YOUNG BUYER QUESTIONS?/ADVICE? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Dr.Astronaut · 08-11-2009, 01:14 AM

Hey Everyone,

After getting my motorcycle license last summer, (and my first bike) I've been looking for my first 4 wheels, and I'm absolutely in love with the 2010 Camaro.

So I've made it my goal to get one for my 21st birthday in January, and I'm really looking for any advice when it comes to getting approved for financing.

I've saved 5 thousand towards a car already, and can save another 5 before January, but obviously it's not going to be easy to get approved for a 30k vehicle with only two years of credit history.

I was wondering if anyone has any advice?
Should I speak to my bank?
a credit Union?
GM?
If I put 10k down, will that make a difference? or is it out of the question without a co-signer? (I check my credit history regularly, I have a fico score of 700)

Thanks,

camaroguyBC · 08-11-2009, 02:04 AM

i would say it's likely that even with 10k down you will probably have to get a co-sign given the current state of the economy and lending in general. 4 years ago (i was 21 too) i bought a new car for a similar price with a similar downpayment and still had to get a co-sign. And at the time I had a great credit rating and a 3 year credit/loan history on a prior vehicle. It was easier to get a loan then than now.

Not sure how credit unions work in your area (they seem to vary a lot), but the ones here usually offer amazing rates compared to the regular banks and even GMAC or Ford Credit, etc - and they are usually more willing to make loans. If you look around enough, you may find a credit union that offers special deals for first time auto buyers (some do this for auto and home buyers).

In the end the best thing you can do is lots of research. Check with your bank (ask to speak with their auto-loan agents). Be sure to mention you're a first time buyer to see if they have any special rates or what-not. And be willing to look to other banks / credit unions if they offer better rates / approval chances. You could likely have them run you through a pre-approval process to see how much of a loan you would qualify for (with and without a co-sign). That would give you some good numbers to know how much of a downpayment you're going to need at a minimum to A) get approved and B) get the monthly payments where you want them. Also, when you're checking around, find out if the bank/credit union offers lower rates if you have open checking accounts, etc with them. My credit union gives you 0.1% off the base loan rate for having a checking account, another for having a savings account, another for direct payroll deposit, another for having another loan with them, etc up to a max of 0.6% off the rate which can be huge.

Also, maybe I'm misinformed on this...but be careful about how frequently you run credit checks on yourself (especially the ones you have to pay for)...but I've heard that lots of inquires of your credit history can actually lower your credit rating since it's assumed that lots of inquires = lots of spending / loans.

Anyhow, good luck with whatever you end up doing. You seem to be off to a good start trying to save money to make a good sized downpayment vs. trying to pull off a full finance with $600+ monthly payments!

Spiv · 08-11-2009, 02:18 AM

You'll probably need a co-signer. I have an A+ credit score and they wanted me to get a co-signer (I ended up swindling into a loan that didn't need one, boooya!). It was simply because it was my first car/first big investment under my own name.

Dan3 · 08-11-2009, 02:35 AM

You will probably need the co-signer, like they said. I would check with a local credit union first, they usually have the best rates and sometimes you actually get to talk to a loan officer, not just put your info in a computer system.

Sir Nuke · 08-11-2009, 08:52 AM

Quote:

Originally Posted by camaroguyBC

Also, maybe I'm misinformed on this...but be careful about how frequently you run credit checks on yourself (especially the ones you have to pay for)...but I've heard that lots of inquires of your credit history can actually lower your credit rating since it's assumed that lots of inquires = lots of spending / loans.

This IS a true statment, and a fact. I was told this by more than one loan officer whom I know personally.

Forrest · 08-11-2009, 11:41 AM

Well.....AS far as the actual BUYING of the car, not so much the financing, make sure the dealer KNOWS you know your sh*t. If he thinks you just wanna waltz on in and buy the camaro, he might give you some BS about it or try to add something. Walk in, and first thing off, say "How many allocations do you have for the 2010 Camaro, and how many people are infront of me at 1100?" Then they'll know you mean business

Sir Nuke · 08-11-2009, 01:14 PM

Quote:

Originally Posted by Forrest

Well.....AS far as the actual BUYING of the car, not so much the financing, make sure the dealer KNOWS you know your sh*t. If he thinks you just wanna waltz on in and buy the camaro, he might give you some BS about it or try to add something. Walk in, and first thing off, say "How many allocations do you have for the 2010 Camaro, and how many people are infront of me at 1100?" Then they'll know you mean business

TRUE STATMENT, and he might, just might treat youy differently. He will know you are educated on the process.

chevyss · 08-11-2009, 01:23 PM

I'd work with your bank. GM is out of the question because their rates are to high. W/700 credit score and your job history you might need a co-signer. Check first with the bank. Mine really worked with me. Of course I had 22,000 down.

drtwo · 08-11-2009, 01:51 PM

I may be a fuddy duddy, but I'd say, work, live and give it a few years! Get one used in a couple years so that you aren't tied down to a restrictive payment that sucks up your entire income. Let a new car be something to look forward to in your future life. Go to college, save!

When I was 20, I was in the Air Force. The last thing on my mind was buying a 'new corvette'. Get a house, get some equity and don't 'invest' in a car which will be essentially worthless in 8 years. When you are older, find comfort in being able to buy a nice, new car that you can easily afford. If you do it now, wht is there to look forward to in life?

Get a late model newER vehicle and enjoy life without the stress of a huge car payment...

Sorry for being 'old' sounding... but you learn lessons with experience...

SlingShot · 08-11-2009, 02:10 PM

Quote:

Originally Posted by drtwo

I may be a fuddy duddy, but I'd say, work, live and give it a few years! Get one used in a couple years so that you aren't tied down to a restrictive payment that sucks up your entire income. Let a new car be something to look forward to in your future life. Go to college, save!

When I was 20, I was in the Air Force. The last thing on my mind was buying a 'new corvette'. Get a house, get some equity and don't 'invest' in a car which will be essentially worthless in 8 years. When you are older, find comfort in being able to buy a nice, new car that you can easily afford. If you do it now, wht is there to look forward to in life?

Get a late model newER vehicle and enjoy life without the stress of a huge car payment...

Sorry for being 'old' sounding... but you learn lessons with experience...

From another old fart ..... I'd agree ... A car is not a good investment when your young, because you will never get your money out of it. If it were me I would invest the money in a house, right now is a buyers market for houses. If I had it to do over again I would go for a house before a car any day. But your young and just see the car now for what it is, and the chicks that go with it ....Either way you will need a co-signer due to the lack of history ... Good Luck !!!

AMERICANMADE · 08-11-2009, 02:58 PM

Quote:

Originally Posted by SlingShot

From another old fart ..... I'd agree ... A car is not a good investment when your young, because you will never get your money out of it. If it were me I would invest the money in a house, right now is a buyers market for houses. If I had it to do over again I would go for a house before a car any day. But your young and just see the car now for what it is, and the chicks that go with it ....Either way you will need a co-signer due to the lack of history ... Good Luck !!!

Not an "Old Fart" although I do fart once in a while. Kidding aside, if you listen to the last two posts from Slingshot and Hi ofcr, you will be benefitting from, I'm guessing, 40+ years of hard experience. I couldn't have given you better advice. Don't tie yourself with a note for a new car at your age. If you put 50% down, I might think different. Be smart!

KTMracing09 · 08-11-2009, 08:16 PM

I just turned 15 and my dad is buying me an 2SS/RS

drtwo · 08-11-2009, 11:23 PM

No offense, but that is foolish...

I'm a big fan of giving my kids a CRAPPY/ safe car as a kid and they can EARN their way through life rather than spoon it to them...

PolishMike · 08-11-2009, 11:29 PM

I got mine at 21. 20k down though. The rest financed through a credit union at 5.29. 360 a month payments.

08-11-2009, 01:14 AM	#1
Dr.Astronaut Drives: First Time Buyer Join Date: Aug 2009 Location: Toronto Posts: 1	YOUNG BUYER QUESTIONS?/ADVICE? Hey Everyone, After getting my motorcycle license last summer, (and my first bike) I've been looking for my first 4 wheels, and I'm absolutely in love with the 2010 Camaro. So I've made it my goal to get one for my 21st birthday in January, and I'm really looking for any advice when it comes to getting approved for financing. I've saved 5 thousand towards a car already, and can save another 5 before January, but obviously it's not going to be easy to get approved for a 30k vehicle with only two years of credit history. I was wondering if anyone has any advice? Should I speak to my bank? a credit Union? GM? If I put 10k down, will that make a difference? or is it out of the question without a co-signer? (I check my credit history regularly, I have a fico score of 700) Thanks,

08-11-2009, 02:04 AM	#2
camaroguyBC Drives: 1SS Blk/Blk w CGM M6 Join Date: Jul 2009 Location: Cedar Rapids, IA Posts: 93	i would say it's likely that even with 10k down you will probably have to get a co-sign given the current state of the economy and lending in general. 4 years ago (i was 21 too) i bought a new car for a similar price with a similar downpayment and still had to get a co-sign. And at the time I had a great credit rating and a 3 year credit/loan history on a prior vehicle. It was easier to get a loan then than now. Not sure how credit unions work in your area (they seem to vary a lot), but the ones here usually offer amazing rates compared to the regular banks and even GMAC or Ford Credit, etc - and they are usually more willing to make loans. If you look around enough, you may find a credit union that offers special deals for first time auto buyers (some do this for auto and home buyers). In the end the best thing you can do is lots of research. Check with your bank (ask to speak with their auto-loan agents). Be sure to mention you're a first time buyer to see if they have any special rates or what-not. And be willing to look to other banks / credit unions if they offer better rates / approval chances. You could likely have them run you through a pre-approval process to see how much of a loan you would qualify for (with and without a co-sign). That would give you some good numbers to know how much of a downpayment you're going to need at a minimum to A) get approved and B) get the monthly payments where you want them. Also, when you're checking around, find out if the bank/credit union offers lower rates if you have open checking accounts, etc with them. My credit union gives you 0.1% off the base loan rate for having a checking account, another for having a savings account, another for direct payroll deposit, another for having another loan with them, etc up to a max of 0.6% off the rate which can be huge. Also, maybe I'm misinformed on this...but be careful about how frequently you run credit checks on yourself (especially the ones you have to pay for)...but I've heard that lots of inquires of your credit history can actually lower your credit rating since it's assumed that lots of inquires = lots of spending / loans. Anyhow, good luck with whatever you end up doing. You seem to be off to a good start trying to save money to make a good sized downpayment vs. trying to pull off a full finance with $600+ monthly payments! __________________ 1100: 06/29/09 2000: 07/07/09 3000:07/17/09 TPW 8/3 3300:07/28/09 3400:08/01/09 3800:08/11/09 #34541 4200:08/12/09 --8/12/09 11:30am - departed Oshawa CSX --8/13/09 11:04pm - arrived at CSX/UP Interchange - Proviso, IL - 200 miles to go! --8/17/09 7:30pm - departed Proviso, IL --8/18/09 5:15am - received at interchange, unloaded (11:04am), Janesville, WI 5000: 8/19/09 6000: 8/20/09

08-11-2009, 02:18 AM	#3
Spiv Why you gotta be hatin'? Drives: 2010 Camaro 2LT/RS Join Date: Aug 2009 Location: Simcoe, Ontario Posts: 248	You'll probably need a co-signer. I have an A+ credit score and they wanted me to get a co-signer (I ended up swindling into a loan that didn't need one, boooya!). It was simply because it was my first car/first big investment under my own name. __________________ Hazman!!! Thx for the sig! We all have Camaro syndrome, I just suffer from the z28 strand.

08-11-2009, 02:35 AM	#4
Dan3 Captain of the Failboat Drives: 2010 IBM Camaro 2SS/RS Join Date: Jun 2009 Location: USAF Seymour Johnson- Goldsboro, NC Posts: 405	You will probably need the co-signer, like they said. I would check with a local credit union first, they usually have the best rates and sometimes you actually get to talk to a loan officer, not just put your info in a computer system. __________________ 2010 Camaro 2SS - Imperial Blue w/Black Leather Interior Ordered - 22 June 2009 Produced - 10 August 2009 : #34143 Delivered - 25 August 2009

08-11-2009, 01:51 PM	#9
drtwo Drives: 2SS RS Yellow, Raptor, Vrod Join Date: Jul 2009 Location: South Dakota Posts: 599 View My Garage	I may be a fuddy duddy, but I'd say, work, live and give it a few years! Get one used in a couple years so that you aren't tied down to a restrictive payment that sucks up your entire income. Let a new car be something to look forward to in your future life. Go to college, save! When I was 20, I was in the Air Force. The last thing on my mind was buying a 'new corvette'. Get a house, get some equity and don't 'invest' in a car which will be essentially worthless in 8 years. When you are older, find comfort in being able to buy a nice, new car that you can easily afford. If you do it now, wht is there to look forward to in life? Get a late model newER vehicle and enjoy life without the stress of a huge car payment... Sorry for being 'old' sounding... but you learn lessons with experience... __________________ 2SS RS Rally Yellow, LS3, M6, sunroof, extra on the fast!

08-11-2009, 11:41 AM	#6
Forrest Drives: 2001 Pontiac Grand Prix Join Date: May 2009 Location: Daytona Beach Posts: 148	Well.....AS far as the actual BUYING of the car, not so much the financing, make sure the dealer KNOWS you know your sh*t. If he thinks you just wanna waltz on in and buy the camaro, he might give you some BS about it or try to add something. Walk in, and first thing off, say "How many allocations do you have for the 2010 Camaro, and how many people are infront of me at 1100?" Then they'll know you mean business

08-11-2009, 01:23 PM	#8
chevyss SS/RS Drives: 2010 SS/RS IOM w/blk stripes A6 Join Date: Jun 2009 Location: Eastern Washington Posts: 816 View My Garage	I'd work with your bank. GM is out of the question because their rates are to high. W/700 credit score and your job history you might need a co-signer. Check first with the bank. Mine really worked with me. Of course I had 22,000 down.

08-11-2009, 08:16 PM	#12
KTMracing09 Drives: 2SS/RS L99 ABM Join Date: Aug 2009 Location: Mechanicsville, Maryland Posts: 227	I just turned 15 and my dad is buying me an 2SS/RS

08-11-2009, 11:23 PM	#13
drtwo Drives: 2SS RS Yellow, Raptor, Vrod Join Date: Jul 2009 Location: South Dakota Posts: 599 View My Garage	No offense, but that is foolish... I'm a big fan of giving my kids a CRAPPY/ safe car as a kid and they can *EARN* their way through life rather than spoon it to them... __________________ 2SS RS Rally Yellow, LS3, M6, sunroof, extra on the fast!

08-11-2009, 11:29 PM	#14
PolishMike Drives: 2010 2SS RS Join Date: Jul 2009 Location: Tracy/San Diego CA Posts: 224	I got mine at 21. 20k down though. The rest financed through a credit union at 5.29. 360 a month payments. __________________ IOM w/ White Stripes 2SS RS M6 #17772 Now - Stainless Works 2" Headers, Intake, Cam, tune, ect And shepherds we shall be, For thee my lord for thee. Power has descended forth from thy hand, that our feet may swiftly carry out thy commands. So we shall flow a river forth to thee, and teeming with souls shall it ever be.In nomine Patri, Et Fili, Spiritus Sancti

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