[jayy bryant]

I am trying to get financed by Brenspeed to buy a Saleen Supershaker, however my credit is terrible :weeps. Does anyone have any ideas on what i should do? If brenspeed would still be willing to finance me i will be ordering from them within the next month :winks

 

[mustangted1963]

dont buy it? ,

 

[MrH08]

Build better credit. Thats about the only advice i can give. Talk to your local bank people and they should be able to give you some better more direct advice for your situation.

 

[allinon72]

I can see why your credit is terrible if you're financing things like this.

 

[SJPONY]

Pay cash or don't get it.

 

[MustangChris810]

I'm with the above. I MIGHT finance something like this, but I would use my credit card for 3/4 of the purchase and pay the rest off in six months or so. That way I don't have to drop 6-8K out of my savings for it. I can drop 2K or so and pay the rest off and feel good about having a fat bank account....Thats me.

But in your case I would say you credit's bad because you most likely (remember, I said most likely) make poor decisions. I would say to wait and pay cash or don't get it.

IMO...

 

[jayy bryant]

well honestly guys its my dads credit... i know thats gay or whatever but its the way it is. credits bad from decistions that were made 15 years ago. and i am for sure buying it.. psh not supercharging my mustang just isnt a option. i might get a vortech.. or like you said just make a down payment of about 2000 and do a 6 month pay off.... that might work.. if brenspeed would give me the application.... how does calling them get you a application anyway?

 

[GTRonn]

I got $4k credit from Brenspeed but I don't put more than $1200 of balance in it so I can pay it off in a year. I only intend to set aside $100/mo max on mods.

Also, I only put that much balance when there is a 12 months no payment and no interest offer on it. Other wise, if I can't pay it off in 6 months, I can't afford it. Just have to wait. Been burned so many times in the past by runaway credit card balances. No more!!!

If you keep racking up your balance, pretty soon somebody else will end up with your heavily modded Mustang.

 

[goofas7070]

Charge all your cards up and get ready for the bottom to fall out of the economy next year with the tax hikes. Obama will bail us out with the next 3 generations money.

 

[KDT]

You can't beat the no interest Brenspeed card if you use it wisely. I have a 4K limit. I used it for a portion of my supercharger and payed it off in 5 months by making on line weekly payments. That way my wife didn't see a big withdrawal at one time so it kept the heat off...lol I have a personal money market account where I like to keep some extra money stashed. I have way more than enough in there to take care of the balance if I were to get close to the interest free deadline (12 months). If I were to take it and use it for buying parts, I would lose the interest I am making. So I feel it is better to keep it in there, use their money free, and make the interest free payments. If I were you, I wouldn't charge anything if I wasn't absolutely sure if I could beat the interest deadline. Also if you can't afford the supercharger without getting that card, I would hold off on it until you at least have the money in savings or stashed back somewhere to pay for it. Then get the card and relax while using their money knowing you can pay it off in time no problem. After 12 months, I would hate to know what their rate is.

 

[firemandan]

This is what's driving America's economic problems. Credit is not the answer to impulse toys.

 

[MustangChris810]

This is what's driving America's economic problems. Credit is not the answer to impulse toys.

If you can pay it off fairly quickly who cares. You know?

But yeah, outright spending 5-7 grand you simply do not have is a bad idea.

I myself have a hard time spending that kind of coin on a mod. I would rather keep that money in the bank and drop it on the DP of a 5.0 in the future.

IMO

 

[allinon72]

Irresponsible people are lured into 12 months 0% interest type deals. If you're responsible, this certainly makes sense. Problem is, this country is bankrupt of even the most basic financial knowledge and responsibility.

 

[jayy bryant]

thanks guys.. all of you have been a big help. ill let you all know what i decide to go with

 

[thomasusmc]

if the car isn't paid off, don't do it. If it is paid off, consider these things;
Q1. what is your net monthly income? (after taxes, medical/dental/vision insurance)
A1. if you can't even afford the payment, don't get it.

Q2. how much is left every month after expenditures (food, gas, insurance, utility bills, rent, etc..) & supercharger payment?
A2. if it's not enough to keep doing the things you like to do, movies, dates, travelling, etc.. don't get it.

Q3. can you pay off the superchager within the 1 year interest free period?
A3. if you can't do it, don't get it.

Q4. are you using your credit or your dads?
A4. if you're going to use his, don't do it.

My opinion;
you would be better served by using the funds, being saved or will save, for the supercharger to pay off your bad debts. if you plan on buying something of significant cost (car, house, etc..) within the next 7-10 years, you should build your credit back up. You will save much more money in the long run by having a higher credit score & lower interest rates for purchases.

 

[redruder]

if the car isn't paid off, don't do it. If it is paid off, consider these things;
Q1. what is your net monthly income? (after taxes, medical/dental/vision insurance)
A1. if you can't even afford the payment, don't get it.

Q2. how much is left every month after expenditures (food, gas, insurance, utility bills, rent, etc..) & supercharger payment?
A2. if it's not enough to keep doing the things you like to do, movies, dates, travelling, etc.. don't get it.

Q3. can you pay off the superchager within the 1 year interest free period?
A3. if you can't do it, don't get it.

Q4. are you using your credit or your dads?
A4. if you're going to use his, don't do it.

My opinion;
you would be better served by using the funds, being saved or will save, for the supercharger to pay off your bad debts. if you plan on buying something of significant cost (car, house, etc..) within the next 7-10 years, you should build your credit back up. You will save much more money in the long run by having a higher credit score & lower interest rates for purchases.

I agree with all the above. Your best bet is to save up th money for the SC. When you are close the do it with their card and use the money you saved up to make the payments. That way you have the money and are making payments. You will build your credit while knowing that you're covered. It will take a bit longer to get that toy, but you will love it even more if it's working for you both under the hood and fixing your credit. Just my $.02

 

[gtcrafty]

Not supercharging your car is not an option?

WTF...

Normally, I wouldn't comment on how someone was raised, but if you're Dad is tore up from the floor up and you're trying to use his dead credit to buy a SUPERCHARGER, you're in for a big reality check.

Here's a better idea: get a JOB, SAVE some money, and pay CASH. The car will run just fine without it until you can pay cash.

 

[aquill1]

What happens when you get the blower on the car and then you get a bad tune, which blows the motor...now that $7k blower turned into an $11k+blower...

 

[exospawn]

If not having a supercharger is "not an option" then I'll be sure to stay clear of you on the roads, as between the financial part and the "necessity" part I'm not sure your responsible enough to handle that kind of power.

 

[redruder]

If not having a supercharger is "not an option" then I'll be sure to stay clear of you on the roads, as between the financial part and the "necessity" part I'm not sure your responsible enough to handle that kind of power.

I have to agree with you 100%