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Old 07-22-2010, 02:28 PM   #1
bigted83
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Financing

How many of u went thru somewhere else besides gmac for financing?
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Old 07-22-2010, 02:32 PM   #2
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TD for me. THe bank offered a better rate than GMAC.
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Old 07-22-2010, 02:32 PM   #3
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Credit Manager gave me some crazy assed quote from City and said GMAC was a No-GO. Odd LOL my credit is above 700.

I told him State Farm offered to finance it for me. He called me back 5 minutes later with a different tone and said GMAC offered me 3 points below City.... I took it.

Funny: the person at GMAC fat fingered the APR when putting it into the system, which the Finance manager pointed out to me it was 1/2 a point lower than the APR quote. He then said "screw those azzholes, if they gave you 1/2 a point less out of stupidity then 1/2 a point less is what you'll get!"

And that is what I got.
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Old 07-22-2010, 02:34 PM   #4
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I got financed through GMAC... but then got a call from a Wells Fargo rep that said I was able to get a lower rate (along with a voicemail from my dealer rep that said to call this Fargo lady). I haven't heard back after a few calls. So not sure what's up with that.
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Old 07-22-2010, 02:34 PM   #5
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Credit Union - Got a much lower rate.
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Old 07-22-2010, 02:35 PM   #6
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Credit union. Preapproved walked in with a check.
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Old 07-22-2010, 02:37 PM   #7
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Credit Union as well, took 10 minutes, got a check, and got a point taken off for doing payroll deduct :-)
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Old 07-22-2010, 02:37 PM   #8
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I'm going to have this car paid off in 24 months... but I may re-finance here in two months or so with a credit union to get the rate lowered (so I pay less in the end). Credit Unions are usually the way to go.
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Old 07-22-2010, 02:41 PM   #9
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I had to use a credit union -- GMAC pre-approved me but the interest was like something insane...
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Old 07-22-2010, 02:44 PM   #10
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financed through JP Morgan who then sold the loan to US Bank. 5 years at 4.27%
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Old 07-22-2010, 02:45 PM   #11
bigted83
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I might do a credit union, how hard to is it to get financed thru them? If u have good credit. Would I get a better interest rate if I got my father to cosign? His credit is basicly perfect
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Old 07-22-2010, 03:03 PM   #12
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This is something thats been on my mind alot lately....I've recently got my credit in good standing but I've never applied for a loan this big. Even with like 7500-10000 down I'm concerned they may try me when we go in that finance room?
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Old 07-22-2010, 03:13 PM   #13
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I went with Bank of America. The dealership's interest rate was way too high, (I have no idea who they were using for financing). The lowest rate that they would offer me was 5.09% for 60 months, (and i have an 802 credit rating)! I applied on-line with Bank of America and had a response in a few minutes at 2.44%.
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Old 07-22-2010, 03:14 PM   #14
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Quote:
Originally Posted by Qtrofablock View Post
This is something thats been on my mind alot lately....I've recently got my credit in good standing but I've never applied for a loan this big. Even with like 7500-10000 down I'm concerned they may try me when we go in that finance room?
I would recommend going to your bank or a credit union. There is no pressure there...it is very, VERY difficult to say NO to a bull s--- offer when you can see your car outside the front window.

Bring a check...walk out
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Old 07-22-2010, 03:20 PM   #15
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Thanks , I'm actually gonna start looking into it soon. I also have a cap 1 card, they sent me an email offering a 40000 auto loan at 3.0% 4 qualified buyers?
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Old 07-22-2010, 03:27 PM   #16
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I might do a credit union, how hard to is it to get financed thru them? If u have good credit. Would I get a better interest rate if I got my father to cosign? His credit is basicly perfect
I would say go with a credit union. Do you have established credit history? If not, the loan officer might require you to put money down or require an acceptable co-signer. If your father co-signs for you, you might get a better rate but it all depends on your credit score and credit history.
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Old 07-22-2010, 03:33 PM   #17
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My credit score is over 700, I've bought one new car and had it paid off ahead of time and also a dirt bike. I have a couple credit cards. Always get paid off.so i believe I should have established credit. He's more than willing to cosign
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Old 07-22-2010, 03:33 PM   #18
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Originally Posted by Qtrofablock View Post
This is something thats been on my mind alot lately....I've recently got my credit in good standing but I've never applied for a loan this big. Even with like 7500-10000 down I'm concerned they may try me when we go in that finance room?
At the credit union I work at, the person's credit score determines the person's interest rate. Money down is required typically if the person has no credit history or the person's credit history doesn't look so great. If there are recent past dues on the credit history, the loan officer will most likely deny the loan even with money down but it all depends on the policy and loan procedures that that financial institution.
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Old 07-22-2010, 03:36 PM   #19
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I got one application in I'll hear about it tommorow
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Old 07-22-2010, 03:43 PM   #20
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My credit score is over 700, I've bought one new car and had it paid off ahead of time and also a dirt bike. I have a couple credit cards. Always get paid off.so i believe I should have established credit. He's more than willing to cosign

700 credit score is a good credit score. You should be able to finance the loan without your father but at the credit union I work at there are different tiers for credit ratings. 720+ is excellent credit which would give the person the best interest rate. 700 is considered A so the person would get the A interest rate. Were the previous loans that are now paid off close to the amount that you want to finance for the Camaro? If they are, then you should be fine. If not, the loan officer might ask for money down depending on the amount that you are applying for. Good Luck!
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Old 07-22-2010, 03:56 PM   #21
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My credit score is over 700 also and I've not made a late payment in 5 or more years. I want to order my car from gm, so can i obtain a loan for a car not yet built?
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Old 07-22-2010, 03:57 PM   #22
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No they was nowhere near that, I was hoping if my dad went and cosigned that would help. By the way I'm 27 pretty pathetic isn't it?
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Old 07-22-2010, 04:00 PM   #23
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No they was nowhere near that, I was hoping if my dad went and cosigned that would help. By the way I'm 27 pretty pathetic isn't it?
No, that's not pathetic! At least you're not in over your head in debt. I am sure if you're dad cosigns, then you will be able to get the loan approved with no money down.
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Old 07-22-2010, 04:06 PM   #24
bigted83
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I hope. I never wanted a car as much as this one. The only payment I have is a motorcyle payment but I want to get rid of it
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Old 07-22-2010, 04:12 PM   #25
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My credit score is over 700 also and I've not made a late payment in 5 or more years. I want to order my car from gm, so can i obtain a loan for a car not yet built?
Typically you want to apply for a loan to get a pre-approval. The pre-approval is normally only good 30 days after credit has been pulled. After 30days the loan officer would pull credit again to make sure the credit history didn't change. The loan can't be completed until the car is completed. I personally would apply for the loan to get a pre-approval so you know that you can get it financed. Once it gets close for your Camaro to be delivered, call the credit union so the can pull credit again. It's entirely up to you but I would hate for you to order your Camaro and have problems financing it or not like the interst rate. The interest isn't guaranteed until the day you close on your loan but I wouldn't expect the interest rate to change dramatically. Every time your credit is pulled, your score will go down. You shouldn't worry about that unless you are going to be making a big purchase other than the Camaro in the near future.

WOW that was long. LOL
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