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

65Elco · 03-31-2009, 11:41 PM

I've never bought a new car before so this might be a dumb question.

When do you have to start paying the monthly payment?
How does it work if I finance threw my credit union/ bank? Do I start paying when they approve me for the loan. Or is it when I receive my camaro?

I guess im trying to figure out when do I need to start making the huge car payment if I'm not going to go threw the dealer/GM for financing and how does the whole money deal work.

Banshee · 03-31-2009, 11:51 PM

Usually, if your car comes in early month, your first payment is due the following month and is dictated from institution to institution.

Once you get your VIN, you can apply and start paying on the loan before you get the car if you want to..

If not, you get your car May 20th, you can schedule your payment anywhere during the month of June. Some may start your payments first half of July. Again, as I said, depends on institution.

Financing through a credit union is a great option or Chase is very competetive now if you open a checking account in conjunction with your line of credit and have direct deposit... 3.74%

65Elco · 03-31-2009, 11:57 PM

Thanks for the info. Is a VIN required before applying for the loan?

Banshee · 04-01-2009, 12:05 AM

You can apply for the loan with if you know roughly when your car will be delivered. Usually they have a rate lock of 30, 45 and 60 days.

Do you need a VIN? Depends on the institution. If you know the amount you need to borrow, I am sure you can get the loan and submit the VIN upon finalization of your loan.

Both the bank and Credit Union I am looking at require a VIN.

Txturbo · 04-01-2009, 07:41 AM

Not a good idea to get a loan for a car before you have signed a sales contract and the car is on the lot.

65Elco · 04-02-2009, 05:27 PM

Thanks for Info, No car=No loan. Gotcha

TStko · 04-02-2009, 05:33 PM

Most institutions will start the payment 30 days out and you can max it at 45 days from your contract date. Unless that finance company is rolling a special plan (60-90+) that will be the maximum time, So if you apply through the dealer make sure you ask for 45 days. You'll need to pay sales tax depnding on your state.

Also anyone who starts financing a car they don't have is not really smart. Who cares if you're paying it off early, i can only see justification if you got approved for 0% and you're trying to lock it in but even still, you would pay rent on an apartment you haven't moved in, you wouldn't pay a mortgage in a house you haven't lived in. That's not smart decision making.

BackinBlackSS/RS · 04-02-2009, 05:43 PM

GMAC announced they are getting back into subprime loans and also they are making it easier for dealers to move cars by eliminating fees and such. This should help a bunch
with sales.

tbss1 · 04-02-2009, 07:56 PM

subprime loans?

trudawg660 · 04-02-2009, 10:04 PM

Quote:

Originally Posted by TStko

Most institutions will start the payment 30 days out and you can max it at 45 days from your contract date. Unless that finance company is rolling a special plan (60-90+) that will be the maximum time, So if you apply through the dealer make sure you ask for 45 days. You'll need to pay sales tax depnding on your state.

Also anyone who starts financing a car they don't have is not really smart. Who cares if you're paying it off early, i can only see justification if you got approved for 0% and you're trying to lock it in but even still, you would pay rent on an apartment you haven't moved in, you wouldn't pay a mortgage in a house you haven't lived in. That's not smart decision making.

that 30 to 45 days doesn't start until they transfer the money or the check they mailed you is cashed. when you get a loan you have 30 to 60 days to process the check and then 30 to 45 days from that date before you actually get a bill.

NVMY68SS · 04-02-2009, 10:46 PM

Quote:

Originally Posted by trudawg660

that 30 to 45 days doesn't start until they transfer the money or the check they mailed you is cashed. when you get a loan you have 30 to 60 days to process the check and then 30 to 45 days from that date before you actually get a bill.

The check I'm getting tomorrow will be good until it's cashed or I send it back. Basically, it's a pre-approved check for use at my discretion.

I like the idea of just walking in and handing over a check and not having to deal with any crap the day I'm trying to leave with my car.......I want to be sitting in it, not sitting in an office not paying attention.......LOL

BackinBlackSS/RS · 04-02-2009, 11:45 PM

Quote:

Originally Posted by tbss1

subprime loans?

I know, don't get me started.

65Elco · 04-02-2009, 11:55 PM

Quote:

Originally Posted by TStko

Most institutions will start the payment 30 days out and you can max it at 45 days from your contract date. Unless that finance company is rolling a special plan (60-90+) that will be the maximum time, So if you apply through the dealer make sure you ask for 45 days. You'll need to pay sales tax depnding on your state.

Also anyone who starts financing a car they don't have is not really smart. Who cares if you're paying it off early, i can only see justification if you got approved for 0% and you're trying to lock it in but even still, you would pay rent on an apartment you haven't moved in, you wouldn't pay a mortgage in a house you haven't lived in. That's not smart decision making.

Is the sales tax financed or is that paid seperate(out of pocket)?

BackinBlackSS/RS · 04-02-2009, 11:57 PM

Quote:

Originally Posted by 65Elco

Is the sales tax financed or is that paid seperate(out of pocket)?

You can do either.

03-31-2009, 11:41 PM	#1
65Elco Drives: 65 Elcamino Join Date: Mar 2009 Location: Albuquerque, NM Posts: 76	Camaro financing I've never bought a new car before so this might be a dumb question. When do you have to start paying the monthly payment? How does it work if I finance threw my credit union/ bank? Do I start paying when they approve me for the loan. Or is it when I receive my camaro? I guess im trying to figure out when do I need to start making the huge car payment if I'm not going to go threw the dealer/GM for financing and how does the whole money deal work.

03-31-2009, 11:51 PM	#2
Banshee Institutionally Insane Drives: 2013 IOM 2SS/RS 1LE Join Date: Feb 2009 Location: Detroit MI Posts: 2,115 View My Garage	Usually, if your car comes in early month, your first payment is due the following month and is dictated from institution to institution. Once you get your VIN, you can apply and start paying on the loan before you get the car if you want to.. If not, you get your car May 20th, you can schedule your payment anywhere during the month of June. Some may start your payments first half of July. Again, as I said, depends on institution. Financing through a credit union is a great option or Chase is very competetive now if you open a checking account in conjunction with your line of credit and have direct deposit... 3.74% __________________ It's got a cop motor, a 440 cubic inch plant, it's got cop tires, cop suspension, cop shocks. It's a model made before catalytic converters so it'll run good on regular gas. What do you say, is it the new Bluesmobile or what?

04-01-2009, 12:05 AM	#4
Banshee Institutionally Insane Drives: 2013 IOM 2SS/RS 1LE Join Date: Feb 2009 Location: Detroit MI Posts: 2,115 View My Garage	You can apply for the loan with if you know roughly when your car will be delivered. Usually they have a rate lock of 30, 45 and 60 days. Do you need a VIN? Depends on the institution. If you know the amount you need to borrow, I am sure you can get the loan and submit the VIN upon finalization of your loan. Both the bank and Credit Union I am looking at require a VIN. __________________ It's got a cop motor, a 440 cubic inch plant, it's got cop tires, cop suspension, cop shocks. It's a model made before catalytic converters so it'll run good on regular gas. What do you say, is it the new Bluesmobile or what?

04-01-2009, 07:41 AM	#5
Txturbo Keeper of the Faith Drives: 2001 Z28 Agressively Join Date: Apr 2008 Location: Rosenberg,Texas Posts: 1,380 View My Garage	Not a good idea to get a loan for a car before you have signed a sales contract and the car is on the lot. __________________ 2010 Camaro SS R6P 2001 Camaro Z28 1969 Camaro SS clone

04-02-2009, 05:33 PM	#7
TStko TKO Drives: you crazy... Join Date: Jul 2008 Location: Earth Posts: 381 View My Garage	Most institutions will start the payment 30 days out and you can max it at 45 days from your contract date. Unless that finance company is rolling a special plan (60-90+) that will be the maximum time, So if you apply through the dealer make sure you ask for 45 days. You'll need to pay sales tax depnding on your state. Also anyone who starts financing a car they don't have is not really smart. Who cares if you're paying it off early, i can only see justification if you got approved for 0% and you're trying to lock it in but even still, you would pay rent on an apartment you haven't moved in, you wouldn't pay a mortgage in a house you haven't lived in. That's not smart decision making. __________________ 1100-Preliminary Order Accepted 10/13/2008 DELIVERED- 5/29/09 cars are like women, some are old, some are new, some get turned on easily some need a lot more help, some you just wanna drive into the river, some you can't wait to get inside of, some are expensive to maintain, some are low maintenance, however if you treat them right, you'll have her for the rest of your life.....

03-31-2009, 11:57 PM	#3
65Elco Drives: 65 Elcamino Join Date: Mar 2009 Location: Albuquerque, NM Posts: 76	Thanks for the info. Is a VIN required before applying for the loan?

04-02-2009, 05:27 PM	#6
65Elco Drives: 65 Elcamino Join Date: Mar 2009 Location: Albuquerque, NM Posts: 76	Thanks for Info, No car=No loan. Gotcha

04-02-2009, 05:43 PM	#8
BackinBlackSS/RS Go Blue!!!!! Drives: 2012 Cruze LT Join Date: Mar 2009 Location: Indiana Posts: 23,290	GMAC announced they are getting back into subprime loans and also they are making it easier for dealers to move cars by eliminating fees and such. This should help a bunch with sales.

04-02-2009, 07:56 PM	#9
tbss1 More then meets the eye! Drives: 2010 Camaro 2SS/RS 426 hp Join Date: Oct 2008 Location: Maui Posts: 584 View My Garage	subprime loans? __________________ 2010 2SS/RS, M6, OBX 7/8" l/t headers, with high flow cats, MBRP full 3" exhaust, Whipple supercharger, 3.875 pulley, ID-1050X 1260CC injectors, JRE rough idle street blower cam kit, ZL1 fp, ZL1 fpcm, ZR1 3 bar map sensor, cold air intake, Richman 4.10 gears, BMR toe rods, trailing arms, f/r sway bars, f/r sway bar end links, BMR end link brackets, full BMR poly bushing including solid rear cradle bushings, BMR frame connectors and tunnel brace, f/r Hurst swaybar bushing brackets, Fluidamper, MGR shifter, and tune by Jannetty Racing.

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