coffeejolts

Just wondering: are there any long term financing options available for the GT500? I'm thinking of getting a 2011 5.0L, but I'd rather get the Shelby if I could get the payment down. I know some companies do long term financing for collector cars, but the vehicle has to be 25 years old to qualify.

05fordgt

Hey bud, the GT500 doesn't have any low APR rates from Ford Credit like the regular Mustangs do. Its an SVT product and there are never any specials on it. Your best bet is to go through a local bank for a rate or a credit union.

coffeejolts

That is pretty much what I thought. I'm really up in the air on what I want to do now.

I've been debating buying a '11 GT- pretty much decided that I was going to pull the trigger but then I noticed that the 07 & 08 GT500s are getting down close to the price of a new GT. Plus, the used GT500 will hold its value way better. That lead me to check into long term financing on the '10 GT500, since that is the car I truly want.

Anyhow, thanks!

05fordgt

Glad to help you bud.

Ministang

How long-term are you looking? Many banks will do a 72 month loan, but if six years isn't long enough, you could always lease the car for as long a term as you can get with favorable terms, and then buy the GT500 at the end of the lease with a five year loan. This is assuming you can lease a GT500, I haven't heard of many people doing so, but I suppose it is possible.

05fordgt

Hey Keith, the only way one will lease a GT500 is if they can find a bank that will lease automobiles. Most banks got out of the leasing business when they all took SERIOUS baths on the 1997 Expeditions they leased way back when. I know Ford does NOT have a lease program on GT500s.

Ministang

That's kinda what I figured, as I didn't recall seeing any lease offers on them. I guess another option would be using a HELOC to pay for the GT500, assuming the OP has any equity in a home, as a way of stretching out the payments longer than the traditional 60 or 72 month terms, the interest would probably be tax deductible too.

I usually try to have any new car I buy paid off in 36 months or less, but I have toyed around with the idea of getting something more expensive, like a GT500 for instance, and stretching out the payments over a much longer period of time, but this would only be for a car I'd want to keep forever and not put a lot of miles on, like a GT500.

boss429man

Some credit unions have 3.9 for60 mo. when I bought my 10.

karman

I have seen credit union rates for 84 months at 4.74%
That is @$631 per month at $45K

eci

84 months is retarded. Don't ever get a loan that will see you upside down.

karman

Then most Americans are retarded.
Most people take out car loans that put them upside down for the first year or two.
How many upside down loans are there in this country now?
How many have already been foreclosed on?
I was giving a suggestion to a person who was looking at a loan that would go for as long as possible.
Go back and complain in another thread like you usually do.

eci

Agree, most Americans are retarded. 36 months is the longest loan anyone should take on a car. If you can't afford that, you should buy a cheaper car.

lsanch33

You sound like those financial advisers on TV . . . .. who would recommend paying cash on a 3 year old Toyota Corolla with roll down windows! "Who needs a 500HP car with a 1000watt sound system???? You should be saving for retirement!"

eci

Sorry that the truth hurts.

lou

Eci, no offense, but that is one of the most rediculous things ive ever heard "no car loans over 36 months".
Just because someone has a 60 or 72 month loan doesnt mean they cant afford the car, it could very easily mean they just dont want to be burdoned with a high monthly payment. I would rather pay 300 a month for 5 years, as opposed to 400 for four.

lsanch33

If you are a REAL "money stud" . . . . . . you would rather PAY 6% interest on a $60K shelby and EARN 25% on the $60K in the stock market! LOL . . . . . THAT is knowing how to manage your money! I still like the Toyota Corolla idea (high residual, good gas mileage, etc)

karman

"You can't handle the truth."
The truth is that you and I are blessed individuals that can afford whatever we need and then some.
To put down people that are not quite as well off, (which is what you are doing) is callous.
Please grow a heart.
You are a lucky young man with a good job and a keen mind.
Don't screw it up by being insensitive to other people's dreams.
When you are older you may understand better what I am getting at.

thomasstang09

I financed my car at 60 months. I could afford the higher payment at a lower length. But, the interest rates were slightly different between 36 mos and 60 mos. So, I pay a little extra each month towards principal and if money is tight one month, I pay my normal payment amount.

denlem

There goes my idea when my current lease is up in March.

IWantMyNewGT

Same here. Financed my '10 for 72 months. I generally pay off my cars early, but like the flexibility of a lower payment in months unexpected expenses come up. Or in case of a job layoff. You can always pay more than agreed each month, but they don't like it when you pay less.