No mustang for me :(

[Leos650]

Criminal interest rate. Your credit score?

650 fair co-sign in the 690s

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[OppoLock]

650 fair co-sign in the 690s

Wouldn’t expect good rates even with a 690 co-signer but 14% is still insane. Good for you for passing. Should be below 10 with your pairing.

 

[Leos650]

OP said “14% At 64k+ with a co-sign with a down payment of 20% percent of the car worth”

I wonder if you’re in a phase in your life where you really need a $64k+ car. I know you really want this car. Even at 8% with 20% down and 72 months, your monthly would be $900 plus insurance. If you need a co-signer for the loanmy guess is your insurance will be very high - $200 per
month?

Mustangs start at under $35,000.

I’ll admit I got cocky with it ngl just came of a raise at my job at the time had a part time hustle on the side I’m working 80 hours a week making money I thought I could do it but once I actually did the math it wasn’t worth it wish I went with a simple spec sales guy said it would of been easier for me to get something cheaper I added 11k more in options:/ not worth it

 

[Dena]

Honestly dude that was my plan i knew going in it would be high 10 to 11.5 that’s manageable and refinance ASAP. i paid my last car loan completely so the account got closed and i stop caring about credit thinking cause i paid my last car I was in the green for approval lol i know better now

Your entire credit history is on file at all three credit agencies. Last time I checked my history, my records dated back to 82 when I got my first credit card. If you suspect something is wrong with your credit, you can check it once a year for free without giving away any information or receiving spam. The only place you can do that is Annual Credit Report. This site is approved by the government and supported by all three credit agencies. You can all three at once or for example, check one every 4 months. The limit is an agency can only be checked once a year.

 

[mcrimm]

690 Co-signer may need a co-signer.

A co-signer needs to be special since he/she gets nothing out of the deal but a thank you and a beer. Oh and a liability without an asset.

in my career, I’d only take a close blood relative and never a 690.

 

[JAM486HP]

Agree 14% is sick, Banks are strict right now in determining Prime lending, even with high income.
Sub-prime loan factors for a 14% rate these days
FICO below 720
DTI above 35%
Credit Utilization above 5%
Short credit history
Short job history
3 or more recent hard credit hits
Any delinquency or collection
No variety in credit history... eg: all credit cards, no auto loans, no mortgage
Car LTV risk eg: $64K is not the actual value, thus 20% down

That's just a few variables, though a couple of those on a credit pull, even with a co signer and you get 14%

 

[JAM486HP]

Your entire credit history is on file at all three credit agencies. Last time I checked my history, my records dated back to 82 when I got my first credit card. If you suspect something is wrong with your credit, you can check it once a year for free without giving away any information or receiving spam. The only place you can do that is Annual Credit Report. This site is approved by the government and supported by all three credit agencies. You can all three at once or for example, check one every 4 months. The limit is an agency can only be checked once a year.

You can make a Credit Karma and an Experian account for free. You will see reports on all 3 bureaus, updated daily. You can check it everyday, no limit, no cost.

 

[Stratman397]

I got 3.9% from Ford.


Pretty sure that dealership was just trying to screw OP over. OP should have went to a credit union beforehand and at least gotten a rate from them to establish how good/bad OPs credit is.

How? Our credit scores are over 800 and we put all but $20000 down

 

[RJV15]

How? Our credit scores are over 800 and we put all but $20000 down

Not sure. 0 down payment too.
I guess I just have very active credit

 

[Stratman397]

Not sure. 0 down payment too.
I guess I just have very active credit

Mine is very active too. Actually too active!

 

[RJV15]

Mine is very active too. Actually too active!

Guess that having 5 auto loans the last 10 years helps.

Took out a lot of debt during school and been paying that back aggressively too.

 

[Carter1776]

Next time shop at your local banks and credit unions, because that is just outrageous. My local bank got me a 4.6% interest rate for 72 months, 35% down on my $58.4k GT with a 790 credit score. My dealer tried persuading me with a 6.9% "lowest i would see" interest rate before i told them what my bank quoted me, needless to say i had them telling me to go with my bank over ford financing.

You will have many more opportunities, shop around, lots of spec'd GTs hitting dealer lots as of late.

 

[Stratman397]

Guess that having 5 auto loans the last 10 years helps.

Took out a lot of debt during school and been paying that back aggressively too.

I had 5 cars in 5 years, 3 of them new, but this was the only one I too, any kind of loan on and it was only $20,000 but getting ready to pay it off or

 

[S650 GT]

I really don't understand why people finance vehicles. Oy the rich people are profitting from financing. The poor people are paying the debts of the rich by doing so.

People having 60k car financed for 8%

You know how much money that is?

That's 4800 USD of interest that you have to pay EVERY YEAR.

Many people think that this 8% is based on the total amount. They think when you get 60k from the bank, you have to pay them 64.800 back at the end of the contract.

Nope.

Let's say you finance it for 5 years.

Instead of the 60k, you paid 60k + 4800 x 5 = 84k for that same car.

I will never ever pay 84k for a car that is just 60k.

 

[Q6543]

Because in America most people only focus on if they can afford the payment.

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