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Old 01-11-2009, 04:14 PM   #1
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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.

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Old 01-11-2009, 04:36 PM   #2
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I have no expenses, so I plan to pay this car off as quickly as I can.
How do you have no expenses? Everyone has expenses.
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Old 01-11-2009, 04:38 PM   #3
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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%
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Old 01-11-2009, 04:44 PM   #4
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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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Old 01-11-2009, 04:46 PM   #5
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How do you have no expenses? Everyone has expenses.
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.
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Old 01-11-2009, 04:53 PM   #6
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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.

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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Old 01-11-2009, 05:05 PM   #7
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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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Old 01-11-2009, 05:14 PM   #8
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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 just started crying a little for the future. :bangdesk: [facepalm]
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Old 01-11-2009, 05:24 PM   #9
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Quote:
Originally Posted by FFMaro View Post
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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Originally Posted by stovt001 View Post
I just started crying a little for the future. :bangdesk: [facepalm]
No kidding. FFMaro, a car depreciates over time and eventually is worthless (unless of course you plan on keeping this car for 30-40 years). It is not an "investment". The reason it's burning your cash is because you are losing that money and in the end will have nothing to show for it. Do some research on the power of compounding interest. You could take that $8000 and turn it into hundreds of thousands with simple and safe investments. You could start a Roth IRA and grow that money tax free. You might even qualify for a 403b or 457b. Do some research and find ways to save your money first. Wait and buy a 1-year old 2010 Camaro. You will be far better off in the end for it.
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Old 01-11-2009, 05:24 PM   #10
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I just started crying a little for the future. :bangdesk: [facepalm]

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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Old 01-11-2009, 05:26 PM   #11
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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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Old 01-11-2009, 05:30 PM   #12
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No kidding. FFMaro, a car depreciates over time and eventually is worthless (unless of course you plan on keeping this car for 30-40 years). It is not an "investment". The reason it's burning your cash is because you are losing that money and in the end will have nothing to show for it. Do some research on the power of compounding interest. You could take that $8000 and turn it into hundreds of thousands with simple and safe investments. You could start a Roth IRA and grow that money tax free. You might even qualify for a 403b or 457b. Do some research and find ways to save your money first. Wait and buy a 1-year old 2010 Camaro. You will be far better off in the end for it.
Then tell me why your not preaching this to everybody on this forum?

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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Old 01-11-2009, 05:35 PM   #13
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http://money.cnn.com/2005/09/21/pf/d...ores/index.htm

key highlight:
Quote:
Don't open a number of new credit cards that you don't need. New accounts will lower your average account age, which could actually lower your score by up to 10 points.
Furthermore, every additional credit application hurts your score as lenders take it as a sign you're preparing to go shopping.

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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Old 01-11-2009, 05:44 PM   #14
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I also plan to get more cards in my name, 5 total, to help speed up the process.
This has been proven to not speed up the process as companies see 5 cards as a lack of self control. The best way to build credit is to have one credit card and always pay your bills on time. Also, I'd use the money you're making for college, savings, or an apartment rather than blow it all on the LS.

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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Old 01-11-2009, 05:46 PM   #15
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5 credit reports, 5 credit cards is the optimal amount, anymore than 5 and you appear to lenders as a risk because all of that credit is viewed as potential debt.
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Old 01-11-2009, 05:47 PM   #16
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Then tell me why your not preaching this to everybody on this forum?

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.
Go read here http://www.camaro5.com/forums/showthread.php?t=11042 and here http://www.camaro5.com/forums/showthread.php?t=11042.

I have said the same thing to two OPs plus anyone else that was reading. You know part of the reason why we are in this economic situation we are in right now? Because people are too stupid to understand what having credit and keeping good credit means. They don't understand being over-leveraged or having too high of a debt-to-equity ratio. Do you plan on moving out of the parent's house some day and buying a house of your own? If so, you want to research this stuff a little bit.

Listen, at the end of the day, you can buy whatever you want and do whatever you want. I am just giving you some food for thought based on my experiences. I bought a new car when I was younger and didn't realize until years later what a bad decision that was. I could have kept my older (used) vehicle and started saving money sooner (which means retire sooner). I am buying this car for a couple of reasons: 1. I am selling another car to help pay for the Camaro. 2. I have saved for this car for years and will not be extending my credit in order to buy it. 3. I am financially established enough that I feel comfortable doing it. However, even in my case, it is a bad use of money. Putting that $20-35k into a true investment would be a far better use of the money right now. However, this is my reward to myself for working hard and saving what I have so far. Again, you don't have to listen, but do yourself a favor and do some hard thinking about it.
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Old 01-11-2009, 05:51 PM   #17
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Dude your the one working and its YOUR money...do what you want...its nobody elses business in the 1st place
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Old 01-11-2009, 05:57 PM   #18
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This has been proven to not speed up the process as companies see 5 cards as a lack of self control. The best way to build credit is to have one credit card and always pay your bills on time. Also, I'd use the money you're making for college, savings, or an apartment rather than blow it all on the LS.

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.
Not getting a V6, waste of time. Apartment is also a waste of time and money, you will never own it. I am going to live at home and build up a good down payment on a mortgage. And the fire dept will pay for all collage expenses. In the book "Debt Cures" by Kevin Trudeau, it states that having 5 credit reports is optimal for credit building. And having only 1 card means your report could be reported to only 1 credit reporting companies, hence the reason to have more than 1 card.
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Old 01-11-2009, 06:00 PM   #19
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That author needs to be punched in the face. There is so much wrong with the above that...well I'm just going to leave before this gets too depressing...
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Old 01-11-2009, 06:01 PM   #20
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Dude your the one working and its YOUR money...do what you want...its nobody elses business in the 1st place

Exactly, I am just asking if anyone would have an idea as to how long it might take me to build enough credit history to make my purchase.
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Old 01-11-2009, 06:04 PM   #21
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Originally Posted by camaropete View Post
Go read here http://www.camaro5.com/forums/showthread.php?t=11042 and here http://www.camaro5.com/forums/showthread.php?t=11042.

I have said the same thing to two OPs plus anyone else that was reading. You know part of the reason why we are in this economic situation we are in right now? Because people are too stupid to understand what having credit and keeping good credit means. They don't understand being over-leveraged or having too high of a debt-to-equity ratio. Do you plan on moving out of the parent's house some day and buying a house of your own? If so, you want to research this stuff a little bit.

Listen, at the end of the day, you can buy whatever you want and do whatever you want. I am just giving you some food for thought based on my experiences. I bought a new car when I was younger and didn't realize until years later what a bad decision that was. I could have kept my older (used) vehicle and started saving money sooner (which means retire sooner). I am buying this car for a couple of reasons: 1. I am selling another car to help pay for the Camaro. 2. I have saved for this car for years and will not be extending my credit in order to buy it. 3. I am financially established enough that I feel comfortable doing it. However, even in my case, it is a bad use of money. Putting that $20-35k into a true investment would be a far better use of the money right now. However, this is my reward to myself for working hard and saving what I have so far. Again, you don't have to listen, but do yourself a favor and do some hard thinking about it.
awww pete your so sweet haha

im 27 saving up 20 gs for the last 3 years ive been working 2 jobs for the last 2 years and people having said the same thing to me but at the same time they understand what im doing,you only live once i workec hard last couple years and i refuse to hear anyone elses opionion if they cant hear what im saying ya know? i cant explain why im going to spend this money on a car that i know will loose its value, but i can explain that when i saw this ca 3 years ago i fell in love and i promised my self after working so hard that i would build my credit i didnt have the best back then but now all 3 of them is above 700 and as well save money every month, had a decent job the first year but i made a mistake thought i was better then what i was doing and i made a turn for the worse i do make more now butits 2 jobs,anyhow i am gonna buy this car whether i go broke or not cuz i worked 75 hour weeks for the last 2 years atleast and i need something for this hard work, you feel me? life is rough and now its even rougher but well get threw the hard times and pick back up well anyhow im getting this car no matter the situation: drinking:
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Old 01-11-2009, 06:04 PM   #22
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Not getting a V6, waste of time. Apartment is also a waste of time and money, you will never own it. I am going to live at home and build up a good down payment on a mortgage. And the fire dept will pay for all collage expenses. In the book "Debt Cures" by Kevin Trudeau, it states that having 5 credit reports is optimal for credit building. And having only 1 card means your report could be reported to only 1 credit reporting companies, hence the reason to have more than 1 card.
You are basing your financial future on one book?
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Old 01-11-2009, 06:06 PM   #23
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You are basing your financial future on one book?
No, I was just using it as an example to back up my statement.

I didn't come here to get a lesson on life, just to have a question answered.
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Old 01-11-2009, 06:07 PM   #24
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You are basing your financial future on one book?
I read a book a couple years ago telling me the only sure investment was real estate. Prices would never go down. You couldn't lose. Books are great, but you shouldn't believe everything you read.
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Old 01-11-2009, 06:07 PM   #25
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Not getting a V6, waste of time. Apartment is also a waste of time and money, you will never own it. I am going to live at home and build up a good down payment on a mortgage. And the fire dept will pay for all collage expenses. In the book "Debt Cures" by Kevin Trudeau, it states that having 5 credit reports is optimal for credit building. And having only 1 card means your report could be reported to only 1 credit reporting companies, hence the reason to have more than 1 card.
its just a book bro get maybe 3 cards charge ennough that you can pay back took me awhile to get a high credit score but there are lots of ways to do it

go to the bank take out a personal loan of like 4 gs and pay that back by the time you buy the camaro(dont spend the money just pay back the ssame money) that might help, but dont beleave in a book take it from real people
im part of a website its called myfico.com
alotta good people on there that can tell you how to get a loan
and how to build your credit etc etc
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