I am Buying a New Car & Need some Help

[TheIronLady]

I am about to take the plunge and buy the new Ford Mustang Convertible...it is so sexy.

I have a few questions:

Where can I go to get financing?
To qualify for financing how much should I have down?
How do I explain my occupation?
Is it even possible to do this considering what I do?
Does anyone own a Ford Dealership that could help me out? (I thought I would ask)

 

[TheIronLady]

1. From Ford Credit, your local bank, or a loan shark (not kidding).

2. It's not how much you can put down, but what your credit rating/value is. You will have to provide proof of employment and/or income. This means T4s or copies of your past three years' tax returns.

3. Entertainer(?)

4. Yes, provided that you have filed tax returns, etc.

5. Sorry, not me.

Well i would prefer ford credit or Local bank....
My last car I bought through a dealer I had to put 10K down & I pay high interest rate....just like a loan shark (however the loan is open so I can double up payments)

 

[tboy]

If you bought through a REPUTABLE dealer your interest rate would have been nil and you don't need a down payment.

With many of the incentives Ford offers you should be able to get a load through them. Warning however as the mustang is the car of the year and is very popular I'm not sure what specials they will have on them.

Here's the ford canada website: www.ford.ca
Here's the link to Ford credit. You can apply online:
http://www.fordcredit.ca/english/

At the ford site you can custom build your mustang with all the options etc you want, then go to your local ford dealer with the printout.

 

[poorboy]

No deals on Mustang convertibles right now. There is no car manufacturer out there that would offer special deals on a brand new, blockbuster selling model in the peak of its selling season. Try November when the snow starts to fly.

 

[Svend]

I bet the wow factor depreciates even faster than the car does.
It makes more sense to buy an automobile for function over styling, but that's equivalent to the small head thinking for the big head for guys.
At the same time, it's nice to splurge and treat ourselves.

If you can prove your income with tax forms, you should have no problem getting a loan. Maybe a line of credit would save the bother of applying for other loans down the road?

 

[to-guy69]

Sasha,

If you are serious about purchasing a new car, I highly recommend going through any of these sites:

www.autoinsight.ca
www.carcostcanada.ca
www.apa.com

They are totally legit and for a small fee, you will be sent several quotes from different dealerships that can provide you the car at COST plus $500-$800 with NO HECKLING required.

This has saved customers anywhere from $1000 to $3000 off the price of the car. If you go into the dealership on your own, you will not get the same deal.

 

[mass123]

Wait for the 2006 Mustang, its smoking,

http://www.tblog.com/templates/index.php?bid=autoworld&static=400496

 

[Ron Mexico]

Wait for the 2006 Mustang, its smoking,

http://www.tblog.com/templates/index.php?bid=autoworld&static=400496

If you are going to spend that type of money on the Mustang Cobra you are better off buying a Vette IMHO.

 

[tboy]

Well, I wouldn't go anywhere near the vette or the cobra. The insurance rates would kill you. Then again, if you're making 150 - 200 K a year, then you can afford it.

Just remember though: whether you buy the vette, cobra, or just the mustang ragtop, it will be totally useless in the snow...

 

[to-guy69]

Just remember though: whether you buy the vette, cobra, or just the mustang ragtop, it will be totally useless in the snow...

...just like most toys that people can't enjoy long enough in this country such as boats, swimming pools, convertable cars, ect. No wonder rich people only live here 6 months out of the year.

 

[freakshow]

Not so true i drove my 01 vette for 2 years in the snow.........thats what the traction control was for..........

 

[goodtime]

If you have good bank credit

Unsecure line of credit depending on your credit rating may be cheaper than Ford credit or bank loan. Bank of Nova Scotia, B of M, ING has pretty good rates.

Every so often Amex and Visa has the no interest for 6 months promotion BUT THE DANGER here is HEAVY INTEREST if you don't make minimum monthly payment, - READ THE FINE PRINT. I know someone who runs their biz this way using credit card to cover each other. He was good with timing it but if he miss, he would be in major debt.

Still remember my 1 car buying experience. The bank put a hold on my transfers for downpayment as I rarely keep $ in that account, vs kept other banks with better interest. So last min, I was borrow from family to cover the downpayment until my $ was available. Should see the forms we had to fill out to prove the cash wasn't from illegimate means.

Now if I were a car saleman, I wouldn't mind receiving commission from sweetsasha.

 

[TheIronLady]

Well, I wouldn't go anywhere near the vette or the cobra. The insurance rates would kill you. Then again, if you're making 150 - 200 K a year, then you can afford it.

Just remember though: whether you buy the vette, cobra, or just the mustang ragtop, it will be totally useless in the snow...

I am just looking for a summer car....

 

[TheIronLady]

In your line of work I'd really strongly suggest you buckle down and save the cash until you can pay for the car outright.

Living car payment to car payment, rent day to rent day and outrageous insurance payment to payment can really be stressful and cause you to make bad decisions should you fall behind.

And the taxman's wrath and attention can do just that...

Going in and paying cash for a car is fine but does that not look strange?
Keeping up payments or even doubling them is not an issue.

 

[mass123]

Going in and paying cash for a car is fine but does that not look strange?

Not at all. I bought a car like that with a cheque for the full amount.

 

[shakenbake]

But, you STILL have to keep looking!

Sasha,

If you are serious about purchasing a new car, I highly recommend going through any of these sites:

www.autoinsight.ca
www.carcostcanada.ca
www.apa.com

They are totally legit and for a small fee, you will be sent several quotes from different dealerships that can provide you the car at COST plus $500-$800 with NO HECKLING required.

This has saved customers anywhere from $1000 to $3000 off the price of the car. If you go into the dealership on your own, you will not get the same deal.

My experiences with APA;

I joined APA and got a no-haggle quote for a car. I went to two dealerships within a week of getting the quote and they both quoted below APA price, without my mentioning that I am a member of APA. I bought, WITHOUT APA help and NO haggle for $1200.00 less than APA price. This was for a very popular car which diesn't get many incentives from manufacturers, according to APA.

What gives?

shakenbake

 

[andrew-g]

Buying a car for cash happens every day. Dealerships will have no problem taking full payment for a new or used car.

 

[slyguy]

Yes, paying for a car in full at time of purchase is not strange or out of the ordinary. If you pay by cheque, no sweat. If you pay by bank draft no sweat. Problem is if you go to the dealership or bank with the full amount in cash. You can expect the transaction to be reported to the government as required by new laws pertaining to things like money laundering, etc. Dealing with large amounts of actual cash is becoming more and more difficult each year.