Finance guys I could use help

[Presidentty]

I'm 21 in Alabama with about 2 years of credit. 1 credit card and about $10,000 in student loans which I've been paying on for about 6 months so far. My monthly income is about $2,500. About a year ago I had 2 30 late payments on a credit card that was closed recently after that situation. My credit limit now is only 500' but I plan on asking for more in a month or so. I want a 2010 2lt RS camaro looking at about $20,000-24,000 range for purchase price if I buy private... I found a nice one for $19,500 on Craigslist. My credit scores are TU-635 Ex-636 and EQ- 626. I plan on putting down at least $2,000-$2,500. Where should I apply for a loan and with with my credit the way it is? do I have a chance to even get that much of a loan? And I prefer to buy private cause I can get the same car a lot cheaper, but I know I'd have a better chance of getting approved from a dealer, but I'd end up paying more. Also, what kind of APR should I be expecting? All input is appreciated. btw I did apply at my CU a few months back, but they wanted a co-signer which I don't have. And sorry this is so long, just trying to put all the info I can think of that may impact things. Once again thanks guys.

[RED DEMON SS]

You will never know till you walk into the dealers and see who they can finance from and get you approved, also check with who you bank with, shop for the best deal if you start getting yes for a loan!

[Jeff_SS]

Only 2k-2.5k down isn't very much at all... Your monthly payments will shaft you at that rate.

[Grimlock]

Without a cosigner, esp one with decent credit, you won't get very good rates. One option is to just bite the bullet, take the high APR, pay it for a year or close and see if you can refinance with your newly changed credit score.

*To other members* If this is indeed a bad idea, please chime in. But it's sort of what I did.

[Jeanius]

Save more money to put down or you will be getting screwed.

I had 0 debt and scores of 750+ and only was approved for 20k from a local CU, told to take a hike from BofA. Only place that approved me was Pen Fed CU for 40k, that was over 2 years ago

[Presidentty]

I'm pretty sure no matter where I go I'll have high apr, and im defiantly going to refinance. Just a matter of getting approved in general right now. I want to know where I can get a approved so I can buy from a private owner instead of a dealership. But I don't want to apple for 10 different places and mess up my credit more. I've been told capital one is a good place. I just don't want an intrest higher than 18% and I'm not even sure if that's fair with my credit as-is....never been into all this credit stuff until I realized I need it facapulco dream car now. Lol

[Presidentty]

And what would you guys say is a good down payment. I always thought 10% would be ok.

[Grimlock]

I paid 20% down. Try Suntrust, that's where my loan is from.

[Jeff_SS]

I put 18k down.

[PIPE]

Rule of thumb is for every 1000 you put down it drops your payment 20 per month. 20 is a rounded number.

[chevygirlnh]

Try your bank 1st, they have your accounting history and may be to work something out for you. If it doesn't go through and you dot want to pick randomly then go through a dealer. I just picked up mine, no $ down.. Got a 2.2% apr

[Black GT]

Don't ask for a credit increase on your credit card, it will show you are more in debt than you actually are.
A bank would be your best bet for a lower intrest rate.

[cjt037]

I don't think the 636 will stop him from getting the loan. The lack of credit history may. Buying used is a higher risk for the banks also. All and all don't be suprised if theyvtell you to climb a tree.

[Birm]

OP. At a 620 you can get approved, taken into consideration is your debt to income ratio. Your only debt that you listed is 10k student loan. That said you have a low monthly payment for that I to assume as most are. One thing to do, do not apply at your bank until you are actually ready to buy it, that way you can shop. Creditors will take multiple applications within a two week period or so and roll them together into one inquiry so as not to further hurt your credit score. That is how you "shop" a rate. If you spread it out, those "hard" inquiries will take its toll.

Recap: you can get financed if that is truly your only debt because a dealer will ping multiple lenders. And since APR% isn't a concern for the first year for you to build credit/payment history you should be ok.

Note: do not apply for anything else in that timeframe or you'll be in the500s in no time. 620 to 650 is actually around the national average give or take a few pts.