost bought my V6 Pony tonight from a dealership... Was this a good deal?
ORIGINAL: Devil Wolf
i paid 18500 out the door for my pp as well. i also used cash as far the the dealership was concerned; i took a line of credit against my house and i just wrote them a check.
i paid 18500 out the door for my pp as well. i also used cash as far the the dealership was concerned; i took a line of credit against my house and i just wrote them a check.
1. You are getting a loan either way, at least the one against your house the interest will be tax deductible
2. You have the title
3. Most line of credit loans are based off of the prime rate, which is currently at 6% which means that even if you dont have the best of credit you can still get a great rate.
02-09-2008, 05:13 AM
#19
2nd Gear Member
Join Date: Dec 2007
Location: missouri
Posts: 155
RE: Almost bought my V6 Pony tonight from a dealership... Was this a good deal?
I don't know about your area but here Ford Credit is advertising 0% for 36 - 60 months depending on the vehicle. They have some listed at .9% and 2.9% also. If you get the actual price where you want it and then get approved at 0% - 2.9% that is hard to beat in my opinion.
