Car buying advice needed

[rippedfromabove]

Well, I am in the market for a new car, most likely the 2013 Mustang. I was wondering if the interest rate you get from the dealer is negotiable? They are offering 3.9% , but I want 0. I cant pay any interest.
Anybody have success with before? And can you share your tactics.

[lovbyts]

Different dealers have different offers depending on your credit history. There are some offering 0 interest for 36mo or less. Just check the papers and local dealers.

Af for getting the best price I have always gone to look and act like it's cool, you like it and it's not a money issue you just dont NEED it. Make them talk you into it via price. Keep saying yeah thats not bad but??? Then make them work it for you, tell them to convince you to take it home but know the numbers going in.

[gearbox]

The apr can change depending on where you live. I think 3.9% is pretty high for the position we are in. The employee discounts are pretty good too. Not the employee discount they tell you, the actual one. I always compared two.dealerships and.they will work against one another

[DSM4Life]

Dealerships are horrible. My credit was amazing and they could only offer me a certain rate of say like 12%. When i looked at my credit score and his rate i said you have to be kidding me. I went to my credit union and got a lot lower rate. when i went back to the dealership with my check the sales guy told me, sorry we couldn't offer you lower, your credit was perfect but we aren't even allowed to go below 12%. So my advice, shop around.

[t-gunz]

3.9% lol wtf and ur complaining

dont come to australia. we get ripped for cars and loans

[Skyrinegt]

The only people that get 0% are my wife's parents, they are loaded own a bunch of houses and a business and are the only people I have ever seen get 0% but you might if you can get a good co signer

[DSM4Life]

You want 0% for what? 6 months?

[Lift to live]

I sell cars dude its in one hand out the other if they offer 0 percent it means shorter term more down probably and definitely paying more in terms of price of the car! I recommend getting outside financing which could be as low as in the 2's and going in askin for cash price so u can get the best of both worlds. By the way if you are young and are saying you can't pay interest on a car I imagine you probably wouldn't qualify for that rate anyways. Don't mean to be a dick but most young folks don't know what excellent credit is.

[JohnnyVegas]

Shop a few banks or credit unions for good rates and get pre-appoved for a certain amount. That allows you to get a good rate and know that you already have financing covered when you go to the dealer. Do not tell them you already have financing - work out the price first.

[rippedfromabove]

I sell cars dude its in one hand out the other if they offer 0 percent it means shorter term more down probably and definitely paying more in terms of price of the car! I recommend getting outside financing which could be as low as in the 2's and going in askin for cash price so u can get the best of both worlds. By the way if you are young and are saying you can't pay interest on a car I imagine you probably wouldn't qualify for that rate anyways. Don't mean to be a dick but most young folks don't know what excellent credit is.

No its not that issue, in my religion i cant pay interest...

[rippedfromabove]

I sell cars dude its in one hand out the other if they offer 0 percent it means shorter term more down probably and definitely paying more in terms of price of the car! I recommend getting outside financing which could be as low as in the 2's and going in askin for cash price so u can get the best of both worlds. By the way if you are young and are saying you can't pay interest on a car I imagine you probably wouldn't qualify for that rate anyways. Don't mean to be a dick but most young folks don't know what excellent credit is.

What if I make a deal with them saying I let them make a little bit more profit, while they give me 0 apr? Will that work? Its the first time Im buying new and need help.

[JohnnyVegas]

No its not that issue, in my religion i cant pay interest...

Somehow I totally missed the "I can't pay any interest" in your first post. Obviously my advice was meaningless. Sorry.

This is fascinating and I am interested to see what happens. You would think there is a forum of people of your faith that talk about this unique issue and how to handle it?

[rippedfromabove]

You can still get 0 apr on older models and less luxuritive brands. My father bought his Mercury back in '08 with 0 apr and lowballed the dealer with the price. Ford is offering 0% on the 2012 mustang. Its just that I want a 2013..

[gixxerboy1]

i dont think you will be able to. Its not up to the dealer its up to the finance company. Even if ford is doing its ford motor credit which technically a separate company

[rippedfromabove]

i dont think you will be able to. Its not up to the dealer its up to the finance company. Even if ford is doing its ford motor credit which technically a separate company

So there is no hope? See, i would lease, but i know the ridicilous 10k miles they allow you wont last me very long.

[gixxerboy1]

So there is no hope? See, i would lease, but i know the ridicilous 10k miles they allow you wont last me very long.

you can get what ever miles you want in a lease. The more miles the higher the payment. They always advertise with 10k because the want to show a low price. I've had leasses with 15k a year

[cherrydrpepper]

A few thoughts. First, I know someone with a 2012 Mustang GT. The car is amazing for the price range. Its a 5.0 with 400 hp and the best looks out of the camaros/chargers/challengers/etc out right now in most peoples opinion. Super quiet ride inside. Great sound system. The seat headrest is a bitch that digs into you but I learned to live with it, only drawback i ever saw.

I sat through 10 hours of classes to be a car salesmen only to be cockblocked because I had a dui. There are a few things I will never forget. They like to manipulate your trade in value, apr terms and price of the car to get their dough. So lets say they did give you zero apr, they would try to stick you on the price or given you little on your trade in.

Phone calls are worthless. I.e. you can't call one dealer and say whats your best price, then call another. They won't play ball with you.

When you walk onto the lot, they will send the next batter up to assist you. The reason this is significant is because is because especially if it is a slow day you might be one of the only customers that guy sees that day. So you are one of his only chances to make commission. Personally I would have a number in mind when you walk in that is your willing to buy price. If they can't get close to it, then you go to another dealer.

I always wondered if this was true, but when I took this car class the guy that teaching it (guy with 30+ years selling) said they will be willing to only make a few hundred profit off you if it sells a car because it helps them hit their numbers. I think this holds true for shit cars but highly valued cars like bmws and mustangs I think they tend to be more hardasses about.

If you aren't willing to physically leave the lot after viewing the car, you will not get the best possible price. Probably the biggest obstacle to doing this is the human element - The guys selling tend to be regular joes just trying to support themselves and/or their family, and many of them are naturally likeable.

[rippedfromabove]

you can get what ever miles you want in a lease. The more miles the higher the payment. They always advertise with 10k because the want to show a low price. I've had leasses with 15k a year

Ya that holds true, but dont forgot on a lease you cant mod it.

[rippedfromabove]

A few thoughts. First, I know someone with a 2012 Mustang GT. The car is amazing for the price range. Its a 5.0 with 400 hp and the best looks out of the camaros/chargers/challengers/etc out right now in most peoples opinion. Super quiet ride inside. Great sound system. The seat headrest is a bitch that digs into you but I learned to live with it, only drawback i ever saw.

I sat through 10 hours of classes to be a car salesmen only to be cockblocked because I had a dui. There are a few things I will never forget. They like to manipulate your trade in value, apr terms and price of the car to get their dough. So lets say they did give you zero apr, they would try to stick you on the price or given you little on your trade in.

Phone calls are worthless. I.e. you can't call one dealer and say whats your best price, then call another. They won't play ball with you.

When you walk onto the lot, they will send the next batter up to assist you. The reason this is significant is because is because especially if it is a slow day you might be one of the only customers that guy sees that day. So you are one of his only chances to make commission. Personally I would have a number in mind when you walk in that is your willing to buy price. If they can't get close to it, then you go to another dealer.

I always wondered if this was true, but when I took this car class the guy that teaching it (guy with 30+ years selling) said they will be willing to only make a few hundred profit off you if it sells a car because it helps them hit their numbers. I think this holds true for shit cars but highly valued cars like bmws and mustangs I think they tend to be more hardasses about.

If you aren't willing to physically leave the lot after viewing the car, you will not get the best possible price. Probably the biggest obstacle to doing this is the human element - The guys selling tend to be regular joes just trying to support themselves and/or their family, and many of them are naturally likeable.

Thanks bro. Alotta info there. It just seems that car ahopping needs a degree. Im going to look in the '12 model i guess since they have 0% on it. I just always thought the salesman can manipulate the interest himself.

[JDBeretta]

I didn't read all of the responses, but just so you know, manufacturer interest rates are dictated by the manufacturer.

The dealer has no room to negotiate on the interest rates as they don't set them.

Typically, when a manufacturer has a low rate promotion going on, they offer the dealership a cash incentive. It's called a DCI (dealer cash incentive) and if you can negotiate, you can get it out of them if you're paying cash.

I used to be a business manager at a dealership... The only way you're going to get a lot of negotiation room is on a used vehicle. A lot I guys think they'll walk into a dealership and get like $5k off a new car. With all of the available information via the Internet, the industry is very competitive and guys are hurting to sell vehicles...

[rippedfromabove]

I didn't read all of the responses, but just so you know, manufacturer interest rates are dictated by the manufacturer.

The dealer has no room to negotiate on the interest rates as they don't set them.

Typically, when a manufacturer has a low rate promotion going on, they offer the dealership a cash incentive. It's called a DCI (dealer cash incentive) and if you can negotiate, you can get it out of them if you're paying cash.

I used to be a business manager at a dealership... The only way you're going to get a lot of negotiation room is on a used vehicle. A lot I guys think they'll walk into a dealership and get like $5k off a new car. With all of the available information via the Internet, the industry is very competitive and guys are hurting to sell vehicles...

So the rates on a used vehicle can be negotiated?

[JDBeretta]

So the rates on a used vehicle can be negotiated?

The rates on a used vehicle (excluding used vehicles owned by the manufacturer... Lease returns, etc. Like certified Pre-owned vehicles) are determined by the financial institution that the financing is coming from. So all the usual stuff is taken into consideration based on risk. Your credit, your income-to-debt ratio, your assets, etc.

Usually, it's a formula that the creditor comes back with after the dealership makes the application on your behalf. They usually have 3 or more different lenders that they try to see what the best rate is. Keep in mind that the lenders pay the dealership a fee for every customer that finances a car through them.

But, unless you have a secured line of credit of 1.9% or whatever, the manufacturer tends to offer the best rates when a promotion is on.

So to answer your question, not really. If you're purchasing a used vehicle and they come back and say we can get you approved at 9% and you say "go hoop your head", they may be able to get a lower rate from another lender that pays them less of a finders fee.

So yes and no.

Sorry if this is retardly confusing.

[rippedfromabove]

The rates on a used vehicle (excluding used vehicles owned by the manufacturer... Lease returns, etc. Like certified Pre-owned vehicles) are determined by the financial institution that the financing is coming from. So all the usual stuff is taken into consideration based on risk. Your credit, your income-to-debt ratio, your assets, etc.

Usually, it's a formula that the creditor comes back with after the dealership makes the application on your behalf. They usually have 3 or more different lenders that they try to see what the best rate is. Keep in mind that the lenders pay the dealership a fee for every customer that finances a car through them.

But, unless you have a secured line of credit of 1.9% or whatever, the manufacturer tends to offer the best rates when a promotion is on.

So to answer your question, not really. If you're purchasing a used vehicle and they come back and say we can get you approved at 9% and you say "go hoop your head", they may be able to get a lower rate from another lender that pays them less of a finders fee.

So yes and no.

Sorry if this is retardly confusing.

No i get it. Either way, i wont get that 0 unless a special promotion is occuring. Im leaning towarss the 2012 model anyway..

[JDBeretta]

True enough. Well, happy hunting!!!

[rippedfromabove]

True enough. Well, happy hunting!!!

Thanks bro. I appreciate it.

[spywizard]

i got .9% from the dealership..

but it's all a crap shoot.. depends on what they have going on.. and the make..

this was a BMW..

[rippedfromabove]

i got .9% from the dealership..

but it's all a crap shoot.. depends on what they have going on.. and the make..

this was a BMW..

Sounds like a good deal..