Down payment

[FutureCamaro]

Hi. I'm a camaro lover asking those who have bought one about their down payment. How much was yours? I'm 16. I have a job at Fenway park, my parents said if I want a camaro I have to make the first/down payment. How much is it?

[jshaf]

347, plus my trade, financed it for 19K....I know, small amount, long story

[FutureCamaro]

Do you think it's possible for me to make the payment? My parents have good credit so I know that help......right?

[1BADLS3]

Sounds like an excellent opportunity to show your parents what you know (or learned) about credit and financing a vehicle through this process.

There is no set down payment. It will determine how you intend to pay for the car and what your credit rating is. You could elect to pay for the car in cash, or you could finance all or a portion of the car's cost.

Play around with an auto loan calculator. Popular terms are 36, 48, and 60 month loans. An excellent interest rate is between 0% - 3.49%. Watch the results as you play with the amount you put down, as well as with the cost of the car.

You also need to determine if you're buying new, used, and how much you want to spend. New Camaros cost anywhere from $23k - $40k+ new.

Good luck...if you have more questions, post them up!

[FutureCamaro]

Originally Posted by 1BADLS3

Sounds like an excellent opportunity to show your parents what you know (or learned) about credit and financing a vehicle through this process.

There is no set down payment. It will determine how you intend to pay for the car and what your credit rating is. You could elect to pay for the car in cash, or you could finance all or a portion of the car's cost.

Play around with an auto loan calculator. Popular terms are 36, 48, and 60 month loans. An excellent interest rate is between 0% - 3.49%. Watch the results as you play with the amount you put down, as well as with the cost of the car.

You also need to determine if you're buying new, used, and how much you want to spend. New Camaros cost anywhere from $23k - $40k+ new.

Good luck...if you have more questions, post them up!

We talked about a new one. I understand that the prices vary, my eyes are set on a 1ss model! We would probably pay over time, no lump sum except for my $.

[daveagogo1]

Originally Posted by FutureCamaro

We talked about a new one. I understand that the prices vary, my eyes are set on a 1ss model! We would probably pay over time, no lump sum except for my $.

I put down $12k on a loaded up $35k 2011 1SS and my payment is around $460 with 3.% 60 month loan.

Little money down your looking at a very large monthly payment.

[Wicamaro]

Well, your parents will likely need to co-sign any loan, which is probably best because they'll consider their credit scores to get you a lower interest rate. If you (and your parents) can swing it, try to keep the loan term as short as you can stand it. Higher mo. payments, but you get the benefit of paying it off quicker (and you pay less interest).

[FutureCamaro]

Originally Posted by daveagogo1

I put down $12k

12k!!! The other guy had 400$ how much would a trade be worth? Say an 05 TL with 20,000 miles

[bigted83]

No offense to the op. But he may not need a ss at such a young age. 426 horsepower is way to much for a rookie driver. 312 may be enough tho. I'm 27 years old and 312 is more than enough for me

[chevyk1]

My first new car I purchased I was 16 and had 3k down payment and parents signed for. So been in your situation before I would suggest the 6 because gas and insurance along with the car payment will be tougher than you think. Maybe even find a used one to knock off a couple thousand more. Don't forget about maintenance also tires breaks ect. My car payment at that age was 425 a month and even tho I made the payments after about ayear they were kicking my butt. Just make sure you factor in everything and good luck

[esperman]

my advice, avoid a new car.

[chevyk1]

Originally Posted by esperman

my advice, avoid a new car.

Yea I agree, you could save yourself a ton of money

[Chobbs11]

Low down pay payment = high monthly. And as someone else suggested. You also gotta think of insurance (not cheap on this car at your age) gas mileage (the 1SS requirea premium while the V6 reccomends regular!) and maintenance. 1 new tire on the ls only costs 98 bucks but on an 1SS I believe it's somewhere around $250????

I'd like to have the V8 but for
Me the V6 just made more sense! And at your age, I would definitely reccomend the V6.

[ss=scuba steve]

Why don't you just find a low mileage LT ? It's a sweet car with MORE than enough power dude. You have to crawl before you can run IMO