ok Guys just humor me please... im going to have 5000 Dwn on a 03-04 Terminator that costs about 25K. me and my wife have ok/good credit and i was hoping to have a high 3 or very low $400 payment what do yall think? And not to get in any ones business but what do yall pay if yall have a payment?
Go to google and type in "car payment calculator" to play with the numbers. I ran it quick and if you have a 5-year loan for 20k, and you get any interest rate 9% and under, you'll meet your goal of a low $400 payment. Anything under a 5-year (60 months) loan and you won't make it.
Figure this. For every $1k financed on good credit your gonna pay $20/mo. That means $5k down will save you $120/mo. in payments. $20k financed at roughly 7% will be right about $400/mo. Figure on $430 or so because of just O.K credit. I used to be a Finance Manager at auto dealership. 4yr old vehicle puts it in a diff classification of interest rates for the bank. You might get as low as 5.5% if you have 700+ score. Anything from 600-650 will add 1-1.5% of interest barrowed.
Team MF Member #420 Posts: 14534
Joined: 7/24/2003 Status: offline
97Targa should have mentioned to never get financing from the dealer without going to your local credit union yourself.
Many dealerships get a kick back from the bank if they can tack more interest on the note. I had a dealership trying to whack me for 7% from a local bank, I went down there myself and found out I was approved for 4%. After calling an end to the deal and speaking to some family who are in the business, they explained what the deal was.
Also, don't put all your funds on a down payment. You should make a double payment the first month to get ahead. The banks will be much more lenient if you are going to be late or miss a month, give them a call ahead of time and you'd be surprised to learn they are flexible if you are upfront and honest with them.
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Black 04 Cobra For Sale. Will trade for 93 older/non 4-eye fox + $$.
My advice, ... dont pay more than 20k, heck the 04 is 4 yrs old now, too much price gouging going on you cant find a 03 04 cobra for under $25k with low miles I found 1 For $18k had 70k on it and a rod knock I found a salvage title with 25k on it for $23k they both were beat to death the under side of the car had dents, been jacked up in the wrong spots and was driven in the rain and parked out side I would rather pay $25-26k for something that has been babied look on ebay there is nothing in good shape under 25k miles for less than $25
I got really lucky on mine it was owned by an older guy and he had to move out of the country that is how I got it cheap
yeah ive found a couple that are between $25-$26K and 1 has 23K and the other has 30K mi. .......... im not in any rush so i hoping to find a 1 owner car that is just ready to upgrade to the shelby GT500, thats what these 2 guys are doing wish i had the cash right now but it would screw my world up right now ....DAMN KIDS always need somthing!!!! LOL
My loan was for $9,800 for 5 years @ 7% which was $204 a month. I really end up paying $350 a month to pay it off faster. After I put my springs CC plates, plugs and wires in/on and pay off my cc from that i'm going to slam the loan with high payments.
i pay 455 a month for mine.out the door the car was a hair under 27k my interest rate is not great though, i also put 5 k down.
Sorry to jack the thread, but hopefully to OP would be intrested in this info too. If I'm 24, which I will be by the time I can realistically afford a Termi, what would my insurance likely be if I have good credit and nothing on my driving record? I pose this question to you because we're the same age.
97Targa should have mentioned to never get financing from the dealer without going to your local credit union yourself.
Many dealerships get a kick back from the bank if they can tack more interest on the note. I had a dealership trying to whack me for 7% from a local bank, I went down there myself and found out I was approved for 4%. After calling an end to the deal and speaking to some family who are in the business, they explained what the deal was.
Also, don't put all your funds on a down payment. You should make a double payment the first month to get ahead. The banks will be much more lenient if you are going to be late or miss a month, give them a call ahead of time and you'd be surprised to learn they are flexible if you are upfront and honest with them.
Not to sure about other states, but here in NY no dealer can buy more than 1-1/2 points or 1.5%. If the bank offers 6%, the highest a dealer can make is selling the car at 7.5% interet. Most of the time the dealer can get darn near close to the same rate because they get volume discounted interest rates. This is not to say it's all the time. I would def. go down to your local bank and see what they can do for you, because the dealership can and will most likely match it if you cvan get verification and it's within their banks offerings. I wouldn't generally make more than .75% on most cars That's why when a salesman asks you what you want to pay per month you tell them to go scratch! Because they will simple jack everything up if things work out to less. You say I want to spend $XXX and want to shop my interest rate. Also another thing is that on alot of cars these days, banks are offering up to 72months financing which is a big no-no!!! Maybe if you buy a 4wd pick-up and plan on keeping it or a GT500 brand new, but otherwise make sure you go with a 60month term. This is why when they ask you how much do you want to spend per month they will sell you a 66 month or 72month term and never say anything about it. Makes you think your getting a good deal. You'll pay more for interest as well. I wanna say on $20k around $1200 extra for the 66month vs 60 month, just in interest not including payments! It's usually .5% higher for the extra 6 months. With a 60month term at a normal interest rate, you will be evn with the cars value on payments right about 3years and then you will start to have equity in the car. This is an average driver granted you haven't rolled in $5k, but that's not the case. You should be even after 2 1/2 yrs with your down payment.
I would have to disagree with Dan04Cobra and say put the money down and not to make the extra payment as this will not put you ahead. Not wisely anyway. If I were to make an extra payment, I want it to go to PRINCIPLE!!! This means you pay directly on the money barrowed and nothing goes to interest. If you do as Dan04Cobra says, you will merely be paying all interest! The first year you will be paying $300 interest and $100 towards money barrowed. I would highly suggest you not pay a month ahead on interest. Just not wise. This is not to say you can't make extra payments, just make sure it goes to the priciple amount as this will reflect your overall interest you pay back. It will be much less. Do what I do.... Just put $30 extra each month towards principle and you'll be fine, thats almost one extra payment each year towards priciple and actually it's like saving 3 months of payments overall. Do that every year.
there is a 03 bone stock cobra on san diego craigs list for $26k this is the going rate for a clean low miles 03 cobra who ever said they wouldnt pay over $20k is dreaming and will be driving a beat up high milage salvaged title car a good deal is $23-$24k the deal I got was a seller that had to make a quick sale, the car is in such great shape that I could sell it and make $4k on it
Lets not get ahead of our selves here guys these car are not going up in valve and are not investment cars at all. If you want something like that Buy a 428cj with the original drive train after you buy it you will be scared to hot rod it because of the money it is worth.(blow the original block and there goes your $) Price gouging on any cars is not possible they are only worth what you can sell them for There are alot of sucks out there and even more junk If you buy vintage do your home work and please dont look at B-J it is alot higher in most cases beside the taledega torino that went for $42k that was a steal
the bottom line is $25k for these cars is bang for your buck you can build a car that does what these cars do for the money.
I love when people buy these car blow them up dont save the stock parts total them etc... because Mine will be covered in my garage with a fresh coat of wax while most drive theirs in the snow, rain, and kill the drive train
here is one that just was posted is in san diego on cl vert is alittle more $$ but looks pretty stock under the hood '03 Ford Mustang Cobra convertible, supercharged,406 RWHP, 12000 miles - $29000
Reply to: sale-542111523@craigslist.org Date: 2008-01-17, 8:06AM PST
Mileage: 12,000 Body Style: Convertible Exterior Color: Gray Interior Color: Gray VIN: 1FAFP49Y93F302240 Engine: 8 Cylinders Transmission: Manual View the Free CARFAX Vehicle History Report if you search for this vehicle on CARS.COM Features: Cruise Control, Power Locks, Power Steering, Remote Keyless Entry, Leather Interior, Power Seats, Anti-Lock Brakes, Fog Lights, CD Changer, Premium Sound, Power Windows, Rear Window Defroster, A/C: Front Selling Points: mac cold air kit, pro 5.0 short throw shifter, Bassani cat back exhaust and x-pipe, Metco supercharger pulley for 12psi boost, custom programmed computer. Strut tower brace, 4 pt. lower chassis brace, subframe connectors, jackrails, Kenny Brown advanced geometry "Fixed Strut" front suspension module. Light bar, paint matched two piece tonneau cover, and black powder coated the stock rims. All of these modifications were done at Kenny Brown Performance in Indianapolis, IN. I have printouts and documentation of the dyno testing and front and rear suspension information including caster, camber, and toe. The car was dynoed at 406.4 rear wheel horsepower and 433.8 ft-lbs of torque. Condition: This vehicle is in excellent condition. It has been garaged since it rolled off the line and was meticulously cared for. This was not a daily driver. $29,000 FIRM! SERIOUS BUYERS ONLY, THIS CAR IS A MUST SEE!
i pay 455 a month for mine.out the door the car was a hair under 27k my interest rate is not great though, i also put 5 k down.
Sorry to jack the thread, but hopefully to OP would be intrested in this info too. If I'm 24, which I will be by the time I can realistically afford a Termi, what would my insurance likely be if I have good credit and nothing on my driving record? I pose this question to you because we're the same age.
well my driving record is not perfect, but i have never had an increase that i noticed due to anything. i do have a speeding ticket on my record but as i said never saw an increase. the cobra for full coverage runs about 200 per month. I am 23 and married which makes a difference. i also have 3 cars on the policy.
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