Clueless on buying a new 08 mustang....(help!)?

Question

i'm going to a dealership to buy a 08 mustang. i originally wanted a 08 gt mustang but they kinda both told me i might not be able to finance it because i have a thin credit line...? i'm a first time buyer with a credit score of 704 but they said (i don't have any major bills in my name except for a bank i've had for over 3 yrs and 1 jewerly card) so now i'm thinking of just getting base model (v6) instead to save on gas and since its my first purchase...but what should i expect like finance or apr rate and monthly payments, or how long to finance it? i'm so lost...i'm going in on monday and i want to be prepared...(help)

Answer 1

The absolute best way to negotiate the best price is to e-mail the closest dealers in your area. Ask for the manager. Give them all the information, regarding vehicle type and option package. Let them bid for your business. When you get the lowest quote, call up the manager at that dealership and ask if he will put it in writing. Then ask him if there is any more "room" on the price. That should net you the best price. Once you have received the best price, then and only then release your personal information for pre-approval. This should only take a couple of hours to e-mail but will net you thousands in savings and you don't have to leave the house.

Answer 2

Shop for the loan just as you would for the car.

I agree that the V-6 would be cheaper and easier on gas, and not to mention the insurance will also be lower.  Check with Ford's web site and see what discounts are available on the 08 Stangs.

Good luck with it, and thanks for buying American, especially a Ford product.

Answer 3

Going to a direct auto dealer can be tough to get a car on credit like yours. Although it is a very good score, the history of your credit isn't well enough for them to sell you the car.

The APR really depends on the dealer, but I believe they base that off your credit score, so it should be fairly low to start.

They usually will suggest the amount of time and pay on the financing.