Finance Help - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

HarrisraTx · 09-29-2010, 01:46 PM

So I financed 26k for a 2lt/RS with 3.2% APR and 389/month payments (Austin Teleco FCU w/ Cosigner). Then I refinanced through another bank after 3 payments for for 24,100 at 6.4% apr and 410/month (University FCU w/out cosigner). Well I want to upgrade I have around 5-6k equity in my car and willing to put an extra 2 grand on top. Well I applied for another loan with the same bank asking for only 4k more so around 28k. They told me that sense I havnt made a payment on the first loan I wouldnt be approved. So I need some suggestions on what I should do. Should I wait and build more equity but have a chance of the market for camaros dropping even more or apply at another bank?

Shift · 09-29-2010, 02:22 PM

What do you mean by upgrade?

Nevermind, I needed to read it a second time, now I get what your saying. Every mile you put on drops the value of your car. I'm not sure what your banks problem is since a new loan would just pay off the current one, I would try another bank or get the dealer to try. The dealer will probably pull your credit once then talk to several banks rather than having each bank pull your credit individually.

Number 3 · 09-29-2010, 05:31 PM

Why on earth would you refinance a car at double the rate? Looks like you put $2,000 more down, but the extra interest eats a good chunk of that up.

raqball · 09-29-2010, 05:35 PM

Quote:

Originally Posted by Number 3

Why on earth would you refinance a car at double the rate? Looks like you put $2,000 more down, but the extra interest eats a good chunk of that up.

I agree.... A bit odd...

OP, no bank is going to give you more money until you have established a credit history... You have not even made a single payment and are already asking the bank for more? Keep what you have, pay on it for a year, on time, never late, then try hitting the bank up for more....

Until then, all you are doing is making the bank think they made a mistake loaning you the cash in the 1st place....

My .02

Jessica-Rocks- · 09-29-2010, 08:18 PM

Quote:

Originally Posted by Number 3

Why on earth would you refinance a car at double the rate? Looks like you put $2,000 more down, but the extra interest eats a good chunk of that up.

Yeah, I was like wha...? Maybe a typo.

robsls3 · 09-29-2010, 08:29 PM

I see it as he wants to upgrade from a 6 banger to a SS. Thats why he wants the $4k more. I maybe wrong.

SuperFly03 · 09-29-2010, 08:37 PM

I'm very confused as to why the loan keeps getting flipped.

It almost sounds like you want to take out a second loan on the car. Maybe I'm just having trouble understanding what is going on here.

pogiskier · 09-29-2010, 08:41 PM

If you go to another bank they will most likly tell you no. :( Each time you go to a bank and ask it dings your score on average two points. I looks like you took the higher intrest to rid the cosigner not a bad choise. however you will need to make payments for a few months. Also the dealer will pull your credit at many banks at one time. it is aganst the law for them to pull your credit score. they will get your score but they can not pull it once and then shop around. just look at you credit report after going to a dealer ship. these will stay on the report for three years. good thing is when you ask for money later they see that your report was pulled all at the same time so they know you were car shopping.

If it were me i'd wait a year, save money on the side and upgrade to the z28 next summer. thus building credit. that will lower you intrest in the future.

hope this helps good luck.
Ps I can't wait for my camaro 4 more weeks

Alfieboy · 09-29-2010, 09:24 PM

Quote:

Originally Posted by Number 3

Why on earth would you refinance a car at double the rate? Looks like you put $2,000 more down, but the extra interest eats a good chunk of that up.

thinking to get rid of the co-signer ...

if ya notice the differences..?

??

Sc0rPs · 09-29-2010, 09:27 PM

Should have kept the first loan, your going to pay hundreds more now. You trying to consolidate your other debt? As mentioned above doubt it will work since car values go down and you seem to want to borrow more off it.

If you have extra cash then you should be able to make an extra payment without any penalty... double check as it looks like this is your first loan without a co-signer...

09-29-2010, 01:46 PM	#1
HarrisraTx Drives: 2LT/RS Black Join Date: Aug 2010 Location: Austin, Tx Posts: 60	Finance Help So I financed 26k for a 2lt/RS with 3.2% APR and 389/month payments (Austin Teleco FCU w/ Cosigner). Then I refinanced through another bank after 3 payments for for 24,100 at 6.4% apr and 410/month (University FCU w/out cosigner). Well I want to upgrade I have around 5-6k equity in my car and willing to put an extra 2 grand on top. Well I applied for another loan with the same bank asking for only 4k more so around 28k. They told me that sense I havnt made a payment on the first loan I wouldnt be approved. So I need some suggestions on what I should do. Should I wait and build more equity but have a chance of the market for camaros dropping even more or apply at another bank?

09-29-2010, 05:31 PM	#3
Number 3 Hail to the King baby! Drives: '19 XT4 2.0T & '22 VW Atlas 2.0T Join Date: Dec 2008 Location: Illinois Posts: 12,310 View My Garage	Why on earth would you refinance a car at double the rate? Looks like you put $2,000 more down, but the extra interest eats a good chunk of that up. __________________ "Speed, it seems to me, provides the one genuinely modern pleasure." - Aldous Huxley

09-29-2010, 08:37 PM	#7
SuperFly03 Drives: 2010 Kona Blue GT500 Join Date: Mar 2010 Location: Texas Posts: 540	I'm very confused as to why the loan keeps getting flipped. It almost sounds like you want to take out a second loan on the car. Maybe I'm just having trouble understanding what is going on here. __________________ CERTIFIED PUBLIC ACCOUNTANT [TEXAS] You've been Thread Jacked by SF03! Current Car: 2010 Kona Blue Shelby GT500 M6 Previous Car: 2010 Black Camaro 2SS/RS M6 Two Back: 2007 Black Shelby GT500 M6

09-29-2010, 08:41 PM	#8
pogiskier Drives: 2011 camaro 2ss black,hurst shifter Join Date: Aug 2010 Location: Logan, UT Posts: 307	If you go to another bank they will most likly tell you no. :( Each time you go to a bank and ask it dings your score on average two points. I looks like you took the higher intrest to rid the cosigner not a bad choise. however you will need to make payments for a few months. Also the dealer will pull your credit at many banks at one time. it is aganst the law for them to pull your credit score. they will get your score but they can not pull it once and then shop around. just look at you credit report after going to a dealer ship. these will stay on the report for three years. good thing is when you ask for money later they see that your report was pulled all at the same time so they know you were car shopping. If it were me i'd wait a year, save money on the side and upgrade to the z28 next summer. thus building credit. that will lower you intrest in the future. hope this helps good luck. Ps I can't wait for my camaro 4 more weeks __________________

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09-29-2010, 02:22 PM	#2
Shift Drives: Me 2001 F150, The wife '11 2SS RS Join Date: Aug 2010 Location: Maryland Posts: 532	What do you mean by upgrade? Nevermind, I needed to read it a second time, now I get what your saying. Every mile you put on drops the value of your car. I'm not sure what your banks problem is since a new loan would just pay off the current one, I would try another bank or get the dealer to try. The dealer will probably pull your credit once then talk to several banks rather than having each bank pull your credit individually.

09-29-2010, 08:29 PM	#6
robsls3 Account Suspended Drives: 2010 camaro 1SS Join Date: Jul 2010 Location: Oaklawn, IL Posts: 862 View My Garage	I see it as he wants to upgrade from a 6 banger to a SS. Thats why he wants the $4k more. I maybe wrong.

09-29-2010, 09:27 PM	#10
Sc0rPs Drives: 2010 2LT / RS - 2013 ZL1 Join Date: Aug 2010 Location: Vancouver Posts: 519	Should have kept the first loan, your going to pay hundreds more now. You trying to consolidate your other debt? As mentioned above doubt it will work since car values go down and you seem to want to borrow more off it. If you have extra cash then you should be able to make an extra payment without any penalty... double check as it looks like this is your first loan without a co-signer...