Ok, so my dad went to the lot yesterday to buy an '07 GT/CS....the sticker on it was $30,130...so we go inside an stuff, and my dad wanted to stay ia certain payment, so he decided that he may concider going 72 months...so he comes back with the paperwork after fillin out the credit info....and he says.....get this....for 72 months....$780/month!!

what kind of crack is he smoking!!!!! How is this possible??? needless to say he didnt buya car from there at all.

 

Might consider getting the loan from somewhere else.... I did 72 months through my Credit Union to keep my initial payments low, but will pay it off in 36 months with no penalty. Payments are $470 per month.

 

The only thing I could think of is that if a 72 month loan has a CRAZY APR, that may make a difference....I was thinking around 500/month, but they were $300/month off! Keep in mind.....this is $0 down...did you have a down payment?

 

I put $3k down, but that's not a $300 difference per month, that's for sure...

 

32K for 6 years at 25% APR is $760 per month. That's one high APR

 

OK...so why would they figure this at such a high APR? I've never heared of a 25% APR in my life....and my dad has the best credit in the world...I'll tell him that the deral is stupid and we'll just go to another one...And get a loan from the credit union.

 

you are correct

 

I think I just had a mild heart attack and I wasnt even there.

go somewhere else this sounds crazy to me

 

Don't EVER go into a car dealership and tell them what you want to pay per month. Negotiate the PRICE of the car. Financing comes later, or better yet, you have it in hand. www.capitaloneautofinance.com, I've walked into a dealership with a check in hand for my car for my last 4 car purchases.

www.carbuyingtips.com, don't even THINK about buying a car until you read EVERY PAGE of this site, yes, even the lease pages and used car pages. All pages have valuable information. You can have a check overnighted to you from the above finance company (or several others) and with the tips you get at the other site, you can negotiate the price of the car.

Stop reading this post and go get your dad and start reading those sites. Now.

I mean it, stop looking here.

Go.

Dude, seriously, go.

I give up...

 

It is best to know the purchase price, sales tax, and any other fees and use that to calculate a monthly payment. If you go to a dealer and mention you want xyz payment, they most likely will figure out a way to get it, but at the expense of a longer term or higher interest rate.

This auto loan calculator is one I use to figure out payments.

 

my friend went to majorworld approve anyone land - cuz hes a moron

5000$ dodge intrepid .. they got him for 250 a month for 60 months with 500 down lol hes gonna end up paying like 16K for that 6K car lol

 

Keep in mind every time he has his credit ran through it dings it. If he has stellar credit, get a credit report online (won't ding your credit) and take that with you. It's a great tool. They will still have to run your credit but they won't be able to BS you and will know that your aware of how credit affects your APR.

I went to the dealership with $5000.00, my own credit report, a calculator, note book with facts and figures on pricing elements, invoice cost ect, and most importantly and inflexability to accept anything over sticker or an apr over 4% and my trade in paid off. I got what I wanted, wasn't the best deal I've heard of, but best I have had actual proof of, since I bought mine in 04 when the mark-ups were 3-5k and more.

They obviously messed up on the calculations, or thought they had a real mark to squeeze.

With better than average credit he should be able to get the car for below sticker and a good APR if he avoids using Ford credit. My loan was found through the finance dept. but the loan holder is bank of America. Dealerships CAN find you good APR's if you insist on it.

 

The dealer may have also "padded" the deal with an extended warranty, glass etching, undercoating, scotchguarding and/or other high-profit items without mentioning it to you up front.

As others have said, make SURE you nail down a final selling price (and trade-in value if you have a trade) before you start to talk financing. And don't let the finance dept. add on any extras you don't want. I've had dealers meet my credit union's interest rate (which saved me some paperwork) when I stuck to my guns. Be careful and good luck!

 

0.0% APR financing for 36 months
2.9% APR financing for 48 months
4.9% APR financing for 60 months
6.9% APR financing for 72 months
this is from my local ford dealrships web site
http://www.rodbakerford.com/pages/pr...=3031&navid=15
I believe ford has the best finance rates right now. Some one can't add. If that dealership has the car your Dad likes go back there and show them this. Ask them where they got their figures from. WOW 32.1k at 6.9 = 635.00.

 

these credit aprs are for those with a high credit score only; we all are different; when i boughy by gt i went to my credit union and got the best rate from them first - which was low because of a credit score of 800+; then when i negotiated the price - then and only then did i discuss financing; i told them they had to beat the credit union by at least .5% - and guess what? they financed through a local bank to get the loan; so what to them - they still got something from the loan -not just as much as they may have wanted - so go in with knowledge of interest rates based on your credit score and you will get the best available - but you need to check a credit union and bank first.

also from a financial perspective ONLY; if you cant afford to finance your car for 48 months or less you really cant afford it - not meaning to start an argument - just a prudent financial fact - after all, it is only a car, not a house.

 

The payment more than likely included credit life and disability which would add $7000-$8000 to the financed amount.

 

Good rates, but Navy Federal CU blows em away on the longer terms...

 

30K @ 7% would be arouond 511 per month. I found a super low rate online when I bought mine. When the dealer said they would like to do the financing, I gave them the rate and they beat it by 1/10 percent.

 

$30,000 @ 5.59% for 72 months (will be paid off early) only adds $600 to the purchase price...at http://www.towerfcu.org

I haven't worked for the fed gvmt for 16 years, but I kept my account open because they always seem to have the best rates...