Minimum Job Requirements for 2010 Camaro SS

[TraeBeezii]

Any idea? Need to find out a little info before heading to the dealer.

[SlowSS]

Not sure what you are asking.....I'm confused

[TraeBeezii]

Lol, weekly/monthly income to be able to substain keeping up and paying for this monstaaaa.

[PoorMansCamaro]

Shootin for the minimum huh? Not a very good way of thinking.

[daveagogo1]

Originally Posted by TraeBeezii

Lol, weekly/monthly income to be able to substain keeping up and paying for this monstaaaa.

Impossible to answer this as everyones situation is different. Price of car, down payment , credit , bills such as rent or mortgage and income will all play a factor.

Just make sure you factor in insurance and fuel costs to your monthly payment along with routine maintenance.

Example my 34k SS payment with 12k down is about $465 mo but add in insurance of $90 month and my fuel of about $300 per month and the total goes to about $855 a month to drive this vehicle.

It varies wildly for everyone but, keep the additional costs in mind. I'd also check on insurance rates with your carrier as well before you buy just so you know up front.

[SlowSS]

Well depending on how long you finance it for....look at your payments being somewhere around 500. There's not any real job requirements everything is based on Debt/Income ratio and credit beacon.

[TraeBeezii]

Thank you all for your opinions.

[carbon8]

Originally Posted by TraeBeezii

Any idea? Need to find out a little info before heading to the dealer.

[mikeSS]

IMO you must be able to afford gas, payments/down payment with out stressing over it at all.

[Blown 386]

this is what i was informed of when i started shopping for a new car.

There is a figure most people use when figuring out if they can afford the costs of a loan on a car or what ever it is they plan on buying, out of your income for every one thousand dollars you make, four hundred of that can be used to pay your bills.

Creditors prefer that if your taking a loan out, your monthly payments do not exceed 20% of your total income for the month. this lets them know that you bring in enough money to cover the cost of the loan and other expenses.

Now in my experiences SOME financial advisers will fib a little on the income on the credit apps if they know the creditor will not want a prof of income. Its a dirty trick they use to get people approved for loans they shouldn't be taking out. if you stick to the 20% rule you should be able to comfortably afford your car and still be able to go out and play.

[Carver1]

My 2011 SS was $501/mo for 72months with $1500 down. I have decent credit, but not perfect. Debt to income ratio is the name of the game.

[98_Camaro]

I think the general rule of thumb is that you should put no more than a week's wages towards your car.
Saw that somewhere here on C5 a while back, but what it really comes down to is what you're able to afford. Loan term, APR, price of vehicle, down payment, etc. all come into play, and then there's your debt-to-income ratio which should never be too high.
You should choose a monthly payment you feel comfortable with, and then head over to the For Sale section here, get a general idea of what a 2010 SS will set you back, and go play with the loan calculator on Edmund's until you can meet or beat that number. If you can't just yet, wait it out and put even more towards a down payment. It'll only lower your monthly payment or loan term ($$$ saved in the long run).

[REDXIIIDave]

If you can barely afford it, you can't afford it.

[TSSUNAMI]

Figure all of the costs of ownership.
32150 Loan for my 1SS

Paid 4000 down. (mostly eaten up by Tax, title, license fees)

Car Payment 520 Per month. (Varies, depending on how much you put down, length of loan, as well as your intrest rate)
Car insurance 90ish per month (this will vary significantly, you need to get a quote before you buy the car, shop around on this.)
Gas 100 per week for me (I drive a lot)

Maintainance
Oil change 85.00 (you can do it every 3000 miles OR go by the OLM in your car. You can also save money by doing it yourself)
New Tires every 12-20000 miles (285 ish per tire? depending on where you buy them)

Minimum Job requirement really doesn't apply here. I know guys that make 20K a year that drive 40K pickup trucks because they have spotless credit and saved up a huge down payment. I also know guys who make six figure annual incomes but can't get a checking account, let alone a car loan. Many many factors apply here. Do some research. Pay CLOSE attention to what you spend per month.

Ask yourself a few questions:
1. Is my monthly/annual income steady? Does it fluctuate at all?
If so, then will said income be steady for the next 5-6 years?
2. Do you plan to: have children? Get married? Purchase a home? Move out on your own and Rent? at any time during the duration of your car loan?
If so, will you be able to afford the expenses that come with those things AND your car's expenses?


Also, if none of that answers your question do this:
Since it's already almost winter, wait till spring to buy your car. From now (July) until March, put 500.00 aside into a savings account every month. Treat it like your "car payment"

If at any time you can't afford to put that 500.00 in the bank, or have to touch that money for an emergency, then you very likely cannot afford this car. As an added bonus, you will have saved up your down payment, or a nice chunk of change for some mods by March!

Good luck to you. Hope this helped.