Banking and Credit Questions

[beefcake]

Oh yeah, I completely agree. The last thing I would do is make a deal if I figured out that it would take more than half a weeks pay for 5 years. I understand how some people dont mind the cost and will spend $1000 per month on a vehicle.

Nothing bad on them, but thats not me. I would need to still be putting money in the bank as well.

Like I said before, they are making some nice stuff now, and its all expensive. But wether or not I can comfortably make the payment is up to me.

But, from where I'm at. I can get a Raptor for the cost of a fully-loaded ecoboost lariat, and then I'd still have to pay for aftermarket lift, wheels, and tires, as well as exhaust-and it wont sound as nice as a V8.

I get a Raptor, then its got a factory warrnaty, and its setup in a way that I'd personally leave it stock besides a few things, like leveling it and maybe a Line-X. Havent decided whether I'd like a bed cap or not, but nothing that'll void the warranty.

In the long run, it makes sense to me.

Thanks again guys for all of your replies. I'll call who I need to call from here when it comes time and we'll see if we can make a deal that'll make us all happy.

yep. i love it when people call these "trophy" trucks. imo this is way nicer than a platinum or limited for the same money, and much more capable

 

[Reptar]

3 years in the bureau is good. 5 is better but usually not an issue.

I'd also make sure you make sure your CC balance is as low as possible if it isn't already. Try to get it at least under 1/3 of your limite a couple weeks before applying so it's updated on your bureau.

Banks love equity. So 20% down is excellent. Ford also has a great student program if you are currently enrolled full time, or graduated in the last 2 years.
Another great option is your local credit unions, their rates are typically very good. I do all the ebay stuff for our dealership, so I sell alot of out vehicles out of town, and as long as whoever your dealing with, knows what they are doing. You should be in good shape.

Beef

---------- Post added at 03:30 PM ---------- Previous post was at 03:27 PM ----------



Most banks can't do much for you anymore. Even most branch presidents / managers are glorified tellers. The info goes to some central office where someone that doesn't see you / your situation could care less.

The credit unions are a different story and care much more for their members.

Hey Beef, any more information on that bolded part above? I just finished up my Masters Degree in Systems Engineering last month. Looking to put down about $17-18k on the raptor (I have the 7% NJ sales tax & reg fees separate) and do a 60 month loan. I hadn't heard of any special programs for finishing up school though. I got my Raptor through Randy so when it's built in a couple weeks I'll be kissing all my money goodbye and sending him a fat check for the down payment LOL

 

[beefcake]

Hey Beef, any more information on that bolded part above? I just finished up my Masters Degree in Systems Engineering last month. Looking to put down about $17-18k on the raptor (I have the 7% NJ sales tax & reg fees separate) and do a 60 month loan. I hadn't heard of any special programs for finishing up school though. I got my Raptor through Randy so when it's built in a couple weeks I'll be kissing all my money goodbye and sending him a fat check for the down payment LOL

the college student program is geared more towards younger people / minimum bureau time / first time buyers to help get them started.

it's not necessarily going to be something for a better rate or anything for someone established. sometimes there is an extra $500 rebate, won't qualify on the ratpor either.

details can be found here

The Ford College Purchase Program | Program Rules |Ford.com

 

[Reptar]

the college student program is geared more towards younger people / minimum bureau time / first time buyers to help get them started.

it's not necessarily going to be something for a better rate or anything for someone established. sometimes there is an extra $500 rebate, won't qualify on the ratpor either.

details can be found here

The Ford College Purchase Program | Program Rules |Ford.com

darn, Raptor doesn't qualify? haha. It'll be my first new car I'm buying, but I have already bought a house back in 2010 and have good credit, I'm 26 now and have had a credit card since i was 18, so hopefully all that will snag me a pretty good rate along with the decent down payment as well.

 

[beefcake]

darn, Raptor doesn't qualify? haha. It'll be my first new car I'm buying, but I have already bought a house back in 2010 and have good credit, I'm 26 now and have had a credit card since i was 18, so hopefully all that will snag me a pretty good rate along with the decent down payment as well.

you'll have 0 issues,

 

[K-9]

By limited, I meant limited "credit / age wise".

I had a guy in a similar situation. Coal miner from east coast, young, but made tons of $$ and nothing bad. Nothing to do where he lived and cost of living was super cheap, so he saved a lot of $$ for down payment. Really wanted a Raptor.

His buddy who was young rolled him into town in a real nice Lexus. Bout the only thing they have to spend money on is nice cars.

There is nothing wrong with having a nice vehicle. I just tell younger people to look at your budget / cost of living. Job stability, etc...

Biggest thing you don't want to do is get in over your head at a young age.

This is good advice for any age really. Especially since this is a want for anyone and a need for no one. I made myself agree to wait until after my 2011 taxes are paid because I hate carrying too much debt. I've been pretty good about paying in advance this year so i shouldn't owe more than about 10K at tax time but still a god chunk to hand over for nothing to the Gov. I am wrestling with the love I have for my crappy jeep in the form of no payment, super low insurance, almost nothing for plates vs. the hatered i have for the POS when driving it each day.

I'm heading to Mexico in early April so i can then soak in the the idea a little more and make a choice about the purchase.......or if I win powerball on Wed. all my issues are gone

 

[beefcake]

This is good advice for any age really. Especially since this is a want for anyone and a need for no one. I made myself agree to wait until after my 2011 taxes are paid because I hate carrying too much debt. I've been pretty good about paying in advance this year so i shouldn't owe more than about 10K at tax time but still a god chunk to hand over for nothing to the Gov. I am wrestling with the love I have for my crappy jeep in the form of no payment, super low insurance, almost nothing for plates vs. the hatered i have for the POS when driving it each day.

I'm heading to Mexico in early April so i can then soak in the the idea a little more and make a choice about the purchase.......or if I win powerball on Wed. all my issues are gone

lol, i hear ya.

Being a car salesman in addition to the parts business, we definately get a bad wrap. I was in the nutrition business for 15 years and my job was helping people.

when i first started selling cars, even my wife said. "your going to be one of those guys", i've tried really hard not to be. Always try to give good advice

I sold 312 cars last year, so I think people like me. Thats as many as some entire lots do all year!