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thinking bout getting a mustang 0% interest

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So I got a good deal for a 2020 mustang gt premium yesterday and I was wondering if I got the 0% on my credit history will it show that its good because my next investment is buying a house and I am not sure if I get the mustang will it show a better thing on my credit report because its 0%.

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1 hour ago, helpmeout said:

0% on my credit history will it show that its good

APR doesn't report on your credit.

 

1 hour ago, helpmeout said:

a 2020 mustang gt premium ... my next investment is buying a house

A 2020 Mustang is the opposite of an investment.

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56 minutes ago, cv91915 said:

APR doesn't report on your credit.

 

A 2020 Mustang is the opposite of an investment.

That’s what I though. The sales person was trying to talk me into buying that mustang. It was a 2020 gt premium fully loaded without the performance pack which I don’t need and they were giving it to me for 39k with 0% interest which was a good deal but I know I have to buy a house soon because I’m 26 and I want my own house. I just thought that was like a way to talk me into buying it because if 0% did give me a better credit rating when I buy a house then I would have took it but if it does nothing then I don’t need it. I want it but I don’t need it. My 4Runner does the job just fine.

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4 hours ago, helpmeout said:

That’s what I though. The sales person was trying to talk me into buying that mustang. It was a 2020 gt premium fully loaded without the performance pack which I don’t need and they were giving it to me for 39k with 0% interest which was a good deal but I know I have to buy a house soon because I’m 26 and I want my own house. I just thought that was like a way to talk me into buying it because if 0% did give me a better credit rating when I buy a house then I would have took it but if it does nothing then I don’t need it. I want it but I don’t need it. My 4Runner does the job just fine.

I'm confused, did the salesperson tell you the APR would improve your chances of qualifying for a mortgage?

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Posted (edited)
5 hours ago, smartlypretty said:

I'm confused, did the salesperson tell you the APR would improve your chances of qualifying for a mortgage?

Yeah because he told me it would show good credit if I got a car with 0% interest when I bought a house because I told him I’m thinking bout buying a house soon and was not really needing but wanting that mustang. He was even offering me another tank full of gas and 1500 in credit for me to take it. It was really tempting and I almost went for it.

Edited by helpmeout

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Please run as far from this as possible, especially if you are looking to buy a house soon.  You’ll need a lot more money than you expect when you buy a house, plus a solid emergency fund and reserves.  The last thing you need is an unnecessary $600+ a month boat anchor around your neck when trying to buy the house.  An installment loan will have little impact on your FICO score, but that hit to DTI might have a huge impact on you being able to qualify for the mortgage.

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Look, nobody is going  to deny that SOME Mustangs (just like other vehicles) don't command good prices at auction.  But those are the ones that people buy and DO NOT DRIVE!  You don't sound like someone making a purchase only to let it sit and collect dust.  And unless a Marti report showed that your vehicle was optioned in a manner that makes it one of fewer than a hundred (if that many), it isn't going to be heading to the top of the Hagerty chart.

 

And, as noted...APR is NOT recorded on the reports.  A person looking at a report who can do simple math COULD figure out what rate you had but it won't make a damn in the mortgage process.  You have a sales weasel that just wants to move metal and is lying to you in order to accomplish his goal...

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Yep. First, learn about the homebuying process and how much cash is involved, especially extra savings for maintenance/emergencies. Once you line up those ducks first and get into a home, *then* consider a gt. [Hint: you may reconsider.]


Sent from my iPhone using Tapatalk

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I love Mustangs but they are not essential transportation. They are toys like sport bikes. I would never have one as my primary or only mode of transportation.

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16 hours ago, hegemony said:

on second thought, I wouldn't BUY any Mustang unless it is a 1969 Boss 429

What about it's cousin...the '68 Cougar with the 427? 

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