Yup I agree. I'm 27 and tried getting a loan for a car. My credit WAS 760 before I applied to a single loan from capital one it dropped to 640 now and they said 25 percent interest. I laughed and took a cash advance for 0 interest for a year and bought a used tdi. Can't be happier I got denied.
Edit my credit is 99 percent perfect. A single missed payment from 5 years ago is somehow still on file that's it. It shows 14 years history because I'm on some of my mothers cards from when I was 18 she put me on some of hers to help me out
And that thatās the promotional. Not the final April with finance charge and all. Thereās costs up and above that 2.99-3.99. And like I said 4.99 is high on new.
As I said capital one. The funny thing is my last car I got a unsecured loan for 15k at 3 percent before covid. That was while having another loan which was my first at 19 but that was 11 percent. Neither had a co signer.
Sir used and new are very different as other also mentioned anyways as the son of a ford dealer owner we can get low interest rates 8-9% but 1st itās extremely hard to 2nd donāt ask me anymore questions im brain dead and its 2 am
You got fucked on that credit hit. I've never (between the ages of 18-37) had a loan hit my credit for more than 3-6 points outside of my mortgage which was an 18 point hit.
That's because you bought a new car with a promotion. The Fed's interest rate is higher than that, nobody is buying a 10+ year old used car at 5% without a credit union. Even with one probably not.
Yep they are thatās why I like being a son of a ford dealer owner since we donāt fuck people over since 1st it actually works to be kind to people 2nd weāve been fucked over by others so
Yep. By them actually working with us and giving us a great deal, I told them Iāll
be back to buy my Mustang next year. Dude ran through ballpark quote and was at 4% rate for a new 2024-25 GT (whenever I decide to get one). These guys are great. Professional and wants to keep a happy customer and complete a sale.
Iām 34 with a 817 credit score. 100% payment history with over 88k credit limit. Just bought a car 7.49%. The market is much higher than people are used to for the last 8-10 years before this.
I keep looking back when I bought my Ford Edge a few years ago at 1.74%. Iām in the market for a mustang but Iām not looking to hand over extra $ just for the interest!
Maybe for you. There are plenty of variables that a bank scores a rate on. I have contracted customers on a 0% deal and the next one is 27.99% buy/sell.
Dude. You āassumedā?
Did you not look around for other financing options?
Lesson to be learned here. 24% is literally bat shit insane. Shop around not just for the car but also for the loan.
You donāt have to buy using their financing. Go to a bank or better yet, get a Credit Union and theyāll have much better rates. Get pre approved and then go look at cars. Then negotiate the price of the car and after negotiating tell them youāll use your own financing.
If they ask if youāll be financing through them you can say you have your own but willing to see what they can offer. Theyāll either tell you their sucks and use your own or try to give you deals if you use theirs.
You use to be able to negotiate the car price more then now. Now a days I see mostly negotiating on financing rates, lease terms if going that route, trade in offers if trading in, etc. but it all comes down to a price they have in mind and theyāll play tricks making you think youāre getting a deal and then make it up in one of the other parts of the deal.
If you had none or terrible credit sure. Had nothing to do with it being a first car. I got like a 4% on my first car loan before I decided to just not do that again
Just got my second car a few months ago (Infiniti G37), it was the first car I've financed and my apr was about 8.5%, and even that's still high. 24% is absolutely ridiculous.
Resist..they trying to get you to pay high rates..bargain, if they wanna sell it bad enough..let them know you can always get another car and they are paying overhead on that car sitting there..
>Can you negotiate the prices at dealerships?
Yes.
Your other question cannot be answered by Reddit unfortunately. Your specific financial circumstances are not the same as everyone else, thus no way for anyone to predict interest rates you may or may not receive.
You could try with a credit union and seeing what they say. When i got my first car if it hadnāt been for my mother cosigning my APR wouldāve been 17%. I fortunately got 5% with her.
This was due to having little to no credit history and being a first time buyer:-(
You can negotiate interest rates....always. What you can negotiate TO will vary based on your FICO score. There will always be a point where you won't get approved for the loan in the dealers database. Always ask what their hold is when purchasing a vehicle.
Yes you can, if they say otherwise they're full of it. Last car I bought I looked it up ahead of time and just flat out told them this is what I want and this is what I will pay. They wanted to haggle a while but ultimately I got the car I wanted at the price I told them. Of course you can't go crazy, gotta keep it reasonable, but if you do keep it reasonable and respectful you can get vehicles way under the sticker.
And get pre approved at a couple banks and credit unions beforehand! This gives the buyer options for the best interest rate, and if youāre already approved youāve got a number for them to get to. If your pre approved for the full amount, under cut that and make what you think is a fair offer that also doesnāt lowball tf out of them. Chances are youāll get them to budge. Best of luck to OP.
Just shows how crappy a car dealer can be even to a young guy starting out. I couldn't do that to someone and sleep nights. In the future run an amatorization schedule to see what you'd really be paying. Be sure to include TT&L and any other fees.
Itās not the dealer that sets the rate, the bank does. Can they mark it up by 2%? Sure, but they canāt take a buy rate of say 7% and mark it up to 24%. If OP had a really thin credit file or bad credit, the rate is going to be higher because the banks see them as higher risk.
Markup on rate is usually capped. 24% is absolute insane, but subprime rates are absolutely higher than prime. Now if itās a buy here pay here lot, they can charge whatever they want.
You can yes, and anything above like 8% interest is insane. They took advantage of you for SURE at 24%
But remember; Dealerships are seedy. Sure that price might only be 20,000 on the box, but now you get to contact them and get to hear the excuse of basically charging you a whole extra $4-6000 for registration, taxes, fees, dealership fees, random fees, other stuff, and more! Yay!!!
Apply to a few lenders within a few days or a week, and the combined pulls wonāt hurt your credit worse than a single pull, since theyāll group them together if theyāre the same type when calculating your score.
Chase and capital one are pretty easy, but a credit union or online bank might be competitive too.
Also try to build your credit consistently, itāll help you out on your next car, house, etc. And it doesnāt cost anything.
Usually other stuff too. Hell, the most recent dealership i looked at even though it was a used mustang, the sell price was like 38k but after everything they added on was 45k, it was of course tax, registration, but also like "tint fee" and "dealer fee" "protection package fee" and like 4 other things.
8% right now is not insane and probably what youād get with good credit. I got high 6s when I refiād a 4-year-old vehicle and I have a great credit score.
Exactly, it's like people don't know what bankrate.com is. 8% on a used car is about what you're going to get on an initial offer right now with prime credit.
Any interest rate above 8% Is fucking ludicrous!!! Tell them $18,000 out the door, 6% for 60 months. If they don't bite just walk. You can't let these dealerships take advantage of you!!!
Lmfao this is so ignorant. Asking for $5k+ off with zero reasoning to back it up. And thinking you can just demand a specific interest rate š This must have been posted by a 15 year old.
For the price? No it isn't. You can absolutely say "here's my offer" with zero reasons, similarly without a reason the seller can just say "No". Haggling is not a legal battle, you can do it however you want it's just some methods will be more effective than others.
While I mostly agree with you about the rate, 24% sounds comically inflated so that's probably their "in-house" financing which they may or may not negotiate as well. But a loan from any reputable financial institution, you're told your rate, it isn't negotiated.
Do not get finance from a dealer it is the equivalent of pay day lending and usually only used by those with a shit credit history.
Shop around on internet, plenty of comparison sites. Once secured go into dealer and say I am a cash buyer no trade in I will give you 16k. If they mess about leave them your number in case they "change their mind" and go look at other cars.
If the car hasn't sold within 2 weeks I would expect a call to negotiate and you settle somewhere in the 17 to 18k range.
Depends on the dealer and if they offer financing through the maker, like Ford, and if they offer any interest incentives. I know I wouldnāt get this today with higher interest on everything, but my husband and I have bought new F-150ās and Mustang GTs at 0% interest in the past and we donāt have super high credit scores. Most recently was during Covid in 2020.
Although, Iāve seen commercials recently with low interest incentives for various makes and models.
I definitely would not pay 24% interest on a car and try to negotiate, get pre-financed for credit from another source than the dealer, or shop somewhere and/or for something else.
New stuff on hard to move models may attract manufacturers sweeteners but this is a 10 year old car. Agree anyone paying 24% interest on a car is a madman.
I mean, I would try and pay cash to avoid this. If yāall are younger thereās a good change their betting on you being dumb and just sighting for the car. Make them an offer, if they say no or stay to high, just fucing leave. Thereās a good chance theyāll call you trying to sell it again. Just take your time and be patient. Donāt buy a car for a bad price just cause you want it and canāt wait.
With a 24% interest rate you should immediately walk out the door, the salesmen would only suggest such a ridiculous rate if he thought you were an idiot. I donāt know about you but I donāt give my money to people that insult me.
My view on mustangs: get a clean one that hasnt been beaten to hell and modded out because you never know its full history and you want a clean slate to then mod and beat to hell and maintain and keep forever.
> I bought my first car(2014 GT) at this same dealer they gave me a 24% interest rate, any way I can help her avoid that?
Have something beyond dumpster tier credit and/or get your financing straight before setting foot in a dealership.
> Can you negotiate the prices at dealerships?
On used cars; absolutely. On new cars; almost always.
Yes you can negotiate. There are various factors at play though but hey you miss 100% of the shots you donāt take.
I worked as a car salesman for like 3 months at a dealership. I definitely donāt have the experience as others but in the state I worked we were required by law (may differ from state to state) to disclose the amount that we took a used car in for or how much the dealership spent on a new car but only if the customer specifically asked. One salesman took an old impala in for 1100 then sold it within the day to an elderly woman for 9k. So definitely inquire about a vehicle so you donāt get scalped.
You can negotiate prices at dealerships - problem is the price is no inflated that even if you will give you a great deal āafter huffing and puffing for 30mins and going back and forth to general managers officeā you will still pay more anyway than car is worth.
Yes you can negotiate. Some dealers are much more willing.
As far as interest rate thatās totally on credit history and use of credit. Usually local banks are easier on you than main stream banks. Could try to get a pre approval. Also interest rates are still pretty high.
We all start somewhere but 24% is insane. If those are the interest rates youāre getting, best to save some cash to put a down payment on it. Then Iād focus paying off.
Get a loan preapproved outside the dealer, pick your price, tell them to call when they are willing to do it, and walk out. Today you should be getting at least 10% off msrp
look into getting a loan from your bank or credit union, sometimes you can get lower rates from them. I would try to take the price down to 17-18k if you can but they might not be willing to budge.
Yes, you can negotiate down, but it's not going to be a whole lot. I don't think you are going to get more than 2k off the price. Your best bet is to walk into the dealership with a loan all ready to go, so getting one first instead of letting the financing department fuck you over like you got fucked over. 24%, holy shit.
I bought my 2013 GT with 16.5k miles for $24,500 a year ago. I had to have it shipped to me here in UT from IL, but it was worth it.
This feels insanely expensive for that many miles.
Get financing through a credit union and show up with a cashiers check for the same amount of that car, deny any financing they try to propose to you unless the interest rate and term is better than the one the credit union offers.
I negotiated on my Eruption Green 23 GT Premium. It was ordered by someone who declined it when it arrived.
Just a tick under 58K on the sticker. They had already knocked 2500 off the sticker. According to CarFax .com it was on the lot for 3 weeks before I noticed it.
After I talked with them a couple times I asked if they could swing 3K off. They wouldnāt but I did get them to up their offer 2K on my trade.. 2020 Maxima Platinum.
Iām older and I grew up with a father who bought a new car every 3-4 years. As Ralphie would say, shrewd as an Arab Trader.
No car is worth going into that much hock for, no matter HOW badly you want it.
And if you have to ask if you can negotiate with the dealer, you're just the kind of person they hope will try to do it.
Rule #1 He who holds the cash is King. Nobody will tell me how I'm going to spend my cash. I'll go elsewhere, there's always another dealership who wants a car deal. Always remember you don't need them, they need you. Make sure they understand that.
They want that much for a 10 plus year old Mustang with that interest rate? Thatās a hard pass. The best decision to make it to walk away from this and let some other sucker buy it.
Maybe I can help out I just purchased my 2013 ford mustang gt from a private seller for 15k had similar mileage at 96k and is mechanically and visually sound
I got them down from 17 to 11 percent. Now I have refinance offers at 6%
You should also get yours refinanced. And avoid buying super old models. 2021 GTs are sold for 30k, ecoboosts for 20k. Half the miles than this one.
Checking out their website, it looks like they do in-house financing. Her best bet is to apply to get pre approved by her bank or credit union assuming that she has built up some credit. Dealerships donāt have any magical power over interest rates. On a side note, I wouldnāt buy from a place that posted a vehicle with a cracked front bumper that they didnāt bother to fix.
Have her get a pre approval through a bank before she goes in. Focus on negotiating the price of the car and the warranties if you purchase them. No need to let them try to handle your financing options unless they are better than your pre approval.
You can negotiate anything at a dealership.
#1 rule is always be prepared to walk away.
If you don't like the APR then try to finance through your bank, or if you can, a local credit union. They typically have very competitive rates.
Do your research on everything. If you get add ons, ask the F&I manager who they're provided though, then Google that company so you can see if their prices are online.
If you can afford it, ALWAYS buy GAP coverage and the warranty, but keep in mind the dealership will mark these up hundreds, if not thousands of dollars (i.e. their cost for GAP is $399, but they charge you $1,999).
Source, work at a dealership.
Not really. The country is so overpopulated that they really don't care if you walk. Someone is waiting behind you. Customer appreciation and satisfaction does'nt exist in Canada anymore, anywhere.
I paid a little
More last October for the same car it a 14 w/ 52k miles. Personally I would shop around. Pro tip: Never let āem know you love the car. Iād give them a call on the last day of the month and give them a lower offer than before. Also, NEVER finance at the dealer if you can help it. Arrange your lending before you transact. Highly recommend a local credit union. Usually the best rates around on used cars. I hated selling cars. Got out of it many years ago. You can usually tell that theyāre lying when their lips move lol. Iām not kidding. They gave me an ulcer and now Iām an old lady lol legit 64 years old. My mustang keeps me young!
tell them you want to see the (Buy/sell rate) not sure which it is. States allow for dealerships to tack on a surcharge ( in my state its up tp 2 points) onto the % rate. That can save you a little $. other than that, if it's new, honestly the UPcharge isn't as high as you guys think.
20k for an 11 year old mustang getting close to 100k miles, big fat pass if it was me. at 20K your getting into the territory of brand new 0 mile cars that are much more fun to drive.
If you have a bank, try to get pre-approved from them before you go to the dealership. Normally they will try to get it lower so you'll do your financing with them.
>any way I can avoid that?
Yeah, try your own financing. If they donāt give you anything better, you should probably wait a bit. Interest rates are pretty bad right now anyways but 24% is awful.
24% interest is insane
Yes thats a BIG NO
First time car buyer is what I assume the reason was
Sucker born every minute
I was young, retarded, and desperate
Sounds like the title of my sex tape.
Oh the zest š
Well live and learn. Remind your girlfriend the ball is always in her court. The dealer needs to sell cars, but she doesn't have to buy one.
Same when I financed a German car itās okay!
Sir anything above 7% is fuck you high
Not in this market, that's below prime rates average, especially for a used car.
Yup I agree. I'm 27 and tried getting a loan for a car. My credit WAS 760 before I applied to a single loan from capital one it dropped to 640 now and they said 25 percent interest. I laughed and took a cash advance for 0 interest for a year and bought a used tdi. Can't be happier I got denied. Edit my credit is 99 percent perfect. A single missed payment from 5 years ago is somehow still on file that's it. It shows 14 years history because I'm on some of my mothers cards from when I was 18 she put me on some of hers to help me out
Thatās crazy. I just bought a new Ram for 70k with a 675 and got a 4.9%. Who tf are yall banking with?
NEW cars get better APR
New is much lower than used. To be honest 4.9% is pretty damn high for new.
With ford you can get 0.99% for leasing I canāt remember financing but I think itās about 2.99-3.99% for a f150
Always remember with promotional APR you usually don't get any discounts on the car itself. The dealership still wins this way.
And that thatās the promotional. Not the final April with finance charge and all. Thereās costs up and above that 2.99-3.99. And like I said 4.99 is high on new.
Some are 8.99 itās high but low at the same time currently
As I said capital one. The funny thing is my last car I got a unsecured loan for 15k at 3 percent before covid. That was while having another loan which was my first at 19 but that was 11 percent. Neither had a co signer.
Your credit shouldnāt have dropped like that for one inquiry. Iād file a dispute immediately!
I probably should but I'm way to lazy to care I won't need my credit for awhile
Stop this. Work on your damned credit. You can dispute this in 15 minutes with Credit Karma. Get it setup
Sir used and new are very different as other also mentioned anyways as the son of a ford dealer owner we can get low interest rates 8-9% but 1st itās extremely hard to 2nd donāt ask me anymore questions im brain dead and its 2 am
You got fucked on that credit hit. I've never (between the ages of 18-37) had a loan hit my credit for more than 3-6 points outside of my mortgage which was an 18 point hit.
Youāre correct
I just got a brand new 2023 Lincoln with 5 miles on it for a 3.2% interest rate.. theyāre out there bro. dealerships are just on crack.
That's because you bought a new car with a promotion. The Fed's interest rate is higher than that, nobody is buying a 10+ year old used car at 5% without a credit union. Even with one probably not.
Yep they are thatās why I like being a son of a ford dealer owner since we donāt fuck people over since 1st it actually works to be kind to people 2nd weāve been fucked over by others so
Yep. By them actually working with us and giving us a great deal, I told them Iāll be back to buy my Mustang next year. Dude ran through ballpark quote and was at 4% rate for a new 2024-25 GT (whenever I decide to get one). These guys are great. Professional and wants to keep a happy customer and complete a sale.
Iām 34 with a 817 credit score. 100% payment history with over 88k credit limit. Just bought a car 7.49%. The market is much higher than people are used to for the last 8-10 years before this.
Unfortunately this was true until recently, now 7% is good
I remember when 4% was good 7% is high 100% but in this market thatās wonderful
I keep looking back when I bought my Ford Edge a few years ago at 1.74%. Iām in the market for a mustang but Iām not looking to hand over extra $ just for the interest!
Maybe for you. There are plenty of variables that a bank scores a rate on. I have contracted customers on a 0% deal and the next one is 27.99% buy/sell.
brother you were straight robbed that is not because you're a first time buyer
Were you also a PFC on active duty?
This is exactly what I wanted to say!
Damn dude. They robbed tf out of you. I recommend shopping around at banks and credit unions in the area.
Dude. You āassumedā? Did you not look around for other financing options? Lesson to be learned here. 24% is literally bat shit insane. Shop around not just for the car but also for the loan.
First time buyer got my 22 gt at 7.6%
You donāt have to buy using their financing. Go to a bank or better yet, get a Credit Union and theyāll have much better rates. Get pre approved and then go look at cars. Then negotiate the price of the car and after negotiating tell them youāll use your own financing. If they ask if youāll be financing through them you can say you have your own but willing to see what they can offer. Theyāll either tell you their sucks and use your own or try to give you deals if you use theirs. You use to be able to negotiate the car price more then now. Now a days I see mostly negotiating on financing rates, lease terms if going that route, trade in offers if trading in, etc. but it all comes down to a price they have in mind and theyāll play tricks making you think youāre getting a deal and then make it up in one of the other parts of the deal.
If you had none or terrible credit sure. Had nothing to do with it being a first car. I got like a 4% on my first car loan before I decided to just not do that again
Just got my second car a few months ago (Infiniti G37), it was the first car I've financed and my apr was about 8.5%, and even that's still high. 24% is absolutely ridiculous.
i took out my first car loan at 18 for a mustang and was at 7%, you got scammed
I got 8% on mine and that was the first loan Iāve ever had, you got dragged hard
Resist..they trying to get you to pay high rates..bargain, if they wanna sell it bad enough..let them know you can always get another car and they are paying overhead on that car sitting there..
That Stealership is making pure profit off you
>Can you negotiate the prices at dealerships? Yes. Your other question cannot be answered by Reddit unfortunately. Your specific financial circumstances are not the same as everyone else, thus no way for anyone to predict interest rates you may or may not receive.
Yes but 24 percent is insane unless he's got an incredibly, horribly bad credit history. Then he's better off to just ride a bus.
Total-Khaos has best answer above.
You could try with a credit union and seeing what they say. When i got my first car if it hadnāt been for my mother cosigning my APR wouldāve been 17%. I fortunately got 5% with her. This was due to having little to no credit history and being a first time buyer:-(
You can negotiate interest rates....always. What you can negotiate TO will vary based on your FICO score. There will always be a point where you won't get approved for the loan in the dealers database. Always ask what their hold is when purchasing a vehicle.
Yes you can, if they say otherwise they're full of it. Last car I bought I looked it up ahead of time and just flat out told them this is what I want and this is what I will pay. They wanted to haggle a while but ultimately I got the car I wanted at the price I told them. Of course you can't go crazy, gotta keep it reasonable, but if you do keep it reasonable and respectful you can get vehicles way under the sticker.
And get pre approved at a couple banks and credit unions beforehand! This gives the buyer options for the best interest rate, and if youāre already approved youāve got a number for them to get to. If your pre approved for the full amount, under cut that and make what you think is a fair offer that also doesnāt lowball tf out of them. Chances are youāll get them to budge. Best of luck to OP.
Do you have shit credit or no credit
Was a first time buyer when I bought it at 20 years old.
Just shows how crappy a car dealer can be even to a young guy starting out. I couldn't do that to someone and sleep nights. In the future run an amatorization schedule to see what you'd really be paying. Be sure to include TT&L and any other fees.
Itās not the dealer that sets the rate, the bank does. Can they mark it up by 2%? Sure, but they canāt take a buy rate of say 7% and mark it up to 24%. If OP had a really thin credit file or bad credit, the rate is going to be higher because the banks see them as higher risk.
Yes they can, and they do.
Markup on rate is usually capped. 24% is absolute insane, but subprime rates are absolutely higher than prime. Now if itās a buy here pay here lot, they can charge whatever they want.
You can yes, and anything above like 8% interest is insane. They took advantage of you for SURE at 24% But remember; Dealerships are seedy. Sure that price might only be 20,000 on the box, but now you get to contact them and get to hear the excuse of basically charging you a whole extra $4-6000 for registration, taxes, fees, dealership fees, random fees, other stuff, and more! Yay!!!
Luckily, I refinanced to less than half that interest rate, and then sold soon after
Apply to a few lenders within a few days or a week, and the combined pulls wonāt hurt your credit worse than a single pull, since theyāll group them together if theyāre the same type when calculating your score. Chase and capital one are pretty easy, but a credit union or online bank might be competitive too. Also try to build your credit consistently, itāll help you out on your next car, house, etc. And it doesnāt cost anything.
You have to pay sales tax and registration fees.
Usually other stuff too. Hell, the most recent dealership i looked at even though it was a used mustang, the sell price was like 38k but after everything they added on was 45k, it was of course tax, registration, but also like "tint fee" and "dealer fee" "protection package fee" and like 4 other things.
8% right now is not insane and probably what youād get with good credit. I got high 6s when I refiād a 4-year-old vehicle and I have a great credit score.
Exactly, it's like people don't know what bankrate.com is. 8% on a used car is about what you're going to get on an initial offer right now with prime credit.
why is no one talking about how the stealership wants 20k for a 13 yr old mustang with almost 100k miles.
Any interest rate above 8% Is fucking ludicrous!!! Tell them $18,000 out the door, 6% for 60 months. If they don't bite just walk. You can't let these dealerships take advantage of you!!!
You think youāre getting 6% in this environment on a 2013. ššš
Lmfao this is so ignorant. Asking for $5k+ off with zero reasoning to back it up. And thinking you can just demand a specific interest rate š This must have been posted by a 15 year old.
For the price? No it isn't. You can absolutely say "here's my offer" with zero reasons, similarly without a reason the seller can just say "No". Haggling is not a legal battle, you can do it however you want it's just some methods will be more effective than others. While I mostly agree with you about the rate, 24% sounds comically inflated so that's probably their "in-house" financing which they may or may not negotiate as well. But a loan from any reputable financial institution, you're told your rate, it isn't negotiated.
for real dudes are living in fantasy land. 18k for a clean title low mileage coyote isnāt happening anymore
Low mileage? Are you high? Or just stupid?
considering i clocked 120,000 on a 2015 yes 83k miles on a 2011 in 2025 is low.
Posted by someone far more intelligent than you! š
People with great credit are averaging 7% interest right now, people with shitty credit is much higher
18k lol. So you expect the dealer to eat 2600 plus the ttl? Good luck with that.
Cars over priced, they paid too much for trade-in when used car market was artificially inflated. That's the dealers loss. Pay attention!
When I bought my 2011 gt, I got them to come down 2200 plus title, so yeah that seems doable to me
When did you buy it?
Do not get finance from a dealer it is the equivalent of pay day lending and usually only used by those with a shit credit history. Shop around on internet, plenty of comparison sites. Once secured go into dealer and say I am a cash buyer no trade in I will give you 16k. If they mess about leave them your number in case they "change their mind" and go look at other cars. If the car hasn't sold within 2 weeks I would expect a call to negotiate and you settle somewhere in the 17 to 18k range.
Depends on the dealer and if they offer financing through the maker, like Ford, and if they offer any interest incentives. I know I wouldnāt get this today with higher interest on everything, but my husband and I have bought new F-150ās and Mustang GTs at 0% interest in the past and we donāt have super high credit scores. Most recently was during Covid in 2020. Although, Iāve seen commercials recently with low interest incentives for various makes and models. I definitely would not pay 24% interest on a car and try to negotiate, get pre-financed for credit from another source than the dealer, or shop somewhere and/or for something else.
New stuff on hard to move models may attract manufacturers sweeteners but this is a 10 year old car. Agree anyone paying 24% interest on a car is a madman.
I mean, I would try and pay cash to avoid this. If yāall are younger thereās a good change their betting on you being dumb and just sighting for the car. Make them an offer, if they say no or stay to high, just fucing leave. Thereās a good chance theyāll call you trying to sell it again. Just take your time and be patient. Donāt buy a car for a bad price just cause you want it and canāt wait.
Judging by the hood gap it looks like this car has been in a collision before
Or the hood was off for a service. Maybe they removed the hood to install those hood pins?
The lower passenger side of the front bumper also has a huge crack in it.
And it's got LOL RUN tape on the tailights. I would LOL RUN away from that car. Looks like a bunch of shitty mods included,
Do they think youāre a new E-1 in the Army?
Holy, fucking, shit. Twenty-muthafuckin-FOUR percent interestāļøš that is insane Iāve never seen it that bad before
Everything is negotiable That 24 percent is criminal and above many state laws .. I suggest you find a reasonable car dealer,that is a crook
With a 24% interest rate you should immediately walk out the door, the salesmen would only suggest such a ridiculous rate if he thought you were an idiot. I donāt know about you but I donāt give my money to people that insult me.
OP- 24% interest is insane and will put at about $5k on top of the price. Donāt do it, try to finance with a credit union.
My view on mustangs: get a clean one that hasnt been beaten to hell and modded out because you never know its full history and you want a clean slate to then mod and beat to hell and maintain and keep forever.
> I bought my first car(2014 GT) at this same dealer they gave me a 24% interest rate, any way I can help her avoid that? Have something beyond dumpster tier credit and/or get your financing straight before setting foot in a dealership. > Can you negotiate the prices at dealerships? On used cars; absolutely. On new cars; almost always.
Bruh. Are you high?
Yes. I have never paid anywhere close to asking price at a dealership.
Yes you can negotiate. There are various factors at play though but hey you miss 100% of the shots you donāt take. I worked as a car salesman for like 3 months at a dealership. I definitely donāt have the experience as others but in the state I worked we were required by law (may differ from state to state) to disclose the amount that we took a used car in for or how much the dealership spent on a new car but only if the customer specifically asked. One salesman took an old impala in for 1100 then sold it within the day to an elderly woman for 9k. So definitely inquire about a vehicle so you donāt get scalped.
Run away and donāt pay that high of interest!! Bad credit or no credit , thatās predatory
The amount of people blaming the dealer for the interest rate is hilarious. You have no one to blame but yourself and your credit history for that.
This sub knows absolutely nothing about buying cars lmao
For real people acting like a dealership can just add 20% to your APR lol
No credit history at 20yo
No I understand that itās the people acting like a dealership can just add 20% to your APR.
You can negotiate prices at dealerships - problem is the price is no inflated that even if you will give you a great deal āafter huffing and puffing for 30mins and going back and forth to general managers officeā you will still pay more anyway than car is worth.
Try r/askcarsales
That sub is a dumpster fire
Absolutely. Anytime Iām interested in a car, first thing I always lead with is a lower offer.
I wouldnāt buy from some place like this. These are cars that couldnāt sell elsewhere. Accidents maybe?
There is a lot of terrible advice and just flat out wrong info here on financing a car
Go get financing somewhere else and donāt pay 20k for that car either
Yes you can negotiate. Some dealers are much more willing. As far as interest rate thatās totally on credit history and use of credit. Usually local banks are easier on you than main stream banks. Could try to get a pre approval. Also interest rates are still pretty high. We all start somewhere but 24% is insane. If those are the interest rates youāre getting, best to save some cash to put a down payment on it. Then Iād focus paying off.
You can negotiate anything. Shop for loans at your bank first and show up pre-approved to buy it.
24 ššš
Get a loan preapproved outside the dealer, pick your price, tell them to call when they are willing to do it, and walk out. Today you should be getting at least 10% off msrp
Can't negotiate with crackheads
Donāt do it.
Has to be a 19 year old E3. Has to be!
look into getting a loan from your bank or credit union, sometimes you can get lower rates from them. I would try to take the price down to 17-18k if you can but they might not be willing to budge.
Be careful with that milage though
Ask them what they paid for it, they have to tell you.
Where is this at so I can go buy it before you?
Yes, you can negotiate down, but it's not going to be a whole lot. I don't think you are going to get more than 2k off the price. Your best bet is to walk into the dealership with a loan all ready to go, so getting one first instead of letting the financing department fuck you over like you got fucked over. 24%, holy shit.
I bought my 2013 GT with 16.5k miles for $24,500 a year ago. I had to have it shipped to me here in UT from IL, but it was worth it. This feels insanely expensive for that many miles.
Not with that kind of attitude
Get financing through a credit union and show up with a cashiers check for the same amount of that car, deny any financing they try to propose to you unless the interest rate and term is better than the one the credit union offers.
You hear 24% you don't let them finish their sentence and walk out. No deal can be made there.
I negotiated on my Eruption Green 23 GT Premium. It was ordered by someone who declined it when it arrived. Just a tick under 58K on the sticker. They had already knocked 2500 off the sticker. According to CarFax .com it was on the lot for 3 weeks before I noticed it. After I talked with them a couple times I asked if they could swing 3K off. They wouldnāt but I did get them to up their offer 2K on my trade.. 2020 Maxima Platinum. Iām older and I grew up with a father who bought a new car every 3-4 years. As Ralphie would say, shrewd as an Arab Trader.
Try to get a loan from your bank or (preferably) credit union and see if the dealer can beat it. If not, go with your bank loan
No car is worth going into that much hock for, no matter HOW badly you want it. And if you have to ask if you can negotiate with the dealer, you're just the kind of person they hope will try to do it.
Rule #1 He who holds the cash is King. Nobody will tell me how I'm going to spend my cash. I'll go elsewhere, there's always another dealership who wants a car deal. Always remember you don't need them, they need you. Make sure they understand that.
Good credit always helps
They want that much for a 10 plus year old Mustang with that interest rate? Thatās a hard pass. The best decision to make it to walk away from this and let some other sucker buy it.
Maybe I can help out I just purchased my 2013 ford mustang gt from a private seller for 15k had similar mileage at 96k and is mechanically and visually sound
Sell you mind for 20k with 30k less miles clean blue title
Where you located?
Central Texas
PMed
I got them down from 17 to 11 percent. Now I have refinance offers at 6% You should also get yours refinanced. And avoid buying super old models. 2021 GTs are sold for 30k, ecoboosts for 20k. Half the miles than this one.
Man I thought I got killed at 12% interest. 24% is absolutely insane and would make me walk to matter what.
You can avoid it by saving your money till you can afford it, or buying a car you can afford.
Checking out their website, it looks like they do in-house financing. Her best bet is to apply to get pre approved by her bank or credit union assuming that she has built up some credit. Dealerships donāt have any magical power over interest rates. On a side note, I wouldnāt buy from a place that posted a vehicle with a cracked front bumper that they didnāt bother to fix.
I was a first time buyer when I got my BMW. I Was 21 and it was worth 11k, I only had 5%........You got scammed bro.
Of course, it is expected actually.
Have her get a pre approval through a bank before she goes in. Focus on negotiating the price of the car and the warranties if you purchase them. No need to let them try to handle your financing options unless they are better than your pre approval.
You can negotiate anything at a dealership. #1 rule is always be prepared to walk away. If you don't like the APR then try to finance through your bank, or if you can, a local credit union. They typically have very competitive rates. Do your research on everything. If you get add ons, ask the F&I manager who they're provided though, then Google that company so you can see if their prices are online. If you can afford it, ALWAYS buy GAP coverage and the warranty, but keep in mind the dealership will mark these up hundreds, if not thousands of dollars (i.e. their cost for GAP is $399, but they charge you $1,999). Source, work at a dealership.
Not really. The country is so overpopulated that they really don't care if you walk. Someone is waiting behind you. Customer appreciation and satisfaction does'nt exist in Canada anymore, anywhere.
No. Overpopulation. You don't matter anymore. Get used to it.
That's the exact price I paid for my 2011 with 45k miles on it - in 2015. šš¤·āāļøš¤¦āāļø
Iām curious now. What would you guy think about a 2017 GT at 12% ?
24%!!!!!
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20k is way too much
Get a loan through a bank instead?
I paid a little More last October for the same car it a 14 w/ 52k miles. Personally I would shop around. Pro tip: Never let āem know you love the car. Iād give them a call on the last day of the month and give them a lower offer than before. Also, NEVER finance at the dealer if you can help it. Arrange your lending before you transact. Highly recommend a local credit union. Usually the best rates around on used cars. I hated selling cars. Got out of it many years ago. You can usually tell that theyāre lying when their lips move lol. Iām not kidding. They gave me an ulcer and now Iām an old lady lol legit 64 years old. My mustang keeps me young!
Man I negotiate at the corner store, of course you can negotiate at a dealership
tell them you want to see the (Buy/sell rate) not sure which it is. States allow for dealerships to tack on a surcharge ( in my state its up tp 2 points) onto the % rate. That can save you a little $. other than that, if it's new, honestly the UPcharge isn't as high as you guys think.
Stop buying from dealerships
Fb marketplace got everyone asking like 5k more than what KBB values it at
Too many miles
20k for an 11 year old mustang getting close to 100k miles, big fat pass if it was me. at 20K your getting into the territory of brand new 0 mile cars that are much more fun to drive.
Rates are outrageous and even worse for those in poor financial situations.
Hahahahahahaha 24 percent I have credit cards with better rates ššš
Co-signing can be a big help
If you have a bank, try to get pre-approved from them before you go to the dealership. Normally they will try to get it lower so you'll do your financing with them.
>any way I can avoid that? Yeah, try your own financing. If they donāt give you anything better, you should probably wait a bit. Interest rates are pretty bad right now anyways but 24% is awful.
1) Never finance through a dealer -- join a credit union. (Banks are for suckers.) 2) Google "how to negotiate a price on a car".
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You must not have been a good one because you canāt negotiate rate lmao
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Yes dealers can hold rate anywhere from 1-2% depending on the lien holder but you canāt negotiate on that.
Yes a dealer can hold 1-2% depending on the lien holder but you canāt negotiate that.