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Old 10-02-2013, 12:43 PM   #1
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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.
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Old 10-02-2013, 12:56 PM   #2
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Wait my friend get caught up on your loans and build up your credit score, that interest rate is way to high.
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Old 10-02-2013, 01:02 PM   #3
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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
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Old 10-02-2013, 01:02 PM   #4
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Agree with Revster...12.99 is horrible!
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Old 10-02-2013, 01:11 PM   #5
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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.
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Old 10-02-2013, 01:15 PM   #6
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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.
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Old 10-02-2013, 01:24 PM   #7
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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.
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Old 10-02-2013, 01:29 PM   #8
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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!
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Old 10-02-2013, 01:34 PM   #9
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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.
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Old 10-02-2013, 01:36 PM   #10
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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
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Old 10-02-2013, 01:36 PM   #11
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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.
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Old 10-02-2013, 01:38 PM   #12
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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.
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Old 10-02-2013, 01:42 PM   #13
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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
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Old 10-02-2013, 01:45 PM   #14
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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
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Old 10-02-2013, 01:49 PM   #15
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I edited my post a bit, see above. But no, that is not the case. Each pull will have an impact in some way, in fact most CU (and some prime creditors) will deny you just for having excessive pulls.
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i know it would shot up, but i thought you only got dinged once

One of the many reasons why I didn't get a loan last month. It said I had to many pulls within the last 12 months. Not sure how much it hurt my credit score, but the bank said no to giving me a loan and they said that was one of their reasons.
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Old 10-02-2013, 01:57 PM   #16
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1st why are you doing 72 months on anything? Not smart. Bite the bullet, wait another year(you've waited this long right?), fix up your credit by paying down your debt, and save up a bigger down payment. Going into debt and being upside down(finacally and not just the car) isn't smart.

Besides next year is the last year for this generation right? Save up a bigger down payment, fix your credit, and some dealer will cut price in order to make room for the next generation. If you go used the value should drop with another generation coming out and an influx of used cars on the market when people trade in. Wait.
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Old 10-02-2013, 02:00 PM   #17
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OP - listen to the replies here. 12.99% is NOT a good rate these days and the only way you will get better rates is to pay off (or at least pay down) some of your bills. Making an expensive purchase that you do not NEED is not the way to improve your credit. I know it's difficult but... be patient. Camaros will be there when you get your head a little more above water. It'll be worth the wait. Good luck.
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Old 10-02-2013, 02:31 PM   #18
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12.99 is actually a good rate with a score of 586 and 2 open auto loans.... I suggest pay off one of the open autos, hopefully by this time next year we will have a 6th gen in the pipes, drop the hammer then
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Old 10-02-2013, 02:33 PM   #19
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One of the many reasons why I didn't get a loan last month. It said I had to many pulls within the last 12 months. Not sure how much it hurt my credit score, but the bank said no to giving me a loan and they said that was one of their reasons.
I believe it's any pulls within a certain amount of days, I want to say 14. This is supposed to be how your credit score stays safe if you finance through a dealer and they "Shotgun" your info to their lienholders. All inquiries appear as 1.

OP, wait, 12.99% is horrendous and you have two nice cars, I honestly wouldn't even advise it if you didn't have any cars at all. That's a bear trap at it's finest.
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Old 10-02-2013, 02:33 PM   #20
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Soap box

I don't understand why people think it is a good idea to have incredible amounts of debt. One problem with debt is the interest that gets paid to someone else. People need to wise up, pay cash for the amount of car the can afford, then make car payments to themselves until they can afford to step up to what they want. It irks me a little when I get on this forum and see people talking about car payments, there should be only one and it happens at the time of purchase.

I understand some people would say that a car is needed and that sometimes a person doesn't have the money to pay cash. Okay, but that argument cannot be made when talking about $400-$500 a month payments, or yet one better is folks talking about making payments on a ZL1 and it is sometimes north of $800. That is ridiculous. No one can ever argue that someone needed a ZL1 and that's why they can justify financing one. If someone has to have a car and their old one has blown a motor or something, then it really doesn't need to be a Camaro, it needs to be a much cheaper, reliable automobile that they can actually set a goal of paying off quickly, and start to save up for the car they want.

Step down off box now.
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Old 10-02-2013, 02:40 PM   #21
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I don't understand why people think it is a good idea to have incredible amounts of debt. One problem with debt is the interest that gets paid to someone else.
I hear ya. I think far too many people (everywhere) have taken a Basic Economics course from our Government.
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Old 10-02-2013, 02:50 PM   #22
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My interest rate is 3.3%...
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Old 10-02-2013, 02:55 PM   #23
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You said your credit union, sounds more like a loan from a loan shark, my credit union is @1.99
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Old 10-02-2013, 03:00 PM   #24
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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.
Forget the damn car, work on your 586 credit score. Acquiring a second vehicle is the very least of your problems. Get your life in order first!

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My credit score was pulled 8 times this year and every one of those times showed up on my credit report.
Every time you apply for credit, it goes on your credit history. I'm not sure why you were getting your credit pulled so many times in a short period, but it isn't very smart!
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Old 10-02-2013, 03:03 PM   #25
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Every time you apply for credit, it goes on your credit history. I'm not sure why you were getting your credit pulled so many times it a short period, but it isn't very smart!

I know I know. I had to...kind of.

I moved into an apartment, pulled credit. Got a new job, pulled credit, had to turn on the electric in my apartment, pulled credit, bought a car, pulled credit, refianced same car, pulled credit. Then I went for a home loan and had my credit pulled several more times. I am done for the next year or two. I shouldn't be moving, getting a new job, or buying anything for the next two years.
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