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2011-2014 Mustangs
2011-2014 Mustang Talk
FINALLY!, Found my mustang....Need some financing tips.
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<blockquote data-quote="Torch10th" data-source="post: 10775364" data-attributes="member: 15703"><p>At a 655, it's doable. More than likely you're going to end up financing through Ford Credit at that point. You'll likely need to prove your wages, so be prepared to supply pay stubs, or tax forms if you are self employed.</p><p></p><p>I can almost guarantee you the bank is going to ask for more money down as well. You're shy of 10% and at your credit rating the banks are typically going to want to see around 20% down.</p><p></p><p>It's going to put your interest rates a little higher since you're not in top tier, which for Ford is above 700. You might consider having your father co-sign for you to lower the rate. Realistically, you should have been on all those other loans. It was kind of an irresponsible thing to do from a credit standpoint.</p><p></p><p>Especially since no credit can hurt you more than poor credit, one of the top rules in the game is to never make payments for a loan your name isn't on. Meaning if you're paying for it, make sure you're getting at least partial credit for it. </p><p></p><p>My father co-signed a small loan for my Firebird with me back when I was in high school. By the time I was 19 and purchased my first car on my own accord, I had the credit score to get almost anything I wanted. </p><p></p><p>Once you get the financing locked down, make the payments on time and for as long as you can. Meaning, don't pay the note off within a year. Remember that the credit bureau's are run and administered by the major credit companies. They like to reward people that make them money. So hang on to the car for a bit before moving on to something else (if you're a person that does this that is).</p></blockquote><p></p>
[QUOTE="Torch10th, post: 10775364, member: 15703"] At a 655, it's doable. More than likely you're going to end up financing through Ford Credit at that point. You'll likely need to prove your wages, so be prepared to supply pay stubs, or tax forms if you are self employed. I can almost guarantee you the bank is going to ask for more money down as well. You're shy of 10% and at your credit rating the banks are typically going to want to see around 20% down. It's going to put your interest rates a little higher since you're not in top tier, which for Ford is above 700. You might consider having your father co-sign for you to lower the rate. Realistically, you should have been on all those other loans. It was kind of an irresponsible thing to do from a credit standpoint. Especially since no credit can hurt you more than poor credit, one of the top rules in the game is to never make payments for a loan your name isn't on. Meaning if you're paying for it, make sure you're getting at least partial credit for it. My father co-signed a small loan for my Firebird with me back when I was in high school. By the time I was 19 and purchased my first car on my own accord, I had the credit score to get almost anything I wanted. Once you get the financing locked down, make the payments on time and for as long as you can. Meaning, don't pay the note off within a year. Remember that the credit bureau's are run and administered by the major credit companies. They like to reward people that make them money. So hang on to the car for a bit before moving on to something else (if you're a person that does this that is). [/QUOTE]
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2011-2014 Mustang Talk
FINALLY!, Found my mustang....Need some financing tips.
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