Hey everyone, I’m thinking about getting a 2016 Mustang from a used car lot. They’re asking $13k, but I offered $12k. They want me to come in tomorrow. I’m new to this and need some help.
My budget is tight. I can only do about $200 a month for payments. They’re offering some deal with $88 down. I’m not sure what’s included in the price. Do I need to pay extra for tax, title, and license? What about warranty and insurance?
I really need a car, but I don’t want to make a mistake. What should I watch out for? Any red flags I should know about? Also, what questions should I ask when I go there?
Hey there! Auto financing can be tricky, especially with sporty cars like Mustangs. $200/month sounds really tight for a $12k loan, even with good credit. Have you checked your credit score? That’ll impact your rate big time.
The $88 down payment is suspiciously low. Usually, you’d want at least 10-20% down to avoid being underwater on the loan. And yeah, you’ll definitely need to factor in taxes, title, and license fees - those can add a couple thousand to the price tag.
As for warranties, be careful with aftermarket ones from dealerships. They’re often overpriced and have tons of exclusions. Insurance on a Mustang might be pricey too, especially if you’re young.
One trend I’ve noticed lately is lenders tightening up on used car loans. Rates are up, and they’re being pickier about who they approve. Might be worth shopping around with credit unions or online lenders before committing.
Just remember, if a deal sounds too good to be true, it probably is. Take your time and don’t let them pressure you into anything!
Man, that $88 down payment is sketchy as hell. Sounds like one of those buy-here-pay-here lots that prey on folks who need wheels fast. I’ve heard horror stories about those places.
$200 a month for a Mustang? That math doesn’t add up unless you’re looking at like a 7-year loan with insane interest. You’re gonna be upside down on that loan before you even leave the lot.
And yeah, taxes and fees are gonna jack up that price. Plus insurance on a Mustang ain’t cheap, especially if you’re young. You might be looking at way more than $200 a month when all’s said and done.
Look, I get needing a car, but this sounds like a recipe for financial disaster. Maybe look for something cheaper and more practical? A Mustang’s cool and all, but not worth getting into a mess over. Just my two cents.
Those numbers don’t add up. $200/month on a $12k car loan is unrealistic unless you’re looking at a 72+ month term with sky-high interest. That $88 down is a huge red flag - classic tactic to get you in the door. You’ll be drowning in negative equity. TTL fees will add about $1000-1500 to the price. Insurance on a Mustang could easily be $150+/month, especially for a younger driver. Factor that in. This deal screams predatory lending. They’re counting on you being desperate for wheels. Don’t fall for it. If you absolutely need a car, look for something cheaper and more practical. A $5-7k reliable beater will serve you way better than an overpriced Mustang you can’t afford. If you insist on going, get the out-the-door price in writing, including all fees. Run the numbers yourself. And for the love of god, don’t sign anything without having it checked by someone who knows what they’re looking at.
