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I want a Shelby GT500 but...


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Guys,

First of all I just want to say hi to everyone and I love this Shelby Mustangs along with Stangsunleashed.com. Great Site!! Anyway like the topic read, I want a Shelby GT500 but I have the car buyers worst nightmare. A low credit score in the mid 500s to low 600s. Although my credit score is low, I might have a big down payment to make up for this. (40% of 60K) The Interest Rate will be the killer. Do you guys think that a dealer can let me drive away with a 07 gt500 with this kind of down payment on a low Credit score? I do have a great paying job so the income is there and I am paying for another vehicle to raise my score a tad.

 

What do you guys think? Is it worth giving this a shot for my dream car?

 

Thanks

TS

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If you have cash they will sell you a car, yes higher interest, but also there are GT500s out there for less look on the for sale GT500 thread check out what some dealers have posted, prices have come down, don't let your dealer tell you otherwise. I paid a ADM back in Oct. didn't want to wait, you have a better chance of finding one for much less than 60k now ask anyone here. :shift:

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I agree with Applesred. Cash in hand will make it happen. Also you should be able to find on for way less then 60k. I've been holding out for MSRP and will continue to do so. Just my situation and what I'm will ing to pay. You should not have any problem getting one with what your willing to pay. I think you could save yourself alot of money right now by not rushing into it and looking around and finding the best deal. Don't buy into all of the hype about the ADM's and how you have to buy one right now or you'll never get one. The longer people are willing to pay more then the harder it is on the rest of us that have been waiting. Maybe I'm just being selfish :rockon:

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Guys,

First of all I just want to say hi to everyone and I love this Shelby Mustangs along with Stangsunleashed.com. Great Site!! Anyway like the topic read, I want a Shelby GT500 but I have the car buyers worst nightmare. A low credit score in the mid 500s to low 600s. Although my credit score is low, I might have a big down payment to make up for this. (40% of 60K) The Interest Rate will be the killer. Do you guys think that a dealer can let me drive away with a 07 gt500 with this kind of down payment on a low Credit score? I do have a great paying job so the income is there and I am paying for another vehicle to raise my score a tad.

 

What do you guys think? Is it worth giving this a shot for my dream car?

 

Thanks

TS

 

 

What would you have to loose by giving it a shot? The worst that can happen is you wouldn't get approved.

 

You say you have one car you are paying on to boost your score. That is good, but you will likely have to trade it or pay it off because a lot of banks won't do a loan where you would have two auto loans based on your credit. Unless you have a spouse going on the loan, then that could help get around the two loans.

 

You said 40% down based on $60K. The 40% down is great with the exception of the $60K being about $15K over MSRP. But a $10K over MSRP deal would put you at the $60K mark. But you are still in a good equity position for the lender since your loan would be about $36,000 on a $45K car. Plus most banks already know this car is worth a lot more.

 

The fact you say you have a great paying job will also be an advantage. Strong income to debt will buy a lot of approvals with so so credit.

 

I think your biggest hurdle will be finding a dealer to order you a car. So you need to find one already sitting in stock. Then work your deal to first get a good price. Then let them pull the credit and submit your app for approval. They have nothing to lose by trying to get you approved with a car sitting there in stock. They will try and they will try hard if you are paying the price.

 

Mid 500's to low 600's is a big spread. Hopefully in the low 600's because that will be easier to get approved. It just depends on what all is on your credit bureau. Low scores don't always mean bad credit.

 

Do you have any local credit unions around you that you could join? Credit Unions are a great source to get auto loans and they will buy some iffy credit and their highest rates are usually half what a lot of secondary lenders will charge.

 

I think the max rate around here with credit unions is about 14.75% and you have to have some bad credit to get that rate! Other lenders could be in the 25% - 30% range on the secondary market.

 

I would try and apply with a credit union first. See if they will approve you for $36,000 on a $45K car that is selling for $60K. Then you can shop around to get your deal and already be approved for the financing. Then if that doesn't work let the dealer try. They have lots of banks and depending on the dealer and volumn they do with certain banks they can package your loan with several other prime paper loans and get the lender to buy your deal. I've seen people in the low 400's get loans where dealers would package their loan with several good loans to get the bank to buy the package. Lenders will do that just to get all the other good loans by having to take the bad loan with it. It just depends on the dealer and how good their F&I guy is and the amount of business they do with some of their lenders.

 

So can you get the loan? Very possible. And if one dealer can't get it done try another. 40% down with strong income can go a long way with over coming some credit issues.

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Guys,

First of all I just want to say hi to everyone and I love this Shelby Mustangs along with Stangsunleashed.com. Great Site!! Anyway like the topic read, I want a Shelby GT500 but I have the car buyers worst nightmare. A low credit score in the mid 500s to low 600s. Although my credit score is low, I might have a big down payment to make up for this. (40% of 60K) The Interest Rate will be the killer. Do you guys think that a dealer can let me drive away with a 07 gt500 with this kind of down payment on a low Credit score? I do have a great paying job so the income is there and I am paying for another vehicle to raise my score a tad.

 

What do you guys think? Is it worth giving this a shot for my dream car?

 

Thanks

TS

 

60k?

 

Wait till it comes down to MSRP, as it will next year, then get the car for much cheaper and improve your credit?

 

These cars are being produced for 3 years - relax mon.

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What would you have to loose by giving it a shot? The worst that can happen is you wouldn't get approved.

 

You say you have one car you are paying on to boost your score. That is good, but you will likely have to trade it or pay it off because a lot of banks won't do a loan where you would have two auto loans based on your credit. Unless you have a spouse going on the loan, then that could help get around the two loans.

 

You said 40% down based on $60K. The 40% down is great with the exception of the $60K being about $15K over MSRP. But a $10K over MSRP deal would put you at the $60K mark. But you are still in a good equity position for the lender since your loan would be about $36,000 on a $45K car. Plus most banks already know this car is worth a lot more.

 

The fact you say you have a great paying job will also be an advantage. Strong income to debt will buy a lot of approvals with so so credit.

 

I think your biggest hurdle will be finding a dealer to order you a car. So you need to find one already sitting in stock. Then work your deal to first get a good price. Then let them pull the credit and submit your app for approval. They have nothing to lose by trying to get you approved with a car sitting there in stock. They will try and they will try hard if you are paying the price.

 

Mid 500's to low 600's is a big spread. Hopefully in the low 600's because that will be easier to get approved. It just depends on what all is on your credit bureau. Low scores don't always mean bad credit.

 

Do you have any local credit unions around you that you could join? Credit Unions are a great source to get auto loans and they will buy some iffy credit and their highest rates are usually half what a lot of secondary lenders will charge.

 

I think the max rate around here with credit unions is about 14.75% and you have to have some bad credit to get that rate! Other lenders could be in the 25% - 30% range on the secondary market.

 

I would try and apply with a credit union first. See if they will approve you for $36,000 on a $45K car that is selling for $60K. Then you can shop around to get your deal and already be approved for the financing. Then if that doesn't work let the dealer try. They have lots of banks and depending on the dealer and volumn they do with certain banks they can package your loan with several other prime paper loans and get the lender to buy your deal. I've seen people in the low 400's get loans where dealers would package their loan with several good loans to get the bank to buy the package. Lenders will do that just to get all the other good loans by having to take the bad loan with it. It just depends on the dealer and how good their F&I guy is and the amount of business they do with some of their lenders.

 

So can you get the loan? Very possible. And if one dealer can't get it done try another. 40% down with strong income can go a long way with over coming some credit issues.

 

Great advise and very kind of you to take the time and write it out for him.

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shelby dude, great words there my friend.

 

Its nice to see many people on this board start to find deals so we can all enjoy this site by being active doers and not just watching from the side lines! haha

ps-my dealer said I should have a VIN by this Wed. and should be driving it by Memorial day. Do you think that even sounds possible? How long does it take to get a build date after I get a VIN assigned???

 

Thanks! sorry I am not a hijacker just excited :D

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shelby dude, great words there my friend.

 

Its nice to see many people on this board start to find deals so we can all enjoy this site by being active doers and not just watching from the side lines! haha

ps-my dealer said I should have a VIN by this Wed. and should be driving it by Memorial day. Do you think that even sounds possible? How long does it take to get a build date after I get a VIN assigned???

 

Thanks! sorry I am not a hijacker just excited :D

 

 

The build date will be assigned at the same time they issue a complete vin. So you should know the build date as soon as they get the vin. Usually the build date will be based on the week of whatever date they give.

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So if I get my VIN this Wed. the build date should be that same week? Is that what you are saying is usually the case?

thank you

 

 

No, it will just state what the build date week will be. So you will know the date they have scheduled it to be built.

 

I suspect it will go quick since they are getting close to the end of building out 07 production.

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Hey thanks guys for your valuable information. The fact that holding for a car at MSRP can be a long time or so i've been hearing. At least that's what i heard in other forums. As far as credit unions, I do have local credit unions where I am located. My employer actually has one for thier employees. I might try them first.

 

As far as the trade in, i would hate to trade in my other vehicle because my wife takes it to work plus i will be upside down on it I think. It already has a few dents and scratches on it plus it's been in one minor accident. I had some cheap body work done to it after the accident and the front bumper is slightly misaligned. Bad Mistake on behalf of my part. Still, my wife has a good income and she is willing to help me on this deal. THe only problem I see here is that she to has a low credit score. (possibly lower than mine). So this might be difficult to accomplish.

 

I still have 17K payoff on the vehicle im paying now. Maybe I should pay this off and go for a smaller downpayment towards the gt500. What do yo guys think about this/?

 

Thanks

TS

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Hey thanks guys for your valuable information. The fact that holding for a car at MSRP can be a long time or so i've been hearing. At least that's what i heard in other forums. As far as credit unions, I do have local credit unions where I am located. My employer actually has one for thier employees. I might try them first.

 

As far as the trade in, i would hate to trade in my other vehicle because my wife takes it to work plus i will be upside down on it I think. It already has a few dents and scratches on it plus it's been in one minor accident. I had some cheap body work done to it after the accident and the front bumper is slightly misaligned. Bad Mistake on behalf of my part. Still, my wife has a good income and she is willing to help me on this deal. THe only problem I see here is that she to has a low credit score. (possibly lower than mine). So this might be difficult to accomplish.

 

I still have 17K payoff on the vehicle im paying now. Maybe I should pay this off and go for a smaller downpayment towards the gt500. What do yo guys think about this/?

 

Thanks

TS

 

 

I would first try without paying off the other car. That down payment puts you in a much stronger equity position. And if your wife is on the loan with you then the two auto loans shouldn't be a problem.

 

Definitely try the credit unions first. If they do the loan they will have the lowest rates even with credit issues.

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I would first try without paying off the other car. That down payment puts you in a much stronger equity position. And if your wife is on the loan with you then the two auto loans shouldn't be a problem.

 

Definitely try the credit unions first. If they do the loan they will have the lowest rates even with credit issues.

 

 

Thanks ShelbyDude, I will keep ya posted.

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Thanks ShelbyDude, I will keep ya posted.

 

Write out what a 'good position' you are in now to get the car.

 

Now write out what position you would be in if you wait out this year and get one of these for MSRP next year.

 

It's hard to act on impulses, but personally I always take a deep breath and stand back to make sure I am acting in my own best interests regardless of what I want 'right now'. I suggest you take a similar step backwards.

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Thanks ShelbyDude, I will keep ya posted.

 

 

I try to make decisions based on what I can live with the next day. If I can say"I'm OK with that" as opposed to "you stupid #@&*$" then it was a good call. I paid over MSRP for my car but have enjoyed every second I have had it. Not to disparage those that have purchased for MSRP, just that I couldn't find it! Regardless of what your credit score is, try to get the car, it is worth it.

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Hey thanks guys for your valuable information. The fact that holding for a car at MSRP can be a long time or so i've been hearing. At least that's what i heard in other forums. As far as credit unions, I do have local credit unions where I am located. My employer actually has one for thier employees. I might try them first.

 

As far as the trade in, i would hate to trade in my other vehicle because my wife takes it to work plus i will be upside down on it I think. It already has a few dents and scratches on it plus it's been in one minor accident. I had some cheap body work done to it after the accident and the front bumper is slightly misaligned. Bad Mistake on behalf of my part. Still, my wife has a good income and she is willing to help me on this deal. THe only problem I see here is that she to has a low credit score. (possibly lower than mine). So this might be difficult to accomplish.

 

I still have 17K payoff on the vehicle im paying now. Maybe I should pay this off and go for a smaller downpayment towards the gt500. What do yo guys think about this/?

 

Thanks

TS

It's your decision and only you know all the intricacies of your situation, but here are my thoughts. You mention being upside down on your current car. One thing you might want to consider is how to avoid becoming upside down on the GT500 should you purchase it. That will give you more confidence going in to the decision that you'll create a better position for yourself in the future.

 

As for the credit score, I agree with someone else's comment above....you can increase your score in a relatively short time with discipline. I'd look at this opportunity as a test. If you can get your score (or your wife's) up in 6 months, then it may seem that buying the car would be prudent. On the other hand, if you cannot increase the credit score, then perhaps you have some other financial issues you should work on before going out on a limb.

 

Good luck.

 

Dave

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