For those who have financing questions, heres how it worked out for me - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

perfxn · 06-06-2009, 12:54 PM

heres how my financing paned out.

I have a 734 experian score and 690 equifax

made 29,000$ last yr, 2.5yrs on the same job, also full tiem student

biggest previous loan was on mustang only 4,500$

ok, so i applied at my credit union, bank of a, cap one and another place, all of them would only give me half what i needed about 15,000 to 20,000.

so i called my dealer and did exaclty what you not supposed to do "ask him to run your credit and see if he can find me a loan"

GMAC to the rescue!! approved for 29,000, 7.89% for 5yrs, equals 590 bucks a month.

What i have find out is, with the right amount down, you can get approved. i also dont dont worry about the 7.89% rate, after paying on time for a yr or so i will go back to my credit union and refi, which will lower my payments.

hope this helps any of you who have qustions in this area.

my dealer was honest and actualy helped me out big time, best dealer i have delt with.

any questions feel free to ask

Sinergy · 06-06-2009, 01:02 PM

Don't take this wrong....or do, I don't care. But how can you afford a car that cost more than your yearly salary?

Dans ls1 · 06-06-2009, 01:02 PM

Quote:

Originally Posted by perfxn

heres how my financing paned out.

I have a 734 experian score and 690 equifax

made 29,000$ last yr, 2.5yrs on the same job, also full tiem student

biggest previous loan was on mustang only 4,500$

ok, so i applied at my credit union, bank of a, cap one and another place, all of them would only give me half what i needed about 15,000 to 20,000.

so i called my dealer and did exaclty what you not supposed to do "ask him to run your credit and see if he can find me a loan"

GMAC to the rescue!! approved for 29,000, 7.89% for 5yrs, equals 590 bucks a month.

What i have find out is, with the right amount down, you can get approved. i also dont dont worry about the 7.89% rate, after paying on time for a yr or so i will go back to my credit union and refi, which will lower my payments.

hope this helps any of you who have qustions in this area.

my dealer was honest and actualy helped me out big time, best dealer i have delt with.

any questions feel free to ask

You will most likely need to put money down when you go to refinance your car in 1 year. If you went through a deal they most likely jacked up the interest on you, should have worked at it more bet you could have knocked off another .5 to 1%

perfxn · 06-06-2009, 01:11 PM

live with the folks and dont have any other bills

i talkd to him about it and he worked on getting it that low, thats whatg he said so i can only take his word for it and GMAC doesnt have low rates to begin with, if u would of got approved threw my credit union i would of got the 3.99% since my score was above a 720

SGOS252382 · 06-06-2009, 01:20 PM

Quote:

Originally Posted by perfxn

live with the folks and dont have any other bills

i talkd to him about it and he worked on getting it that low, thats whatg he said so i can only take his word for it and GMAC doesnt have low rates to begin with, if u would of got approved threw my credit union i would of got the 3.99% since my score was above a 720

What's your credit union? Can anyone sign up? My credit Score was 820 when it was checked by the dealership. I'm still shopping for a loan. USAA has offered me 5.2%, but I would like to see something lower than that if possible.

PewterPhil · 06-06-2009, 04:03 PM

My wife bought an Acadia in April. Has a 750 plus credit score. Got financed through GMAC at 2.9% for 72 months with a $4500 trade in on a $38,000 car.

Don't think I will get such a low rate on a Camaro through GMAC but I am going to try with them first. I am paying over 25% down with a credit score at 735 Equifax. I will let you know what happens.

pikSkip · 06-06-2009, 04:17 PM

Quote:

Originally Posted by SGOS252382

What's your credit union? Can anyone sign up? My credit Score was 820 when it was checked by the dealership. I'm still shopping for a loan. USAA has offered me 5.2%, but I would like to see something lower than that if possible.

That's also what I see USAA offering with nothing down on $40,000:
5.24% - 60mth; 5.74% - 72mth; 6.49% - 84 mths
Let us know if they change or if the new GMAC does better.

WySilverado · 06-06-2009, 06:36 PM

Last month My Wife and I financed a 09 Sierra All-Terrain with $46,600 MSRP,we financed $35,500 for 72 months at 5.65%.My Wifes credit score was 710 with a BK 3yrs and mine was 695 with my credit dinged up from a divorce 4 years ago.Hoping to get under 6% on the Camaro.............

06-06-2009, 12:54 PM	#1
perfxn Drives: 2SS RS Join Date: Oct 2008 Location: portland, OR Posts: 305	For those who have financing questions, heres how it worked out for me heres how my financing paned out. I have a 734 experian score and 690 equifax made 29,000$ last yr, 2.5yrs on the same job, also full tiem student biggest previous loan was on mustang only 4,500$ ok, so i applied at my credit union, bank of a, cap one and another place, all of them would only give me half what i needed about 15,000 to 20,000. so i called my dealer and did exaclty what you not supposed to do "ask him to run your credit and see if he can find me a loan" GMAC to the rescue!! approved for 29,000, 7.89% for 5yrs, equals 590 bucks a month. What i have find out is, with the right amount down, you can get approved. i also dont dont worry about the 7.89% rate, after paying on time for a yr or so i will go back to my credit union and refi, which will lower my payments. hope this helps any of you who have qustions in this area. my dealer was honest and actualy helped me out big time, best dealer i have delt with. any questions feel free to ask

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
QUESTIONS ABOUT FINANCING MY CAMARO HELP	Mayhem Matt	Camaro Price \| Ordering \| Tracking \| Dealers Discussions	23	06-08-2009 04:12 PM

06-06-2009, 01:02 PM	#2
Sinergy Drives: em crazy. Join Date: May 2009 Location: Right here Posts: 305	Don't take this wrong....or do, I don't care. But how can you afford a car that cost more than your yearly salary?

06-06-2009, 01:11 PM	#4
perfxn Drives: 2SS RS Join Date: Oct 2008 Location: portland, OR Posts: 305	live with the folks and dont have any other bills i talkd to him about it and he worked on getting it that low, thats whatg he said so i can only take his word for it and GMAC doesnt have low rates to begin with, if u would of got approved threw my credit union i would of got the 3.99% since my score was above a 720

06-06-2009, 04:03 PM	#6
PewterPhil Drives: 2010 Chevy Camaro Join Date: Mar 2009 Location: Lakeland, TN Posts: 159	My wife bought an Acadia in April. Has a 750 plus credit score. Got financed through GMAC at 2.9% for 72 months with a $4500 trade in on a $38,000 car. Don't think I will get such a low rate on a Camaro through GMAC but I am going to try with them first. I am paying over 25% down with a credit score at 735 Equifax. I will let you know what happens.

06-06-2009, 06:36 PM	#8
WySilverado Drives: 2011 RS/SS Camaro M6 Synergy Green Join Date: Sep 2008 Location: Powell Wy Posts: 138	Last month My Wife and I financed a 09 Sierra All-Terrain with $46,600 MSRP,we financed $35,500 for 72 months at 5.65%.My Wifes credit score was 710 with a BK 3yrs and mine was 695 with my credit dinged up from a divorce 4 years ago.Hoping to get under 6% on the Camaro.............