just curious what you guys might put for a down payment .. i assume you want to put as much as you can to lower the monthly payments.. i wouldnt really want to pay more than $300 a month

 

A $16,500 5 year loan @ 3.9% is approx $303/mth. That's more like V6 territory or a helluva trade-in and/or downpayment on a GT.

 

That all depends on your credit score, and if you have a trade in. If you have a credit score of 700 or higher, you should qualify for a very good interest rate. I secured my loan through the credit union I have all my other vehicles through, and I got a 3.85% rate. (You may be able to get even 0.5% lower if you have the payments auto-withdrew from your account)

Since pricing figures are not out yet, let's just assume a V6 of your choice will run $21,000 TT&L, and a GT at $27,000 TT&L. To keep your payments under $300/mo you will need......

at 4% Interest Rate:
V6 - $5,000 (down payment + trade-in)
GT - $11,000

at 6%:
V6 - $6,000
GT - $12,000

This is based on a 5 year (60 month) loan. Also, don't forget to factor in higher insurance rates! Especially on the GT model, depending on your age!

-Michael

 

I'll probably put $1000 down or so. My credit rating is in the neighborhood of 750 (it was 6 months ago when I checked) so I'll at least get a good deal on financing. I've already be pre-approved with my credit union for 3.85% for 60 months. I might be going with 60 months since I can't stomach a car payment over $500, and give $100 or so extra each month to pay it off earlier.

 

$1000? Wow... thats a pretty small down payment.


I believe its 6% is the common amount that most people put down.

 

Another than final loan amount, does down payment really matter? What I mean is as long as you have a good credit score, what's to prevent you from gettting a loan. Seems like a dealer would prefer no down payment, 'cause then they'd make more money off the interest.

 

Dealers get paid cash either way. When you take out a loan, the bank is paying the dealer cash.

 

I plan on "hopefully" only having to put about $1000. down, plus I have a 2000 Mustang I am debating on selling or trading and also am preapproved with Ford Motor Credit. My decisions are hard due to not knowing how much some of the options are going to be that I might want. I have always paid $350 a month no matter what the payment might end up being, so I want be upside down when it comes trading time. This has worked so far but I have a feeling this time I may be buying a higher priced vehicle due to some options I think I want.

 

6% of 25000 is $1500

not that far off, anyway

It really depends whether I get aftermarket wheels or not. If I don't I'll put down an extra $2k.

 

Wow I screwed that up. Its 16%.

 

No dept for me, I'm paying it CAS$$$.

 

Lucky guy..

hopefully I can get a real job SOON and start saving up whatever I can. I figure if I can put down about $10000 at delivery I will be ok.

 

I put down $2500 as a refundable deposit/down payment... gonna put down at least another $2500 when the Mustang arrives. I advise putting down as much as you can. Makes it so much easier the next 5 years.

 

I'm about a while from making a car purchase, but there's something in my head that keeps on saying "$10K or wait." I don't like debt like MontrealPonies, but I doubt I can get the full 25-27K by the time I'm ready.

I've already started saving, and after I get a better job(career) after graduation....that'll help a lot.

 

Hopefully, the GT base model will be around 24k. Then I'd have another 2k in the options. I'm planning on a 5k downpayment and a 7 year loan. That'll have me paying around 300 a month.

I'm just hoping I can afford the extra 500 a month ill be spending on the loan and insurance. I already pay 150 a month for liability only, so I'm planning on the GT to be from 250 - 350 for me.

I'm 20 BTW! But I'm getting married soon so that'll bring my insurance rates down some.

 

A 7 year loan? They have those? I thought the longest you could get was 5 years.

 

84 MONTH LOAN :shock:

 

Kevin, are you saying that they do have 84 month loans?

 

May want to consider NOT paying cash. Check your credit union / bank. Most offer loans which can be had with GAP coverage. GAP will not only pay difference in loan value and "replacement" Blue Book cost but also make a small ($1-3K) upfront if something happens to car in first 12-24 months (stolen, wrecked,etc)

 

Yes, there are 7 year loans...

My mom has one on her Caravan.