Financing a new ford falcon xr8

73XBGT · 31-03-2015, 06:02 PM

So...this is a question for anyone who has recently financed a new ford xr8, or any new ford in general really as I have never in my life bought a new car straight from a dealership. My question is obviously I am keen to see if I am eligible for finance to get a new ford but I want to know from someone how hard it it for credit rating and how lenient are they if you have had bad credit history (as if anyone has a clean record these days) and if ford financing will look past that fact and based more on your current income, job stability, current loans etc.

Also the model in question is a manual FGX XR8 which I think is around $52k and does anyone know the repayments on such an amount over what term/years?

Thanks!

FPV+fteT3 · 31-03-2015, 06:37 PM

52K @8% is about $1100/mth with some change over 5 years.

Shop around for finance if you have a preferred bank start there should be able to get a secured car loan for 8% possibly even better depending on who you go with or contact a broker they will plug your details in and come up with some options. Ford do low finance rates at times (2%) but I doubt they would do a low rate on a XR8 as they don't have to move them.

GTMOND · 31-03-2015, 06:47 PM

As far as I know they can only go back 5 years, but how lenient they're is unknown. My biggest problem when I bought my BA GT brand new was that I didn't have a credit rating as I was single, no kids and no debts. How times change lol.

Storme93 · 31-03-2015, 06:53 PM

I have finance on my manual XR8, have had 1 car loan before, paid early, still a third year mature aged apprentice, got it at 7.99% through the dealership on 55K over 7 years, free to pay out early after 3, $950 a month give or take, go in and have a chat, they are there to help and want to sell cars!!!

Stefan · 31-03-2015, 07:30 PM

F.. me....$60K car on finance....after $85K+ in repayments, car is worth $30K tops.

You blokes are mad.

SSVPom · 31-03-2015, 07:40 PM

You can't view the modern car as an asset Stefan, the idea is to get rid of it after or close to the end of the term, then start again. I for one am not interested in owning a 5 year old car, and treat my monthly payments as 'rent'.

You never get ahead, and never 'own' your car on finance, but as long as you are aware it's money down the drain (like property rent) who cares ? As long as you can afford it !

Ruination · 31-03-2015, 07:43 PM

You only have a bad credit rating if you have missed bills, or previous loan repayments.

Im sure if I can get a 500k loan to build a house with absolutely no credit rating and am a tradie on an average wage then you won't have trouble getting 52k (good luck getting RRP on an XR8)
Just make sure you got some money to throw a deposit on it because it'll make it easier to get.

**GasoLane** · 31-03-2015, 07:47 PM

I don't know of any company that will lend you the full amount, they'll want to see some of your money put down as well.

Like a big deposit or trade in.

pottery beige · 31-03-2015, 07:48 PM

Quote:

Originally Posted by Stefan

F.. me....$60K car on finance....after $85K+ in repayments, car is worth $30K tops.

You blokes are mad.

equity maaate equity...

Blem · 31-03-2015, 07:54 PM

FWIW I don't think it's a great idea to buy one in that way if you think it will be a profitable investment.
If however you intend on enjoying it then why not.
Car is good value for money & would be fun to cruise in or take to the track for some full on legal fun.

Franco Cozzo · 31-03-2015, 08:05 PM

Quote:

Originally Posted by Stefan

F.. me....$60K car on finance....after $85K+ in repayments, car is worth $30K tops.

You blokes are mad.

Yeah I know.

$85,000 buys you a lot of cocaine

pottery beige · 31-03-2015, 08:12 PM

Quote:

Originally Posted by Big Damo

Yeah I know.

$85,000 buys you a lot of cocaine

Enters Tony Montana

Adamz Ghia · 31-03-2015, 08:57 PM

Quote:

Originally Posted by GasOLane

I don't know of any company that will lend you the full amount, they'll want to see some of your money put down as well.

Like a big deposit or trade in.

Dealership finance will do negative equity loans, i know of several people who have done it...

**GasoLane** · 31-03-2015, 09:09 PM

Quote:

Originally Posted by Adamz Ghia

Dealership finance will do negative equity loans, i know of several people who have done it...

Really ? brave souls.

Changed since I last financed a car

**buggerlugs** · 31-03-2015, 09:23 PM

I must be getting old. My old man would kick my backside from Ballarat to Bathurst if I'd consider borrowing that much money for a car..........."If you can't afford it, save for it" How many do that these days ?

Spammy · 31-03-2015, 09:32 PM

Quote:

Originally Posted by GasOLane

Really ? brave souls.

Changed since I last financed a car

I have never put any of my money into financing a car, the lease covers the on roads as well.

**Elks** · 31-03-2015, 09:40 PM

It all depends.

I'll take it from the cars in your signature that you already have some asset backing and have some understanding of what you're in for.

Defaults last forever, but they only look at the last five years, some lenders will ignore the smaller ones, but then tend to charge more. That matters less on a $15k 2nd/3rd hand rocket than on a $50k + where owing to the larger amounts little bits make a difference.

While in my opinion a new xr8 will have better resale than most, it will depreciate like all cars do for the first five years and nothing you can do will stop that.

But if you want the. Car that's cool just be sure you can afford it.

T

Trump · 31-03-2015, 09:46 PM

As much as any of us on here would like to support Falcon until the end, it makes ZERO sense to borrow approx. $60k for a new XR8 that will depreciate exceptionally rapidly and end up making 80odd thousand in repayments.

My pending Mustang purchase will not be financed at all. Yes, it is somewhat retarded to plough so much cash into a depreciating vehicle, but I am fully aware of this and I will owe no one anything to enjoy vapourising former dinosaurs

As an aside, a ripper price on the V8 'stang was the main reason I picked it over a manual XR8.

Paull · 31-03-2015, 10:08 PM

Quote:

Originally Posted by GasOLane

I don't know of any company that will lend you the full amount, they'll want to see some of your money put down as well.

Like a big deposit or trade in.

Toyota will.

XD 351 Ute · 31-03-2015, 10:34 PM

I borrowed the lot for my Pursuit, except for the 2K deposit.
Have got nearly 2/3rds of that saved already, and will pay it straight out when I have enough. Yes, I'm aware of the depreciation, the interest and all those wonderful things.
But I'd never ever had a new car, and since everything else is paid for, I thought, 'Why not' especially since they're now Dodos'...........
It all boils down to your commitments and responsibilities, it took me 45 years to get mine out of the road!

Ed

XD 351 Ute · 31-03-2015, 10:36 PM

The other telling factor, is employment, and the increasing lack of the secure type.
Good steady jobs are becoming harder to find, let alone hang onto, so if mine goes down the toilet tomorrow, I'll have enough clams to keep paying it out if I don't pay it off beforehand.
Financing is one thing, paying it back (preferably early) is another..

Edit: I didn't do the 'add onto house loan' for this exact reason. They can have the car, it is security for the loan, but my house is mine..

Ed

**ebxr8240** · 31-03-2015, 11:53 PM

To think I kept my chaser XD till 1992 ( stollen) then EBXR8 I still have .. My $$$ went into an appreciating asset like real Estate ..
Stuff working to make money .. Make it work for YOU !!

73XBGT · 01-04-2015, 07:54 AM

Thanks for the replies, now I have a better idea of this. I think I'm dreaming haha..

My situation is probably pretty basic, I don't have a mortgage (live with family) and my overheads are at a minimum. So just work permanent part time contract at about $1160 per fortnight after tax, no outstanding loans or any payment plans other than a mobile phone and gym membership, the biggest worry being a bankruptcy over 9 years ago (for which I was discharged 2013)

Sounds like Im not within a chance unless had half around 20k cash saved up. And I would have sold the current '96 xr8 to help fund this. Banks probably wouldn't trust with a loan hence ford finance being a more lenient option?

After seeing what someone posted here about being around $1100 a month to pay off over 5 years is definitely out of my range :(

Ren

xxx000 · 01-04-2015, 08:22 AM

On that income you'd be mad to do it
your situation and priorities will change and you'll want $ for a mortgage and or kids and be stuck with a car that you'll regret having bought

b2tf · 01-04-2015, 08:31 AM

Can I offer some advice to those offering the advice?

Shut up and let the bloke do it if he wants.

He didn't ask "hey do you think this is a good idea" or not, and there will ALWAYS be hundreds of other things that on paper are a much better investment than cars, but hell, we all do it. An XT will do the same job as a GT but for half the price - and I know some (if not most) of the people in this thread saying dont do it all have GT's. So you argument is already flawed.

There is more to life than what is smart or a good investment - hell sometimes you just want it, and if you can afford it there's nothing wrong with that.

Hemihunter · 01-04-2015, 08:32 AM

Quote:

Originally Posted by Loud_Noises

As much as any of us on here would like to support Falcon until the end, it makes ZERO sense to borrow approx. $60k for a new XR8 that will depreciate exceptionally rapidly and end up making 80odd thousand in repayments.

My pending Mustang purchase will not be financed at all. Yes, it is somewhat retarded to plough so much cash into a depreciating vehicle, but I am fully aware of this and I will owe no one anything to enjoy vapourising former dinosaurs

As an aside, a ripper price on the V8 'stang was the main reason I picked it over a manual XR8.

Did you consider Falcon XR8 is the last, has 4 doors and is "Supercharged"... i did and went with the XR8.

b2tf · 01-04-2015, 08:35 AM

Quote:

Originally Posted by Loud_Noises

As much as any of us on here would like to support Falcon until the end, it makes ZERO sense to borrow approx. $60k for a new XR8 that will depreciate exceptionally rapidly and end up making 80odd thousand in repayments.

My pending Mustang purchase will not be financed at all. Yes, it is somewhat retarded to plough so much cash into a depreciating vehicle, but I am fully aware of this and I will owe no one anything to enjoy vapourising former dinosaurs

As an aside, a ripper price on the V8 'stang was the main reason I picked it over a manual XR8.

Good for you, I'm 29 and would have absolutely no hope of ever having that much money to buy a vehicle without a loan for most of it. All well and good to tell people to not borrow it, but if you don't have the money you don't really have a choice.

Perko · 01-04-2015, 08:56 AM

Mate best thing you can do is ask around. There are many institutions that offer loans for people with differing histories. First things first. Can you actually afford the repayments? The second is do you REALLY want the car. If they are both yes then do the leg work and shop around. The institutions will give you the deposit amounts that they require. You might find that there is one out there that you can work with. Good luck mate.

**FormulaFG** · 01-04-2015, 08:58 AM

Quote:

Originally Posted by buggerlugs

I must be getting old. My old man would kick my backside from Ballarat to Bathurst if I'd consider borrowing that much money for a car..........."If you can't afford it, save for it" How many do that these days ?

I subscribe to the theory but not the practice. If it wasn't for borrowed monies our auto sector would have shut years ago.

The Falcon has less than 2 years to run. Anyone wanting a brand new one does not have the luxury of time to save 60k.

To the OP, I bought my new car 9 months ago through the dealership (they use St George finance) and was given instant approval. I don't have any defaults though and I did have a trade in. I wasn't making huge money at the time.

Everyone told me not to use the dealer finance and to shop around, which I did. Thought I had found a reasonable interest rate that I was going to go with but the dealership interest rate was even better. Get loan insurances if your worried about losing employment during the loan term.

TheSneakiness · 01-04-2015, 09:13 AM

Quote:

Originally Posted by GasOLane

Really ? brave souls.

Changed since I last financed a car

We were able to after a **** load of hoop jumping with the financier at our Mitsu dealer although it was a minimal amount (<$2000).

To the OP, on your wage and reading that you're contracted there is no way known I would finance that amount at all and would just keep what you have maintained.