• Welcome to Mustang7G!

    If you're joining us from Mustang6G, then you may already have an account here!

    As long as you were registered on Mustang6G as of March 10, 2021 or earlier, then you can simply login here with the same username and password!

Years financing a S650

Q6543

Well-Known Member
Joined
Dec 11, 2022
Threads
10
Messages
817
Reaction score
1,002
Location
Detroit
Vehicle(s)
1993 fox
Blown away by people stretching their money on a car, best piece of financial advice I heard was "if you can't buy 5, you can't AFFORD one.

This goes from a candy bar all the way up to the house you live in.
Served me well.
Sponsored

 

TheCur

Active Member
Joined
Sep 17, 2022
Threads
0
Messages
37
Reaction score
52
Location
Boston-ish
Vehicle(s)
12 GT 5.0, 16 C7 2LT, 17 SS 50th 'vert, all sold.
Blown away by people stretching their money on a car, best piece of financial advice I heard was "if you can't buy 5, you can't AFFORD one.

This goes from a candy bar all the way up to the house you live in.
Served me well.
I dunno about the house part. But I agree with your overall point.

It's too bad public schools are so screwed up with their curriculums focused on not preparing kids for the real world.

I made damn sure to teach both my kids about taxes, how to work Excel to track finances, and guidance on needs vs wants. One listened and had a house by 27 and a nice truck. Other one is nearly 30, rents and still lives paycheck to paycheck.

I didn't get my first "nice" car until I was 45.
 

NegativeMultiplier

Well-Known Member
Joined
Oct 24, 2022
Threads
6
Messages
220
Reaction score
169
Location
-
Vehicle(s)
-
if you can't buy 5, you can't AFFORD one.
By that logic one would need to make $200k take-home annually to afford a base model GT with no options. I see what you're saying and I agree that it's totally valid but with the way the economy has been trending over the last decade this advice is becoming exponentially harder to follow.

Personally I think if you can save more than half your net annual income, pay all the bills, and still have cash left over to afford one nice thing, do it. These things aren't gonna be around forever, and as much as I love the Mach E I'd rather row six.
 

93-Oct Mayne

Well-Known Member
Joined
Dec 10, 2021
Threads
5
Messages
611
Reaction score
1,044
Location
DC
Vehicle(s)
2024 Mustang GT
Blown away by people stretching their money on a car, best piece of financial advice I heard was "if you can't buy 5, you can't AFFORD one.

This goes from a candy bar all the way up to the house you live in.
Served me well.
Lol I hope that wasn't a financial advisor. Not sure where I'm going to find a $125k house in Northern VA
 

hlfbkd420

Well-Known Member
Joined
Feb 13, 2019
Threads
1
Messages
210
Reaction score
12
Location
Sunny AZ
Website
www.youtube.com
Vehicle(s)
2019 GT w/ Roush P2 Supercharger, 2015 KIA Sorento SXL
It's too bad public schools are so screwed up with their curriculums focused on not preparing kids for the real world.
i don’t know about your hood but our public schools are trying to fix stupid parents. It’s rough.

the school system is not your baby sitter.
 


HammaMan

New Member
Joined
Dec 20, 2022
Threads
0
Messages
2
Reaction score
3
Location
SE US
Vehicle(s)
Mach-E GTP, Powerboost F150
I suggest to always put down at least 25% of a vehicles value as you've always got an easy liquefiable asset. As for terms, look at the economy and your budget. If they're giving away money for years at sub 3%, you're typically outpacing inflation. My F150 is 1.9% which Is hilarious right now with inflation going through the roof.

Don't be afraid to borrow cheap money, but don't get yourself into a situation where you're sitting on a loan covering a depreciating asset that'd cost you money to sell.
 

Replicator

Member
Joined
May 3, 2022
Threads
0
Messages
5
Reaction score
8
Location
Midwest
Vehicle(s)
2019 Mustang GT (RS3 Clone)
Here you go.

7 Year (84 month) with 12% interest financing $50k = ~$880/Month

7 Year (84 month) with 12% interest financing $40k = ~$705/Month

7 Year (84 month) with 12% interest financing $35k = ~$615/Month

7 Year (84 month) with 12% interest financing $30k = ~$530/Month


6 Year (72 month) with 12% interest financing $50k = ~$980/Month

6 Year (72 month) with 12% interest financing $40k = ~$780/Month

6 Year (72 month) with 12% interest financing $35k = ~$684/Month

6 Year (72 month) with 12% interest financing $30k = ~$585/Month

12% is the high side average of new vehicle loans. Here's a 3% loan for comparison. It's all in your credit/downpayment and how much the lender's sheet tells them they can trust you based off the supplied information.

7 Year (84 month) with 3% interest financing $50k = ~$660/Month
 
Last edited:
OP
OP
lcbrownz

lcbrownz

Well-Known Member
Joined
Nov 10, 2013
Threads
20
Messages
578
Reaction score
156
Location
Virginia
Vehicle(s)
2007 Mustang Vert w/pony package
from a page from Ford Credit:

Standard Purchase
Finance a new, used or Certified Pre-Owned Ford. Build equity toward your next Ford purchase while enjoying no mileage limitations and the freedom to customize your vehicle.
Build Equity With Each Payment
With terms ranging from 12–84 months, you can choose the payment schedule that best fits your needs. Equity is built with each payment, lowering the purchase price of your next Ford.

The Benefits
  • No mileage limitations
  • Freedom to customize your vehicle
  • Consistent monthly payments
  • Build equity with each payment
These terms have so many loopholes and half-truths in it.
 

Dub347sbf

Well-Known Member
Joined
Aug 2, 2013
Threads
41
Messages
1,258
Reaction score
1,221
Location
Texas
Vehicle(s)
2024 Mustang Dark Horse
I see on Fords site they offer 3.9 for 60 on new mustangs, but exclude Mach 1 and GT500. Are the Mach 1 interest rates typically higher or lower?
 

Skye

Well-Known Member
Joined
Jul 29, 2022
Threads
0
Messages
758
Reaction score
974
Location
≈39N
Vehicle(s)
"Skye" Mach1 N2144
I see on Fords site they offer 3.9 for 60 on new mustangs, but exclude Mach 1 and GT500. Are the Mach 1 interest rates typically higher or lower?
During MY22, while Ford made financing or cash-back incentives for some models, GT500s and Mach 1s were often excluded from these promotions.

While the Ford promotion mentioned could be valid across any and all dealers, anything else, interest rates or terms for a DH, could be left to that individual dealer and what they offer.
 

zstanny

Well-Known Member
Joined
Sep 16, 2022
Threads
8
Messages
478
Reaction score
633
Location
Huntsville, AL
Vehicle(s)
21 Mach 1 HP Prior: 20 SS 1LE, 17 GT350
Higher. Look for credit unions with the best rates. Call a couple of them and ask some questions about how far their rate can vary from the “as low as” they advertise. Sometimes you’ll get lucky and get a good human who will run some hypothetical numbers for you.
X amount down, Y car price, Z credit score, XY interest rate awarded.
When car arrives, let that credit union run your credit for a true offer. Take it to Ford and see if they can do better, knock some off the top, etc.
Ford likely won’t be close to a credit union deal when you order a high trim car.

I see on Fords site they offer 3.9 for 60 on new mustangs, but exclude Mach 1 and GT500. Are the Mach 1 interest rates typically higher or lower?
 

Skye

Well-Known Member
Joined
Jul 29, 2022
Threads
0
Messages
758
Reaction score
974
Location
≈39N
Vehicle(s)
"Skye" Mach1 N2144
Along with Credit Unions, I'd also check with your current bank and insurance company. As an existing customer, they might offer rates or terms which are favorable.
 

NegativeMultiplier

Well-Known Member
Joined
Oct 24, 2022
Threads
6
Messages
220
Reaction score
169
Location
-
Vehicle(s)
-
Here you go.

7 Year (84 month) with 12% interest financing $50k = ~$880/Month

7 Year (84 month) with 12% interest financing $40k = ~$705/Month

7 Year (84 month) with 12% interest financing $35k = ~$615/Month

7 Year (84 month) with 12% interest financing $30k = ~$530/Month


6 Year (72 month) with 12% interest financing $50k = ~$980/Month

6 Year (72 month) with 12% interest financing $40k = ~$780/Month

6 Year (72 month) with 12% interest financing $35k = ~$684/Month

6 Year (72 month) with 12% interest financing $30k = ~$585/Month

12% is the high side average of new vehicle loans. Here's a 3% loan for comparison. It's all in your credit/downpayment and how much the lender's sheet tells them they can trust you based off the supplied information.

7 Year (84 month) with 3% interest financing $50k = ~$660/Month
7 YEARS?! I refuse to pay for a car for that long
 

Replicator

Member
Joined
May 3, 2022
Threads
0
Messages
5
Reaction score
8
Location
Midwest
Vehicle(s)
2019 Mustang GT (RS3 Clone)
7 YEARS?! I refuse to pay for a car for that long
Unfortunately that's becoming a standard for new cars. All I see is the car will be worn out before you ever pay it off. We live in a world however where I need to have the newest SUV to function in life and people see a need to pay a house payment for one.
Sponsored

 
 




Top