I`m going to have to buy 2 cars sometime this fall. Was wanting to use my X-plan to purchase a base v6 Mustang and a base Fiesta w/ auto. I dont think financing will be an issue, the real question is how much around ( or over ) 10% the APR would be -- The big question is would Ford Motor Credit do one loan ( on both ) with one payment if both were purchased at the same time or would they require 2 seperate loans with two seperate payments?
Here`s the other info that will be asked -
Current credit scores in the high 500`s..... Several collections from 2007 owned by LVNV and other johnny on the spot agencies that dutifully report each and every month to make the deliquency look current and keep the scores low no matter how well I pay my current lines of credit.
However.... Ive never defaulted on an auto loan. Current history shows 1 paid off in 2011 with no lates or derogs. Another loan is finally being closed this month on a car that was totalled and GAP is finally paying ( only took them 2 months to pay ) -- Took loan out in June of 2012 - no lates or derogs. Have another open car loan that will be paid off in Spring of 2014 - ( no lates or derogs and currently 1 month ahead on payments ) but the car is on its last legs and I might get another 9-12 months out of it if I use some quality duct tape and tape things down tight enough.
As of now, My family wont need a second car as I am able to use the car my employer gives me for my job, but by November I`ll have to replace the just recently totalled vehicle.... In the meantime I`m using the saved money to pay off my credit cards ( only $2300 to go! ) in order to get my scores up as high as possible and hopefully save enough to put at least $1000 down on each vehicle, and trade in my jalopy and roll the small amount left over into the loan(s).
Anyone have any experience on buying multiple vehicles at the same time with Ford?
EQ- 647, EX- 641, TU- 644 Sept `13 - ZERO Debt, 100% Liquid, AND a climbing credit score. Eat your heart out Dave Ramsey!