01-11-2009, 03:14 PM | #1 |
Drives: 91' Chevy Truck K1500 Join Date: Oct 2008
Location: Florida
Posts: 37
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Financing a Camaro, no credit history
I am 18, work at the fire dept as a FF/EMT making $29,000 a year, I have no credit history, I was just put on as a joint card user on one of my parents credit cards. The credit card company says this will help me to start building credit history. My question is that how long will it take me with this 1 credit card to build enough credit history/ credit score to be able to qualify for a $22,000 auto loan with an $8,000 down payment? Also, what kind of APR might the camaro be offered with? I have no expenses, so I plan to pay this car off as quickly as I can.
Thanks |
01-11-2009, 03:36 PM | #2 | |
Drives: Black/Black 2SS/RS Join Date: Oct 2008
Location: Dayton, OH
Posts: 733
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Quote:
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01-11-2009, 03:38 PM | #3 |
Drives: the 2nd amendment home Join Date: May 2008
Location: OK
Posts: 14,707
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Forever...Best thing you could do is try to convince mom or pop to co-sign on the loan. Better make sure you're committed tho, cuz if you default you screw up THEIR credit.
If you can get on a credit union you might find around 4.3 to 5.2% |
01-11-2009, 03:44 PM | #4 |
I love crepes
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What about savings? Do you have a Roth IRA, 401k, CDs, etc, etc? I really hate to see a teenagers burning $8000 in savings for a car.
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01-11-2009, 03:46 PM | #5 |
Drives: 91' Chevy Truck K1500 Join Date: Oct 2008
Location: Florida
Posts: 37
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Let me reiterate that, I live at home and only have to pay for gas, insurance and my cell phone. I dont pay for mortgage, electric, food $ on days off ect. I work 24/48hr shifts at the FD.
How long is "forever" mistercamaro? I also plan to get more cards in my name, 5 total, to help speed up the process. I will have 8K ready to put down by August, a bigger down payment will help? 10K? I would like to own a camaro by the end of 2009. Also, piggybacking on my parents credit card like I am doing right now is suppost to put their good credit history on my credit record as well? right? I am committed for sure, my job is a very secure one. |
01-11-2009, 03:53 PM | #6 | |
Drives: 91' Chevy Truck K1500 Join Date: Oct 2008
Location: Florida
Posts: 37
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Quote:
I have no savings as of right now, 401K's none, CD's none, How is this burning 8K? Its an investment in a reliable, quality car that I can have for many years to come. |
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01-11-2009, 04:05 PM | #7 |
Not That sad..considering
Drives: Man Join Date: Aug 2007
Location: the part of washington the capital forgot about.
Posts: 3,747
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well i had a credit card from when i was 17, and i wasnt able to get a loan when i was 18 and bought my 25K truck, but if your parents cosign like mine did you can probably get 3.9% interest like i did
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Stop Whinging
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01-11-2009, 04:14 PM | #8 | |
Drives: 2006 Cobalt, 2004 Taurus wagon Join Date: Oct 2007
Location: California
Posts: 3,812
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Quote:
__________________
"It's kind of fun to do the impossible" - Walt Disney
There's a great big beautiful tomorrow shining at the end of every day There's a great big beautiful tomorrow Just a dream away |
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01-11-2009, 04:24 PM | #9 | |
I love crepes
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Quote:
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01-11-2009, 04:24 PM | #10 | |
Drives: 91' Chevy Truck K1500 Join Date: Oct 2008
Location: Florida
Posts: 37
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Quote:
lol, you like to sterotype people, dont you? I am not your average 18 yr old., 5 lines of credit is optimal for credit history building, just because you have lots of credit dosent mean you have to use it all. Maintaining 5 lines of credit and using them all evenly by spreading out your purchases between all 5 helps build really good credit. This will help me get a mortgage in the next few yrs as well. |
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01-11-2009, 04:26 PM | #11 |
Not That sad..considering
Drives: Man Join Date: Aug 2007
Location: the part of washington the capital forgot about.
Posts: 3,747
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im sorry but having a car and the good times involved are well worth any depreciation, stop being a negative old fart... =P
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Stop Whinging
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01-11-2009, 04:30 PM | #12 | |
Drives: 91' Chevy Truck K1500 Join Date: Oct 2008
Location: Florida
Posts: 37
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Quote:
Why does anyone buy a new car? I think it is worth it to have a car that has not been molested by someone else. |
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01-11-2009, 04:35 PM | #13 | |
Drives: 2006 Cobalt, 2004 Taurus wagon Join Date: Oct 2007
Location: California
Posts: 3,812
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http://money.cnn.com/2005/09/21/pf/d...ores/index.htm
key highlight: Quote:
And no offense, but 18, living with your parents, limited spending history means little experience managing money. Maybe you have no problems now, but the real test begins when real life begins and you're suddenly on the hook for supporting yourself. Those empty cards look mighty tempting. Trust me though, there is a very good reason laws were recently passed restricting the ability of credit card companies to sign college students up for tons of credit cards in exchange for free t-shirts. See also: http://www.ctrlaltdel-online.com/comic.php?d=20060218
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"It's kind of fun to do the impossible" - Walt Disney
There's a great big beautiful tomorrow shining at the end of every day There's a great big beautiful tomorrow Just a dream away Last edited by stovt001; 01-11-2009 at 04:49 PM. |
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01-11-2009, 04:44 PM | #14 | |
Drives: Black/Black 2SS/RS Join Date: Oct 2008
Location: Dayton, OH
Posts: 733
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Quote:
However, if you're going to go through with this anyways than you will probably need your parents to co-sign. If you want your car in 2009 you will need to go preorder now-ish; you will be at the back of the line but since you're getting a V6 you may end up cutting some V8 people because of the 50/50 build ratio. |
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