04-10-2009, 10:14 PM | #1 |
Drives: 1999 Ford Taurus SE Join Date: Apr 2009
Location: North Jersey
Posts: 10
|
Financing Information?
Never bought a new car or ever financed one and was wondering how would I be able to find out what the down payment would be and what monthly installments would be? Anyone know how I can do that without pissing off a salesman or buying anything yet? I would just like to know what to expect when I do and what I'd need to make to comfortably afford my 2SS/RS I've been dreaming of.....
__________________
2010 Camaro SS/RS..... someday... |
04-10-2009, 10:16 PM | #2 |
Drives: 88 IROC Z28 Join Date: Mar 2009
Location: Boston
Posts: 126
|
|
04-10-2009, 10:17 PM | #3 |
Drives: 2SS IBM m6 / 04 Nissan Titan Join Date: Dec 2008
Location: Cape Coral FL
Posts: 242
|
there are several auto loan calculators available online...here's a link to one:
http://www.bankrate.com/calculators/...alculator.aspx all you have to do is enter the total financed, down payment and interest rate and it will calculate your payment. For interest rate info (if you haven't applied for a loan yet) get the average rate from any bank on what they offer for new car loans (assuming good credit) and go from there.
__________________
2010 IBM 2SS 6M
SLP LoudMouth II Axle back kit CAI intake bought at C-Fest From Jannetty Racing |
04-10-2009, 10:24 PM | #4 |
|
Head to your local dealer, any GOOD salesman would have no problem helping you out
__________________
|
04-10-2009, 10:29 PM | #5 |
Drives: 1999 Ford Taurus SE Join Date: Apr 2009
Location: North Jersey
Posts: 10
|
That would be ideal. As far as I know my credit should be good. I've had a credit card since I was 18 and I've never been late with a payment or paid less than minimum balance. Most of the time I pay off every month with a few exceptions. Had my share of getting in over my head a couple times but payments were always made and never below minumum.....
__________________
2010 Camaro SS/RS..... someday... |
04-11-2009, 12:11 AM | #6 |
Drives: 00 Blazer Join Date: Aug 2008
Location: Texas
Posts: 5,104
|
Go check out the subforum for ordering and finance etc. Tons of info.
|
04-11-2009, 12:42 AM | #7 |
Rice Cooker
Drives: Avalanche Z/71, 2010 Camaro2SS Join Date: Jun 2008
Location: Hawaii/Phoenix
Posts: 591
|
How old are you? Dont know how strong your credit will be if you have never made an expensive purchase such as a car and equally making all payments on time. Its simple math....
Think of a price you arent willing to pay over, SS/RS will prob cost you 36-37k after taxes. Add finance, good score right now is anywhere from 4.7-5.5% Minus how much cash you are willing to put down. Divide your sum by 5 then divide that sum by 12 for your monthly payment. |
04-11-2009, 01:24 AM | #8 | |
|
Quote:
Your salesman will be able to help you. If you have been late on credit card payments in the past, it doesn't mean that they won't sell you the car. What it may mean is that they may sell you the car at a higher interest rate. Why? Because you're a higher risk, or, you may have trouble getting credit elsewhere, and they know it. Do this: - Find out if the dealer will first finance the SALE of the car you want, or the LEASE of the car. Get all your numbers for both options. - Next, take all of it to your bank and see if they can make you a better offer. If your credit is good AND you can afford the car (Have a low debt ratio), you should be good. In both cases, a deposit will probably be necessary. Have fun! |
|
04-11-2009, 03:05 AM | #9 |
Drives: 00 Blazer Join Date: Aug 2008
Location: Texas
Posts: 5,104
|
Hum.. go back to option A. Go to the Price and order subform and read.
Your salesman should do one thing. Sale you the car. Have financing taken care of before you walk in the door. Going to a dealer without pulling your 3+ FICO is not a good idea. Getting that score, cleaning up errors, saving some down money. Getting pre approved. That's how you roll. |
04-11-2009, 09:02 AM | #10 | |
Drives: 07 Mustang GT Join Date: Mar 2009
Location: Florida
Posts: 10
|
Quote:
|
|
04-11-2009, 09:14 AM | #11 |
Eurotrash Connossieur
Drives: 1985 Mercedes 500SEL Join Date: Mar 2009
Location: Chandler, AZ
Posts: 188
|
I know this is a crazy idea, but how about contacting or going to your bank.
__________________
2011 Camaro Convertible 2SS, Imperial Blue/Gray Silver Rally Stripes
|
04-11-2009, 09:17 AM | #12 | |
Drives: 1999 Ford Taurus SE Join Date: Apr 2009
Location: North Jersey
Posts: 10
|
Quote:
__________________
2010 Camaro SS/RS..... someday... |
|
04-11-2009, 09:29 AM | #13 |
Weekend Rockstar
Drives: Depends on the day... Join Date: Mar 2008
Location: West Palm Beach
Posts: 1,444
|
This is a topic I've attempted to tackle a few times here. Being in the business, I do know a thing or two about how this goes and even though it may seem like I'm being negative, I'm really just trying to help you so you don't give your hopes up.
The chances of getting financed on a $35,000 car are slim to none if you have not financed a vehicle before. Even if you have a good credit score (670+), you don't have any experience with "high credit". Banks will not loan that much money to people who have never handled a $10,000 - $20,000 loan before. Typically, a first time buyer program requires a few things; job stability (2 years + at the same place), home stability (2 years + again), substantial provable income ($2,000/month minimum), and a down payment (all taxes, tag, and fees + a grand or two). Even if you meet all this criteria, the bank is going to want you in a car like an Aveo or Cobalt or something cheap. Not a $35,000+ sports car. A good rule of thumb to estimate you payments is $100/month for every $5,000 financed. Therefore $30,000 financed would run you about $600 a month give or take a few bucks. To be brutally honest, without like $15,000 down or a co-signer, you probably will not be able to get a loan unless you go through your own personal bank/credit union. I've seen people get declined that have 750 beacon scores because it was there first car and they only had one piece of credit that was only a $1,000 credit card. It's not that you won't make good on your loan or anything, they just don't throw that kind of money at people that have not proven their responsibilities with big advances.
__________________
Shortcuts can slow you down...
|
04-11-2009, 09:40 AM | #14 | |
Apprehensive Optimist
Drives: '10 SS/RS SIM Join Date: Sep 2008
Location: JAX
Posts: 1,383
|
Quote:
|
|
|
|
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Onstar....a spy???? please comment | dieseldave24v | General Automotive + Other Cars Discussion | 138 | 02-23-2012 01:12 PM |
OK WILL SOMEONE PLEASE ANSWER THIS QUESTION OM FINANCING | leatherneck | Camaro Price | Ordering | Tracking | Dealers Discussions | 22 | 03-26-2009 03:53 PM |
UPCOMING CAMARO IMPORTANT DATES | CamaroScotty | 5th Gen Camaro SS LS LT General Discussions | 125 | 01-11-2009 12:31 AM |
MERGED: Has anyone read this (bankruptcy) about GM? | LS3SSRS | General Automotive + Other Cars Discussion | 460 | 11-23-2008 10:54 PM |
GMAC Financing problems | rolnslo | Camaro Price | Ordering | Tracking | Dealers Discussions | 13 | 10-14-2008 11:15 PM |