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Old 10-03-2012, 04:41 PM   #1
Deathmore
 
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Buying a Camaro How do I go about it? Dealers Welcome!!!

Hi everyone I am 20 years old and about to buy a new camaro. I have never bought a car before and have absolutely no credit. I am going to be putting $10,000 down and plan on getting a 2LT with RS Package, Mylink Navigation, and a automatic transmission. When I build it online it says MSRP is $32,940 so what do you think would be a fair price to actually pay for it. I am also wondering what everyone thinks the proper interest rate would be? My net income(after taxes) is around $34,000 a year and I have no bills. I would like to have the car paid off in 3 years but was thinking I should take a 5 year loan to be safe. Is this advisable? I would really like to get the 2SS in the same configuration but I told myself if my interest rates are over 8%(which i expect them to be) I would stick with the 2LT. I would really like to get a Black 2SS in that configuration for $38,000 with a 8% interest rate on a 4 year loan. Is this a unrealistic hope for a 20 year old with no credit, and a $10,000 down payment?

Thanks for reading and any help is really appreciated.

P.S. the 2SS in the configuration I want has a MSRP of $40,365
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Old 10-03-2012, 04:56 PM   #2
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Quote:
Originally Posted by Deathmore View Post
Hi everyone I am 20 years old and about to buy a new camaro. I have never bought a car before and have absolutely no credit. I am going to be putting $10,000 down and plan on getting a 2LT with RS Package, Mylink Navigation, and a automatic transmission. When I build it online it says MSRP is $32,940 so what do you think would be a fair price to actually pay for it. I am also wondering what everyone thinks the proper interest rate would be? My net income(after taxes) is around $34,000 a year and I have no bills. I would like to have the car paid off in 3 years but was thinking I should take a 5 year loan to be safe. Is this advisable? I would really like to get the 2SS in the same configuration but I told myself if my interest rates are over 8%(which i expect them to be) I would stick with the 2LT. I would really like to get a Black 2SS in that configuration for $38,000 with a 8% interest rate on a 4 year loan. Is this a unrealistic hope for a 20 year old with no credit, and a $10,000 down payment?

Thanks for reading and any help is really appreciated.
Loans today are harder to get especially someone with no credit history. If you do get one either you will be paying a higher interest rate or need a co-signer or both. Go to CreditKarma.com and get your credit score. The higher the number the better. Also it will give you an idea on how hard it will be to get a loan. If possible get you a credit union savings and checking account and see if you can go through them to get a loan. Not necessarily a car loan but a personal loan or anything. Then pay it off in a couple months to help establish credit. After you do that see if you can get a car loan through them. The Credit union is also a good resource to find out what you should be able to get the car for. Mine also provides a buyers service where you tell them what you want and they will find one and get a price for you. Then all you have to do is give the OK and they will send you the dealer info and the check. You then just basically go get the car.
I know not all this works all the time but it worked for me and when my son established his credit.
Good luck.
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Old 10-03-2012, 05:01 PM   #3
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I think you could get the loan, but will be hard for you. I've heard most dealerships dont even waste their time if your credit score is under 700. So if you do get a loan, you will have a high interest rate...

Advice for you....trust me, I have a 817 credit score....

I'd buy a car for around 15k... Put your 10k down.... Do a 3year loan on the rest... Try to pay it off in a year... Then you will have some decent credit to show...then go for the SS that you want....during that time frame (paying on your 5k loan), get a credit card and use it wisely... Don't max it out,but use it every month and pay all of it off every month, but leave a small balance.... Like 50.00... Next month,use it again... An do the same...

This is the best way to get your credit going in the right direction... Just don't be late on any payments... You'd be doing this for nothing if your late...

GL
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Old 10-03-2012, 05:07 PM   #4
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Originally Posted by kevin1106 View Post
I think you could get the loan, but will be hard for you. I've heard most dealerships dont even waste their time if your credit score is under 700. So if you do get a loan, you will have a high interest rate...

Advice for you....trust me, I have a 817 credit score....

I'd buy a car for around 15k... Put your 10k down.... Do a 3year loan on the rest... Try to pay it off in a year... Then you will have some decent credit to show...then go for the SS that you want....during that time frame, get a credit card and use it wisely... Don't max it out,but use it every month and pay all of it off every month, but leave a small balance.... Like 50.00... Next month,use it again... An do the same...

This is the best way to get your credit going in the right direction... Just don't be late on any payments... You'd be doing this for nothing if your late..

GL
Thanks for the great advice but don't you think buying a $15,000 car to build credit to lower interest rates on a $40,000 car will cost me more in the long run then the higher interest rate? Also what is considered high?
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Old 10-03-2012, 05:56 PM   #5
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go in with saying no money down and let them give you that option. once you throw all your cards out there you have nothing to fall back on. i went in telling them i wanted this this and this(knowing they wouldnt give me that) but they met in the middle where i wanted. i told them i wasnt putting any money down and i want my payments at $250/month. of course they came back hell no. but they came with the offer of put $1000 down and we can get your payments at $365/month. i actually had 5k to put down. the most i really wanted to put down was 2500 and use that difference on mods and a few months of payments. also somebody should give you there $1000 gm off as well too. i didnt use that till the end too. so that got my payments down to $340
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Old 10-03-2012, 05:56 PM   #6
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Anything over 8% is high.The last few cars I financed was at 3.9% and 4.9% which is about normal.I just financed my ZL1 at 1.49% which is really good,at Penfed.org.I always pay mine off early though,finance for 60 and pay them off in 2-3 yrs max.
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Old 10-03-2012, 06:08 PM   #7
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go in with saying no money down and let them give you that option. once you throw all your cards out there you have nothing to fall back on. i went in telling them i wanted this this and this(knowing they wouldnt give me that) but they met in the middle where i wanted. i told them i wasnt putting any money down and i want my payments at $250/month. of course they came back hell no. but they came with the offer of put $1000 down and we can get your payments at $365/month. i actually had 5k to put down. the most i really wanted to put down was 2500 and use that difference on mods and a few months of payments. also somebody should give you there $1000 gm off as well too. i didnt use that till the end too. so that got my payments down to $340
Wow man thanks I never thought of that but it definitely seems like a great idea. I definitely would have went in and told them exactly what I wanted and had. Thanks so much
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Old 10-03-2012, 06:10 PM   #8
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Originally Posted by RJ111 View Post
Anything over 8% is high.The last few cars I financed was at 3.9% and 4.9% which is about normal.I just financed my ZL1 at 1.49% which is really good,at Penfed.org.I always pay mine off early though,finance for 60 and pay them off in 2-3 yrs max.
Yes I know 8% is outrages for someone with a 800 credit score, but I just want to make sure I'm going in with realistic expectations for someone in my situation. Is it actually possible for someone in my situation to get a 3.9% rate?
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Old 10-03-2012, 06:38 PM   #9
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what color you looking at buying too. u can go used too from carmax.com that will save you couple thousand dollars too

i dont know where you live but heres a few

http://www.carmax.com/enus/search-re...b-ad86f7797263
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Old 10-03-2012, 09:16 PM   #10
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Thanks for the great advice but don't you think buying a $15,000 car to build credit to lower interest rates on a $40,000 car will cost me more in the long run then the higher interest rate? Also what is considered high?
To make it simple, I paid 38k for my car... When I get through with my loan.... I paid the bank back 45,000.00.... That's 7,000 in interest...

In your situation, you'd pay more than double that.... And that at a 4.20% interest rate...

So, to answer your question.... I'd work on my credit before I'd buy a 40k car.
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Old 10-03-2012, 09:45 PM   #11
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From what I understand, it is easier to get a loan for someone with BAD credit then someone with NO credit history. If you really have no credit history and no co-signer, your interest rate will be 10%+ at the least. My advice? Do what you want if you can afford it. It's your money, your life.
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Old 10-03-2012, 10:32 PM   #12
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1. Have a plan, go to more then one dealership
2. Know your spending limit
3. Ensure you familiarize yourself with "Interest rates"
4. Take your time when negotiating
5. Ask for incentives that dealership may offer (free oil changes for life, etc)
6. Is a co-signer an option with low credit history
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Old 10-03-2012, 11:28 PM   #13
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I started on edmunds.com. Selected 'contact dealers' and selected all dealers in my area. I was bombarded with emails. I wrote them back, telling them what car I was looking for, and said 'firm' (which I wasn't). I also mentioned that I was getting bombarded with emails from other dealers. Went to one of the dealers after he was closed, and looked at what he had on the lot. Returned the email the dealer sent out, and told him again what car I wanted. Went down to talk in person. The dealer said said he couldn't find that car - would I like to order? I said 'No - let me take this one for a drive'. We talked price, and he came in $400 below invoice. He was a nice guy. If you get a jerk, move on. I told him I'd be in the next day with a check. He asked me to put some money down - I refused. Told him I needed a night to sleep on it. The next day, I called around and found the car I had originally said I wanted (which I didn't - just a ploy). I called the 'test drive dealer' and told him I found the car I was looking for. He dropped his price another $400. I went in and bought it.

Don't tell them anything about your personal situation. The less they know the better. Make sure the price they quote includes all fees. After they quote you a price, ask them "Does that include all fees? Like advertising fees, document fees or anything else?" I also recommend you refuse ALL dealer options. They might try to snag you with a special loan payment option where you'll pay off your loan early by paying biweekly, instead of monthly. Don't take it - it's a rip off.

I know you have your heart set on that $40k car, but you can get into a V6 for half that, and mod it. I got a 1LS, put on exhaust, lowering springs, fogs, and OEM SSRS wheels and tires. Its cheaper to insure the V6 too, I believe.

Good luck, and have fun!

Last edited by horrido; 10-03-2012 at 11:41 PM.
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Old 10-04-2012, 07:24 AM   #14
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Quote:
Originally Posted by MY1STCAMAR0 View Post
1. Have a plan, go to more then one dealership
2. Know your spending limit
3. Ensure you familiarize yourself with "Interest rates"
4. Take your time when negotiating
5. Ask for incentives that dealership may offer (free oil changes for life, etc)
6. Is a co-signer an option with low credit history
I would like to add one point to this:
7. Check with your company (or neighborhood) credit union, if for no
other reason than to get the dealership to compete with the interest
rate.
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