Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com
 
ADM PERFORMANCE
Go Back   Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com > General Camaro Forums > 5th Gen Camaro SS LS LT General Discussions


Reply
 
Thread Tools
Old 10-02-2013, 12:43 PM   #1
Therealbigrich
 
Therealbigrich's Avatar
 
Drives: 2011 1SS/RS and 2007 LT Avalanche
Join Date: Jan 2011
Location: Cheverly, Md
Posts: 127
Need a little advice on my situation

Here's the situation I went to my credit union and applied for a loan in which I got a 72 month at 12.99% up to 26 k but at that rate I'm trying to stay as low as possible. I know my credit isn't the best right now but I think the main problem is I already have 2 loans out on my avalanche and z28 Camaro so the third loan is hurting my debt to income ratio. I could either buy a V6 Camaro for under 20k while I trade in my z28 and refinance in a couple months or I could just keep waiting until next year and save then decide. Just wanted to get some opinions on what would other people do in my situation.
Therealbigrich is offline   Reply With Quote
Old 10-02-2013, 12:56 PM   #2
Revster
 
Drives: 2010 2SS/RS
Join Date: Mar 2013
Location: Cassville Wisconsin
Posts: 109
Wait my friend get caught up on your loans and build up your credit score, that interest rate is way to high.
Revster is offline   Reply With Quote
Old 10-02-2013, 01:02 PM   #3
nyrfan
Let's go Rangers!
 
nyrfan's Avatar
 
Drives: 13' AGM 2SS/RS L99
Join Date: Jun 2011
Location: Orlando, FL
Posts: 10,695
Quote:
Originally Posted by Therealbigrich View Post
Here's the situation I went to my credit union and applied for a loan in which I got a 72 month at 12.99% up to 26 k but at that rate I'm trying to stay as low as possible. I know my credit isn't the best right now but I think the main problem is I already have 2 loans out on my avalanche and z28 Camaro so the third loan is hurting my debt to income ratio. I could either buy a V6 Camaro for under 20k while I trade in my z28 and refinance in a couple months or I could just keep waiting until next year and save then decide. Just wanted to get some opinions on what would other people do in my situation.
You'd be out of you mind to take a loan like that. And if you got a 12.99% rate from a CU, you have more wrong with your credit report then DTI as DTI is not factored in on your credit score. As for doing a refi, well assuming you qualify in the future and that's risky given your currently credit situation.

Here is what the loan would look like at 20K:

Principal borrowed:
$20,000.00
Regular Payment amount:
$401.48


*Total Repaid:
$28,906.56
*Total Interest Paid:
$8,906.56
__________________
Soprano 4/1/00-6/14/11, Gone but NEVER forgotten!
FSP tuned: 377/389
nyrfan is offline   Reply With Quote
Old 10-02-2013, 01:02 PM   #4
hidden_dragon
 
hidden_dragon's Avatar
 
Drives: 2013 Camaro ZL1 Convertible
Join Date: Aug 2013
Location: Bay Area, CA
Posts: 113
Agree with Revster...12.99 is horrible!
__________________
~~~~~~~~~~~~
2013 White ZL1 Convertible

hidden_dragon is offline   Reply With Quote
Old 10-02-2013, 01:11 PM   #5
Therealbigrich
 
Therealbigrich's Avatar
 
Drives: 2011 1SS/RS and 2007 LT Avalanche
Join Date: Jan 2011
Location: Cheverly, Md
Posts: 127
Well with my current cars I bought them at higher interest rates and then refinanced to lower rates and I don't think my credit dropped that much. When I wen to apply she said it was at 586 I don't remember it being way higher before so I really don't know.
Therealbigrich is offline   Reply With Quote
Old 10-02-2013, 01:15 PM   #6
nyrfan
Let's go Rangers!
 
nyrfan's Avatar
 
Drives: 13' AGM 2SS/RS L99
Join Date: Jun 2011
Location: Orlando, FL
Posts: 10,695
Quote:
Originally Posted by Therealbigrich View Post
Well with my current cars I bought them at higher interest rates and then refinanced to lower rates and I don't think my credit dropped that much. When I wen to apply she said it was at 586 I don't remember it being way higher before so I really don't know.
586 is pretty bad these days and DTI has NO impact on that. You need to get your reports and find out what is dragging it down because it's NOT DTI.
__________________
Soprano 4/1/00-6/14/11, Gone but NEVER forgotten!
FSP tuned: 377/389
nyrfan is offline   Reply With Quote
Old 10-02-2013, 01:24 PM   #7
JTruck

 
JTruck's Avatar
 
Drives: 2014 Camaro 1LT/RS
Join Date: Sep 2013
Location: Arizona
Posts: 1,692
You would be insane to take out another loan... If you already have an avalanche and a Z28, is there really a necessity for a new camaro?

Honestly think you should save and let some time pass to figure out why you are getting such a high interest rate.
JTruck is offline   Reply With Quote
Old 10-02-2013, 01:29 PM   #8
littlereed89
 
Drives: 2010 Camaro 2SS/Rs & 77 Trans Am
Join Date: Sep 2013
Location: uxbridge,ma
Posts: 64
That interest rate is crazy. I applied for my sscamaro from usaa and they quoted me 14% then I went to hanscom credit union and they hooked me up with a 2%. If I were I would apply at a few places and compare the rates. Alot of people dont know this but when you apply for credit, u can apply ten times and it only hits your credit score once if its for one scenaria, i.e. car house ect. If it does whack it more just call the credit report company and theyll fix it. But if u cant find one with reasonable apr id hold off personally. But all depends on what you can afford and what works best with you. Best of luck, hope you can get it!
littlereed89 is offline   Reply With Quote
Old 10-02-2013, 01:34 PM   #9
jake2212

 
jake2212's Avatar
 
Drives: 2010 camaro 1ss/rs A6 Supercharged
Join Date: Jul 2012
Location: Las Vegas, NV
Posts: 1,103
Quote:
Originally Posted by Therealbigrich View Post
Here's the situation I went to my credit union and applied for a loan in which I got a 72 month at 12.99% up to 26 k but at that rate I'm trying to stay as low as possible. I know my credit isn't the best right now but I think the main problem is I already have 2 loans out on my avalanche and z28 Camaro so the third loan is hurting my debt to income ratio. I could either buy a V6 Camaro for under 20k while I trade in my z28 and refinance in a couple months or I could just keep waiting until next year and save then decide. Just wanted to get some opinions on what would other people do in my situation.
just wait until you build your credit and can get a better APR. trust me its way better in the long run. you'll be doing yourself a major favor, and it will be that much sweeter when you get the car.
__________________
Check out my build thread: Project Ultimate Street Camaro
http://www.camaro5.com/forums/showthread.php?t=378443

jake2212 is offline   Reply With Quote
Old 10-02-2013, 01:36 PM   #10
jake2212

 
jake2212's Avatar
 
Drives: 2010 camaro 1ss/rs A6 Supercharged
Join Date: Jul 2012
Location: Las Vegas, NV
Posts: 1,103
Quote:
Originally Posted by nyrfan View Post
One hundred percent FALSE!
i was under the impression you can hit it as many times within a certain time period, i.e. one month
__________________
Check out my build thread: Project Ultimate Street Camaro
http://www.camaro5.com/forums/showthread.php?t=378443

jake2212 is offline   Reply With Quote
Old 10-02-2013, 01:36 PM   #11
JR 1

 
JR 1's Avatar
 
Drives: 2014 2SS/RS Convertible
Join Date: Jun 2013
Location: Lake Orion, MI
Posts: 1,243
That interest rate is crazy. My advice is not to buy cars you can't afford. You already have two nice cars. If you really need a third you should consider something used and cheap.
JR 1 is offline   Reply With Quote
Old 10-02-2013, 01:38 PM   #12
jewel25
Nov 20, 2016
 
jewel25's Avatar
 
Drives: 2011 RJT 2LT/RS
Join Date: Apr 2011
Location: Las Vegas
Posts: 36,764
Quote:
Originally Posted by jake2212 View Post
i was under the impression you can hit it as many times within a certain time period, i.e. one month

My credit score was pulled 8 times this year and every one of those times showed up on my credit report.
__________________
jewel25 is offline   Reply With Quote
Old 10-02-2013, 01:42 PM   #13
Therealbigrich
 
Therealbigrich's Avatar
 
Drives: 2011 1SS/RS and 2007 LT Avalanche
Join Date: Jan 2011
Location: Cheverly, Md
Posts: 127
I was under the impression that you could apply for loans many times as well in a short time within a short time as well but I could be wrong. I was trading in my z28 for the newer Camaro so I wasn't going to keep all three but I think everyone is right that I should wait I just had my hopes up until I heard that interest rate. I could afford it but the fact that its almost 100 dollars more than I would have to pay just because of the interest rate really puts me off
Therealbigrich is offline   Reply With Quote
Old 10-02-2013, 01:45 PM   #14
jake2212

 
jake2212's Avatar
 
Drives: 2010 camaro 1ss/rs A6 Supercharged
Join Date: Jul 2012
Location: Las Vegas, NV
Posts: 1,103
Quote:
Originally Posted by jewel25 View Post
My credit score was pulled 8 times this year and every one of those times showed up on my credit report.
i know it would shot up, but i thought you only got dinged once
__________________
Check out my build thread: Project Ultimate Street Camaro
http://www.camaro5.com/forums/showthread.php?t=378443

jake2212 is offline   Reply With Quote
 
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 10:50 PM.


Powered by vBulletin® Version 3.8.9 Beta 4
Copyright ©2000 - 2016, vBulletin Solutions, Inc.