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Old 12-22-2008, 06:13 PM   #1
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Young People Orders

While many of us have a really good understanding of the Camaro, its features, its development, and its competitors, those of us who haven't gone through the hoops of financing a car will need lots of help.

I, for instance, am a recent college graduate without a credit card. In other words, consider my credit as good as none.

When it comes to getting a car without credit at all, I would be forced to pay all cash, which is simply impossible for someone fresh out of college. I have enough fiscal responsibility to balance my budget carefully, but I worry about paying for a car. For me to buy a Camaro SS in the next 2 years, I will need to make a small down payment and finance the rest.

Can I get financing? If I can get it, how can I improve my rate?

For those of you who know anything about financing, what rate would your companies give someone without credit? I would like to get feedback from dealers, credit unions, and banks for this one. Customers are good, too, but the aforementioned groups likely have formulas that help them standardize their customers' options.

For how long can I finance this car? In my situation, longer is better. I need a replacement for my current car soon enough that it makes more sense to pay more for interest than pay more upfront. Besides the problem of my current car, I have no money, so spreading out the payments seems to make more sense. Insight on this issue is very welcome.

My down payment will be something in the range of $5k, substantially lower than I hoped to be able to put down on the Camaro. My trade-in vehicle is a Subaru Impreza TS Wagon. The current value of this car is not very high, so I can expect to only get about $2-3k out of it in a trade-in. The goal car, for me, is a minimalist 1SS, featuring an automatic transmission or RS package at the very most. There's simply no way I can afford anything else. I expect, by this time, to be able to negotiate the price down to $30k with the right dealer. Any additional information that will help can be provided at your requests.

I appreciate your feedback.
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Old 12-22-2008, 06:22 PM   #2
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I'm not an expert, but optimistically I'd say you're looking at 10-12% interest, especially in today's market - that is, if you can even get credit. GMAC won't finance to anybody with a score below 700, and "No Credit" usually turns into "600" once you start using credit.

You'll (most likely) be able to get financing from a credit union or similar - but the rate may not be what you want.

My suggestion? Get a student credit card. Put 50 bucks on it a month and pay it off right away. This will get you a credit score at the very least, which will be one more step in the right direction for improving your rate.

From my understanding, term length is based more on the amount financed than you're credit score (with dealer financing the exception, where long terms are commonplace) - but you should be able to get 72 months with no problem. You're looking at probably about 450 a month minimum.

But yeah - the main thing would be to get that credit card and start using it to build your credit history.
- Xanthos

P.S. - As I said before, I'm no expert, and I'm sure many on this board can give better advice than I. That, and all of the above is based on my own experiences and may be totally irrelevant to the common trends, or to your own personal situation.
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Old 12-22-2008, 06:23 PM   #3
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Blur, I have been there before and I have a couple of recommendations for you. First of all, I can't say at this time if you will be able to get credit and how much it will cost you. I can tell you that lenders aren't being as loose with their money as they used to be. So I would imagine you could get a loan, but you are going to pay for it. So, what to do about that?

When I was a young pup back in college, I got a credit card and because of some mail issues I went for 3 months without paying. They cancelled the card and it SCREWED my credit. So, I had to figure out a way to build some better credit. In your case, you have now so that may be even better. Since you have two years or so, you have some time to work with which will play in your favor. So, two things I would recommend:

1. Get a credit card and use it RESPONSIBILY. Meaning, charge some stuff on there, but be sure to only charge what you can pay off every month.

2. Find a local bank (best bet would be the one were you have your accounts with). Tell them that you want a one-year loan (or some other short term) for $1000 or a couple thousand. Tell them that you are doing it to improve you credit and that you plan is to take the money, put it into a CD for 6-months, then pay off the loan after 6-months or so. I had $1000 in cash at the time so they just put a freeze on my checking account for that amount as collateral.

At the end of the day, this will allow you to be your credit-worthiness. For me, it made a huge difference. The loan cost me a few dollars, but I made some of it back on the CD interest. The rest was the cost for me to re-build my credit.

Good luck!
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Old 12-22-2008, 06:26 PM   #4
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I have no inside perspective however you have to work your way up to having good credit. Get a credit card ASAP. And use it to buy stuff. Pay it on time, every time (or in advance). Whenever you would have paid cash before, pay with credit. But don't think of that card as a credit card. It might as well be the same as cash so resist the temptation to go into debt with it. That's how you get into trouble. I recently graduated college as well and have a really good credit score because I've been doing the above for the past several years. You have to show that you're trustworthy and you have to start small. Especially in the current market, you will simply be denied financing. Of course things will change over the next few years but who knows how much better it will get. Also, start having other bills (like cell phone) in your name (assuming you don't already). That helps build up your credit as well.
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Old 12-22-2008, 06:32 PM   #5
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Will anyone co-sign for you? That's the best way.

If you get a credit card make sure you pay it off at the end of the month...EVERY month. (I hate credit cards)
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Old 12-22-2008, 06:33 PM   #6
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Quote:
Originally Posted by camaropete View Post
2. Find a local bank (best bet would be the one were you have your accounts with). Tell them that you want a one-year loan (or some other short term) for $1000 or a couple thousand. Tell them that you are doing it to improve you credit and that you plan is to take the money, put it into a CD for 6-months, then pay off the loan after 6-months or so. I had $1000 in cash at the time so they just put a freeze on my checking account for that amount as collateral.
This is actually a really good idea, if you have the cash to support it. What this is called is a power of shares loan - I arranged one of these with my mother, and its how I financed my current car at 3% interest. My credit union (not sure about yours) sets the interest rate at 2% higher than the rate on the account being used as collateral.
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Old 12-22-2008, 06:40 PM   #7
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go to your bank. get a credit card for 6 months no interest. put everything you spend on credit i mean everything food gas etc. and the end of each month pay the entire bill.
i am 19, and if i wanted, could get a house ever how big I wanted.
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Old 12-22-2008, 06:47 PM   #8
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go to your bank. get a credit card for 6 months no interest. put everything you spend on credit i mean everything food gas etc. and the end of each month pay the entire bill.
i am 19, and if i wanted, could get a house ever how big I wanted.
After only six months of this? Highly doubtful. I've been doing that (and more) for over two years and my credit rating is barely over 700. And I am trying to purchase a house (in fact, a small condo for only 38,000) and am having enough trouble getting a VA loan for less than 20% down.
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Old 12-22-2008, 06:49 PM   #9
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Pay close attention to your debt to income ratio, with the current market a good credit score is not the only factor that will be taken into account.
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Old 12-22-2008, 06:49 PM   #10
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After only six months of this? Highly doubtful. I've been doing that (and more) for over two years and my credit rating is barely over 700. And I am trying to purchase a house (in fact, a small condo for only 38,000) and am having enough trouble getting a VA loan for less than 20% down.
- Xanthos
yuh its actually been about a year. and my credit score is well of 750. However I did spend alot of money. So I am sure that has helped.
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Old 12-22-2008, 06:50 PM   #11
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Pay close attention to your debt to income ratio, with the current market a good credit score is not the only factor that will be taken into account.
Yes, you are right about that.
But it definetly helps.
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Old 12-22-2008, 07:00 PM   #12
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I just applied for a student-oriented card that apparently gives rebates toward new and used cars, so that might help with my Camaro SS purchase. As always, I appreciate the quick, concise responses. That's probably the best part of this forum.
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Old 12-22-2008, 07:11 PM   #13
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I just applied for a student-oriented card that apparently gives rebates toward new and used cars, so that might help with my Camaro SS purchase. As always, I appreciate the quick, concise responses. That's probably the best part of this forum.
Blur, as others have said, just be absolutely sure you pay it off every month. Especially don't miss a payment, EVER!
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Old 12-22-2008, 07:25 PM   #14
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Blur, as others have said, just be absolutely sure you pay it off every month. Especially don't miss a payment, EVER!
I'm not going to put much on it. It's going to be carefully documented. I have to keep my expenses very low to be able to afford the Camaro. That means that I'll be only paying for food, gas, and oil until I buy the car.
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Old 12-22-2008, 07:46 PM   #15
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And pay the bills IN FULL. That's how they'll screw you over, never pay the minimum payment, always in full.

I think I'm going to get a GM Extended Family Card, the same ones my parents have.
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Old 12-22-2008, 07:47 PM   #16
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Blur, as others have said, just be absolutely sure you pay it off every month. Especially don't miss a payment, EVER!
WRONG!!

Don't pay off the balance every month. Do a search for yourself or go talk to your bank and get better financial info. Paying off your balance doesn't show anything or help your credit. You need to show that you can use it and have some revolving credit going and make the payments on time. Recent reports have said it actually hurts your rating by paying them off every month.

I do agree with never missing a payment. That's the most important thing.
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Old 12-22-2008, 07:58 PM   #17
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Something that hasn't been mentioned here is that you think you don't have good credit. How do you know if you havn't checked. Go to annualcreditreport.com and look it up. You might be surprised at what you find. Pay the extra $7 and get your actualy credit score. I can't tell you enough what it really means to take your credit report into your own hands. I started doing this a few years ago and my score is in the 700-750 range (started in the 600's). I even had things removed that shouldn't have been there.

Hope this helps,
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Old 12-22-2008, 08:12 PM   #18
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WRONG!!

Don't pay off the balance every month. Do a search for yourself or go talk to your bank and get better financial info. Paying off your balance doesn't show anything or help your credit. You need to show that you can use it and have some revolving credit going and make the payments on time. Recent reports have said it actually hurts your rating by paying them off every month.

I do agree with never missing a payment. That's the most important thing.
Yeah...but if you only make the minimum payments, the interest starts piling up.
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Old 12-22-2008, 08:23 PM   #19
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A Co-signer will probably be required if you have little to no credit history.

Your interest rate would partially be affected by the credit score of the co-signer.

My score ranges from 705-775 depending on which of the 3 bureaus you check. Hopefully when I go to finance my Camaro they'll use the higher one. LOL Though I'm sure $15000 down will help their decision.
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Old 12-22-2008, 08:23 PM   #20
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I would NEVER have a credit card if it meant carrying a balance to up my credit rating. I would go to the bank and borrow $100 on a signature note and pay it back the next month tho.
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Old 12-22-2008, 08:26 PM   #21
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I would NEVER have a credit card if it meant carrying a balance to up my credit rating. I would go to the bank and borrow $100 on a signature note and pay it back the next month tho.
Carrying SOME balance from month to month actually improves your credit score. Paying it of every month doesn't.

Retaining a balance, but making steady payments shows your responsible. If you pay it off every month then it's just reported as a zero balance and they have no idea if you're responsible, or just haven't used it.
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Old 12-22-2008, 08:33 PM   #22
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What I've always done is pay off the amount of the bill (one month's purchases) but at the time of payment, there's already more stuff on it from the following month. Therefore, my balance hasn't been $0 since I started. And since I pay off the bill from the previous month in full, I've never been charged any sort of interest or anything. I think that's what everyone is suggesting but using different verbiage.

Using this method, my credit score is a lil above 800.
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Old 12-22-2008, 09:01 PM   #23
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some dealers have a grad program, where although you dont have credit they still give you the opportunity to finance a vehicle, because your a recent college grad. if they dont have that try to get someone (that is willing) to co-sign for you.
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Old 12-22-2008, 09:48 PM   #24
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Basically, the conclusions that I'm drawing here are that I should have a card with a small balance that I don't pay at the end of the month. I shouldn't let that balance get very big so that the interest doesn't hurt me. Paying the interest every month is what buys me a good credit rating and improves my score.

A co-signer, if I can find one, will improve my ability to buy a Camaro because it will lower my rates. If I get a co-signer, I have to pick from very few options. What sort of benefit can I get from having a co-signer that has a similar credit status? Will it help me to have a co-signer that is my age if it is simply not an option to ask my parents or grandparents to co-sign?
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Old 12-22-2008, 09:50 PM   #25
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If you have absolutely no credit and no derogs on your bureau (charge offs from Blockbuster, the phone co, overdrafts at your bank, etc.) you may still get a loan. If you have graduated from college and are working in the field of your major, you may acquire a loan from an understanding local bank/credit union. The rate will not be the lowest, but it shouldn't be too high, either. On a tiered system A,B,C,D; it should be a B tier.

If you have a good co-signer, that would be the easiest way to go.

If you acquire a credit card or 2, that may help; but it doesn't show that you can handle $30-$40,000 over a period of time.

Without a cosigner, your college degree (with absolutely no derogs) is your strongest link if you are working "in your field."

The F&I person at your dealership may be able to help. This is one thing they get paid for, and they should have contacts at LOCAL banks and credit unions. Too often, the big players in the banking business only look at your credit bureau score. If the F&I person won't or can't help, then pursue the issue locally yourself. It"s not easy but it can be done.

In case you are wondering, I've been doing financing at a dealership for over 20 years. If you have any more questions, I'll try to help.

PS: GMAC had a college grad program as outlined above. Unfortunately, right now they are more or less out of the finance business, but that could change.
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