Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com
 
dave@hennessey
Go Back   Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com > General Camaro Forums > Camaro Price | Ordering | Tracking | Dealers Discussions


Reply
 
Thread Tools
Old 01-22-2010, 08:05 PM   #1
ULTRAZLS1


 
ULTRAZLS1's Avatar
 
Drives: 14 Silverado LTZ Z71, 16 Camaro SS
Join Date: Nov 2009
Location: Jackson, Michigan
Posts: 4,407
Loan rates and questions

Im sure you guys have probably seen to many of these threads all ready so ill apologize up front lol.

I just checked my experian credit score and it is 767. No history of any type of negative activity/history on my report.I have no loans of any type or any kind of monthly payments on anything (still live at home). I have a steady job that I have been at for 1 year.

I have been researching interest/loan rates for a little while and was wondering If I could get some feedback from you guys.

I want a low payment so I want a 72 month loan. I did A quick application on the capital one website (which lowered my credit by 4 points). It is the blank check online auto loan that they offer.

Anwayz....They approved me for 24,000 at something like 5.49% for 72 months which worked out to around 390 a month I believe (dont remember exact numbers) This is just the amount I need....ive got 10,000 saved for the car for down payment. 370 a month is very do able for me also.

Is this a good rate? Should I try for gmac through the dealer for 72 months or shop around? is this online loan a good idea?

Never bought a new car so im a newb...sorry

thanks for the advice

Last edited by ULTRAZLS1; 01-22-2010 at 08:17 PM.
ULTRAZLS1 is offline   Reply With Quote
Old 01-22-2010, 08:24 PM   #2
Mr_Draco


 
Mr_Draco's Avatar
 
Drives: 2SS/RS
Join Date: Sep 2008
Location: Western North Carolina
Posts: 7,176
First I would never ever get a 72 month loan on a car or any other instant deprecating asset unless it was the only way you could get the loan. There is way too high of a chance you will be upside down (owe more then the car is worth).

The "blank check" is a decent idea, I know people who has used it before but I would check with a local credit union first and use the check if they won't approve you. Since you have the approval letter, it wouldn't hurt to tell the salesman "Hey this is the rate I've been approved for. Can you beat it?" You will take a 3-4 point hit but your loan will more then cover it and if the salesman can get you 1-1.5% less it'll be worth it.
Mr_Draco is online now   Reply With Quote
Old 01-22-2010, 09:23 PM   #3
NUCAR
 
Drives: 68 big block
Join Date: Oct 2008
Location: tossed off see ya
Posts: 400
Quote:
Originally Posted by ULTRAZLS1 View Post
Im sure you guys have probably seen to many of these threads all ready so ill apologize up front lol.

I just checked my experian credit score and it is 767. No history of any type of negative activity/history on my report.I have no loans of any type or any kind of monthly payments on anything (still live at home). I have a steady job that I have been at for 1 year.

I have been researching interest/loan rates for a little while and was wondering If I could get some feedback from you guys.

I want a low payment so I want a 72 month loan. I did A quick application on the capital one website (which lowered my credit by 4 points). It is the blank check online auto loan that they offer.

Anwayz....They approved me for 24,000 at something like 5.49% for 72 months which worked out to around 390 a month I believe (dont remember exact numbers) This is just the amount I need....ive got 10,000 saved for the car for down payment. 370 a month is very do able for me also.

Is this a good rate? Should I try for gmac through the dealer for 72 months or shop around? is this online loan a good idea?

Never bought a new car so im a newb...sorry

thanks for the advice
That is a good 72 mo rate. As Dr Leary used to say "if it feels good, do it" Just make sure you intend on keeping it for 4-5 years.
NUCAR is offline   Reply With Quote
Old 01-22-2010, 09:47 PM   #4
ULTRAZLS1


 
ULTRAZLS1's Avatar
 
Drives: 14 Silverado LTZ Z71, 16 Camaro SS
Join Date: Nov 2009
Location: Jackson, Michigan
Posts: 4,407
Well I plan on paying the car off far quicker than 6 years (making at least double payments when I can) but still want the security of a low monthly payment in case something were to happen with my financial situation. I could come up with 390 a month ...even if I lost my job.

So with a 10,000 dollar down payment and the low payment of a 72 month loan on only 24k I figured this would be the best/safest/smartest decision.

Am I nuts?
ULTRAZLS1 is offline   Reply With Quote
Old 01-22-2010, 11:05 PM   #5
rmnc3r
 
Drives: me up the wall.
Join Date: Dec 2009
Location: Lakewood, CA
Posts: 471
If you own your own home, you could get a HELOC; rates are very low, especially through a FCU. An added benefit is that a HELOC is like a home loan (2nd Mortgage) and the interest is an expense that you can claim on your tax return.
Borrowing off a CC is good from the standpoint that it is an unsecured loan; you
get the pink slip right off and don't have to worry about a lien or repossession. Be careful and pay when you get the statement - don't wait until a few days before it's due; you don't want to give the CC Co an excuse to raise your rate due to a late payment. AND you can always watch for Balance Transfer Offers and possibly reduce your rate. A good credit rating is valuable, do your best to protect and enhance it by paying early.

Rotsa Ruck, G.l.!
RixRad
rmnc3r is offline   Reply With Quote
Old 01-23-2010, 12:22 AM   #6
jfclavel
 
jfclavel's Avatar
 
Drives: 2005 Chevrolet Colorado LS
Join Date: Oct 2009
Location: Dallas, TX
Posts: 64
well, first off you started out alot better than i did. 10k is a very strong down payment, which is good since you dont have any credit. im assuming you have a checking account (where else do you keep it). your rate is very good. in some cases you might even be able to get a 4.25. try a credit union tho, because most of the time they have lower than industry average rates. its okay to maybe go down four points because if you make good payments and stuff youll be back up in no time, in fact it will raise your score even more. the highest you can have is 850, so you're pretty up there. no worries. by the way, since your buying a car, it really doesnt matter how many times an inquiry is done from different places because it can be considered as just one since its for the sole purpose of getting a car. also, getting a car under your name will help you build credit so you should be good. www.myfico.com is very helpful in explaining all you need to know about credit related questions and stuff.

good luck =]
__________________
2010 Black Camaro 2SS w/ RS package.... da woiks!
jfclavel is offline   Reply With Quote
Old 01-23-2010, 12:32 AM   #7
jfclavel
 
jfclavel's Avatar
 
Drives: 2005 Chevrolet Colorado LS
Join Date: Oct 2009
Location: Dallas, TX
Posts: 64
i forgot to mention...

if you can, try to work out a program with your loan where if you make more than your minimum payment, the extra can go towards the principle. for example: you make a $500 payment when minimum was $360 and your balance is $24000. $140 will go towards the $24000, or your principle, which means the interest is less since the loan is smaller. the reason why i point this out is because they sometime calculate the interest for the life of the loan and if you make extra payments, it will go towards your next months payment instead of the principle, so you're still paying same interest
__________________
2010 Black Camaro 2SS w/ RS package.... da woiks!
jfclavel is offline   Reply With Quote
Old 01-23-2010, 12:52 AM   #8
brAnd7onX

 
brAnd7onX's Avatar
 
Drives: 2012 1SS IOM
Join Date: Oct 2009
Location: Hutto, TX
Posts: 1,642
Do you have to be a capital one card member to apply for that car loan? Or can anyone apply?
brAnd7onX is offline   Reply With Quote
Old 01-23-2010, 01:02 AM   #9
jfclavel
 
jfclavel's Avatar
 
Drives: 2005 Chevrolet Colorado LS
Join Date: Oct 2009
Location: Dallas, TX
Posts: 64
anyone
__________________
2010 Black Camaro 2SS w/ RS package.... da woiks!
jfclavel is offline   Reply With Quote
Old 01-23-2010, 01:10 AM   #10
brAnd7onX

 
brAnd7onX's Avatar
 
Drives: 2012 1SS IOM
Join Date: Oct 2009
Location: Hutto, TX
Posts: 1,642
Quote:
Originally Posted by jfclavel View Post
anyone
Thanks. I appreciate it.
brAnd7onX is offline   Reply With Quote
Old 01-23-2010, 07:44 AM   #11
AnnaBear@SpartaChevy
 
AnnaBear@SpartaChevy's Avatar
 
Drives: 2011 Camaro 1SS Manual Synergy Grn
Join Date: Apr 2009
Location: Sparta Chevrolet, Sparta, MI
Posts: 2,108
Send a message via Yahoo to AnnaBear@SpartaChevy
That is a very competitive rate.

Won't hurt to give the dealer a shot at beating it.

Just tell them the rate that is available to you and have them see if they can do even better.
AnnaBear@SpartaChevy is offline   Reply With Quote
Old 01-23-2010, 08:07 AM   #12
shroomjohn

 
shroomjohn's Avatar
 
Drives: Golden Eagle
Join Date: Jun 2008
Location: No
Posts: 1,135
Yep always go to the dealer w financing. And always give them a shot to beat it most of the time they will and it benefits u. &2 isnt bad especially w that much down its a very bad idea to finance full amount plus TTT so your ahead of the game goodluck! Oh and def check w credit unions or bank of america they were running killer deals.
__________________
Loving this car!
shroomjohn is offline   Reply With Quote
Old 01-23-2010, 08:42 AM   #13
ULTRAZLS1


 
ULTRAZLS1's Avatar
 
Drives: 14 Silverado LTZ Z71, 16 Camaro SS
Join Date: Nov 2009
Location: Jackson, Michigan
Posts: 4,407
Thanks a lot. Lots of great information here.

I have heard bank of america a couple times now.

Also....do you get 500 dollars off when waiving the 60 day return guarantee?

What about GM discounts? what could I possibly get? I am a credit union member...I thought I heard they give discounts to credit union members...if so how much?

thanks again.
ULTRAZLS1 is offline   Reply With Quote
Old 01-23-2010, 08:52 AM   #14
jrboyd_1980
A ***'s Headache
 
jrboyd_1980's Avatar
 
Drives: Everything
Join Date: Aug 2009
Location: Texas
Posts: 2,174
It's hard to tell because you are only giving us half the story. 767 is good. Do you have high end established credit? What's your highest credit line? How long you been working at your job? Deal is structured soundly on dealership side, with 10k down but alot of info on you we don't know. Realistiaclly 6-7% is a decent rate.
jrboyd_1980 is offline   Reply With Quote
 
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Questions for those who financed through PenFed Banshee Camaro Price | Ordering | Tracking | Dealers Discussions 23 05-14-2009 11:11 PM
Important news for those with insurance questions! Rallysport Off-topic Discussions 2 03-11-2009 11:08 PM


All times are GMT -5. The time now is 09:41 AM.


Powered by vBulletin® Version 3.8.9 Beta 4
Copyright ©2000 - 2024, vBulletin Solutions, Inc.