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Old 02-05-2009, 11:30 AM   #1
Zabo
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How does I do teh car loan?

If you didn't understand my caturday engrish already, I ask of those elder Camaro5'ers to riddle me this;

How exactly did you go about getting your loan for a 5th gen, and also from experience what would you say would be the best way for a 22 year old College grad like myself to get a loan. Cosigning isn't a problem for me, if the need arose due to my parents fully supporting me on this. I want to get a second opinion on this outside of them and the family and I thought that since we have a bunch of members that are also car dealers/salemen, I could get help here.

TLDR: I need a second opinion about the general process of getting a car loan and which is the best way to do it.

Sooo:

Budget for payments would be something I'd like to keep in the mid 300s and I don't mind keeping the loan going past 60 months. This Camaro is staying me for the forseeable future be it hell or high water.
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Old 02-05-2009, 11:43 AM   #2
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Hay - I traveled to Kalamazoo for business last week for the first time! (Pfizer plant) What a mamoth airport you have.
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Old 02-05-2009, 11:48 AM   #3
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You think that one's big, you should see the one I'm sitting at right now. Battle Creek International Airport. Home of the #2 Duncan FBO, The Battle Creek ANG, and Western Michigan's College of Aviation.

IIRC there's a 10,000 foot runway for the A-10 ANG base. If only I could get my guard and tower buddies to allow me to make a run with the Camaro down the strip..
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Old 02-05-2009, 11:50 AM   #4
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You think that one's big, you should see the one I'm sitting at right now. Battle Creek International Airport. Home of the #2 Duncan FBO, The Battle Creek ANG, and Western Michigan's College of Aviation.

IIRC there's a 10,000 foot runway for the A-10 ANG base. If only I could get my guard and tower buddies to allow me to make a run with the Camaro down the strip..
Who do I need to write a letter to in order to help you get the opportunity?!!
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Old 02-05-2009, 11:53 AM   #5
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what Camaro are you looking at? Do you have a down payment? What is your credit history? There are lots of loan calculators out there that will help you determine your loan payment with different rates. I'm about the same as you (22, college grad) and am fully expecting to need my father to cosign with me. I'm also getting a 2SS, so my payments are going to be around $500/mo or so.


Also, I herd u liked mudkipz?
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Old 02-05-2009, 11:54 AM   #6
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I doubt they'd let me do it in all reality, but if the Battle Creek Air Show comes around, and I put a proposal forward for fun..who knows. Western does hold quite a bit of clout here being 1/3 of the whole airport. Duncan being another 1/3 and the ANG holding the rest.

As for my Camaro: 1SS M6 with Neutral Cloth. Nothing fancy. Downpayment's expected to be in the 2K range. Could be more if I wind up getting cash for a graduation present. I have no clue as to my credit history so I don't think I'm going to go without a Cosigner on this one (as already stated cosigning can be arranged). I have looked at a bunch of loan calculators and have gotten payments down to 350/mo but I need to fine tune what rate I can be expecting from a bank/dealership.
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Old 02-05-2009, 11:57 AM   #7
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Quote:
Originally Posted by Zabo View Post
If you didn't understand my caturday engrish already, I ask of those elder Camaro5'ers to riddle me this;

How exactly did you go about getting your loan for a 5th gen, and also from experience what would you say would be the best way for a 22 year old College grad like myself to get a loan. Cosigning isn't a problem for me, if the need arose due to my parents fully supporting me on this. I want to get a second opinion on this outside of them and the family and I thought that since we have a bunch of members that are also car dealers/salemen, I could get help here.

TLDR: I need a second opinion about the general process of getting a car loan and which is the best way to do it.

Sooo:

Budget for payments would be something I'd like to keep in the mid 300s and I don't mind keeping the loan going past 60 months. This Camaro is staying me for the forseeable future be it hell or high water.
You're talking about getting a loan from a bank right? Just go around to your local banks and ask for the paperwork to get prequalified for a new car loan. Please note however that in most cases it takes 2-4 weeks to be approved and it's good just for 90 days. Most banks won't give you the money for a new car loan until the car actually arrives and the dealer gives the bank the information.
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Old 02-05-2009, 12:05 PM   #8
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As for my Camaro: 1SS M6 with Neutral Cloth. Nothing fancy. Downpayment's expected to be in the 2K range. Could be more if I wind up getting cash for a graduation present. I have no clue as to my credit history so I don't think I'm going to go without a Cosigner on this one (as already stated cosigning can be arranged). I have looked at a bunch of loan calculators and have gotten payments down to 350/mo but I need to fine tune what rate I can be expecting from a bank/dealership.
How are you getting it down to $350 range with just $2,000 down on a 1SS? The average APR right now is around 5-6%. On a 72 month loan (the longest that I've seen any bank offer) with 5% APR and $2k down is $500 a month. To get a 72 month loan down to below $350 a month it takes $10,000 for a down payment. On a 60 month loan it'll take at least $15,000 down payment. Even with 0% apr (which you will not get) a 72 month loan and $2k down is still roughly $450 a month.

I'm getting a 2SS and with $15k down, 5.75% apr on a 60 month loan my payments are going to be $370 a month.
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Old 02-05-2009, 01:12 PM   #9
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Ah, redid it and found my mistake. Depending on who's credit they'd use to set the rate this could get interesting. Cosigning would probably not make any diff, correct? They'd still probably give me 10-15% APR just because I'm a recent grad.

Incidentally, I also plan to use the GM College Discount, so if I did do it through GMAC, could that help? Anyone else use the GMCD or GMAC?
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Old 02-05-2009, 01:22 PM   #10
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Quote:
Originally Posted by Zabo View Post
Ah, redid it and found my mistake. Depending on who's credit they'd use to set the rate this could get interesting. Cosigning would probably not make any diff, correct? They'd still probably give me 10-15% APR just because I'm a recent grad.

Incidentally, I also plan to use the GM College Discount, so if I did do it through GMAC, could that help? Anyone else use the GMCD or GMAC?
the gm college discount doesnt really make a difference to GMAC.

cosigning allows people with bad/no credit to upgrade thier credit by leeching score from the cosigner. so who ever has the high score will be the person its based on.
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Old 02-05-2009, 01:46 PM   #11
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Ah, redid it and found my mistake. Depending on who's credit they'd use to set the rate this could get interesting. Cosigning would probably not make any diff, correct? They'd still probably give me 10-15% APR just because I'm a recent grad.

Incidentally, I also plan to use the GM College Discount, so if I did do it through GMAC, could that help? Anyone else use the GMCD or GMAC?
The college discount will only reduce the monthly payment by $15-$20. Most likely you'll find a better rate from a bank then from GMAC. If you get 10% apr you can forget about getting anywhere near your limit of mid $300's. Even with the college discount you'll still need atleast $10k down if you want the payments to be within that range.
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Old 02-05-2009, 03:28 PM   #12
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So more realistically I'm looking at $500/mo if I had my dad cosign on the loan for me (which he said he'd do since I do not have and refuse to get a credit card). What I'm tracking here is this, then:

$30,995.00 + ~$850.00 Dest + 1,938.00 tax + ~$100.00 Tax/Title = ~$33,883.00

10K Down = $23,883.00 Loan.

$500/mo x 72mo = $36,000 repaid in full by 6 years including interest.

This..is gonna be fun. :S
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Old 02-05-2009, 03:35 PM   #13
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if you refuse to get a credit card, you will never have a good credit score and can kiss any good rates on a mortgage on a house down the road goodbye
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Old 02-05-2009, 03:50 PM   #14
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if you refuse to get a credit card, you will never have a good credit score and can kiss any good rates on a mortgage on a house down the road goodbye
Great.. now I'm gonna have to deal with Visa with my Nat'l City Card (technically not a Credit Card) AND another Credit company. Not cool and something I wanted to avoid.

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Old 02-05-2009, 03:52 PM   #15
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Just because you have a credit card doesn't mean you have to go into debt or pay any interest or fees. I've had credit cards for a few years now (since I was a soph in college) and never paid any more than the good was worth. Well except international fees... no way around that as even most banks charge those.
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Old 02-05-2009, 07:38 PM   #16
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Hay - I traveled to Kalamazoo for business last week for the first time! (Pfizer plant) What a mamoth airport you have.
Pfizer- The drug company that creates drugs that create illnesses to cure illnesses. Off topic, I know.
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Old 02-05-2009, 09:03 PM   #17
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(which he said he'd do since I do not have and refuse to get a credit card)
I'm the same way. I refuse to get a credit card however I've been looking around and some banks offer a credit card though them. Like one of them around here, you put however much you want on it each year like you would a gift card (say $500 a year), every time you use the card it takes the money that you put on the card. It has no apr, no monthly payments and it builds your credit like a normal credit card but yet acts like a gift card. Another bank here you set up a credit account (similar to a checking account in every way except you don't have checks) and every time you use the card it deducts from your credit account. Again they offer no apr, no monthly payments and builds credit but acts like a debit card you would have gotten from a checking account.
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Old 02-05-2009, 09:05 PM   #18
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if you refuse to get a credit card, you will never have a good credit score and can kiss any good rates on a mortgage on a house down the road goodbye
Not necessarily, I don't have a credit card and have no credit score nor record. I'm in the process of buying a house and I'm getting rates between 6-7%.
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Old 02-05-2009, 09:47 PM   #19
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I'm the same way. I refuse to get a credit card however I've been looking around and some banks offer a credit card though them. Like one of them around here, you put however much you want on it each year like you would a gift card (say $500 a year), every time you use the card it takes the money that you put on the card. It has no apr, no monthly payments and it builds your credit like a normal credit card but yet acts like a gift card. Another bank here you set up a credit account (similar to a checking account in every way except you don't have checks) and every time you use the card it deducts from your credit account. Again they offer no apr, no monthly payments and builds credit but acts like a debit card you would have gotten from a checking account.
If you do that your basically lending your bank your money interest free until you use it. Just get a card, buy small items or stuff you regularly buy like food or gas and then just pay it off when you get the bill.
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