Ford Explorer Platinum Approval Chances

[Anonymous]

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@Anonymous wrote:

Down payment is really money you're giving away.  I know most want something, but I wouldn't give them too much.  Have a life long friend in the business and he can tell you that's what happens to your down payment.  I don't plan on putting much down on my next car.  Just enough to satisfy them.  I'm not buying until next fall.  One thing to remember, when you do buy a leftover, it is already a yr old when you drive it off the lot.  But being a pick-up, I wouldn't worry about that.  They keep their value.  Good luck.   

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Yes that's why for me if I don't need to do a down payment I never do. Now I never do. Actually when my credit score was in the 450 capital financed me for up to 35k but interest must be hella high I used 19400 and interest was 13.56 lol. Now I have a 96k car with an interest of 1.49 a 59k for 2.9 a 38.5k for 1.74 and a 38.5 for 5.25( jet skis)

[Anonymous]

How is a using a down payment giving money away in a purchase situation?( I understand the concept when leasing.) I mean I know there's the mentality that you could invest the down payment instead when you have a low interest loan and end up making money blah, blah, blah, but realistically most people aren't doing that.
Sandibeach22 what does your friend say "happens" to your down payment?

[simplegirl]

i just used carmax calculator and put in the price of the ford 54180 and left the 2500 down payment with a 2.49 apr and the monthly was 824 which came out to be the same as putting down 9200 with a 7% apr

[Anonymous]

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@simplegirl wrote:

i just used carmax calculator and put in the price of the ford 54180 and left the 2500 down payment with a 2.49 apr and the monthly was 824 which came out to be the same as putting down 9200 with a 7% apr

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7% interest to a 2.49% interest is a big difference on a 55k loan. Just interest is already 2500 difference a year. If loan is for 72 month that's like 15000 more

[Dj4Money]

 Any reason it has to be a Explorer? Why not an Edge? Why not less Explorer? Why not lease?

 Ford is putting lots on the hood of trucks. Why you paying $54,180? True Car says $50,570 after $950 cash back. I'd aim for sub $50K before rebate since True Car is in a dealer's comfort zone, you want them uncomfortable.

 Email 5-10 dealers and at least two up to 100+ miles away.  Say you want a Platnium for $45,000 or something, you might be surprised...

[simplegirl]

I've leased before and it didn't do anything for my credit. I wanna finance for my credit mix. I was just putting the 50k just to be safe by going for the high amount but of course I wouldn't finance that much & yes it definitely has to be a explorer.

[Dj4Money]

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@simplegirl wrote:
I've leased before and it didn't do anything for my credit. I wanna finance for my credit mix. I was just putting the 50k just to be safe by going for the high amount but of course I wouldn't finance that much & yes it definitely has to be a explorer.

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 Leasing looks like an installment loan too, it won't do mucch for your credit, just like buying won't. The difference is debt load.... Leasing will show less debt compared to the entire loan amount showing on your CR.

 If credit mix was a concern, installment loans solve that. All your trying to do is appease a computerized math equation.

 Actually you put the MSRP of a Platinum Explorer, I was able to get the same price on Ford's website. With all the July 4th incentives, I'm surprised your still here talking about it and not actually driving it.

[simplegirl]

I want the 2017 model which is not out yet plus I'm still trying to get my other car loan settled from the total loss with gap insurance

[RonM21]

OP, it seems you are set on getting that model, amd brand new. That doesn't leave you much wiggle room. Whatever you do, the price is going to be high, so you'll want to at least get the lowest percentage possible.

Some good suggestions were given, but that is assuming that options are on the table.

It is certainly up to you what you end up doing, and hopefully it will be something that works out for you.

[simplegirl]

Well my mom knows ppl at the ford dealership That helped my sister who has no credit get a car plus I've researched different cars and the ford is what I want but I do have some back up choices