Question on Co-sign - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

danifox · 11-19-2010, 12:25 PM

Went to my bank a few days ago (Suncoast Federal Credit Union) to apply for an auto loan. I asked for a 20k dollar loan but they only approved me for 12k with a 4.65% interest, which their lowest is 4.15%. The lady said that the only way they would approve me for more was if I had a co-signer. But the whole thing is that I have nobody to co-sign for me. My dad's income is good enough but his credit is shot and my mom only works part-time so I'm sure she won't work either. I even asked if it mattered that I was planning on putting money down but the lady said it didn't matter.

My question is: do you guys think that if my dad co-signed for me would I get the 20k or not since his credit is bad. I think that they didn't approve me for more since I don't have a full-time job. I'm surprised that they even approved me for 12k, to be honest.

wacdmc · 11-19-2010, 10:13 PM

How old are you? What trim level are you looking at buying?

Uncle Harvey · 11-19-2010, 10:45 PM

I was 19, when I went to buy a Mustang GT. I knew the banker. He was my best friends dad and was the President of our local bank. He told me that he would not give me a loan because I would be better served by buying a cheaper used car and saving my money. This really pissed me off but I showed good maners. Years latter I was thankful that he gave me this advice. I had to wait another 20 years for my sports car. Now it is easy to afford. It would have been hell making those payments back then.

I do not want to preach. But maybe you should build your credit up and put this off until you have a full time job. I know I probably pissed you off.

wacdmc · 11-19-2010, 10:55 PM

Uncle Harvey - I was going to piss him off too!! I was thinking the same thing. A kid working part-time has no business taking out a $20K loan. You will be strapped by payments and high insurance on a car like this. My first car was a beat-up 77 Malibu. It got me through college. Now, I'm 41 and can comfortably afford my 2SS (which was built this Monday 11/15). You have to prioritize life...just my two cents. Oh and if I was your dad, I would NOT cosign for you. Sorry...

Camaro54 · 11-19-2010, 11:07 PM

There is a reason the bank won't give you 20K. They think you're a bad risk for them for that much money. If the bank thinks you're a bad risk then why would you even want to put your father in a position to have to also turn you down or have to back you up who the bank thinks is a bad risk. If your dad co signed for you and you missed your payments two years down the road then your day will have to pay the rest of the loan out of his own pocket. That would ruin the relationship between him and you for ever. Don't do it. Instead save every dollar you can ontil you can pay cash for your Camaro. If you work and save hard it will happen sooner than you think. Give it a couple of years and you'll be able to purchase a great USED Camaro SS alread modded out with 500rwhp and low milage for only 1/2 what a new one would cost. Check out the used Camaros on this site. It's already happening. A few of these cars have to be sold cause the owners got in over their heads and now they will take a beating to sell them. Five years is a long time to have to pay $500 monthly payments plus insurance plus property taxes each year. You won't even be able to add mods if you wanted to. Hold off for now. I'm just trying to keep you from making a big mistake in this bad economy. Good luck with your decision.

speedbrds · 11-19-2010, 11:31 PM

Wow! I had the same problem. However, I went through the dealer. They wanted a co-signer. I asked my sister and after coming to an agreement, she obliged. After 6 hours, the dealer got the bank to approve our loan. I got an LS, which I'm very happy with. Both our credit was lousy; me being young and her being a college student w/ part time job.

Needless to say, I got my Camaro with a rather high interest rate. I will refi in a couple years when my credit improves.

The interest rate they gave you is very good, but the more money needed, the higher it'll go.

Good luck!

CamaroScotty · 11-20-2010, 08:31 AM

Finance with a dealer - we beat rates 90% of the time and work with lenders who want to help us do business.

al moeckel · 11-20-2010, 09:23 AM

the definition of a co-signer is an idiot with a pen.

AntzV · 11-20-2010, 09:28 AM

Ask a grandparent

danifox · 11-20-2010, 12:31 PM

I'm 21 and a female... & realized that where I'm at right now I won't be able to afford getting a Camaro. The car I'm looking at right now is 22k without tax/title etc. The monthly payments would be no more than 300 bucks plus insurance I'd be able to afford that more so than if I went with the Camaro that I originally wanted. Don't get me wrong I love the Camaro & if I could that's what I would get.

I basically don't have anymore family. I don't speak to any of the family on my dad's side & most of my mom's family lives in Colombia. I'm smart enough not to ask any random person I know to co-sign because I know the responsibilities that come with it.

KeepItGreasey · 11-20-2010, 12:54 PM

21 years old... working part-time... wanting to put 8% down on a nice new car? Hmmmm... see, that's why you aren't able to get a loan to cover over 90% of the purchase price.

I suggest that you save a more substantial amount of money and get a full-time job before you buy a brand new car.

Uncle Harvey · 11-21-2010, 01:36 PM

Quote:

Originally Posted by danifox

I'm 21 and a female... & realized that where I'm at right now I won't be able to afford getting a Camaro. The car I'm looking at right now is 22k without tax/title etc. The monthly payments would be no more than 300 bucks plus insurance I'd be able to afford that more so than if I went with the Camaro that I originally wanted. Don't get me wrong I love the Camaro & if I could that's what I would get.

I basically don't have anymore family. I don't speak to any of the family on my dad's side & most of my mom's family lives in Colombia. I'm smart enough not to ask any random person I know to co-sign because I know the responsibilities that come with it.

Sounds like you are making the correct choices. The 2021 Camaro will be much cooler anyway.

clg_98ta · 11-21-2010, 06:15 PM

First talk to the finance guy at your dealer and see what he can get you qualified for. That's going to determine how much car you can buy. You're young - you need to build up a credit rating. Borrow as much as they'll loan you and buy what you can get with that. Make all your payments on time and by the time its paid off you'll have a credit history, and probably a full time job by then as well. At that point you should qualify for a much larger loan, and with any luck you'll also have a trade-in with significant value as well.

GB EB · 11-21-2010, 06:34 PM

Banks are pretty good with numbers... ye, it's what they do.

Don't be mad if they don't give you what you want..... they know what you can afford.

Take their advice or you'll set yourself up for failure... and be much worse off.

11-19-2010, 12:25 PM	#1
danifox Gulf Coast Camaro Family Drives: Rally Yellow Camaro Soon... Join Date: May 2010 Location: spring hill, fl Posts: 101	Question on Co-sign Went to my bank a few days ago (Suncoast Federal Credit Union) to apply for an auto loan. I asked for a 20k dollar loan but they only approved me for 12k with a 4.65% interest, which their lowest is 4.15%. The lady said that the only way they would approve me for more was if I had a co-signer. But the whole thing is that I have nobody to co-sign for me. My dad's income is good enough but his credit is shot and my mom only works part-time so I'm sure she won't work either. I even asked if it mattered that I was planning on putting money down but the lady said it didn't matter. My question is: do you guys think that if my dad co-signed for me would I get the 20k or not since his credit is bad. I think that they didn't approve me for more since I don't have a full-time job. I'm surprised that they even approved me for 12k, to be honest. __________________ Foxy-Megan

11-20-2010, 09:23 AM	#8
al moeckel Drives: 2011 camaro ss/rs Join Date: Sep 2010 Location: ms Posts: 30	the definition of a co-signer is an idiot with a pen. __________________ pops

11-20-2010, 12:31 PM	#10
danifox Gulf Coast Camaro Family Drives: Rally Yellow Camaro Soon... Join Date: May 2010 Location: spring hill, fl Posts: 101	I'm 21 and a female... & realized that where I'm at right now I won't be able to afford getting a Camaro. The car I'm looking at right now is 22k without tax/title etc. The monthly payments would be no more than 300 bucks plus insurance I'd be able to afford that more so than if I went with the Camaro that I originally wanted. Don't get me wrong I love the Camaro & if I could that's what I would get. I basically don't have anymore family. I don't speak to any of the family on my dad's side & most of my mom's family lives in Colombia. I'm smart enough not to ask any random person I know to co-sign because I know the responsibilities that come with it. __________________ Foxy-Megan

11-20-2010, 12:54 PM	#11
KeepItGreasey So It'll Go Down Easy Drives: Camaro SS/RS Join Date: Aug 2010 Location: Long Beach, CA Posts: 852	21 years old... working part-time... wanting to put 8% down on a nice new car? Hmmmm... see, that's why you aren't able to get a loan to cover over 90% of the purchase price. I suggest that you save a more substantial amount of money and get a full-time job before you buy a brand new car. __________________

11-21-2010, 06:15 PM	#13
clg_98ta Drives: 2010 Camaro 2SS Join Date: Jan 2010 Location: Austin, TX Posts: 2,698 View My Garage	First talk to the finance guy at your dealer and see what he can get you qualified for. That's going to determine how much car you can buy. You're young - you need to build up a credit rating. Borrow as much as they'll loan you and buy what you can get with that. Make all your payments on time and by the time its paid off you'll have a credit history, and probably a full time job by then as well. At that point you should qualify for a much larger loan, and with any luck you'll also have a trade-in with significant value as well. __________________ Black 2SS ordered 1/4/2010, received 2/19/2010

11-19-2010, 10:13 PM	#2
wacdmc Drives: 11 2SS, 10 Equinox, 07 Silverado HD Join Date: Oct 2009 Location: Murfreesboro, TN Posts: 53	How old are you? What trim level are you looking at buying?

11-19-2010, 10:45 PM	#3
Uncle Harvey Drives: 2011 2SS RS Join Date: Jul 2010 Location: Senoia, GA Posts: 237 View My Garage	I was 19, when I went to buy a Mustang GT. I knew the banker. He was my best friends dad and was the President of our local bank. He told me that he would not give me a loan because I would be better served by buying a cheaper used car and saving my money. This really pissed me off but I showed good maners. Years latter I was thankful that he gave me this advice. I had to wait another 20 years for my sports car. Now it is easy to afford. It would have been hell making those payments back then. I do not want to preach. But maybe you should build your credit up and put this off until you have a full time job. I know I probably pissed you off.

11-19-2010, 10:55 PM	#4
wacdmc Drives: 11 2SS, 10 Equinox, 07 Silverado HD Join Date: Oct 2009 Location: Murfreesboro, TN Posts: 53	Uncle Harvey - I was going to piss him off too!! I was thinking the same thing. A kid working part-time has no business taking out a $20K loan. You will be strapped by payments and high insurance on a car like this. My first car was a beat-up 77 Malibu. It got me through college. Now, I'm 41 and can comfortably afford my 2SS (which was built this Monday 11/15). You have to prioritize life...just my two cents. Oh and if I was your dad, I would NOT cosign for you. Sorry...

11-19-2010, 11:07 PM	#5
Camaro54 Drives: Camaro SS2/RS orange/black stripes Join Date: Feb 2010 Location: Louisville KY Posts: 570	There is a reason the bank won't give you 20K. They think you're a bad risk for them for that much money. If the bank thinks you're a bad risk then why would you even want to put your father in a position to have to also turn you down or have to back you up who the bank thinks is a bad risk. If your dad co signed for you and you missed your payments two years down the road then your day will have to pay the rest of the loan out of his own pocket. That would ruin the relationship between him and you for ever. Don't do it. Instead save every dollar you can ontil you can pay cash for your Camaro. If you work and save hard it will happen sooner than you think. Give it a couple of years and you'll be able to purchase a great USED Camaro SS alread modded out with 500rwhp and low milage for only 1/2 what a new one would cost. Check out the used Camaros on this site. It's already happening. A few of these cars have to be sold cause the owners got in over their heads and now they will take a beating to sell them. Five years is a long time to have to pay $500 monthly payments plus insurance plus property taxes each year. You won't even be able to add mods if you wanted to. Hold off for now. I'm just trying to keep you from making a big mistake in this bad economy. Good luck with your decision.

11-19-2010, 11:31 PM	#6
speedbrds It wasn't me! Drives: '11 SW Camaro LS Join Date: Oct 2010 Location: Fontana Posts: 78 View My Garage	Wow! I had the same problem. However, I went through the dealer. They wanted a co-signer. I asked my sister and after coming to an agreement, she obliged. After 6 hours, the dealer got the bank to approve our loan. I got an LS, which I'm very happy with. Both our credit was lousy; me being young and her being a college student w/ part time job. Needless to say, I got my Camaro with a rather high interest rate. I will refi in a couple years when my credit improves. The interest rate they gave you is very good, but the more money needed, the higher it'll go. Good luck!

11-20-2010, 08:31 AM	#7
CamaroScotty Account Suspended Drives: Your new SLP Camaro! Join Date: Jul 2008 Location: Cedarburg, WI Posts: 6,801	Finance with a dealer - we beat rates 90% of the time and work with lenders who want to help us do business.

11-20-2010, 09:28 AM	#9
AntzV Drives: blacked out 2010 Camaro Join Date: May 2009 Location: Denver Colorado Posts: 626	Ask a grandparent

11-21-2010, 06:34 PM	#14
GB EB Drives: 2014 Stingray 2LT/Z51 Join Date: Feb 2010 Location: NAS PENSACOLA, FL Posts: 2,375 View My Garage	Banks are pretty good with numbers... ye, it's what they do. Don't be mad if they don't give you what you want..... they know what you can afford. Take their advice or you'll set yourself up for failure... and be much worse off. __________________ *CAMARO5 CAMARO OF THE WEEK 3/21/11* *1ST PLACE - NAVAL STATION SAN DIEGO CAR SHOW 4/17/11* *PEOPLE'S CHOICE AWARD - SAN DIEGO FREEDOM FESTIVAL CAR SHOW 7/4/11* *TROPHY RECIPIENT - GREATEST SHOW ON TURF 9/11/11* *1ST PLACE MODERN MUSCLE - CORONADO SPEED FESTIVAL 9/23/11* *AWARD OF EXCELLENCE - GOOD GUYS DEL MAR FALL NATIONALS 11/27/11* *1ST PLACE / '82&UP CAMARO/FIREBIRD- FORT WALTON BEACH FF SHOW 2/16/13* BUILD THREAD: http://www.camaro5.com/forums/showthread.php?t=120353

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