Let's talk finances

[pughde]

Here's my situation:
Over $100,000 in savings
Income is $100k + annually
FICO is near perfect

Let's assume, to make it easy, my new Raptor is $70,000. Putting down $30,000, and financing $40,000, is this what you guys would consider "affordable" for me? Just trying to get a feel as to what some other people's situation was like. It's a big investment so I'm doing my due diligence.

I did the same numbers got 1.79 at credit union.

 

[cmacclel]

If you have a 100k in the bank and 100k income a year who cares.....LOL

Car Loan Calculator ~ Auto Loan Payment Calculator

From a Ford dealer 770 credit score I got 3.4% there is ZERO SPECIAL Financing for a Raptor.

 

[photoneffect]

A 2017 Raptor isnt an investment.

Yeah, this. While the Raptors seem to hold their value relatively well you're going to lose money. It all comes down to how much you're willing to spend on what is a luxury/toy.

 

[Jiman]

Answer kinda depends on what you're doing with your "$100k" in savings. If it's really just in a savings acct, I'd try and finance as little as possible because the APR% for the loan means you're loosing money...unless by some miracle your savings acct actually generates meaningful income.

On the other hand, if you mean that $100k in savings is invested in something that's generating income/profit...for the sake of argument, 5% and your Raptor loan APR is 2%, then IMO, you want to keep more money where it's making more money...rather than taken out.

FWIW, I elected to finance $45k for 3yrs at .99% through my CU. The Rate is so low, it didn't make sense to take away from other pots because they're making enough money to cover the .99% rate.

I concur that all Ford financing is higher...IIRC, in the 2-3% APR range.

As for "affordability" for you, $45k at .99APR for 36mon.=@$1270 per month. Only you can answer that question...kinda depends on your other monthly expenses, doesn't it.

 

[shapiroeric]

Those numbers mean nothing.....

How old are you?
Do you own a home?
What's your debt to income ratio?
Current expense to income ratio?

 

[mattkc]

Those numbers mean nothing.....

How old are you?
Do you own a home?
What's your debt to income ratio?
Current expense to income ratio?

Almost 25

Do not own a home

No debt at all

Expense to income ratio varies. Anywhere from 25%-50%, I would say.

 

[FordraptorHero]

Here's my situation:
Over $100,000 in savings
Income is $100k + annually
FICO is near perfect

Let's assume, to make it easy, my new Raptor is $70,000. Putting down $30,000, and financing $40,000, is this what you guys would consider "affordable" for me? Just trying to get a feel as to what some other people's situation was like. It's a big investment so I'm doing my due diligence.

What are finances? My mods are confused.

 

[shapiroeric]

Almost 25



Do not own a home



No debt at all



Expense to income ratio varies. Anywhere from 25%-50%, I would say.

Do you plan on buying a home soon?
Married?
Where do you live?

Honestly my thoughts through the years have always been if you have to think about whether it's a good idea financially....it's not....goes with anything I've ever purchased.....but that's just me...


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[pughde]

Oops I was too quick the cu had 1.79 but dealer through Capital one matched the rate.

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[chuckulls]

I have never seen 0% financing on a Raptor. My credit union is @ 1.99% for 48 months. Dealers prefer you use their financing because they are compensated for each loan they produce. That being said, if they can't beat the rate they will encourage you to use their financing because 1% isn't that much. However 1% on a $10,000 loan, for 48 months is over $250.00 extra in finance costs. A loan for over 40K is over 1K. At the premium rates they are demanding and getting financing is one way to save some money.