Still wanting a Camaro....

[10CamaroIOM]

I've been lurking these forums for a while and not posting any, but I am still wanting a Camaro. lol. I am in College right now, received 2 years free as part of the A+ Program. I am starting a new job as a Sales Associate for Toys R Us within the next week or so, looking forward to making some money. The job is part time, so I can work around school. Any tips on the best way to finally reach my goal at getting a Camaro?

[PoorMansCamaro]

first step would be to find a full time job. lol probably have to wait until after you graduate.

[Overflow]

Start saving now.

[el ess A]

Figure out how much your payment + insurance could be (close estimation anyway) and try to put that in savings every month. Estimated fuel costs maybe too, depending on how much you use now. This way you simulate what it would take to operate your car without committing to monthly payments.

If it doesn't work out, then you can start saving less until you reach your goals. Plus, you know you'd still be without the car once you really found out you couldn't afford it. It just takes a bit longer. But just save SOMETHING. Even if it doesn't get used for your car.

The good thing about this is you are in effect, paying yourself the interest the banks may charge, thus you can save faster. If you can save AT LEAST 10 - 15K for a down payment, your monthly payments won't be much and you won't have to starve to make your car note.

[10CamaroIOM]

Thanks for the replies! Ya, I wasn't expecting a part time job to ever pay for it. I just want to be able to buy a car myself and know that mom and dad didnt pay for it like the camaros my high school friends have. Lot of saving, an it will probably take a couple of years, glad I still have the opportunity to stay at home, so that is one less thing to pay for.

[B2k4E]

Wow, you and I sound just alike! only I have a third gen Camaro and would like a 5th gen for a better more reliable car. I'm in college, with a part time job, hoping that in a week this place will give me a full time job so that I might be able to get one.

This is gonna be a LONG week...

[2001ragtop]

I would focus on establishing your credit or keeping it as good as you can. Normally if you have never had a car loan, you might need a co-signer. You might consider getting a "secured" loan, where you give the bank 3,000. then they give you a loan for 3000, and set up the loan to pay it back within one year. afterwards, they return your 3k. the 3k likely will be put into a CD that you can't touch for a year. but i know someone who did this and it really helped them with their credit and she was able to buy a new car with no co-signer after this. but she also had a very good job with a good income. To me you should just focus on this. If you do this, you can buy a Camaro or anything else.

[10CamaroIOM]

Originally Posted by 2001ragtop

I would focus on establishing your credit or keeping it as good as you can. Normally if you have never had a car loan, you might need a co-signer. You might consider getting a "secured" loan, where you give the bank 3,000. then they give you a loan for 3000, and set up the loan to pay it back within one year. afterwards, they return your 3k. the 3k likely will be put into a CD that you can't touch for a year. but i know someone who did this and it really helped them with their credit and she was able to buy a new car with no co-signer after this. but she also had a very good job with a good income. To me you should just focus on this. If you do this, you can buy a Camaro or anything else.

Sounds like a good idea to me. Ya, buying a car is definitely not something to jump into, unless I somehow just get $35,000, or my z71 suddenly becomes a collectors car. Lol. Thanks for the tips, I always like to research the best things to do before I start thinking too hard about it.

@B2k: good luck with the job and getting the car, glad to share the same situation with someone else. Lol.

[B2k4E]

Originally Posted by 10CamaroIOM

Sounds like a good idea to me. Ya, buying a car is definitely not something to jump into, unless I somehow just get $35,000, or my z71 suddenly becomes a collectors car. Lol. Thanks for the tips, I always like to research the best things to do before I start thinking too hard about it.

@B2k: good luck with the job and getting the car, glad to share the same situation with someone else. Lol.

Thanks! Actually I just received a call from the shop foreman saying that a training slot opened up and they want me to come talk to them around 4pm!

Wish me some more luck!

For a good paying job, manufacturing is a good place to start. If I get this job I'll be making $10-$11 an hour full time, with benefits.

[cab2g]

Yes, as others have mentioned. Build your credit and save! A secured loan is a great way to show creditors that you can make consistent payments to an installment loan. Also, if you don't have any credit cards yet, apply for one that doesn't have an annual fee. Don't ever use it, but if you do, don't use more than what you can pay off in a month.

The longer you have a credit card on your history, the higher the score goes because part of your score is age of accounts. Another major part is available credit and credit utilization ratio. If you have a $1000 credit card, don't keep a balance on it higher than $150 because doing so will lower your credit score. The larger your credit card's available credit, the higher your score as well. So if you have a $5000 credit card, your score will be better than if you only had a $1000 credit card.

Installment loans showing on-time payments increase your score as well as on time payments to utilities that report to the credit reporting agencies. But I warn you, if you make even one payment 30 days late or more, you'll take a large credit score hit. So pay your stuff on time.

If you can save up 100% of your cars value before purchasing it, more power to you. But 90% of people don't have the patience for that (I'm in that boat). So if you must get a loan, try to at least pay for 25% of the total cost of the car + tax/title/license.... That way you don't have to worry that if you hit financial hard times and you sell your car that it'll be worth less than your loans value. Never lease.

[10CamaroIOM]

Thanks for the replies everyone. I think I'm gonna pay $40 and enter a drawing here for a 2012 V6. Then when I don't win it, think about the car again in a couple of years.

[2010 SSRS]

Originally Posted by 10CamaroIOM

Thanks for the replies everyone. I think I'm gonna pay $40 and enter a drawing here for a 2012 V6. Then when I don't win it, think about the car again in a couple of years.

good luck, I hope you win the Camaro

[10CamaroIOM]

Thanks! It's a 1 in 1000 chance.

[98_Camaro]

Originally Posted by PoorMansCamaro

first step would be to find a full time job. lol probably have to wait until after you graduate.

This.
I'm working as a part time cashier at Target. Minimum wage hardly covers anything...
I earned maybe $375 in a month, and possibly up to $450 assuming best case scenarios. It'd take a lofty down payment to get a monthly payment within reason and still be able to afford gas and insurance.