Okay my question is does anyone with a V6 Mustang have monthly payments that are around $350? My thing is I want to buy one but I am curious on how much I have to put down to get my payments around there for a month. Cause that is really all I can afford to pay monthly. Assuming of course it is a fully loaded mustang.
Buying a V6
- Thread starter Riggs
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Riggs said:
The only problem I can see with this question is you have not explained or told us how much your putting down on the car..
$350 per month for 60mos= $21,000... Impossible to happen unless you have a down payment to cover Tax and License and finance charges..
$350 per month for 72mos=$25,200... This is closer to reality with excellent credit.. However, this leaves little money for the Finance company, and for the dealership to make a profit on the deal..
$450 per month for 60mos=$27,000 This deal leaves enough for the dealership to make a small profit, but the Finance company will not..
I could go on and on, but you get the point.. $350 for a 2005 V6 only makes you happy, but not enough to keep the dealership or the Finance company in business.. The amounts quoted above do not include finance charges... So basically, your not being realistic about the price of a new 05 V6 financed..
Of course, all these scenarios will vary depending on the amount put as a down payment.. Also, the interest rate you receive.. This is only an example and not to be viewed as fact.. Just giving the poster a couple of looks at whats happening..
martimus
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Lets assume for a moment that, after taxes, dealer prep, and all that stuff, it costs you $27,500 for your car. Lets further assume that you're planning to put down $4,000 and have excellent credit (which translates into an interest rate of 5%). If you opt for a 48 month loan your monthly payment will be $529.
If you extend the loan to 60 months your monthly payment will be $434. If you extend the loan to 72 months your monthly payment will be $370. If, however, you increase the down payment to $8000 your monthly payment will be $437 (48 mo), $358 (60 mo), or $305 (72 mo).
http://partners.financenter.com/bankone/calculate/us-eng/auto05.fcs
If you extend the loan to 60 months your monthly payment will be $434. If you extend the loan to 72 months your monthly payment will be $370. If, however, you increase the down payment to $8000 your monthly payment will be $437 (48 mo), $358 (60 mo), or $305 (72 mo).
http://partners.financenter.com/bankone/calculate/us-eng/auto05.fcs
as a GENERAL rule of thumb, $100/month per $5000 financed at 60 months. with this, $20,000 would be $400/month. this is GENERAL, and depends on credit. may be better, may be worse. this is a general guide to get you in the ballpark. dont forget the extended warranty, undercoating and all that crap people finance into their loan.....
