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Discussion Starter #1
Hey guys, whats happening?
Although I do love my T-bird, I really want to get a 5.0 mustang, but I'll still keep the bird. Anyways, I'm gonna be 18 in March and I was wondering what you guys think the chances of me getting an auto loan is? The car will probly be atleast 10 years old which is worrying me about getting a loan. I only make about $600 a month while in school and $1600 a month in the summer. The loan would probably be be for about $8k and I do have a co-signer but she also wants a new car so I don't want to screw up her chances of getting loan so she can co-sign for me if I don't have to. And what kind of interest rate do you think i'm dealing with here? 15%? 16%?
Sorry to ask a retarded question but I'm really curious about what my chances are.
Thanks.
 

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Get a relationship with a credit union.

It would have to be a personal loan with a high interest rate because the vehicle is too old for a used car loan.

The credit union would take the vehicle as collateral.

Also its too much money, because they go based on blue book value of a car. No 5.0 mustang is going to be worth 8 grand.

You would deffinitely need a cosigner.

If you want an older sports car, your way better off paying cash.

If you don't have the cash, then don't do it.
 

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I would strongly reccomend that you just save up until you can afford to buy the car outright. Making payments on stuff sucks. Much better to buy it and then you don't have to worry about it. You can pick up a 5.0 mustang for a lot less than $8K. If you don't mind doing some work on it, you can probably pick up a fox body in decent shape for about $2500, and then as you get money you can fix it or mod it as you see fit.

Mike
 

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I would strongly reccomend that you just save up until you can afford to buy the car outright. Making payments on stuff sucks. Much better to buy it and then you don't have to worry about it. You can pick up a 5.0 mustang for a lot less than $8K. If you don't mind doing some work on it, you can probably pick up a fox body in decent shape for about $2500, and then as you get money you can fix it or mod it as you see fit.

Mike
Agreed 100%. Especially for the case where your payment would be eating so much of your already low income...and you'd probably be getting raped on interest. Also, if the Stang is really what you want, it might be a better financial decision to sell your Bird and buy the Stang.
 

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besides all that, you also have to remember a 18 year old's insurance cost on a 5.0 mustang... added to ur bills
 

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You're to young to dig yourself that deep into debt. Don't let any sleezeball car dealer or loan shark sucker you into paying anything approaching 10% interest. I didn't get my T-Bird (My first new car) until I was 23 by that time I'd been in the Army for 2 years, had saved up a 5 grand down payment, and financed the rest at 8.75 percent.

Enjoy your TBird sport. IMHO forget about the 5.0 and save your money, or if it's burning a hole in your pocket just use it to fix up the TBird.

That's just my .02 - Free of financing charges.
 

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Take it from somebody who has been there/done that...You're 18 with a (most likely) paid off sweet arse thunderbird!! Just keep it and mod the bird...obligations to pay back huge loans in your late teens/early 20s is absolute hell--it's just too much to worry about when you should be enjoying life!! Just keep the bird & have fun with it and don't rush into anything insane...just save up & buy something nice that you'll own outright, you will feel real good about it when you do that :)
 

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In my experience, you don't want to get held up in your life with a big car payment.

Just keep up on the maintenance on the tbird, and drive it until it stops.

Start banking some serious money, and pay cash for a later model daily driver car.

Once you get that taken care of, then you can buy a toy.

You don't want some souped up mustang to be the only vehicle that has to take your butt to school and work.

I have a 350+ horsepower thunderbird in the driveway, and the thing probably sees about 4000 miles a year.

For the first time in my life, I have no car payment, and have a daily driver f150 thats nice as well.

That extra 200 bucks a month in your pocket really feels good, and you can do something productive like dump it into your IRA, instead of making interest payments to a banker, whos probably sitting in aruba with a umbrella drink right now, on your dime.
 

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do you carry full coverage on the bird? and did you check what FULL COVERAGE would be on the stang? you HAVE to carry FC when you are financing.
 

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I would think it would take something more substaintial then "full coverage" policy to pay off an 8K loan on a totaled 10 yr old FOX Mustang. lol

Getting a cosigned high interest loan on a 10 yr old over valued mustang, at 18, has got to be the worse idea I've heard around here in awhile. Save your money for something you can afford without debt looming over you.
 

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I got an auto loan for the cougar at 19. Got a cosigner and now i have good credit.
 

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Loan

At 18 without a co-signer..............not likely to happen.

IF.......it does, you will be charged a high interest rate.

Save your money, establish credit by financing a t.v, a computer, etc.

Pay it off sooner than the length of the loan.

You have now established solid credit for your future.
 

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citifinancial gave me a loan based on the value of my 1987 Buick (I mean I asked for 3 grand and the book vaue was over 10 grand at the time) this was less then 5 years ago
 

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You're to young to dig yourself that deep into debt. Don't let any sleezeball car dealer or loan shark sucker you into paying anything approaching 10% interest. I didn't get my T-Bird (My first new car) until I was 23 by that time I'd been in the Army for 2 years, had saved up a 5 grand down payment, and financed the rest at 8.75 percent.

Enjoy your TBird sport. IMHO forget about the 5.0 and save your money, or if it's burning a hole in your pocket just use it to fix up the TBird.

That's just my .02 - Free of financing charges.

wow, be easy with the sleezeball car dealer thing lol im a car dealer, anyways on a used car that old you are going to pay at least 10 percent for an auto loan or at least in michigan you would, we don't actually finance direct but we do inderect for banks and stuff and for anything 98 or older they are around 10-13 percent .
 

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your not making that much mann...just save up and buy the car cash. payments plus the full coverage insurance you have to carry with a loan can really suck. Might want to look into an older fox bodie can find them really dirt cheap.
 

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You are too small to get a loan, plus like everyone have said, you do not make enough money... Im 24 and I want an STI and and I can not afford it, so I am thinking on getting another job, not to pay for the car, but to pay off all of the crap that I have bought.
 

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Discussion Starter #20
well I don't think I will have a problem getting a loan for a newer car. My friend got a loan for his lancer for $12k and he makes about the same as me. He had only just turned 18 as well.
 
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