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Discussion Starter #1
Hey guys, recently I've been thinking about selling my car (5-6k), using that money as a down payment and getting a my parents to co-sign a loan for a newer, lower miled mustang in the near future (6 months to a year from now)

My dad works at a ford dealership and could get me a great deal on a car. Thats how i got my '98 GT for $3200.

I just recently picked up a second job, and got a raise at my first job. so now i have 2 jobs. one is $7.65/hr and the other is $8/hr. Right now i'm working about 30 hours a week between both jobs, but i could make that 45-50 hours if i needed to. and i could work 65-70 hours a week in the summer (there goes my social life)

My mom just got a new job that pays more so i'm going to see if she can pay for half of my insurance... (that would probably help alot)

My parents have pretty good credit, they just bought a top of the line '08 town and country last year for $28k and got accepted no problem.

the cars that i would actually like to take a loan out for are (in order of desire to have and a guess on how much of a loan i would have to take)

1. :worship03/04 cobra ($12k-$13k)
2. :worship03/04 mach 1 ($7k-$8k)
3. 01-04 GT ($4k-$5k)
4. 05-09 GT ($7k-$8k)

Will a bank even give a loan for any of these cars? If i work 50 hours a week during school, making an average of 7.50 between my 2 jobs, thats $375 every 2 weeks ($750 a month)

and in summer when i can work 60-70 hours a week, $7.50/hr comes to 490 every 2 weeks, 975 a month plus other things i can do to make money (mow lawns, wash cars, etc).

This is just an idea thats been going through my head the last few days, I'm not sure if it's even practical. I just want something better, and i'm willing to work my a$$ off to get it.

I went online and found a loan calculator. for a termi bought @ $18k, down payment of 6k, interest rate of 7.5%, 6 year term is $211 a month. which i could probably do.. does that sound normal?
 

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There are so many variables at play here that it really is hard to say. Best thing to do is go to the bank and talk to them, that's the only way to know anything for sure.

A teenager with no credit history or collateral is going to have a much harder time getting a used car loan than an adult. That said, assuming your parents have good credit, the numbers work and they are willing to co-sign, that should make it happen.

My advice would be to not work yourself to death when your still young. Responsibility free teenage years are for having fun, you don't want to spend all your free time working for a measly $8/hr. Enjoy the 98 now...when your done post secondary reward yourself then.

One guys opinion. Good luck.
 

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why dont you just look for a car that has lower miles and thats newer.
i see them all the time just check them out first.

my first vehical was a 63 f100 drove that thing around till i got my 93 notch then traded it for a 93 convertible with 36 thousand miles.
 

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You're 98GT is probably 1000 times better then any first car most of us drove. You sound like a responsible kid and have a great work ethic. My advice would be to hold on to your current car and enjoy it. 1) Awesome you work, but make sure to have fun and enjoy school and such...don't be burdened with more debt. You have the rest of your life to WORK! Work and enjoy life now! 2) More then likely you will be involved in a wreck the first few years you drive. Not saying you are a bad driver, but one way or another something will probably happen.

Save your money for the next car when your more a more expierenced driver and you can afford to get the loan and such yourself. You'll appreciate more and you will build your own credit history. Good luck either way.
 

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At the age of 20 I got my first loan (co-signed) my aunt was the co signer. She has perfect credit not a single flaw on her score. Now the sad part is it don't matter how good her credit is I'm the primary she is just signing saying she will pay if I fail to or it hurts us both. I had no credit history soo I had to find a good deal. I got my 98 for $4500 and at the time it retailed for a little over $6000. They did look at my job how much I was making blah blah blah so that was a factor for me. Now I had to use the car as collateral plus make a minimum of a $1500 down payment to get approved for the loan. So I get a 3 year loan with 18% interest and $84 a month payments. Now using the vehicle as collateral required full coverage insurance on it. This is my story may not be the same for you but doubt it's gonna be much different if it is.
 

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I have to say you are way overextending yourself and your mother, I'm pretty sure most banks would see it that way too...
You need to chill with what you have, save your money and get the Cobra down the road...the insurance alone would be astronomical for you if you had to finance a car...call for a quote and get a reality check..sorry, it's why most 16 year olds drive POS cars
 

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double post...........
 

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I think its funnier this kid thinks he will be able to get a termi. just dicking around I asked my insurance company how much my insurance would be for me to drive an 03/04 cobra. and it was almost 1K every 6 months...and that was with my

1. student discount
2. safe driver discount
3. advanced highway defense AND driving certificates
4. some other discount I got.


since your making so much money build your 98 up, buy a turbo or something..
 

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1k every six months? With student discount, good grade discount, safe driver discount, and the other discounts for safety features like ABS and Traction Control, my insurance is about 2k every six months. Though, that is on a '03 GT, so it will of course be cheaper for an older car, but still, that's hella expensive for just a GT. And I have far from the best insurance out there... And I couldn't find anything cheaper either, and I researched at least 10 different insurance companies before deciding on Geico whom gave me the cheapest and best quote.
 

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Well a bank won't give you an auto loan for a used car that is more than 10 years old.... i found this out the hard way as Chase gave me a $10k car loan, and what i can currently afford, with insurance, rent and other bills is about $200/month for a car payment, meaning that a Mustang GT that is within 10 years of the loan date would be too much plus it would be over $10k

Anyway; found the car I wanted, the 2000 Mustang GT convertible w/ 5 Speed. Fell in love just at the site of it. After getting the price dropped over $1,500 from the dealer we agreed on $8,500. Steep for a 2000 GT but within my budget of the $10k or less. plus the car had 77k miles on it. Called Chase to finalize loan, didn't know the 10 year or newer thing til I called. Waited for 30-45mins to be told that they can't approve me because of how old the car is.

The dealer worked Wells Fargo, their bank that gives them loans, was able to put $1k down and finance with them. I pay $215.49/month and $95/month for full coverage insurance with Mercury.

If you finance, you will be required to do full coverage insurance b/c of the collateral. So a Cobra or newer Mustang GT may be outta your league. FYI, I'm a freelance Assistant Editor for film/television and make about $3-4k/month starting out, about to join the Editors Union and make $30/hr :) What I'm saying is; your two jobs may not be able to cover the costs of a payment with insurance, especially if you are younger than 25 b/c our insurance is typically higher.
 

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READ THIS!! I was 17 when I bought my Mustang last spring.

1). The bank WILL NOT give you a loan. Especially without a cosigner. I was bringing in 16k a year as a high schooler with no other expenses and I did not get a loan. I had been building perfect credit for 2 years through a credit card too. You are simply too young and don't have enough credit.

2). The bank does NOT give loans for cars older than 10 years. Plain and simple. The dealership might if you buy one from there, but good luck finding a good price there. Not to mention a dealership will only give out a 2-3 year loan on a car costing less than 12k.

3). Assuming you somehow get a loan. Your bank sees the car as a liability. If you default on enough payments, they will repossess it. What this means: as a 16 year old, you are a high risk for accidents in a sports car. If you were to wreck it, and not pay the bank back what they own, they would lose money.

4). Your insurance would kill you as a 16 year old. You could try to rig it so that "your parents drive it" but that would be a stretch.

The only way you could make it work is if you weren't involved in the deal at all. Or if you paid cash. Have your parents be "the bank" and pay them as they pay your payments.

As a note, your prices are incredibly unrealistic unless you are looking at getting a salvage titled car with 100k + miles.
 

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i'd recommend rebuilding your 98 GT. New PI Heads, Cams, Aluminum driveshaft, if its Auto make it a Manual, put on the usual bolt ons, lower it and get a tuner.

Much better way of investing that money; plus with all that work you put into the 98, u will be probably beating stock GT's? Not sure what the total RWHP would be after modding ur 98.

Basically your insurance will be really high and the chances of financing an older car is highly unlikely for you.
 

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if its auto i would keep it auto...and just build it, J mod, or shift kit would make it nasty.


btw, with all that stuff, its basically a pi mustang with full exhaust and tune.. add some gears and nice cams and that would make it dirty...
 

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Discussion Starter #15
Kids96, go eff yourself. I think its funny that you put stripes on your 96. *cough* UGLY...

Anyways back to the point, i never said that i thought i was going to get a termi, i asked if it was practical, and thanks to the people that actually had a legitimate reply, unlike yours, i now know that it is not practical, like i said it was just an idea floating through my head.

Anyways, thanks for all your guys input, I guess I'm just gonna build up my 98!
 

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Kids96, go eff yourself. I think its funny that you put stripes on your 96. *cough* UGLY...

Anyways back to the point, i never said that i thought i was going to get a termi, i asked if it was practical, and thanks to the people that actually had a legitimate reply, unlike yours, i now know that it is not practical, like i said it was just an idea floating through my head.

Anyways, thanks for all your guys input, I guess I'm just gonna build up my 98!
What's the mileage on your car?

If I were you and were to get a new Mustang, I would go for an 01-04 GT with lower mileage. I think you would be better off just sticking to yours for now and do a few mods, and later down the road when you have saved up more you can go buy a 05-09 GT or maybe even a terminator! Enjoy your 'stang while you have it and save the money for college. It'll pay off later in life. :bigthumbsup
 

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Discussion Starter #17
What's the mileage on your car?

If I were you and were to get a new Mustang, I would go for an 01-04 GT with lower mileage. I think you would be better off just sticking to yours for now and do a few mods, and later down the road when you have saved up more you can go buy a 05-09 GT or maybe even a terminator! Enjoy your 'stang while you have it and save the money for college. It'll pay off later in life. :bigthumbsup

The mileage... not sure. bought the car with a broken odometer at 89k. (i bought it thinking it atcually had 89k) but according to the oil change sticker it had 87k in may of 2010 so i'm guessing its gonna have around 95-100k miles on it now cause the owner before me drove about 7k miles a year according to the carfax.
 

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The mileage... not sure. bought the car with a broken odometer at 89k. (i bought it thinking it atcually had 89k) but according to the oil change sticker it had 87k in may of 2010 so i'm guessing its gonna have around 95-100k miles on it now cause the owner before me drove about 7k miles a year according to the carfax.
That's not too bad. The engine should last you a while as long as you keep up with oil changes and spark plugs. Do the PI swap, some exhaust work, and get yourself a tuner and some gears. :bigthumbsup
 

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The consensus is about what I was going to say: stick with your 98 because its a good car, build it up how you like, learn about driving and Mustangs, then when you're older and saved more you can get the car you really want. Plus you won't get what you think from the bank...
I don't have the best credit, but its decent, and now I make 35k/yr. I just bought an '06 F150 with 60k miles, and the bank would only loan me $14,500. A little disappointing, but I had the extra money needed, so it worked out.

BTW, enjoy NOT working while you can!
 
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