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Old 12-18-2012, 11:12 PM   #1
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Post whats a good credit score to get a camaro

I want to get v6 Camaro rs package but need to fix my credit
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Old 12-18-2012, 11:15 PM   #2
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Old 12-18-2012, 11:17 PM   #3
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i got had 550 when i bought my 2012 4 months ago and all i could get was a 1LS, no options. and I'm paying way too much interest. I could not get used, credit wasnt good enough, forget the rs package, you dont need any of that stuff anyway, the base car comes standard with all the basics. it's a great value for $23,000.
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Old 12-18-2012, 11:20 PM   #4
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A good credit score would be 700 or above.
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Old 12-18-2012, 11:20 PM   #5
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Originally Posted by CyberPunk223 View Post
i got had 550 when i bought my 2012 4 months ago and all i could get was a 1LS, no options. and I'm paying way too much interest. I could not get used, credit wasnt good enough, forget the rs package, you dont need any of that stuff anyway, the base car comes standard with all the basics. it's a great value for $23,000.
How much interest are you paying?
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Old 12-18-2012, 11:32 PM   #6
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I know I always get crap on this site for my opinion on this issue. However, if you are having credit problems, you probably cannot afford a Camaro. If you cannot write a check for the car you want to buy, you probably cannot afford it.
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Old 12-18-2012, 11:32 PM   #7
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I have gotten on my last few cars..

New 2012 Silverado 3.9% for 75months
New 2011 Camaro SS 4.9% for 78months
New 2012 Tahoe 4.25% for 75months
New 2013 Sonic LT 2.9% for 72months
Used 2008 Suburban 4.5% for 72months
Used 2011 Camaro SS 4.49% for 84months
Used 2009 Avalanche 4.9% for 78months
Used 2007 Suburban 5.5% for 72months

These have all been purchased within the last two years.
My credit is average (650-690)
Debt to income ratio is key....

Always have more coming in than going out, and no late payments.
You can have debt up to your ears and have perfect credit, or pay cash all your life and have a credit score of 0.
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Old 12-18-2012, 11:34 PM   #8
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I know I always get crap on this site for my opinion on this issue. However, if you are having credit problems, you probably cannot afford a Camaro. If you cannot write a check for the car you want to buy, you probably cannot afford it.
You shouldn't get crap for your opinion.
If everyone followed that logic, this site would be pretty lonely though!
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Old 12-18-2012, 11:39 PM   #9
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These have all been purchased within the last two years.
My credit is average (650-690)
Debt to income ratio is key....
It's my understanding that FICO doesn't take income into account at all (or if it does, it does so marginally). It's the debt to available credit ratio it looks at, along with payment history.
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Old 12-18-2012, 11:41 PM   #10
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Originally Posted by camaro-dreamer View Post
I know I always get crap on this site for my opinion on this issue. However, if you are having credit problems, you probably cannot afford a Camaro. If you cannot write a check for the car you want to buy, you probably cannot afford it.
This logic is insane to me haha. I see this pop up from time to time from people. I'm 29, have a credit score of 751, a good job and no debt other than student loans, car, and mortgage but I could never just pay cash for a Camaro! Who even does that??? I'd love to know the percentage of people that can actually do that, come on!

If you can pull that off, fantastic, but you can't really believe the general public should or could really follow that rule. According to that I should be riding a mountain bike as my DD lol. I could probably cut a check for one, maybe even a high end Canondale or Specialized!
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Old 12-18-2012, 11:42 PM   #11
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862...yes thats for real.I just bought my dream car(SS 1LE)2.25%
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Old 12-18-2012, 11:43 PM   #12
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I have 450/435/426, is that decent?
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Old 12-18-2012, 11:43 PM   #13
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Debt to income ratio is key....

Always have more coming in than going out
lol, mine is more like a basketball score than a ratio. I'm going to have to work on that coming in/going out thing you speak of.
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Old 12-18-2012, 11:45 PM   #14
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I have 450/435/426, is that decent?
My understanding is 700 is average.
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Old 12-18-2012, 11:49 PM   #15
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Quote:
Originally Posted by scuba264
This logic is insane to me haha. I see this pop up from time to time from people. I'm 29, have a credit score of 751, a good job and no debt other than student loans, car, and mortgage but I could never just pay cash for a Camaro! Who even does that??? I'd love to know the percentage of people that can actually do that, come on!

If you can pull that off, fantastic, but you can't really believe the general public should or could really follow that rule.
We all have differences in opinion. I have wanted a car like this since I first saw one in late 2009. At the time, I was a grad student at university and barely made enough to cover expenses. Despite how much I wanted one, I waited. I finally finished my degree in May.I have saved for the last several months. I will be purchasing a car Friday. I will do so in cash. I will always pay for my cars in cash just like I paid for my education in cash. I feel this is the most rewarding way. I do not have to worry about the ebbs and flows of the economy as they relate to my purchasing decisions.

I am glad you are comfortable with your purchasing decision. I know I will be.
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Old 12-18-2012, 11:54 PM   #16
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I own a car lot in Pittsburgh PA. and I can tell you that a very good credit score is 720 and above. That will get you the best rate. As far as paying cash for a car goes I would never do that with todays rates. I use the banks money and keep mine in case something happens I will have the money to pay it off. You have to use credit to get good credit. Sure I could of paid for my Camaro in cash but when I go to buy another house and I don't have any credit history guess what my rate on my mortgage would of been crazy. Trust me on a $350,000 mortgage the rate can save you thousands. Just saying!!!
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Old 12-18-2012, 11:56 PM   #17
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I know I always get crap on this site for my opinion on this issue. However, if you are having credit problems, you probably cannot afford a Camaro. If you cannot write a check for the car you want to buy, you probably cannot afford it.
You couldn't be more wrong on that last part. The interest rate on my Traverse is 0%. On my Camaro 1.9% Why would i hand over a lump sum for these two cars when i can earn more in interest on it and pay each month? Makes zero financial sense and is a losing proposition every time. Instead of just working for your money. Make it work for you. FREE MONEY is never a bad thing.

Quote:
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I have 450/435/426, is that decent?
That is a miserable score. No other way to put it.

The score you would need to get the best rates is typically 740+ depending on the type of credit applied for.
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Old 12-18-2012, 11:57 PM   #18
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It's my understanding that FICO doesn't take income into account at all (or if it does, it does so marginally). It's the debt to available credit ratio it looks at, along with payment history.
FICO score is a baseline for the banks to go off of. It's a report card of the past.
Their lending decision is based on available income and total risk. You can negotiate the percentage rate with most banks. Most people are not aware of this.
The banks are not doing you a favor by loaning you money!
They fight for your business, especially in difficult times. You just have to sell yourself and get the rate you deserve.
Dealerships can also "buy down" interest rates if they really need or want a sale. they send alot of business to the banks, so the banks will let a few iffy loans get the green light based on the amount of business they have gotten in the past.
The old "points" system is toned down alot from the good ole days. They are a little more honest with the rates now, but they can still wiggle them around to make a deal work.

ALL dealers will make at least $1500 on EVERY CAR they sell. Period. Once you figure out what they have in it, you can add their profit, and get a fair deal. Obviously they won't tell you this information. It's a game.
If you aren't pushing enough, you are getting taken. MSRP is for sheep.

I used to care only about the payment. Huge mistake unless you HAVE to have THAT car TODAY!
I have bought over 100 cars for personal use. (I am not a dealer)
You have to look at everything.

I could go into all the little things that cost you extra money if you are not careful.....
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Old 12-18-2012, 11:58 PM   #19
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I pay cash so I have poor credit.
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Old 12-18-2012, 11:59 PM   #20
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Quote:
Originally Posted by SSmokinSS View Post
I have gotten on my last few cars..

New 2012 Silverado 3.9% for 75months
New 2011 Camaro SS 4.9% for 78months
New 2012 Tahoe 4.25% for 75months
New 2013 Sonic LT 2.9% for 72months
Used 2008 Suburban 4.5% for 72months
Used 2011 Camaro SS 4.49% for 84months
Used 2009 Avalanche 4.9% for 78months
Used 2007 Suburban 5.5% for 72months

These have all been purchased within the last two years.
My credit is average (650-690)
Debt to income ratio is key....

Always have more coming in than going out, and no late payments.
You can have debt up to your ears and have perfect credit, or pay cash all your life and have a credit score of 0.
Why are your interest rates that high?

I got 1.75% on my Camaro for 60 months...
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Old 12-18-2012, 11:59 PM   #21
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It's my understanding that FICO doesn't take income into account at all (or if it does, it does so marginally). It's the debt to available credit ratio it looks at, along with payment history.
This is true. these factors as well as credit history and length of credit history are the main factors for a FICO score, not income. they don't care what you make for income, just how you repay. the bank on the other had takes income into consideration. FICO is just one of the tools lenders use.
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Old 12-19-2012, 12:01 AM   #22
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Angry

Student loans are killing my credit plus i paid something off in collection s and still have not taken off my credit
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Old 12-19-2012, 12:01 AM   #23
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Why are your interest rates that high?

I got 1.75% on my Camaro for 60 months...
Because those are rates for used and very long terms on the new. Longer the debt the higher the rate typically.
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Old 12-19-2012, 12:02 AM   #24
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Well I just got a 2.59% for 60 months for my new 2013 SS
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Old 12-19-2012, 12:02 AM   #25
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Why are your interest rates that high?

I got 1.75% on my Camaro for 60 months...
You did good. Mine is I think 2.3 for 60 and my credit is well into the 800's.
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