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Discussion Starter #1
Hello all, I have been browsing the forum for quiet some time now but forgive me if my questions have been asked before, I'll get straight to the point as im sure you can answer these questions with ease.

I am 100% willing to purchase a 2005 mustang but I need your help on confirming my questions...

1. Is this a good price? Cars.com: 2005 Ford Mustang
2. I am currently working and have a source of income, I have calculated that if I put 1,000 down and at 6% interest and no trade in and 72 months im looking at (hopefully) 140 something a month. Is this about average for the payment?
3. Are there any hidden fees i should be looking out for, 9k for a mustang seems like an awesome price.
4. I currently have no credit what so ever ;_;
5. I was wondering if I should ask my dad to buy the car in his name until I pay it off but lately he has been acting like an A-Hole, to the point where I might be moving out my house and taking care of things on my own, which leads me to my next issue.
6. Insurance T_T this might deter me away from the mustang if my father cant put it under his name, for me alone its about 400 somethign a month on insurance, for him its about 160 something... a hugh difference and I might be willing to pay that off as well....
7. Does anyone have any ideas How I can make this work? If I am making about 800 a month ( I am 18) will this help my case in purchasing this by myself?
8. I really really want a mustang and i am sure this car will last me, but I need your help because no one else is helping.


Thank you so much, any answers will be greatly apreciated.
 

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Hello all, I have been browsing the forum for quiet some time now but forgive me if my questions have been asked before, I'll get straight to the point as im sure you can answer these questions with ease.
I would think that is a good price. I am 19 and bought a new 08 mustang gt 10 months ago on my own, but i went through a credit union with the loan, (the same credit union that i have my accounts with). I paid right at 30,000 for mine after everythin was said and done and I pay like 648/month (72 months) with 400/month insurance. for the first 8 months i was only making like 700/week. So if i could make it then you should be able to. Should't be any hidden fees, Just remember tax, title, and liscence fees. Basically, I am saying if you make 800/week, then you could probably get a newer one and be able to pay on it. Now, I cant say that it will be easy to get financed. ESPECIALLY, the way the economy is right now and elections so close, the banks are not lending out a lot of money right now. My bad, I just realized you said 800/month. If you can get financed you should be able to handle that at 800/month.
 

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Welcome to the Forum! :wavey So many questions. :D
Best bet though is to put this question in the V6 section or lounge.

I don't think that is a bad price but with no credit, I don't know how you would be able to get credit on your own, especially since banks are very hesitant to loan money now. As mentioned above, a credit union is your best bet.
Have you checked into used car loans? I doubt you can get one at 6% interest.
It would be best to have the insurance under your dad's name if you can.
Believe me, I doubt that your dad is an A-hole. They can seem nuts at times. I am one, LOL. (a dad that is. :D)
 

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It will be a LOT less expensive if you can put EVERYTHING in your dad's name. Just for insurance allone, it is aprox. $1,000 cheaper a year for somebody aprox your dad's age than for you. What I would recomend would be to put the car title, loan, insurance, EVERYTHING in your dad/mom's name. It will save you a lot of money on insurance, plus I am guessing your dad's credit score is higher than yours, it will make it easier for you to get a loan, and lower intrest rate. Then after you pay off your car, transfer the title into your name.
 

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Welcome to the forum and your choice in cars is commendable. However, bashing your dad cause he isn't giving you what you want will ellicit some comments from folks here that you may or may not deserve. The fact that you are 18 does not entitle you to extra benefits from your parents but I will not continue to bust you on that.....you asked about the car....it looks decent and you can probably push the price lower if you had CASH.

What I am getting at is it sounds like you are living at home......rent free? If so, I would strongly recommend you suck up your pride for a while, save up some money (in a few months you could have some serious coin for a down payment) THEN go looking for a car. By having a sizeable down payment, getting a loan should not be a problem and you will get a better interest rate as well.

Getting pissed, leaving home (paying your own way for EVERYTHING) and trying to buy a car will be a real hard way to start out. If you are getting paid $800/week and can save $500/week by living at home, in just 3 months you would have $6K......something to think about. Then you wouldn't have to finance for 72 months and pay 12K for the car. Instead you pay for 24 months or less......maybe pay 10K.

At 18 it is hard to live smart (speaking from experience here)......you asked for our help....I am giving you what I think is the best help I can offer.
 

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It will be a LOT less expensive if you can put EVERYTHING in your dad's name. Just for insurance allone, it is aprox. $1,000 cheaper a year for somebody aprox your dad's age than for you. What I would recomend would be to put the car title, loan, insurance, EVERYTHING in your dad/mom's name. It will save you a lot of money on insurance, plus I am guessing your dad's credit score is higher than yours, it will make it easier for you to get a loan, and lower intrest rate. Then after you pay off your car, transfer the title into your name.
Then he would not establish any credit. He would better of have him be a co-signer.
 

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Welcome to the site! I am 19 and was going through the same thing about 6 months ago. I would definitely recommend putting as much as you can in your dads name. Even if both your names are on the title, your insurance will still be the same as if it was only yours on the title. Not only that, you are going to get a MUCH better interest rate on your loan. I am making roughly the same every month, and I would never have been able to afford it all if it had been under my name. I would 100% recommend trying to get your dad's help. Wish you the best of luck, hopefully you're on the road in your new stang, soon! :rockwoot:
 

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Thank you everyone for your wonderful responses, im sure if I can prove to my dad i am responsible enough to get my License and show him that I will be taking my life in my own hands then im sure putting the car in his name shouldnt be much of a problem. Any more suggestons? oh, and I currently have $700 right now if anyone was wondering
 

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Then he would not establish any credit. He would better of have him be a co-signer.

A good way to establish credit is to just get a small loan and pay it off on time and not too early ( Not late either). This is what i did when i turned eighteen and by the time i wanted my car i was able to do it in my name all on my own. Its a good idea, although you will hafta wait a little longer for the stang, but then again you could also have more money saved up by then
 

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A good way to establish credit is to just get a small loan and pay it off on time and not too early ( Not late either). This is what i did when i turned eighteen and by the time i wanted my car i was able to do it in my name all on my own. Its a good idea, although you will hafta wait a little longer for the stang, but then again you could also have more money saved up by then
Ah, I see. I read something abotu that earlier how you can go to a bank, maybe take out a small loan of 400 dollars and pay off 15 a month to build your credit very very slowly,.
 

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I don't know if this is a possibility for you, but here is how I financed my car. I put down a $2000 down payment, no trade-in. I am listed as the main owner on the title, with my dad listed as the co-signer. We both figured this would be the best way to go as I got a good interest rate on my loan with him as a cosigner, and I still build interest in my name because I am also on the title.
As far as the insurance went, my dad was paying for the insurance on my previous car, a 1994 Taurus. We agreed that he would continue paying what he did for the Taurus, and I came up with the extra money that came with buying the Mustan. In the end I think it worked out well, and would recommend you doing this if possible. I build credit, yet still got a good interest rate...
 

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Ah, I see. I read something abotu that earlier how you can go to a bank, maybe take out a small loan of 400 dollars and pay off 15 a month to build your credit very very slowly,.

not too slow, I got mine a month after i turned eighteen and bought my car in my name the same year in december, 10months ago.
 
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