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Old 10-01-2008, 02:35 PM   #1
Sizzox
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5th gen loans

Who here is worried about gettimg a loan for their camaro i just checked my credit score and it was 727 but im really young only 19 so idk how good that actually is and with our crazy market now im just hoping i can get a loan from the banks.

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Old 10-01-2008, 02:39 PM   #2
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I'd think with a 727 score, you'll be fine. Just make sure that you have enough verifiable income to support the cost of the loan. At 19, I know I didn't have enough money coming in for a car payment on a $30k car + insurance + gas + everything else.

The only other thing that you'll get dinged for is the amount of time you've had credit. I've seen 3-5 years required for "Good" and 5+ years required for "Excellent", regardless of payment history.
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Old 10-01-2008, 02:41 PM   #3
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credit history matters most when it comes to loans, which impart has to do with age. your score is very good. im in the mid 600s and got approved for 20k(credit union), but that was pre-market scare(couple months ago).
who knows what they'll give me now?
and yes, i am working fervently to improve that score
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Old 10-01-2008, 02:42 PM   #4
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I work full time as a mechinal engineer designing hydraulic cylinders im very fortunate im pullin in a little less then 2k a month im sure that will be enough and i got 10k saved and get gm emplyoee discount
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Old 10-01-2008, 03:03 PM   #5
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good sh*t.
now u just gotta bag that loan
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Old 10-01-2008, 03:35 PM   #6
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You will be fine with 10k saved up and bringing in 2k a month.
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Old 10-01-2008, 04:45 PM   #7
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It may be harder and more expensive to get a loan, but it isn't impossible. Keep a good credit score (above 700 seems to be pretty good), have a nice down payment (10-20% is solid), and maybe throw in a co-signer for good measure. Income and credit history length are extremely important and that might be your only real hurdle.
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Old 10-02-2008, 08:39 AM   #8
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DTI or Debt to Income plays a big part in getting approved. Your outgo (excluding anything not on your credit bureau) should be no more than 40% of your income. So if you still live at home or have an apartment you should be okay. Putting $10K down will help your LTV (loan to value) and that should get you a better rate. Rates at all banks are a little high right now.... We'll see where they are in March. On a personal note, if $10K is all of your savings, you may wanna keep a grand or two for an emergency fund. Just something to think about.
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Old 10-02-2008, 08:47 AM   #9
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Yeah i have a couple grand saved up for back up or aftermarket parts haha but im saving as much as i can so who knows how much il have by then and i am also a machinist so im planning on desgining things to make then sell on ebay or something just for an extra income.
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Old 10-02-2008, 11:10 PM   #10
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I hope to have the cash before March so I dont have to finance. My score actually went down 30 pts recently because of a recent car purchase and a new credit card. The new loan and card are too new to show a history so they actually hurt my score till I have made a few payments. As for all my credit cards, I use them and pay them off. I only have a sizable balance on one of several but will have that payed down in acouple months. My score should jump back and then some. There are some great credit information sites if you search. It's good to know how your credit score is calculated and how it is affected by many factors so you can work to build it up.
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Old 10-03-2008, 01:17 PM   #11
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It is not just your score. Its the quantity of money that you have borrowed before. I went to go buy a vette, and my credit is high 700's. They said I make enough money and my credit is great, job is stable. The lendor loved me, but they said I have not borrowed large enough quantities in the past. I have loans and all for school/work, paid credit cards and utilities for 5/6 years now on my own. They want to see that you borrowed like 20-30k and paid it back, then they will seriously consider you. At least that was my experience with it. I got so pissed, all you hear is keep your credit clean and you will be okay, well that is not the whole story. But good luck and I hope it works out better than it did for me.
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