$500 a month for a Mazdaspeed3?

[vtakk]

it is not just about your credit score...
I can have 750+ and no job or little income versus mortgage/rent payments and I would fall into higher risk category. having your credit report wont help completely since they can't see your income.. just rough expenses (loans/ccs etc); once you can prove you earn more than you spend it can be diff conversation.

if you can fix your financing before even going to dealership you will save tons of time and health negotiating and bad ass talks about your monthly etc etc

 

[1sty]

Actually paying off a loan early is BAD for your credit score. Remember the credit score is not based on a measure of you your responsibility, but the ability of the bank to make money off of you. Regardless is is still better for your score than defaulting or paying late. But that is why I who has never missed a payment or been late, paid off my mortgage early, and only had one car loan at age 39, pay off my CC each month, ... has a only ok rating. No bank can make money on my back.

I have to disagree.
I have paid off numerous loans early and I never carry a balance over month to month and am in the high 700s and I continue to increase steadily every year.

Although I admit I am no expert, from what I have seen a credit score is based on only a few factors:
1. Payment history, have you ever been late and by how much and how long ago was that.
2. Length of credit history. How long have you been an active credit user.
3. Debt to income ration. How much do you earn vs how much do you owe.
4. Credit to debt ration. How much debt do you have vs how much available credit do you have.

Basically there are ratios they like to see and outside of those there are warning signs that you may not be able to pay a debt or be able to hand an emergency financial situation.`

 

[dave_PEI]

i just bought my speed 6 for a price of $20300, including tax it was something like $23,406 + a balance of $1800 remaining from my VW, and interest and insurances for a total balance of just over $28,000 over 5 years, making payments of $280 bi-weekly...

 

[Reyan]

good credit = good interest, at 16.5% your score is probably around a 550. you should be thankful for the gift of the dealership getting you approved. you havn't mentioned the sticker price on the car you were trying to purchase. first off i you wanna be at 350 a month you gotta finance around 13,000.plus your tax,tag and fees.

How much miles on your car and what condition is it in, is it a clean carfax? Before you come and make a statement like this state the facts. post the break down of the numbers, I will like to see them.

 

[nynhex]

Your credit score would be a lot higher if you just got a low-limit card and carried a balance every month but always made timely payments. Paying it off every month is what hurts you. They aren't looking for amounts, but how many times they make some money.

Actually you're right. I'm currently repairing my credit and beyond my insane 18% interest loan (yes my credit was ruined of my own and my ex's doing) I have a couple low-limit cards that I put groceries and fuel on and carry over tiny balances each month. My score is at least not getting any worse and should improve over the next couple of years.

Now the large amount of interest I will be paying over 5 years, that's a whole other story. I'm going to suck it up and do it for at least 18-20 months then pay off the principal as I'm saving.

Banks/Lenders look at consistency even if you don't have much credit. I hope one day to dig myself out of the mess I'm in and I'm very grateful that I was able to get financed even though it's high interest/fees/etc.

What's the old adage? "You gotta pay to play"

 

[CnoTataymo]

Im paying 440 a month at 10% interest 72 months..no trade..$1500 down payment..and I thought I had gotten rapped.
So dont give the dealer your car...THEY WILL CHEAT YOU OVER.

Yeah this is almost exactly what I got mine for. I feel better about it now, after seeing this thread.

I'm paying $465 a month with 5.7% interest for 72 months, no down payment and I still owed $9k on my other loan when I traded in my MSP. Now I don't feel so bad. This was for the brand new 08' MS3 I have now.

 

[Reyan]

6 pages of blah blah blah, the guy has bad credit, no one get rewarded for bad credit. You all blaming the dealership, remember it's the bank's money and they can charge whateer they want. When ever you have bad credit the bank charge a fee to approve the loan, but they don't want the dealership telling the customer this, because they don't want to look bad. Especially if it's capital one or one of the secondary lenders.
They are the only one who will give someone with bad credit a loan. Buy a car you can afford or look for a used one. The dealership cannot sell anyone something they don't want to buy.

 

[robk09]

I just got my 2010 speed 3 for 440 a month for 72 months so I guess its about right but then again I'm 18 with no credit until now for the speed haha

 

[slashsnake]

I didn't think to much about being upside-down on a car loan until I was talking to a friend who wanted to get rid of his two cars, get a beater (old S-10 p/u) for himself and a newer car for his wife. Sounded ok... Come to find out he had crappy credit to boot (didn't know this either at the time). Seemed like a smart deal, until I heard the facts (after his wife talked him into it already). Now he is paying 750 a month (13% interest!) on a 08 Caddilac SR-V (V-6 not AWD)! Turns out he was upside down on both the other cars at 18% interest.

Looked up the sellings costs for that car on Mannheim (father in law is a GM at a dealer), and he is paying 45k for a car that a dealer would pay 22-25k for.

Anyways, I got mine, 4.39% interest, traded in my 2001 grand am, got about 500 less than I would get for selling it privately (got 2k), and called all the colorado dealerships about extended warranties and what cost is (numbers varied, but ended getting an idea), checked Paragon and a few other independent extended warranty companies, then asked for 100 over cost, they said they could only go "employee pricing", talked down to what was around 200 over cost after nearly walking out without for the platinum.

Anyways, yes, to the OP, your credit score is your problem, not the dealer. Buy something you can afford, rebuild your credit, and wait.

 

[Stavesacre21]

I just got my 2010 speed 3 for 440 a month for 72 months so I guess its about right but then again I'm 18 with no credit until now for the speed haha

That's exactly what i'm paying down to dollar! I've got an above 800 credit rating, and it figured out about perfect. How might you ask? Well, I paid sticker since they were less-then-a-week new around here, and also had tax and title figured in. By the time all was said and done, We were almost up to $28K OTD.

Ended up getting a loan at a credit union for 5.25% @ 72 months. $440 it is. If you got a few grand knocked off the the sticker or paid for part of it in cash, then yes, it might be a lil high. If everything was included at sticker, it's a mighty good deal from a dealership IMO.

 

[speed1585]

I guess I went against the grain in comparison with others. When I got my wife her 3 I went to the mazda dealer and never even mentioned what car I was looking at and ask them what they would give me for my trade (03 Elantra) I negotiated that, once i was happy I started working the 3. I got the dealer to give me 11,900 for the elantra and i owed like 11,500. the payment for the 3 @ 6APR is $354 for 60 months.. I never really budged with what I had worked out in my mind, but i was also at the dealer for almost 6 hours waiting for them to go talk with their manager every half hour.

The problem I see with trading in a vehicle thats paid off is this. without the overall requirment of trying to get a tradein lined up to what is left on the loan, I think most buyers will compromise what they feel the value of their trade in is worth if the dealer works it all out to be close to the buyers desired monthly payment.

if you are buying a 25k car and want a 450 payment for 60 months thats 27k. If they offer you 3k for your tradein you wont give a s*** because you hit your monthy goal of 450 a month. 3k or 10k does not make a diference if you hit that 450.

The dealers are in it for the money, no one should be shocked that if they can sell you an Aveo for 50k and you sign your name, the salesman isnt going to lose sleep, their gonna take the family out to the sizzlers.

Put in the work, reached realistic expectations then make it happen. If you end up paying more than you wanted than your stance was not firm. Dont curse the dealer after you have signed your name.

 

[JTMS3]

That's how one gets oneself into a perpetual upside-down state on cars. Trading in while upside down, having to finance over 8 years to afford it, not keeping the car for 8 years and selling while upside down, rolling that debt into the next loan, financing that one for even longer. Where on earth do you even get an 8 year auto loan? I sure as hell hope you opted for the GAP insurance.

Well said. Im 33 and bought my MS3 in November. I am paying $428 and some change a month on a 60 month loan at just over 6% interest (I swear the .13 is just to **** me more). When I traded my 2007 MS3 they gave me $500 more than what I owed on it.

 

[Dimitrios]

+1 on securing financing through a credit union before even walking into the dealership

I did that with my 6 and was able to negotiate like a cash buyer, and got 4.9％ (their rates have gotten even better since then - could get 3.9% now)

+2 on this point as well.

Whatever you do, walk in with financing in your back pocket. Be it through Mazda, a CU, or other bank.

Also, go to another dealer.

 

[719prottege]

+3 on credit unions
i got a 9.0apr, i have NO CREDIT which most dealerships shut me down for.
gave me my msp for $156 a month for 48 months