Black with cashmere accents


Yeah that was sticker, I'm buying my car at invoice but tax title and license ends up putting it a little over 36k. The invoice was 34ish if I remember correctly?

 

my credit score is about the same as yours. i make 80+k with no bills and BOA would not finance me. ford would and i went with suntrust for 5 years. tough to get financing these days.

 

Yeah, my fiance cosigned for me and we got declined by BOA and Ford Credit, but Capital One did approve us and so did a local bank through the dealership but I don't know their APR.

Kind of strange being my credit score is pretty decent, we don't know what my fiance's is he's only had 2 credit cards and then his student loan (not that big) but our income combined is plenty to afford this car. I guess that's how it goes. We are planning to start our search for buying a house probably later this winter, hope we don't have issues there trying to get a home loan.

 

I make 80k+ and have no debt. BOA approved me in May and declined me a few weeks ago. Ford Credit also declined me.

Did I mention my credit score is 820+?


I'm still not liking a $500+ monthly payment, but I'm funneling so much into my 401k (almost 500$ a paycheck, 2x a month) and my Roth IRA that I'll make it....somehow.

 

Um, you're going to buy a $36k car and THEN hunt for a house loan? That would be backwards, traditionally speaking. The last thing you want going into a home purchase is DEBT. Especially in this new (old) economy where they actually check your income and your obligations.

I believe the "old" (and possibly new) rules said only 25% of your income could go to debt. Of course many people spend half their income just on rent. And FHA/VA loans allowed 41% if I remember correctly.

None of my business and I don't want to know... just sharing my experience with you.

 

How much did you put down on your stang?


My fiance is the same way, he puts a ridiculous amount into his retirement.. I want to say it's close to $1000 x2 a month, but he has a 401k and a pension plan and some other stuff, all I know is that everyone who retires from his job ends up loaded anyways.

 

I put 5.5k down on the Stang, financed the rest (nearly 30k).

 

Well initially the house purchase wasn't suppose to come until a year and a half from now, but sometime after I already ordered the car my fiance decided he wanted to get in on the cheap APR's.

It's kind of dumb but we could pay cash for the car from our savings, but we're trying to hold on to it to see about the house situation. Though we could end up looking for the right house for a year.

 

The banks are giving you a hard time on getting an auto loan, can't even imagine what they will put you through to qualify for a mortgage. YIKES!!


Best of luck on your future ride.

 

Freddie or Fannie to the rescue! They view home ownership as a right, not a privilege. What kind of mess could that cause...lol.

 

Well it was only two banks though, two of what I've been told are the hardest to get approved so I'm hoping that's true haha. Oh well we shall see. By the time we find the house a lot of debt will already be paid though so hopefully that will be helpful.

 

1.) Get married.
2.) Get your house.
3.) Get your GT. By that time, there may be some good deals. Maybe even 0% for 72?

 

opposite order is the way it's going! haha.

 

If you can afford to pay cash, do it. You avoid the credit check, monthly payment, high interest and all the other headaches. I have never bought a car with financing, and I hope I never have to. I will say that when I last bought a car with cash, five years ago, the dealer wasn't too happy about it, and tried to sell me all kinds of stuff I didn't need, like extended warranties, which I declined. We'll see how my Ford dealer treats me when it does come time to pay for the car and I take out the checkbook.

I agree with others here that if you're saving for a house, that's more important than buying a car.

 

After reading the problems others are having getting loans I guess I should be happy with my 5.9% from Ford Credit with the $2000 Rebates on the 2010's.

 

Interesting...I didn't have any problem with BOA either in the beginning of June. Called them up and they offered me 2.9% for 60 months. My credit score was 787. My salesperson then found an even better deal from a local bank. I did put 6 grand down too on a V6. So the entire down payment was about 20% of the car.

 

save up a bigger down payment and wait for the next zero intrest loan offer.

 

Same thing with me; I was approved by BoA for 3.19% for 60 months, but the dealer found me 3.02% for 60 months. As you may imagine, I was fine giving the dealer the loan.

 

One suggestion, which many on here will poo-poo, but it worked for me. I am guessing you already did this but when I got sticker shock, I re-evaluated what options I REALLY wanted, figuring I'd rather do without an option or two than without the entire car. I am glad I did b/c I ended up deciding that I really didn't want Nav or the HIDs, and now am quite happy without them (savings of about $2900). Wasn't going to compromise on the 401A or the comfort pkg tho. I ended up getting the 19" wheels, but I was ready to save anther $thou by bagging those.

Just offering an idea. I had a heck of a time making up my mind what color I wanted, let alone all the option combos.

 

+1.

At least don't do it in MY order:
- Buy cool Camaro
- Buy house
- Get married
- Trade Camaro for Corvette convertible
- Have child
- Get divorced
- Face child support payments for 17 years
- Sell Corvette
- Live like pauper, drive P.O.S.'s for years
- Child graduates high school
- Buy 2011 Mustang GT
- Receive 1st college tuition bill

That's where I am right now - ugh!