Financing a Camaro?

[Nexjan]

Hi Im 20 years old i have a new license i have a job that pays me 10 dollars an hour and im looking for a second job so i can accomplish a goal ive been wanting to accomplish and thats getting the Camaro SS it doesn't have to be 2014 im trying to get it 2009 atleast, im starting to build up my credit and hopefully if i get a second job im trying to get this car by next summer, i want to put 5000 Down payment on the car, i know my insurance will be sky high im expecting it, i wanna know how much credit am i supposed to have to get it financed, id want you guys to help me figure this out i really want to get inside this car by next year (2014) Help me build a good plan so i can accomplish this goal im willing to work hard for this to make it happen.

Thank you so much for reading, I live in the state of massachussets

[toehead93]

When I was your age I had a credit card and I made sure it was paid off every month. I used it instead of cash, now if you do this you can earn reward points or cash back for gas, etc. You might want to get a GM card and try to earn $1,000 toward the Camaro, I did this for my 2010 SS and have another $1,000 for my 2014 1LE order.

I also had a cheap car loan that my parents co-signed with me. This and a couple of credit cards helped me establish credit. I'm not an expert and I'm sure there are other things to consider but this worked for me.

When you are ready check Pentagon Federal Credit Union...1.74% APR on new and used loans.

[WarMachineZL1]

One of the quickest ways to build up your credit score is to get a credit card or other financing, and always pay early with at least $5 more than the minimum. The creditor is required to report early payments and payments over the minimum. It REALLY helps.

[dixonk]

If you get a credit card you need to ask the lender what date they report to the bureaus and make sure it is payed down to no more than 10% of the total limit. You want to keep your overall debt to income low and overall credit card usage well below 50%. While building credit the quickest way to get a higher score is to leave a 1% balance.

On another note when you are applying for a loan the credit score is not the determining factor in approval. Debt to income and length of stable employment is. 2 years of solid employment and an income that can properly support the car payment is crucial. The score merely determines the rate.

To qualify for tier 1 rates you need a score of 700-720 or higher.

In my personal experience at your age you will more than likely need a strong consigner.

[Nexjan]

Thanks so much for feedback i appreciate it

[Cookie Monster]

If you're just now starting your credit history it could be really tough to get a Camaro without being screwed at the same time. I would definetly invest in a credit card first. Some say to have a decent balance of around 20% and keep making payments. I usually make my payments first then spend, so I ALWAYS have a negative balance and it builds my credit score tremendously (BUT I already have established my credit for some years now)
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My first car I financed was at 26% with credit score in the upper 600s. However, I did everything wrong when it came to purchasing a car. You live and you learn.
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Bottom line, start with a low limit credit card (1 credit card is plenty!!), keep the balances low and keep making payments. If you have to have high balances pay them off immediately or at least before your statement ends. Try to do so for AT LEAST 6 months to build some type of history, the longer the better. Try to stay away from the dept. store cards. Capitol One will give your dog a card if you applied so you shouldn't have trouble getting one with them
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I've been thru credit hell and back so if you need more help feel free to ask or pm me