Came home from the dealership
- Thread starter Big-Ben
- Start date
BillTheCat
Member
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- 2009 Mazdaspeed3 Sport
CrazyT has a ton of good advice there.
Big-Ben, anyone who gives you a letter grade, like "A" as your credit score is selling you a bill of goods. Credit is not rated with letter grades. It's a numerical score. Some states, like Florida, require all of the major credit rating services (Experian, Trans Union, and Equifax) to provide residents one free credit report per calendar year (if requested). Might be worth checking your numerical credit score with all 3 services before you go for serious talks with the dealership.
I paid about $22k for my 09 MS3 Sport in September. Traded even for my MINI, so no gain/loss there. I threw in $1k down, I think, and they included gap insurance & a 7 year/100k mile warranty at no extra cost. I forget my interest rate (5-7% range), but it worked out to about $430 for 60 months. (Conveniently, I put about 20k/year on my car, so that 100k warranty should last me until about the time it's paid off)
At 20 years old, I have no idea how much money you make. But $600/mo would KILL most 20 year olds. Heck, I make about $60-70k now, in my 30's, and the thought of a $600 car payment makes my sphincter clench up. I know that's not their "final" offer, but make sure that you can afford the payment comfortably, because the first time you get in a money crunch & miss a payment or two, they'll be all too happy to repo that car right from your driveway.
Just be sure you have food & shelter covered first, because your MS3 won't be comfortable enough parked down by the river, like a 1975 Chevy Van would.
Oh- one last tip that CrazyT didn't mention. Make sure you get a simple interest loan. Simple interest means that for the entire life of the loan, the payments you make will go X% to interest and Y% to principle. This ensures that they don't front-load the loan with interest-only payments while your principle stays put until the 2nd or 3rd year when your payments start applying to principle. Sucks to have a 2 year old car & still owe full MSRP on it because you've paid nothing but interest so far.
Big-Ben, anyone who gives you a letter grade, like "A" as your credit score is selling you a bill of goods. Credit is not rated with letter grades. It's a numerical score. Some states, like Florida, require all of the major credit rating services (Experian, Trans Union, and Equifax) to provide residents one free credit report per calendar year (if requested). Might be worth checking your numerical credit score with all 3 services before you go for serious talks with the dealership.
I paid about $22k for my 09 MS3 Sport in September. Traded even for my MINI, so no gain/loss there. I threw in $1k down, I think, and they included gap insurance & a 7 year/100k mile warranty at no extra cost. I forget my interest rate (5-7% range), but it worked out to about $430 for 60 months. (Conveniently, I put about 20k/year on my car, so that 100k warranty should last me until about the time it's paid off)
At 20 years old, I have no idea how much money you make. But $600/mo would KILL most 20 year olds. Heck, I make about $60-70k now, in my 30's, and the thought of a $600 car payment makes my sphincter clench up. I know that's not their "final" offer, but make sure that you can afford the payment comfortably, because the first time you get in a money crunch & miss a payment or two, they'll be all too happy to repo that car right from your driveway.
Just be sure you have food & shelter covered first, because your MS3 won't be comfortable enough parked down by the river, like a 1975 Chevy Van would.
Oh- one last tip that CrazyT didn't mention. Make sure you get a simple interest loan. Simple interest means that for the entire life of the loan, the payments you make will go X% to interest and Y% to principle. This ensures that they don't front-load the loan with interest-only payments while your principle stays put until the 2nd or 3rd year when your payments start applying to principle. Sucks to have a 2 year old car & still owe full MSRP on it because you've paid nothing but interest so far.
I think it's a federal thing... but anyway, good advice for everyone on the forum. Go to www.annualcreditreport.com This is the best site, but I think they try once to get you to sign up for something. Click on the 'no thanks' at the bottom. You can select what company to get a report from. The are typically all the same, so I would recommend using one company now, and then 4 months from now use another, then another 4, use another. Avoid anything that asks you to sign up and pay for services. You shouldn't have to pay a dollar.
Oh yeah, the only reason why I said 'A' is because I forgot how much my score was. But it was in fact around that area.
But seriously, thanks for all the tips!!
I would really make sure that I put that monthly to around 400-480 at most.
Looks like you guys have a good deal. I WILL make sure I get those too. (cabpatch)
My biggest tip would be DON'T FINANCE THROUGH THE DEALER! The Mazda rates are awful. The lowest they go is 7%. Usually the best you can get is about 5% from a bank or credit union. Also some insurance companies do auto loans. Sometimes you will see as low as 4% but be careful you get the details. Get your credit score (I used equifax, you get a free credit report but have to pay like $10 for the actual score) and shop around for a good apr first. I had a score in the mid 700's and got a 5.25% intrest rate from a credit union.
Also, consider a lease if monthly payments are gonna be tough for you. Go 36 months and by then maybe you'll have a better paying job and better credit score, and you will want to upgrade for a speed3 or you can always buy it at the end of the lease. Just means no modding, but I don't like the idea of modding myself anyway.
Also, make sure you put a good down payment if you are going to purchase. This keeps you from owing more than what the car is worth if you should ever need to sell it. With a good interest rate the down payment is recommended to be 20% (I know its alot, like $5000 on a $25,000 car). This will make sure that it covers depreciation when you take it off the lot and you should never be upside down.
Also, consider a lease if monthly payments are gonna be tough for you. Go 36 months and by then maybe you'll have a better paying job and better credit score, and you will want to upgrade for a speed3 or you can always buy it at the end of the lease. Just means no modding, but I don't like the idea of modding myself anyway.
Also, make sure you put a good down payment if you are going to purchase. This keeps you from owing more than what the car is worth if you should ever need to sell it. With a good interest rate the down payment is recommended to be 20% (I know its alot, like $5000 on a $25,000 car). This will make sure that it covers depreciation when you take it off the lot and you should never be upside down.
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Sadly, I don't think I can raise 5000 within the month or so.
But those are some great tips, eperk84.
I believe my score is around mid 700's too. I do just remember hearing the number 7. AHAHAHA.
But yeah, I'm trying to avoid financing in the dealership because I know it'll cost me even more. I'm still trying to find a co-signer. (kissass)
Not always. I actually got the best rate with them. You can sometimes get a better overall deal with the price of the car and loan if you do both through them. If you get outside loan, then they make money on the car alone, therefore need their profit margin. If you get their lending, they make money off that so they are more flexible with either the loan or the price of the car.
Now's the time to buy. I bought my metro gray speed 3 in Mass. I wasn't planning on buying anything, but I test drove it and fell in love. I had no car payment, traded a Ford Focus for 3,500 (originally they would only give me 2 grand!) and have financed for 6%. Granted, it's not a Grand Touring but I love it just as much. My payment is 315!
Don't say we didn't warn ya!
I don't know about auto loan refinancing, but there probably is extra 'costs' that go along with it. Please look into it before you sign, it'll give me a warm and fuzzy feeling. I'm not doubting your dad or aunt, but I know a bunch of 'experienced' people that still are not fully aware how financing works.
I don't know about auto loan refinancing, but there probably is extra 'costs' that go along with it. Please look into it before you sign, it'll give me a warm and fuzzy feeling. I'm not doubting your dad or aunt, but I know a bunch of 'experienced' people that still are not fully aware how financing works.
To be honest, I'm doubting my dad and my aunt. AHAHAH.
I just have no choice, I couldn't find a co-signer. (pissed)
I'm actually trying to avoid dealership financing.
Though the salesperson I'm talking to in D(3) seems like a cool old guy that would really help me.
D(1) Salesperson looks like the kind of guy that would rip me off. He keeps winking.
Though it was nice for him to throw a free tinting/2 gas refills/and something else I forgot, which reminds me, I need to call him to get those freebies.
D(2) Salesperson is just plain annoying. Thinking I don't know my stuff, trying to rip me off badly.
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Hey I am reading through everyone's advise, it's alot of stuff from everyone's experience, maybe I can help you get the car, I have connections in many Mazda dealerships, First off, in which state do you live? next you can have a high credit score with bad credit and it works vice versa, you probably have a high credit score because you have a credit card with a 1,200.00 limit which you've paid well or maybe a little more, however let's say your credit high was 5k, the banks will only go 120% over that in the best case senerio which is 6k, now you want to borrow 24k +++, you over allowance is too much, you'll need to put down alot of money to get bought bay a decent bank.
Do not run your credit until you have decided to prchase a the car, please take my advise, I sell car's for a living. You will decrease your chances of getting a loan approved.
Try get your aunt to co sign for you, if her credit is good over 690 you will get a better interest rate, even if she is going to purchase a car soon it will not affect her as long as you are on the loan, I have three cars in my name.
Maybe you should look at a sport instead of a GT or even used as someone suggested earlier, you do not need to pay more than 350 per month for a car your only 20, but it is your choice I do not know your finances. Good luck if you get the car and if you want pm me and I can try help you to get the car.
I live in Houston, TX.
The reason I chose GT over Sport is because with only a couple of grand, you get the more accessories, which I find very appealing.
I actually do prefer a NEW one, even though this is going to be my first major purchase.
just as an fyi might wanna ask them to check used stock on whats available. I got a sick deal on an 07 speed 3 with 150 miles on it used and it basically sat for a year. I walked out the door for less than 22 including tax fees reg etc. I bought it at a jaguar dealership haha. When a car officially drives off a car lot basically 1-2 grand just magickally disappears idk where it goes but thats another 2 grand in your pocket for mods or insurance/ wont have to be repaid plus interest over 5 years
oh and when it comes to this ask the sales manager to speak to another salesman because you dont get the kind of feedback you want from him. The guy whos trying to sell the car will be pissed but what does that mean to you in the end run. you dumped his commision and work into another guys pocket who might be willing to let you get the car cheaper since he had most of the work done for him by the jerk whos trying to rip you off and basically he gets to fill out paper work for a few hundred bucks quick easy cheaper possibilties
Sadly, there was no other salesman available.
It was a somewhat small dealership compared to the other 2.
Their A/C in the store doesn't even work!! Which made things worst; My aunt actually lost it, and just slammed her hands on his table and walked away.
If I find a great deal on used car with low mileage then, I'll definitely jump on that deal instead.
Of course it has to be either black or white. (sssh)
(mj)
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Though I'm a little picky to be honest.
If this is a major purchase for me, might as well add 2,000+ for a GT.
Which we all know what includes there that a Sport doesn't have.
I do like the Leather & Alcantara seats -- which made me like the GT more.
But if worst comes to worst, then I'll settle for a Sports Edition.
