Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com
 
TireRack
Go Back   Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums - Camaro5.com > General Camaro Forums > Camaro Price | Ordering | Tracking | Dealers Discussions

Camaro Price | Ordering | Tracking | Dealers Discussions Discuss pricing and ordering experiences.

Reply
 
Thread Tools
Old 09-02-2009, 04:25 PM   #1
iyam_lorne
 
iyam_lorne's Avatar
 
Drives: '94 Grand Prix SE
Join Date: Aug 2009
Location: canada
Posts: 174
How many got their new camaro finance without a co sign?

When i went to inquire about financing a 1Lt camaro they said i couldnt without a co sign and ive had a credit card for years and pay it off every month. how many of you got the car without needing a co sign? probably just me cause im only 24
__________________

ABM(changed to SIM) 1LT Automatic w/RS, polished alum, conv&conn pkg - May 1, 2010
iyam_lorne is offline   Reply With Quote
Old 09-02-2009, 04:26 PM   #2
ssump29
LOL at most people here.
 
ssump29's Avatar
 
Drives: 2005 GTO,2006 M6, 2007 300 Touring
Join Date: May 2009
Location: MI
Posts: 1,329
well your age shouldn't have been the problem. If all you have is one credit card and nothing else that goes on your credit report, I take it that you just don't have enough credit history to warrant such a purchase.
__________________
Number 5952. oh yeahhhhhhh
ssump29 is offline   Reply With Quote
Old 09-02-2009, 04:27 PM   #3
5thGenCamaroChick
Hey y'all :)
 
5thGenCamaroChick's Avatar
 
Drives: Rosalee
Join Date: Jul 2009
Location: Southeast TN
Posts: 439
I've actually been told that it's better for your credit score to leave a small balance on your card rather than pay it off each month, although I can't remember exactly why. Ask around. No co-signer here though.
__________________
"Are you picking up what I'm laying down? Can you dig what I'm growing?"
5thGenCamaroChick is offline   Reply With Quote
Old 09-02-2009, 04:29 PM   #4
chrisinlittlerock

 
chrisinlittlerock's Avatar
 
Drives: 2010 Camaro/08 Tundra
Join Date: Feb 2009
Location: Little Rock Arkansas
Posts: 797
810 credit score thanks to my wife. When I married her I couldn't finance bubble gum. Thanks babe!!!!
__________________
Rally Yellow 2SS/RS with Custom painted Black Rally Stripes, Heritage grill, Corsa cat backs with x pipe, CAI.
Delivered: 8/18/09!!!!Yes!!!!
"This is CHEVY country. On a quiet night you can hear a Ford rust."
chrisinlittlerock is offline   Reply With Quote
Old 09-02-2009, 04:31 PM   #5
JeffreyRyansGirl
 
Drives: 2LT RS in Summit White
Join Date: Aug 2009
Location: Moore, OK
Posts: 42
Could be that you dont have ENOUGH lines of credit ie mortgage, other car loans, school loans....they want to see a mix of various types of credit as well as a high overall limit. Also it could be your income. I can only get approved to a certain amount based on my income so that is probably a factor as well.
__________________
3300: 8/24/09 order scheduled for production (took over an order that someone let go)
3400: 8/24/09 order broadcast
3800: 8/26/09 2G1FC1EV0A9140349
4000: 8/27/09 available to ship
4200: 8/28/09 shipped via CSX rail ETTX802846
4300: intermediate delivery
4800: bayed
5000: delivered to dealership
6000: delivered to customer
JeffreyRyansGirl is offline   Reply With Quote
Old 09-02-2009, 04:31 PM   #6
cab2g
love. my. car.
 
cab2g's Avatar
 
Drives: 2011 2SS/RS
Join Date: Jul 2009
Location: Chicago
Posts: 3,385
You shouldn't need a co-signer if you have a low enough documented debt to income ratio and there are no negative marks on your credit report. If you have only had a credit card with a low limit (under 5,000) and no other larger loans that were on your report, some creditors may also want a co-signer. A credit history of under 7 years will lower your score, but I wouldn't think enough to require a co-signer.
__________________
cab2g is offline   Reply With Quote
Old 09-02-2009, 04:31 PM   #7
WySS
 
WySS's Avatar
 
Drives: 2010 Camaro 2SS RS M6 CGM A9125214
Join Date: Jun 2009
Location: So Cal
Posts: 155
I bought my first car at 18 without a co signer, I'm now 26 and on my 6th financed car and didnt require a cosigner for any of them.
WySS is offline   Reply With Quote
Old 09-02-2009, 04:31 PM   #8
ssump29
LOL at most people here.
 
ssump29's Avatar
 
Drives: 2005 GTO,2006 M6, 2007 300 Touring
Join Date: May 2009
Location: MI
Posts: 1,329
Quote:
Originally Posted by 5thGenCamaroChick View Post
I've actually been told that it's better for your credit score to leave a small balance on your card rather than pay it off each month, although I can't remember exactly why. Ask around. No co-signer here though.
Yeah thats not exactly true, what you want to do is leave your credit card or any account OPEN whether you have a balance or not. What that does is establish a credit history age. Leaving a small balance or any balance won't help you but depending on how much of the balance is used against the credit approved could hurt you.
__________________
Number 5952. oh yeahhhhhhh
ssump29 is offline   Reply With Quote
Old 09-02-2009, 04:34 PM   #9
ahart04
most bang for your buck
 
ahart04's Avatar
 
Drives: 2010 2SS/RS CGM/BLK RALLYS
Join Date: Jun 2009
Location: Austin
Posts: 653
im 23 and i got up to 36000 @ 5.7% for 72mos.
i've got a few lines of credit all with successful histories. i had a credit score of 721.

what's best for your credit score is this: on-time payments.

thats why it's good to have a balance rather than 0$ on your credit card-->so you can make another on-time payment at the end of the next month. if you have 0$ on it, you can't make a payment. the more payments you have, the better.

edit- btw i'm a first time buyer. no hassle from University Federal Credit Union.
__________________
2G1FT1EW8A9142133 Delivered to me 09/22/09!
ahart04 is offline   Reply With Quote
Old 09-02-2009, 04:35 PM   #10
Chevyrocker
Weekend Rockstar
 
Chevyrocker's Avatar
 
Drives: Depends on the day...
Join Date: Mar 2008
Location: West Palm Beach
Posts: 1,445
It's because you're a first time buyer. They have first time buyer programs, but they require 2+ years at the same job, a stellar debt to income ratio, 2+ years at teh same address and a significant down payment. Most of the time, they want it to be on cars like the Cobalt or Aveo, or something under $18,000 unless you have a huge down payment. Banks are still pretty tight right now, so just save up some money, and go back and get your car.
__________________
Shortcuts can slow you down...
Chevyrocker is offline   Reply With Quote
Old 09-02-2009, 04:54 PM   #11
cab2g
love. my. car.
 
cab2g's Avatar
 
Drives: 2011 2SS/RS
Join Date: Jul 2009
Location: Chicago
Posts: 3,385
Quote:
Originally Posted by ssump29 View Post
Yeah thats not exactly true, what you want to do is leave your credit card or any account OPEN whether you have a balance or not. What that does is establish a credit history age. Leaving a small balance or any balance won't help you but depending on how much of the balance is used against the credit approved could hurt you.
But you have to use your credit card at least once a year or else the creditor may decide to close your account due to inactivity. That happened to me a few months ago on my first CC I got when I was 18 :( I was so sad to see it go. Not really.
Quote:
Originally Posted by ahart04 View Post
what's best for your credit score is this: on-time payments.

thats why it's good to have a balance rather than 0$ on your credit card-->so you can make another on-time payment at the end of the next month. if you have 0$ on it, you can't make a payment. the more payments you have, the better.
This actually is not true. I'm not trying to butt heads here, but if you pull your credit report, whether or not you have a balance each month or make a payment is not important. It will show "OK" for each month that was paid on time or there was $0 balance. I have a few CCs:
one I used to pay for necessary home repairs, this one has a monthly balance being paid off
one I use for the dividend rewards that I pay off completely every month
and another for no really good reason, maybe emergencies, I guess which has a $0 balance (it stays in a safe)

I pulled my credit report and for all 3 cards it showed "OK" for every month. Even the one without a balance. There is no differentiation between the three. The only negative factor that showed up was a high balance to credit ratio on my dividend card because It was using up 40% of the available credit that particular month.
__________________
cab2g is offline   Reply With Quote
Old 09-02-2009, 04:58 PM   #12
Iwantone2
Voice Of The Voiceless
 
Iwantone2's Avatar
 
Drives: CGM 1SS RS
Join Date: Feb 2009
Location: OC Cali
Posts: 9,728
I didn't need a co-signer, first-time buyer, 25 yrs old. All that shows up on my reports are two cc's (which had a balance of 14K on them last year but were paid off this year ). My credit score was 828 when i bought my car
__________________
Iwantone2 is offline   Reply With Quote
Old 09-02-2009, 04:58 PM   #13
Rikarus
I can't tpye!
 
Rikarus's Avatar
 
Drives: 2010 RS/SS Victory Red
Join Date: Jun 2009
Location: Denver
Posts: 581
if it's your only card, and you don't have any other types of loans or credit history to follow they are gonna say you have enough of a established credit history.
Rikarus is offline   Reply With Quote
Old 09-02-2009, 05:00 PM   #14
ahart04
most bang for your buck
 
ahart04's Avatar
 
Drives: 2010 2SS/RS CGM/BLK RALLYS
Join Date: Jun 2009
Location: Austin
Posts: 653
Quote:
Originally Posted by cab2g View Post
But you have to use your credit card at least once a year or else the creditor may decide to close your account due to inactivity. That happened to me a few months ago on my first CC I got when I was 18 :( I was so sad to see it go. Not really.

This actually is not true. I'm not trying to butt heads here, but if you pull your credit report, whether or not you have a balance each month or make a payment is not important. It will show "OK" for each month that was paid on time or there was $0 balance. I have a few CCs:
one I used to pay for necessary home repairs, this one has a monthly balance being paid off
one I use for the dividend rewards that I pay off completely every month
and another for no really good reason, maybe emergencies, I guess which has a $0 balance (it stays in a safe)

I pulled my credit report and for all 3 cards it showed "OK" for every month. Even the one without a balance. There is no differentiation between the three. The only negative factor that showed up was a high balance to credit ratio on my dividend card because It was using up 40% of the available credit that particular month.

what's good for your credit isn't necessarily going to show up on your 'report'.
and just because it doesn't, that doesn't mean that it's untrue. it is true that when a bank evaluates you for a loan, they take a wide array of things under consideration. what i stated, was one of them. sure it may not be differentiated on your credit report. but the thousands of credit report companies aren't banks, and they're not loaning you the money.
__________________
2G1FT1EW8A9142133 Delivered to me 09/22/09!
ahart04 is offline   Reply With Quote
Old 09-02-2009, 05:01 PM   #15
Killer Bee
 
Killer Bee's Avatar
 
Drives: 2SS/RS, IOM/IOM Interior, SR
Join Date: Jul 2009
Location: Tucson, Arizona
Posts: 95
Just pay cash, it makes it easier.
__________________
Killer Bee

2SS/RS, IOM/IOM, LS3, Sunroof, Carbon Fiber Hood & Rear Spoiler,
Ram Air, Electric Cutouts & Megan Fox in the Passenger Seat

9/10/09: Delivered!
Killer Bee is offline   Reply With Quote
Old 09-02-2009, 05:03 PM   #16
iyam_lorne
 
iyam_lorne's Avatar
 
Drives: '94 Grand Prix SE
Join Date: Aug 2009
Location: canada
Posts: 174
That was with a $10,000 down which i plan to have by spring, they say i need a co signer. so im hoping my parents have good enough credit cause they would do it.
__________________

ABM(changed to SIM) 1LT Automatic w/RS, polished alum, conv&conn pkg - May 1, 2010
iyam_lorne is offline   Reply With Quote
Old 09-02-2009, 05:21 PM   #17
patriotpa
Account Suspended
 
Drives: 02 Silverado, 09 Vue, 10 1SS
Join Date: Aug 2008
Location: Tired of apologizing when we should be kickin' butt!
Posts: 1,967
Haven't needed a co-signer for anything for decades.
patriotpa is offline   Reply With Quote
Old 09-02-2009, 05:24 PM   #18
SSOOCH
Camaro SL,UTs
 
SSOOCH's Avatar
 
Drives: 2010 Camaro SS/RS #16429
Join Date: Sep 2006
Location: South Jordan, UT
Posts: 7,435
Man, at 24, I had been married for five years, had a mortgage and my 1994 Z/28 (that I bought brand new, by myself when I was 18) was already six years old. I was already an old man by the time I was 24. You young whipper snappers need to get a move on!! Sheesh.
__________________
SSOOCH is offline   Reply With Quote
Old 09-02-2009, 05:36 PM   #19
cab2g
love. my. car.
 
cab2g's Avatar
 
Drives: 2011 2SS/RS
Join Date: Jul 2009
Location: Chicago
Posts: 3,385
Quote:
Originally Posted by ahart04 View Post
what's good for your credit isn't necessarily going to show up on your 'report'.
and just because it doesn't, that doesn't mean that it's untrue. it is true that when a bank evaluates you for a loan, they take a wide array of things under consideration. what i stated, was one of them. sure it may not be differentiated on your credit report. but the thousands of credit report companies aren't banks, and they're not loaning you the money.
But banks use credit reports along with debt to income ratio as the 2 basic and to be honest major determination factors on whether or not you get a loan. I got a copy of the report the bank used along with the debt to income ratio statement that they used to determine my max loan amount, and interest rate.

They don't care if you had a balance on a credit card that was $2. They care about your 3 scores, and your debt to income ratio. (To be honest the reports they used were much more simplified than what I get yearly) I applied for mortgages at several banks and they all used those 2 factors to determine my loan amount and interest rate. One did want proof that my parents provided me a gift check when I listed that as part of my potential down payment though.
__________________
cab2g is offline   Reply With Quote
Old 09-02-2009, 05:39 PM   #20
BLUEMARO
A Classical Greek
 
BLUEMARO's Avatar
 
Drives: DTS, Bonneville and an SS !
Join Date: Feb 2009
Location: Grand Blanc MI
Posts: 226
Me alone! no problem!
BLUEMARO is offline   Reply With Quote
Old 09-02-2009, 05:50 PM   #21
ahart04
most bang for your buck
 
ahart04's Avatar
 
Drives: 2010 2SS/RS CGM/BLK RALLYS
Join Date: Jun 2009
Location: Austin
Posts: 653
Quote:
Originally Posted by cab2g View Post
But banks use credit reports along with debt to income ratio as the 2 basic and to be honest major determination factors on whether or not you get a loan. I got a copy of the report the bank used along with the debt to income ratio statement that they used to determine my max loan amount, and interest rate.

They don't care if you had a balance on a credit card that was $2. They care about your 3 scores, and your debt to income ratio. (To be honest the reports they used were much more simplified than what I get yearly) I applied for mortgages at several banks and they all used those 2 factors to determine my loan amount and interest rate. One did want proof that my parents provided me a gift check when I listed that as part of my potential down payment though.
look, how much weight certain things hold is another story. i'm not trying to say that it matters how much you have in your account. all i'm saying is that on-time payments help your credit score. you said that was untrue, but it isn't.

this isn't an argument, i was just addressing something that people had 'heard'.
__________________
2G1FT1EW8A9142133 Delivered to me 09/22/09!
ahart04 is offline   Reply With Quote
Old 09-02-2009, 05:53 PM   #22
cab2g
love. my. car.
 
cab2g's Avatar
 
Drives: 2011 2SS/RS
Join Date: Jul 2009
Location: Chicago
Posts: 3,385
Quote:
Originally Posted by ahart04 View Post
look, how much weight certain things hold is another story. i'm not trying to say that it matters how much you have in your account. all i'm saying is that on-time payments help your credit score. you said that was untrue, but it isn't.

this isn't an argument, i was just addressing something that people had 'heard'.
Well I'm no banker, so I won't argue this anymore. But in the spirit of Christmas, fluffy rabbits, chocolate chip cookies and all things good... Especially the super awesome Camaro, I your opinion.
__________________
cab2g is offline   Reply With Quote
Old 09-02-2009, 05:59 PM   #23
ahart04
most bang for your buck
 
ahart04's Avatar
 
Drives: 2010 2SS/RS CGM/BLK RALLYS
Join Date: Jun 2009
Location: Austin
Posts: 653
too bad 'credit' has a million variables, and not a single person on the planet knows everything about it...i hate credit.
__________________
2G1FT1EW8A9142133 Delivered to me 09/22/09!
ahart04 is offline   Reply With Quote
Old 09-02-2009, 06:01 PM   #24
Camaro400
 
Camaro400's Avatar
 
Drives: 2010 Camaro 2SS/RS Auto
Join Date: Jul 2009
Location: California
Posts: 72
My wife bought my car for me!
Camaro400 is offline   Reply With Quote
Old 09-02-2009, 06:03 PM   #25
VenomZ302
Live to Win, Dare to Fail
 
VenomZ302's Avatar
 
Drives: 2010 Aqua Blue RS/SS M6
Join Date: Nov 2008
Location: Charleston, SC
Posts: 1,788
Quote:
Originally Posted by cab2g View Post
You shouldn't need a co-signer if you have a low enough documented debt to income ratio and there are no negative marks on your credit report.
I think I probably fall into this category. I honestly don't know how a lot of the credit stuff works, because this has been my first loan. Everything else (house, previous cars, etc.) has been paid for in cash. However, I had no problem getting a $13K loan to cover what I lacked for the RS/SS.
__________________

3/13/09 - Ordered Aqua Blue Metallic 2SS/RS M6!
7/13/09 - Built!
8/11/09 - Delivered!


2G1FT1EW2A9124579
VenomZ302 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

Similar Threads
Thread Thread Starter Forum Replies Last Post
Songs About Camaros (for your driving pleasure) Emjay 5th Gen Camaro SS LS LT General Discussions 74 12-18-2014 01:42 AM
Camaro Laws ChevyNut Off-topic Discussions 102 06-06-2011 11:34 PM
GM memo to dealers Moose 5th Gen Camaro SS LS LT General Discussions 41 02-04-2010 08:33 PM
10 Camaros that should be built SSOOCH 5th Gen Camaro SS LS LT General Discussions 47 11-03-2009 06:46 PM
UPCOMING CAMARO IMPORTANT DATES CamaroScotty 5th Gen Camaro SS LS LT General Discussions 125 01-11-2009 01:31 AM


All times are GMT -5. The time now is 08:21 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.