Maverick128

That's a shame...
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It's alright. It's a fast little car with a ton of features for the price, and it should hold it's value pretty well. So, in a few years after I owe less than it's worth, I can trade in towards a Mustang. Or not. We'll see.

slavehand

Just to let everyone know about your credit rating:

The credit rating financers look for is NOT YOUR BEACON SCORE. What you NEED to know, and what they do not want you to know, is called the Fair Issac Score. This is what ALL creditors look at to evaluate you for a loan. Again, THEY DON'T want you to know about this, but if you ask them, they have to tell you, it's the law. So next time just out of curiosity, when ever you inquire about a loan, and they come back w/ your Beacon Score, ask them what it is on the Fair Issac Score and watch the reaction on their faces.

kevinv-6

Just to let everyone know about your credit rating:

The credit rating financers look for is NOT YOUR BEACON SCORE. What you NEED to know, and what they do not want you to know, is called the Fair Issac Score. This is what ALL creditors look at to evaluate you for a loan. Again, THEY DON'T want you to know about this, but if you ask them, they have to tell you, it's the law. So next time just out of curiosity, when ever you inquire about a loan, and they come back w/ your Beacon Score, ask them what it is on the Fair Issac Score and watch the reaction on their faces.
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Thanks I will do this next time, as my beacon is high 600(680-695) and was wondering why I got a 8.25% rate.

slavehand

No problem. This is very valuable info and like I stated earlier, creditors do not want this information to be given to you. I think that shows how f'ing lousy they are. The only way to take control of you credit is knowledge. Help spread the good word.

sodaman

got 5% with credit union, for 6 years. or 4 % for 5 years. But I wanted my payment low, so I took it at 5%

graphicguy

Just a quick note......72 Month loans are a bad idea on a car. You're just about guaranteeing that you'll never have equity in the car for almost the entire loan period. That means, if you choose to trade it in before the end of the 72 months, you are going to owe more than the car is worth.

Also, if FMC is only getting down to 7% or higher, know that most lending sources are giving much better rates. 4% (for excellent credit) to 6.00% (for not perfect credit) is about the going rate at Credit Unions and on-line lending (like eloan, capital 1, etc).

Maverick128

Not if I pay more than minimum each month. The main reason I got the 72 month plan was just in case something happens and I can only pay the minimum. There's usually no penalty for paying off early.
Also, my credit card company gives me my FICO (Fair Issac) score every month. Currently I'm at 740.

KansasCityTim

That is a difficult assertion to make without knowing how much the person is putting down. I agree if the whole car is financed, then you will be "out of equity" quite soon, but if there is a decent down payment, you will start out with equity, and thus run little chance of getting behind.

graphicguy

That is a difficult assertion to make without knowing how much the person is putting down. I agree if the whole car is financed, then you will be "out of equity" quite soon, but if there is a decent down payment, you will start out with equity, and thus run little chance of getting behind.
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Maybe....but the only reason I could figure out to go to a 72 month loan is if you are getting 0% financing from the manufacturer, or you don't have a big enough down payment to afford the monthly payment.

The former is OK. The latter means you can't afford the car and may be one paycheck away from financial disaster.

KansasCityTim

Once again...those are broad assumptions. Individual finances vary radically, as do motives. In my case, I am putting $8000, and financing $23000. While I could afford a higher payment than $400 per month, I personally like having the lowest minimum payment possible to free up liquid cash in case I want to do something else with it. It does not preclude me from sending in $500-600 per month if I want. Admittedly, over the course of the loan, I will end up paying more...perhaps as much as $2000 over the course of the loan, but over 6 years, that isn't that much. All I am saying is that people have different motives for the way they structure their finances, which may or may not include them being "one paycheck from disaster".

graphicguy

Tim....well....if it's OK with you to pay up to $2,000 more over the length of the loan, so be it.

It makes no financial sense to me.

Personally, I'd rather have that $2,000 in my pocket. $2,000 is a lot of cheddah.

PACETTR

Just to let everyone know about your credit rating:

The credit rating financers look for is NOT YOUR BEACON SCORE. What you NEED to know, and what they do not want you to know, is called the Fair Issac Score. This is what ALL creditors look at to evaluate you for a loan. Again, THEY DON'T want you to know about this, but if you ask them, they have to tell you, it's the law. So next time just out of curiosity, when ever you inquire about a loan, and they come back w/ your Beacon Score, ask them what it is on the Fair Issac Score and watch the reaction on their faces.
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WRONG... :nono:

Some lenders (Ford Credit for instance) use Equifax (Beacon), while others use TransUnion. ALL of our lenders (about 18) use one of these two scores. We don't even bother to pull the Fair Isaac...

mgdumont

In San Antonio, Tx. use Security Service Credit Union, 3.9% for 60 months

dustindu4

I got pre-approved @ 4.5% today for 60 months through St Mary's Bank in Manchester, NH. I called the finance guy at the dealership and they were going to offer me 5.79%