SonicGT

first of all im 18 with no credit and want a mustang. ive been to 2 dealers and been turned down even with my 10 grand for down payment. today i went to the dealer so i could order my gt with my dad and got a price of around 25,000 with xplan. ima be putting 3 grand and got a 6.9 interest rate for 48 months. well right now im thinking about it and just wanted to know what u guys thiunk? does it sound good? also if poeple could put their interest rate, down payment and age just to compare.

SonicGT

sorry guys for the misspelled in the topic area. should of said:
what was ur interest rate?

Maverick128

When I got my S-10 when I was 18, (only had it for one year) my rate was 15% for 5 years because I had no credit. That was with a cosigner. I'd say 6.9 is pretty good if you're only 18 with no credit. Of course, I'm still only 22 so what do I know.

I'm also hoping to order my GT in March and get at the most a 5.9 % rate. Luckily, I now have near excellent credit and a $2000 down payment so I shouldn't have a problem.

JZInternet

I'm guessing that's a pretty darn good rate for someone with no credit.

GhostTX

Just for kicks, did you try Lending Tree? Or a couple of local banks/credit unions?

SonicGT

ive really havent done my hw and check other places to have as options. could it be lower if i could get it finance somewhere else?

swingle007

Sounds like 5.9% is about as low as you'll be able to get going through Ford and their finance partners.....Our credit is spotless and they could only offer 5.9%.....Probably have to take the above advice and get your loan set up prior to talking to Ford about buying if you want it any lower....

John

MTAS

I got 4.5%/72mo from my credit union

Mustang69-05

It sounds about right for someone just starting out with their credit. I'm 35 and got 4.9% at my credit union. 1% below what Ford was offering. Just don't screw it up!!

Donna

I got 4.00% for 60 months with 4000.00 down through a local bank.
Taking your age and credit history into consideration I would say you got a decent rate. Good Luck!

BEACHBOY

Your rate doesn't sound to bad for your age and credit history. Just a question, and truly none of my business, but why didn't you put the whole $10,000.00 down instead of only $3,000.00? That extra $7,000.00 would take care of your taxes, tags, registration and lowered that monthly payment.
I just like to have a low car payment for a short period of time, but just my opinion. Good luck to you.

SonicGT

the reason why i was going to put the 10 grand was so i could of qualify for myself, but didnt. my dad told me that whats the point in putting all my money down and being broke. that way i could use the rest of the money to pay the car and not worry about anything. u never know what could happen, so im just prepapred for the future if u could say that

holderca1

That's funny, misspelled a misspell.

holderca1

0 down, 3.75% for 60 months through the Ford dealership. I am 25 yrs old.

SonicGT

i was wondering if my dad has good credit, shouldnt we be getting a better rate?

SonicGT

That's funny, misspelled a misspell. [/b][/quote]
so you think

GhostTX

How'd you swing that holder? You have an 850 score?

Just curious so I'll know what buttons to push to see if I can get a rate that low.

holderca1

How'd you swing that holder? You have an 850 score?

Just curious so I'll know what buttons to push to see if I can get a rate that low. [/b][/quote]
No, my score is around 750. I went in with a loan already at 4.59 for 60 months, the finance guy asked if I would be interested in a 4.0%, I didn't bite on that, the 4.59 would of been convenient since I do all my banking at that bank. Then he said he could get me 3.75 so I said sure.

Edit: That loan was with Suntrust Bank.

Altoid

How'd you swing that holder? You have an 850 score? [/b][/quote]
An 850 is almost impossible. 750-850 is considered excellent credit.

cdemot02

23yrs old. 749 score. 3.69 for 48months.