What would you do in my situation. - Page 2 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Steve Dallas · 01-20-2010, 03:15 AM

Well, though you may no longer see the items in your credit score...what you see and what the lenders see is very different. Simply put, you're not going to have a 700 score even if you get everything cleared up.

I would suggest spending some time working on your credit rating. Though having a Camaro is nice, you simply can't afford it given the information you've provided us, even if the 1900/month is after taxes.

You still have plenty of time in your life to get a car like the Camaro. Work on keeping your credit cards paid off and current, and maybe take a small loan for a car you can use for the next 2-4 years, and make regular payemnts on that as well.

By that time, prices for used Camaros will have come down and hopefully your credit and financial situation will have improved (ie: saving for a larger downpayment).

DkknightX · 01-20-2010, 03:33 AM

Quote:

Originally Posted by FutureCamaroOwner

Hey guys,
This thread could seriously help me if i get some good feedback. Here is my situation. I am 23 years old and make a $1900 a month. I am about 2 months from completly paying off all my bad collecions on my credit report (they will be deleted per the collection agency) I will then be saving for the camaro. I am looking for a Summit white LS. I have talked to a few dealers on here and there concern is that even tho my score will be mid 700's and I will have great debt to credit ratio I still have never had a car loan and my biggest credit card is $3800. I do not have the option of a co-signer and the car I am driving now has 191000 miles on it.

So my question is what would you do to acquire the camaro. There is no other car for me. All comments welcome and thanks alot for reading this my fellow camaro lovers

They look for your debt to income ratio, not your debt to credit ratio. Honestly, I think you are SOL my friend. If there is anything negative on your report, it won't just simply disappear and if you haven't had a long to time to establish an anything but stellar credit rating, you are going to have a very difficult time. I think you seriously need to save your money for a rainy day instead of a Camaro LS. You should start thinking about getting a serious job or going to college to ground yourself. I think you'd be making a huge mistake by doing this. If you've had problems with collections in the past, I think the Camaro is going to be another case of history repeating itself unfortunately.

FutureCamaroOwner · 01-20-2010, 03:39 AM

My collections are medical accts that I didn't have insurance when I was 18 an my appendix burst nearly taking my life. I have had 3 credit cards for 3 yrs and never had a late payment. The camaro is the only car for me. My 77 is in the shop. And my job is good. I work for a casino here in Vegas

DkknightX · 01-20-2010, 03:45 AM

Quote:

Originally Posted by FutureCamaroOwner

My collections are medical accts that I didn't have insurance when I was 18 an my appendix burst nearly taking my life. I have had 3 credit cards for 3 yrs and never had a late payment. The camaro is the only car for me. My 77 is in the shop. And my job is good. I work for a casino here in Vegas

Still don't think you are ready, my friend, especially now that you have 2 cars to potentially worry about.

Big Brunsy · 01-20-2010, 04:10 AM

The banks didn't learn their lesson from this financial meltdown....you will be able to get a loan thru the dealer. Just remember this, dealers get a cut of the percentage on dealer loans so the rate is always negotiable

DkknightX · 01-20-2010, 05:02 AM

Quote:

Originally Posted by Big Brunsy

The banks didn't learn their lesson from this financial meltdown....you will be able to get a loan thru the dealer. Just remember this, dealers get a cut of the percentage on dealer loans so the rate is always negotiable

More like dealer loans are GUARANTEED to have higher interest rates so negotiation is borderline useless.

Diabel1969 · 01-20-2010, 08:57 AM

I've got a medical one on my history, that for some reason they will not remove. I was rear ended 6 years ago totaling my car and my back. New York is a "no fault" state, and no fault is covered by your own insurance. No fault doesn't always pay what the medical bills are, and in my case, only paid $568.00 out of a $900.00 bill. Basically, I got stuck paying the difference, and I didn't even know there was an existing bill until it had passed 4 years and I applied for a loan for something. Although it's been paid, and the company gave me they're word that they'd remove it, it's still there, and hurts my credit to this day. Be careful and trust no one when it comes to your credit.

Have you considered shopping used? There are quite a few 2010 camaro's for sale used.. Just a thought!

TommyTSquared · 01-20-2010, 09:21 AM

Quote:

Originally Posted by DkknightX

More like dealer loans are GUARANTEED to have higher interest rates so negotiation is borderline useless.

My dealer matched my CU loan rate.

TheCaptain · 01-20-2010, 09:33 AM

My dealer was able to beat my CU rate. CU's best was 5.4%, GM got me 4.2%!

I'm 23, and i'm putting $10 000 down on a new $60 000 SRX.

Mind you, i have a really good credit score already.

I would say, go to your CU, set up an appointment, and see what kind of numbers they are going to let you run with, at whatever interest rates and loan time (repayment- 3 yrs, 5 yrs). That would be your best bet at knowing where you are. They can access your account and find out how much you can go on your debt/credit ratio without making a mark on your credit score.

dave7378 · 01-20-2010, 09:38 AM

Credit is very tight right now. One reason is that credit card and auto finance companies know that they are next in line for a wave of defaults. If you have any negatives on your report, it is going to be difficult, not impossible, but difficult to get a good loan. Best not to read too much into the advice given on boards, but go to a reputable credit reporting agency and get a credit report. You are entitled to a free one every year. Also get your FICO score. The score alone will give you an idea of where you stand. A good friend of mine with a score of 700 had trouble getting a car loan because of how much debt he already had, so there are other factors that come into play.

Bottom line is you are young and can repair any damage done. My credit score was below 600 when I was 25 years old due to bad credit card habits in college. Two years later my score was 750 because I researched and learned how to fix it and keep it there. Good luck . The two most important things in life are health and your credit score.

St33lsinger · 01-20-2010, 09:38 AM

Quote:

Originally Posted by FutureCamaroOwner

My collections are medical accts that I didn't have insurance when I was 18 an my appendix burst nearly taking my life. I have had 3 credit cards for 3 yrs and never had a late payment. The camaro is the only car for me. My 77 is in the shop. And my job is good. I work for a casino here in Vegas

Something else to think about..those credit cards show up as open lines of credit.
I have found the less cards you have open the better. They figure that into your debt ratio. At least they did when we built our house.

Oh one more thing, don't let to many companies pull your credit report as they show up as inquiries (to many and its a negitive mark).
You are entitled to 1 free credit report each year. I believe it doesn't effect your rating.
Also, your medical accounts can be closed and removed on one credit reporting company and just show up as close on another.

Just somethings I have found in the past. Good Luck and see a credit union.

dave7378 · 01-20-2010, 09:44 AM

Quote:

Originally Posted by Steelsinger

Something else to think about..those credit cards show up as open lines of credit.
I have found the less cards you have open the better. They figure that into your debt ratio. At least they did when we built our house.

Oh one more thing, don't let to many companies pull your credit report as they show up as inquiries (to many and its a negitive mark).
You are entitled to 1 free credit report each year. I believe it doesn't effect your rating.
Also, your medical accounts can be closed and removed on one credit reporting company and just show up as close on another.

Just somethings I have found in the past. Good Luck and see a credit union.

Yes, the credit cards do show up as open lines of credit but I wouldn't recommend closing or not using them. Best to use the cards often as long as you can pay off the balance every month. This helps you build good credit history(pays as agreed)> Never use credit cards as a means to finance something. Carrying a balance and paying cc interest is a good way to waste your money.

VR Code R6P · 01-20-2010, 09:47 AM

Just keep the car you have and take care of it. When the economy improves, you will able to find a used Camaro, and be in a better position to handle it.

Wanting something does not mean you should get it!

BRKLYN · 01-20-2010, 01:20 PM

join your area credit union. all factors that play in the rate assigned are time on job, down payment, the strength of the co buyer. If you still live at home help's, cause your not renting. Good luck.

01-20-2010, 03:15 AM	#15
Steve Dallas Commits weekly crime Drives: 2017 Camaro 1LT Join Date: Nov 2009 Location: Camano Island, WA Posts: 9,513 View My Garage	Well, though you may no longer see the items in your credit score...what you see and what the lenders see is very different. Simply put, you're not going to have a 700 score even if you get everything cleared up. I would suggest spending some time working on your credit rating. Though having a Camaro is nice, you simply can't afford it given the information you've provided us, even if the 1900/month is after taxes. You still have plenty of time in your life to get a car like the Camaro. Work on keeping your credit cards paid off and current, and maybe take a small loan for a car you can use for the next 2-4 years, and make regular payemnts on that as well. By that time, prices for used Camaros will have come down and hopefully your credit and financial situation will have improved (ie: saving for a larger downpayment). __________________ 2017 Camaro 1LT - Blue Barchetta IV I fire up the willing engine, responding with a roar. Tires spitting gravel I commit my weekly crime.

01-20-2010, 09:33 AM	#23
TheCaptain N7 Spectre Drives: 14 ATS Performance 3.6L AWD Join Date: Jul 2008 Location: Moosomin, Saskatchewan, Canada Posts: 2,732 View My Garage	My dealer was able to beat my CU rate. CU's best was 5.4%, GM got me 4.2%! I'm 23, and i'm putting $10 000 down on a new $60 000 SRX. Mind you, i have a really good credit score already. I would say, go to your CU, set up an appointment, and see what kind of numbers they are going to let you run with, at whatever interest rates and loan time (repayment- 3 yrs, 5 yrs). That would be your best bet at knowing where you are. They can access your account and find out how much you can go on your debt/credit ratio without making a mark on your credit score. __________________

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01-20-2010, 03:39 AM	#17
FutureCamaroOwner Drives: White 1SS/Black Stripes Join Date: Nov 2009 Location: New Albany Indiana Posts: 675	My collections are medical accts that I didn't have insurance when I was 18 an my appendix burst nearly taking my life. I have had 3 credit cards for 3 yrs and never had a late payment. The camaro is the only car for me. My 77 is in the shop. And my job is good. I work for a casino here in Vegas

01-20-2010, 04:10 AM	#19
Big Brunsy Drives: 2010 supercharged LS3 Join Date: Jan 2010 Location: Le Mars, Iowa Posts: 2,235 View My Garage	The banks didn't learn their lesson from this financial meltdown....you will be able to get a loan thru the dealer. Just remember this, dealers get a cut of the percentage on dealer loans so the rate is always negotiable

01-20-2010, 08:57 AM	#21
Diabel1969 Drives: 2010 2SS, A6 Join Date: Jul 2009 Location: Upstate NY Posts: 268	I've got a medical one on my history, that for some reason they will not remove. I was rear ended 6 years ago totaling my car and my back. New York is a "no fault" state, and no fault is covered by your own insurance. No fault doesn't always pay what the medical bills are, and in my case, only paid $568.00 out of a $900.00 bill. Basically, I got stuck paying the difference, and I didn't even know there was an existing bill until it had passed 4 years and I applied for a loan for something. Although it's been paid, and the company gave me they're word that they'd remove it, it's still there, and hurts my credit to this day. Be careful and trust no one when it comes to your credit. Have you considered shopping used? There are quite a few 2010 camaro's for sale used.. Just a thought!

01-20-2010, 09:38 AM	#24
dave7378 Drives: 2010 Camaro 2SS RS IBM L99 Join Date: Dec 2009 Location: Long Island, NY Posts: 124	Credit is very tight right now. One reason is that credit card and auto finance companies know that they are next in line for a wave of defaults. If you have any negatives on your report, it is going to be difficult, not impossible, but difficult to get a good loan. Best not to read too much into the advice given on boards, but go to a reputable credit reporting agency and get a credit report. You are entitled to a free one every year. Also get your FICO score. The score alone will give you an idea of where you stand. A good friend of mine with a score of 700 had trouble getting a car loan because of how much debt he already had, so there are other factors that come into play. Bottom line is you are young and can repair any damage done. My credit score was below 600 when I was 25 years old due to bad credit card habits in college. Two years later my score was 750 because I researched and learned how to fix it and keep it there. Good luck . The two most important things in life are health and your credit score.

01-20-2010, 09:47 AM	#27
VR Code R6P Drives: 2011 Race Red GT500 w/ SVT Perf Pkg Join Date: Mar 2009 Location: eastern CO Posts: 578	Just keep the car you have and take care of it. When the economy improves, you will able to find a used Camaro, and be in a better position to handle it. Wanting something does not mean you should get it!

01-20-2010, 01:20 PM	#28
BRKLYN Account Suspended Drives: 98 C-5, Chev/Venture, VTX1300 Join Date: Dec 2009 Location: KISSIMMEE, FL Posts: 198	join your area credit union. all factors that play in the rate assigned are time on job, down payment, the strength of the co buyer. If you still live at home help's, cause your not renting. Good luck.