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Old 08-08-2010, 01:01 AM   #1
Camaro Bert
 
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Financing question?

so i plan on getting an SS1 within the next few months. I have no credit so it will be going under my mothers name. She has pretty bad credit, but to make it a little easier. I plan on putting $15k down. Will i be able to get the rest financed under GM? If so what kind of interest rates am i looking at?
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Old 08-08-2010, 01:12 AM   #2
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IF you get financing you'd probably be looking at 7-10%. I'm not a finance expert, just giving you an idea. If you are over 18, you may be better off with "no" credit than your mom's "bad" credit.

just some advice: if your car payment, along with ALL your other bills is over 30% of your income you may want to wait. If your car payment, other bills, insurance and average gasoline cost is over 50% of your income definitely wait.
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Old 08-08-2010, 02:01 PM   #3
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the payments are no problem, thats why im putting down $15k just to pay off about half already.
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Old 08-09-2010, 08:17 AM   #4
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Go it alone, you'd be suprised. With a decent amount down, you could get picked up fine. Probably will go through either GMAC or Americredit with a rate between 7-15%. Good luck!
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Old 08-09-2010, 08:22 AM   #5
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Over 18 have a verifiable income, First time buyer qualifies for GMAC if you are stroking 15k then you will get bought
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Old 08-09-2010, 08:41 AM   #6
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My son is 18 and has / had no credit... I cosigned his loan (I have good credit) and he put 2k down on his LS... He got financed via GMAC at 8.9%
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Old 08-09-2010, 08:50 AM   #7
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Yea plus if you have no credit, this is a good way to get good credit, so put it under your name.
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Old 08-09-2010, 01:49 PM   #8
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Yea im 21 but if i put it under my name the insurance will be crazy.
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