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Old 08-11-2009, 01:14 AM   #1
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Exclamation YOUNG BUYER QUESTIONS?/ADVICE?

Hey Everyone,

After getting my motorcycle license last summer, (and my first bike) I've been looking for my first 4 wheels, and I'm absolutely in love with the 2010 Camaro.

So I've made it my goal to get one for my 21st birthday in January, and I'm really looking for any advice when it comes to getting approved for financing.

I've saved 5 thousand towards a car already, and can save another 5 before January, but obviously it's not going to be easy to get approved for a 30k vehicle with only two years of credit history.

I was wondering if anyone has any advice?
Should I speak to my bank?
a credit Union?
GM?
If I put 10k down, will that make a difference? or is it out of the question without a co-signer? (I check my credit history regularly, I have a fico score of 700)


Thanks,
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Old 08-11-2009, 02:04 AM   #2
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i would say it's likely that even with 10k down you will probably have to get a co-sign given the current state of the economy and lending in general. 4 years ago (i was 21 too) i bought a new car for a similar price with a similar downpayment and still had to get a co-sign. And at the time I had a great credit rating and a 3 year credit/loan history on a prior vehicle. It was easier to get a loan then than now.

Not sure how credit unions work in your area (they seem to vary a lot), but the ones here usually offer amazing rates compared to the regular banks and even GMAC or Ford Credit, etc - and they are usually more willing to make loans. If you look around enough, you may find a credit union that offers special deals for first time auto buyers (some do this for auto and home buyers).

In the end the best thing you can do is lots of research. Check with your bank (ask to speak with their auto-loan agents). Be sure to mention you're a first time buyer to see if they have any special rates or what-not. And be willing to look to other banks / credit unions if they offer better rates / approval chances. You could likely have them run you through a pre-approval process to see how much of a loan you would qualify for (with and without a co-sign). That would give you some good numbers to know how much of a downpayment you're going to need at a minimum to A) get approved and B) get the monthly payments where you want them. Also, when you're checking around, find out if the bank/credit union offers lower rates if you have open checking accounts, etc with them. My credit union gives you 0.1% off the base loan rate for having a checking account, another for having a savings account, another for direct payroll deposit, another for having another loan with them, etc up to a max of 0.6% off the rate which can be huge.

Also, maybe I'm misinformed on this...but be careful about how frequently you run credit checks on yourself (especially the ones you have to pay for)...but I've heard that lots of inquires of your credit history can actually lower your credit rating since it's assumed that lots of inquires = lots of spending / loans.

Anyhow, good luck with whatever you end up doing. You seem to be off to a good start trying to save money to make a good sized downpayment vs. trying to pull off a full finance with $600+ monthly payments!
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Old 08-11-2009, 02:18 AM   #3
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You'll probably need a co-signer. I have an A+ credit score and they wanted me to get a co-signer (I ended up swindling into a loan that didn't need one, boooya!). It was simply because it was my first car/first big investment under my own name.
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Old 08-11-2009, 02:35 AM   #4
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You will probably need the co-signer, like they said. I would check with a local credit union first, they usually have the best rates and sometimes you actually get to talk to a loan officer, not just put your info in a computer system.
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Old 08-11-2009, 08:52 AM   #5
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Originally Posted by camaroguyBC View Post
Also, maybe I'm misinformed on this...but be careful about how frequently you run credit checks on yourself (especially the ones you have to pay for)...but I've heard that lots of inquires of your credit history can actually lower your credit rating since it's assumed that lots of inquires = lots of spending / loans.
This IS a true statment, and a fact. I was told this by more than one loan officer whom I know personally.
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Old 08-11-2009, 11:41 AM   #6
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Well.....AS far as the actual BUYING of the car, not so much the financing, make sure the dealer KNOWS you know your sh*t. If he thinks you just wanna waltz on in and buy the camaro, he might give you some BS about it or try to add something. Walk in, and first thing off, say "How many allocations do you have for the 2010 Camaro, and how many people are infront of me at 1100?" Then they'll know you mean business
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Old 08-11-2009, 01:14 PM   #7
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Well.....AS far as the actual BUYING of the car, not so much the financing, make sure the dealer KNOWS you know your sh*t. If he thinks you just wanna waltz on in and buy the camaro, he might give you some BS about it or try to add something. Walk in, and first thing off, say "How many allocations do you have for the 2010 Camaro, and how many people are infront of me at 1100?" Then they'll know you mean business
TRUE STATMENT, and he might, just might treat youy differently. He will know you are educated on the process.
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Old 08-11-2009, 01:23 PM   #8
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I'd work with your bank. GM is out of the question because their rates are to high. W/700 credit score and your job history you might need a co-signer. Check first with the bank. Mine really worked with me. Of course I had 22,000 down.
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Old 08-11-2009, 01:51 PM   #9
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I may be a fuddy duddy, but I'd say, work, live and give it a few years! Get one used in a couple years so that you aren't tied down to a restrictive payment that sucks up your entire income. Let a new car be something to look forward to in your future life. Go to college, save!

When I was 20, I was in the Air Force. The last thing on my mind was buying a 'new corvette'. Get a house, get some equity and don't 'invest' in a car which will be essentially worthless in 8 years. When you are older, find comfort in being able to buy a nice, new car that you can easily afford. If you do it now, wht is there to look forward to in life?

Get a late model newER vehicle and enjoy life without the stress of a huge car payment...

Sorry for being 'old' sounding... but you learn lessons with experience...
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Old 08-11-2009, 02:10 PM   #10
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I may be a fuddy duddy, but I'd say, work, live and give it a few years! Get one used in a couple years so that you aren't tied down to a restrictive payment that sucks up your entire income. Let a new car be something to look forward to in your future life. Go to college, save!

When I was 20, I was in the Air Force. The last thing on my mind was buying a 'new corvette'. Get a house, get some equity and don't 'invest' in a car which will be essentially worthless in 8 years. When you are older, find comfort in being able to buy a nice, new car that you can easily afford. If you do it now, wht is there to look forward to in life?

Get a late model newER vehicle and enjoy life without the stress of a huge car payment...

Sorry for being 'old' sounding... but you learn lessons with experience...
From another old fart ..... I'd agree ... A car is not a good investment when your young, because you will never get your money out of it. If it were me I would invest the money in a house, right now is a buyers market for houses. If I had it to do over again I would go for a house before a car any day. But your young and just see the car now for what it is, and the chicks that go with it ....Either way you will need a co-signer due to the lack of history ... Good Luck !!!
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Old 08-11-2009, 02:58 PM   #11
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From another old fart ..... I'd agree ... A car is not a good investment when your young, because you will never get your money out of it. If it were me I would invest the money in a house, right now is a buyers market for houses. If I had it to do over again I would go for a house before a car any day. But your young and just see the car now for what it is, and the chicks that go with it ....Either way you will need a co-signer due to the lack of history ... Good Luck !!!

Not an "Old Fart" although I do fart once in a while. Kidding aside, if you listen to the last two posts from Slingshot and Hi ofcr, you will be benefitting from, I'm guessing, 40+ years of hard experience. I couldn't have given you better advice. Don't tie yourself with a note for a new car at your age. If you put 50% down, I might think different. Be smart!
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Old 08-11-2009, 08:16 PM   #12
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I just turned 15 and my dad is buying me an 2SS/RS
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Old 08-11-2009, 11:23 PM   #13
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No offense, but that is foolish...

I'm a big fan of giving my kids a CRAPPY/ safe car as a kid and they can EARN their way through life rather than spoon it to them...
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Old 08-11-2009, 11:29 PM   #14
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I got mine at 21. 20k down though. The rest financed through a credit union at 5.29. 360 a month payments.
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Old 08-12-2009, 12:55 AM   #15
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I don't completely understand old farts and their obsession with the past. If you had to do it over again im pretty confident it would result in the same exact decision. After all, seeing as how you are currently saying it is a bad investment to buy a new Camaro and a wiser choice is to buy a house, why are YOU not buying a house??.......If you only lived to invest in things, whats the point if you can't buy things to enjoy life? Lets face it, it never ends, you could be investing,investing,investing, but if you don't spend money to enjoy life their is no point.
Instead of saying buying a new car is not a good investment when your young.
Lets change that around to say reality and buying a new car is never a good investment because they all become worthless in 10 years.
You old farts can try and rationalize your decisions all you want but facts are facts, buying a new car is always a poor investment no matter what age.
On the other hand, just like you, i may not live much longer, we are all only here for a short time, so live life and enjoy it no matter what life brings your way. Old or Young, we all have issues we are dealing with even though they may not be the same.
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Old 08-12-2009, 01:16 AM   #16
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I don't completely understand old farts and their obsession with the past. If you had to do it over again im pretty confident it would result in the same exact decision.
Not just "old farts"...people in general have this tendency.

I'm 25. 4 years ago I bought my first new car. My dad did me a favor and made me do a sales pitch to him on why I thought I could pull it off financially (the amount I learned about money management in that little game was amazing) before he would co-sign because he was an "old fart" who grew up in a different time, and thought it was a "Stupid investment." In the end, he realized that I wasn't a "normal" 21-year old and, while certainly not a wise "long-term investment," (as stated in earlier posts - it never is) he realized i wasn't placing myself in any financial jeopardy, and that i worked hard for what i wanted.

In the last 18 months I've gotten engaged and married, bought a new house and all the stuff that goes with buying a new house, bought a 6-mo old used suv for my wife, and lots of other things. Is it conventional to do all that by 25. Probably not. But I also work 3 essentially full time jobs (I'm a damn good multitasker) that each pay me well enough that I could do only one and get by just fine. That's not conventional either, but it works for me (and probably qualified me as a work-a-holic but I digress). I manage our money like nobodys business through savings and investments, and in the end I choose to reward myself for the hard work with the occasional big purchase (ie: a new camaro).

In a nutshell what I'm saying is that everyones situation (financially and otherwise) is unique. So long as the individual has thought through all the potential ramifications of the decision, who gives a damn if they're 65 or 16. For people to climb on the almighty horse and shout that someone elses approach is wrong simply because it doesn't fit their personal circumstances is a bit naive. To encourage someone to think their decision through very carefully is one thing (and probably a valuable hint), but to toss it completely aside as a dumb decision seems a tad unfair.

It's his money. He's earned it. As long as he can truly afford the decision and not place himself in financial strain to do it, I say ENJOY YOUR NEW CAR!
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--8/12/09 11:30am - departed Oshawa CSX
--8/13/09 11:04pm - arrived at CSX/UP Interchange - Proviso, IL - 200 miles to go!
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Old 08-12-2009, 10:30 AM   #17
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Not just "old farts"...people in general have this tendency.

I'm 25. 4 years ago I bought my first new car. My dad did me a favor and made me do a sales pitch to him on why I thought I could pull it off financially (the amount I learned about money management in that little game was amazing) before he would co-sign because he was an "old fart" who grew up in a different time, and thought it was a "Stupid investment." In the end, he realized that I wasn't a "normal" 21-year old and, while certainly not a wise "long-term investment," (as stated in earlier posts - it never is) he realized i wasn't placing myself in any financial jeopardy, and that i worked hard for what i wanted.

In the last 18 months I've gotten engaged and married, bought a new house and all the stuff that goes with buying a new house, bought a 6-mo old used suv for my wife, and lots of other things. Is it conventional to do all that by 25. Probably not. But I also work 3 essentially full time jobs (I'm a damn good multitasker) that each pay me well enough that I could do only one and get by just fine. That's not conventional either, but it works for me (and probably qualified me as a work-a-holic but I digress). I manage our money like nobodys business through savings and investments, and in the end I choose to reward myself for the hard work with the occasional big purchase (ie: a new camaro).

In a nutshell what I'm saying is that everyones situation (financially and otherwise) is unique. So long as the individual has thought through all the potential ramifications of the decision, who gives a damn if they're 65 or 16. For people to climb on the almighty horse and shout that someone elses approach is wrong simply because it doesn't fit their personal circumstances is a bit naive. To encourage someone to think their decision through very carefully is one thing (and probably a valuable hint), but to toss it completely aside as a dumb decision seems a tad unfair.

It's his money. He's earned it. As long as he can truly afford the decision and not place himself in financial strain to do it, I say ENJOY YOUR NEW CAR!
Man, chill out. I don't think anyone said it was a dumb idea. The OP asked for simple advice, so some of us gave him our opinion. If he didn't want us to be honest then don't ask. If he is comfortable with a $700/mo car payment, then let it rip. Someone wanting to finance $30,000 that has the means to handle it is one thing. It's my opinion that someone who wants to finance $30,000 but can't have it without someone else co-signing for it is another.
You sound smart enough to believe not every 20 year old is likely as financially savy as you may be.
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Old 08-12-2009, 11:05 AM   #18
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I don't completely understand old farts and their obsession with the past. If you had to do it over again im pretty confident it would result in the same exact decision. After all, seeing as how you are currently saying it is a bad investment to buy a new Camaro and a wiser choice is to buy a house, why are YOU not buying a house??.......If you only lived to invest in things, whats the point if you can't buy things to enjoy life? Lets face it, it never ends, you could be investing,investing,investing, but if you don't spend money to enjoy life their is no point.
Instead of saying buying a new car is not a good investment when your young.
Lets change that around to say reality and buying a new car is never a good investment because they all become worthless in 10 years.
You old farts can try and rationalize your decisions all you want but facts are facts, buying a new car is always a poor investment no matter what age.
On the other hand, just like you, i may not live much longer, we are all only here for a short time, so live life and enjoy it no matter what life brings your way. Old or Young, we all have issues we are dealing with even though they may not be the same.

For us older guys what we are saying is learn from our mistakes. If your young and have 20K to put down on a car, there are wiser things you can do with your money. The investing in a house was just a suggestion, that will give you a return on your money. But hey.... what do I know, it's your money... BTW.... I have 2 places in Florida and am retired and doing just fine Thank You ....
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Old 08-12-2009, 02:10 PM   #19
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Good luck to you!
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