General car loan question for new Mustang

silvel2edge · May 15th, 2007, 11:49 PM

I was curious if you guys knew if you can get a car loan that's more than the car is worth? What I'm trying to do is include the cost of the supercharger with installation on top of the price of the car. Do you guys know if this is possible or do banks and financial institutions that give loans only give the amount the car cost and that's it?

I'm basically wanting to have a FRPP Whipple supercharger installed with a new GT, so i'd like to have it included with my loan, so I might check to see if a dealership can install it with an ordered GT and then maybe get a loan... but if you can get an auto loan for just a set dollar amount... say $37,000 and deposit it in my account... ic ould buy the GT and then use the leftover money and buy my supercharger and have a shop install it.

Hope that makes sense... if anyone knows if you can do this i'd appreciate it.

acehogg69 · May 16th, 2007, 08:59 AM

the FRRP, is that the Ford Racing charger, if so you find a dealer willing to work with you and you might be able to get it included in the price of the loan.

1FastFox · May 16th, 2007, 09:04 AM

You can only get the loan for what your buying the car for. Banks already dont like car loans cause it depreciates so much and if you default they're losing money... You can always refinance your car down the road though. But maybe like whats already said you can work out a deal with the dealership and maybe buy one that includes the supercharger in the deal, but your going to pay an arm and a leg for it, you might be better off buying a specialty mustang that is already supercharged... Let us know how it works out though, I would be interested to hear about it...

oldernewbie · May 16th, 2007, 06:21 PM

I think you could get full financing if the supercharger is considered a dealer add-on option before you sign any paperwork. The dealer will probably want a hefty deposit and kill you on parts and labor.

07_427R · May 16th, 2007, 07:16 PM

Originally Posted by oldernewbie

I think you could get full financing if the supercharger is considered a dealer add-on option before you sign any paperwork. The dealer will probably want a hefty deposit and kill you on parts and labor.

That would be my guess also.

silvel2edge · May 16th, 2007, 08:46 PM

Yea I think i've changed my mind as far as getting the dealer to do it. I'll just order the plain mustang from the dealer then use my heloc or get a credit card with 0% interest for a year... since i'll definately have the supercharger paid off within a year.

Coltdog · May 16th, 2007, 09:20 PM

You could definitely finance the cost of the supercharger with the car loan if it were a Roush or possibly a Whipple and purchased through the dealer. I am a Vice President at JP Morgan Bank - if you're wondering how I would know this...

If you plan to pay it off within a year, then use the HELOC and as long as you are able to itemize on your taxes, then the interest you do pay will be tax-deductible.

chankya · January 2nd, 2008, 04:43 AM

If it is not done in the either way than you can apply for two loans, car loan and for the personal loan. Also in the personal loan you ave to pay the less interest than the Car loan. Try it if you want.

GTNorm · January 2nd, 2008, 08:25 AM

I agree with what they said but I also want add that when you get insurance on a GT is will be cheaper if they don't know about the super charger. If they don't know about it then it probably won't be covered if something happens to it. Disclaimer(you didn't hear it from me)

2mchtoy · January 5th, 2008, 12:50 PM

You could anyways do a home equity loan against your house.

ocorral20 · January 20th, 2008, 10:43 AM

well im a loan officer.. and the answer is????.. well it depends on your credit.. at my bank we can loan up to 130% of the retail of the car.. But to do this you have to be A+ credit. Yes another option would be your heloc.. those loans are usually 2% interest.. there is various ways you can do this.

TheUNZippee! · January 20th, 2008, 10:45 AM

A bank will loan you whatever amount of money you want for whatever you want based on your credit rating and debt to asset ratio.

Richard_97222 · January 20th, 2008, 04:47 PM

My insurance didn't care if i had a supercharger. They insured the cost of the replacement of the car "stock" That being said..I'd lose out on the cost of the S/C and any other mods if it was stolen or totaled. Home owners insurance might cover anything inside the car in case of theft....not sure they would consider the S/C inside the car..lol But maybe

2006greyGT · January 20th, 2008, 09:06 PM

I would get the loan outside the car payment.... suggestions above are all good...the only regret I have was getting the extended warranty then turning around two months later and voiding it by installing a supercharger... lesson here is don't get any warranty the you have to pay for.

HMUSN · January 20th, 2008, 09:08 PM

you should look into a credit union instead of a bank if you want a good loan.

May 15th, 2007, 11:49 PM	#1
silvel2edge Newbie Join Date: Apr 2007 Posts: 18 iTrader: 0 reviews	General car loan question for new Mustang I was curious if you guys knew if you can get a car loan that's more than the car is worth? What I'm trying to do is include the cost of the supercharger with installation on top of the price of the car. Do you guys know if this is possible or do banks and financial institutions that give loans only give the amount the car cost and that's it? I'm basically wanting to have a FRPP Whipple supercharger installed with a new GT, so i'd like to have it included with my loan, so I might check to see if a dealership can install it with an ordered GT and then maybe get a loan... but if you can get an auto loan for just a set dollar amount... say $37,000 and deposit it in my account... ic ould buy the GT and then use the leftover money and buy my supercharger and have a shop install it. Hope that makes sense... if anyone knows if you can do this i'd appreciate it.

May 16th, 2007, 08:59 AM	#2
acehogg69 Hardcore Enthusiast 06 GT with bolt ons I sucked Join Date: Oct 2006 Location: Cheese country!! aka WI Posts: 1,090 iTrader: 0 reviews	the FRRP, is that the Ford Racing charger, if so you find a dealer willing to work with you and you might be able to get it included in the price of the loan. __________________ Kyle Busch Haters Club!! Member Uno! Tony wrote "Blowers blow, turbos suck, and nitrous rules!!! lol " Borla cattless L/T's topped with Flowmasters , Roush short throw, JLT2 CAI w/ X-CAL2 from Brenspeed, Bullit 18X9 and 18X10 deep dish.

May 16th, 2007, 06:21 PM	#4
oldernewbie Softcore Porn Enthusiast Chebby Colorado 5 Banger Redlines In Neutral Join Date: Jul 2006 Location: 3000 Miles East Of The West Coast Posts: 1,018 iTrader: 0 reviews	I think you could get full financing if the supercharger is considered a dealer add-on option before you sign any paperwork. The dealer will probably want a hefty deposit and kill you on parts and labor. __________________ 2005 Colorado LS, Z71 Off Road Package, I5 Vortec, Space Age Plastic Bed-Liner W/Shiny Factory Installed Deep Drop Tool Box, Twin 12 Volt Power Points...In A Whopping 200+ HP Beast.

January 2nd, 2008, 04:43 AM	#8
chankya Look Ma! My First Post! Join Date: Jan 2008 Posts: 1 iTrader: 0 reviews	If it is not done in the either way than you can apply for two loans, car loan and for the personal loan. Also in the personal loan you ave to pay the less interest than the Car loan. Try it if you want. __________________ My Blog Debt elimination

January 2nd, 2008, 08:25 AM	#9
GTNorm Enthusiast Join Date: Jun 2006 Posts: 511 iTrader: 0 reviews	I agree with what they said but I also want add that when you get insurance on a GT is will be cheaper if they don't know about the super charger. If they don't know about it then it probably won't be covered if something happens to it. Disclaimer(you didn't hear it from me) __________________ A man with experience is never at the mercy of a man with a theory.

May 16th, 2007, 09:04 AM	#3
1FastFox Skirt Chasing Phallus Phondler Kit Car/Ducati/Explorer Nike Fast Join Date: Mar 2007 Location: Indiana Posts: 10,464 iTrader: 4 reviews	You can only get the loan for what your buying the car for. Banks already dont like car loans cause it depreciates so much and if you default they're losing money... You can always refinance your car down the road though. But maybe like whats already said you can work out a deal with the dealership and maybe buy one that includes the supercharger in the deal, but your going to pay an arm and a leg for it, you might be better off buying a specialty mustang that is already supercharged... Let us know how it works out though, I would be interested to hear about it...

May 16th, 2007, 08:46 PM	#6
silvel2edge Newbie Join Date: Apr 2007 Posts: 18 iTrader: 0 reviews	Yea I think i've changed my mind as far as getting the dealer to do it. I'll just order the plain mustang from the dealer then use my heloc or get a credit card with 0% interest for a year... since i'll definately have the supercharger paid off within a year.

May 16th, 2007, 09:20 PM	#7
Coltdog Regular Join Date: Feb 2007 Posts: 102 iTrader: 0 reviews	You could definitely finance the cost of the supercharger with the car loan if it were a Roush or possibly a Whipple and purchased through the dealer. I am a Vice President at JP Morgan Bank - if you're wondering how I would know this... If you plan to pay it off within a year, then use the HELOC and as long as you are able to itemize on your taxes, then the interest you do pay will be tax-deductible.

January 5th, 2008, 12:50 PM	#10
2mchtoy Regular 2005 Mustang GT none yet.... Join Date: Jan 2008 Location: Montezuma,IA Posts: 56 iTrader: 0 reviews	You could anyways do a home equity loan against your house. __________________ 2005 Procharged Mustang GT! x-pipe, rs mufflers. auto. Looking to make around 500rwhp after a cam swap and 1 size smaller pulley, and 3:73's with a kurgan tune! Mid to Low 11's here I come!!!

January 20th, 2008, 10:43 AM	#11
ocorral20 Look Ma! My First Post! Join Date: Jan 2008 Posts: 1 iTrader: 0 reviews	well im a loan officer.. and the answer is????.. well it depends on your credit.. at my bank we can loan up to 130% of the retail of the car.. But to do this you have to be A+ credit. Yes another option would be your heloc.. those loans are usually 2% interest.. there is various ways you can do this.

January 20th, 2008, 04:47 PM	#13
Richard_97222 Newbie 2007 Mustang GT 13.70@103MPH Join Date: Nov 2007 Location: Portland, Oregon Posts: 47 iTrader: 0 reviews	My insurance didn't care if i had a supercharger. They insured the cost of the replacement of the car "stock" That being said..I'd lose out on the cost of the S/C and any other mods if it was stolen or totaled. Home owners insurance might cover anything inside the car in case of theft....not sure they would consider the S/C inside the car..lol But maybe

January 20th, 2008, 09:06 PM	#14
2006greyGT Premium Member 2006 Satin Silver GT 11.08@125.22 Join Date: Aug 2007 Location: KC Posts: 3,073 iTrader: 0 reviews	I would get the loan outside the car payment.... suggestions above are all good...the only regret I have was getting the extended warranty then turning around two months later and voiding it by installing a supercharger... lesson here is don't get any warranty the you have to pay for. __________________ 2.6l KENNE BELL 298 Stroker, Ported heads Pro Motion Built 3650/McLeod RST/ MGW Short Throw Long tube/O/R X /Borla Touring 8 rib/65 lb injectors/GT500 twin fuel ET Drag Slicks/3.73 gear Detroit Truetrac /CDC AGR Spoiler

January 20th, 2008, 09:08 PM	#15
HMUSN Doc 1986 SVO 48.47@ 12.58 Join Date: Nov 2006 Posts: 37,047 iTrader: 10 reviews	you should look into a credit union instead of a bank if you want a good loan. __________________

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