Financing a Camaro, no credit history

[FFMaro]

5 credit reports, 5 credit cards is the optimal amount, anymore than 5 and you appear to lenders as a risk because all of that credit is viewed as potential debt.

[Inspector 17]

Originally Posted by FFMaro

Then tell me why your not preaching this to everybody on this forum?

Why does anyone buy a new car?

I think it is worth it to have a car that has not been molested by someone else.

Go read here http://www.camaro5.com/forums/showthread.php?t=11042 and here http://www.camaro5.com/forums/showthread.php?t=11042.

I have said the same thing to two OPs plus anyone else that was reading. You know part of the reason why we are in this economic situation we are in right now? Because people are too stupid to understand what having credit and keeping good credit means. They don't understand being over-leveraged or having too high of a debt-to-equity ratio. Do you plan on moving out of the parent's house some day and buying a house of your own? If so, you want to research this stuff a little bit.

Listen, at the end of the day, you can buy whatever you want and do whatever you want. I am just giving you some food for thought based on my experiences. I bought a new car when I was younger and didn't realize until years later what a bad decision that was. I could have kept my older (used) vehicle and started saving money sooner (which means retire sooner). I am buying this car for a couple of reasons: 1. I am selling another car to help pay for the Camaro. 2. I have saved for this car for years and will not be extending my credit in order to buy it. 3. I am financially established enough that I feel comfortable doing it. However, even in my case, it is a bad use of money. Putting that $20-35k into a true investment would be a far better use of the money right now. However, this is my reward to myself for working hard and saving what I have so far. Again, you don't have to listen, but do yourself a favor and do some hard thinking about it.

[trans_am723]

Dude your the one working and its YOUR money...do what you want...its nobody elses business in the 1st place

[FFMaro]

Originally Posted by StoutFiles

This has been proven to not speed up the process as companies see 5 cards as a lack of self control. The best way to build credit is to have one credit card and always pay your bills on time. Also, I'd use the money you're making for college, savings, or an apartment rather than blow it all on the LS.

However, if you're going to go through with this anyways than you will probably need your parents to co-sign. If you want your car in 2009 you will need to go preorder now-ish; you will be at the back of the line but since you're getting a V6 you may end up cutting some V8 people because of the 50/50 build ratio.

Not getting a V6, waste of time. Apartment is also a waste of time and money, you will never own it. I am going to live at home and build up a good down payment on a mortgage. And the fire dept will pay for all collage expenses. In the book "Debt Cures" by Kevin Trudeau, it states that having 5 credit reports is optimal for credit building. And having only 1 card means your report could be reported to only 1 credit reporting companies, hence the reason to have more than 1 card.

[stovt001]

That author needs to be punched in the face. There is so much wrong with the above that...well I'm just going to leave before this gets too depressing...

[FFMaro]

Originally Posted by trans_am723

Dude your the one working and its YOUR money...do what you want...its nobody elses business in the 1st place

Exactly, I am just asking if anyone would have an idea as to how long it might take me to build enough credit history to make my purchase.

[jeffny09]

Originally Posted by camaropete

Go read here http://www.camaro5.com/forums/showthread.php?t=11042 and here http://www.camaro5.com/forums/showthread.php?t=11042.

I have said the same thing to two OPs plus anyone else that was reading. You know part of the reason why we are in this economic situation we are in right now? Because people are too stupid to understand what having credit and keeping good credit means. They don't understand being over-leveraged or having too high of a debt-to-equity ratio. Do you plan on moving out of the parent's house some day and buying a house of your own? If so, you want to research this stuff a little bit.

Listen, at the end of the day, you can buy whatever you want and do whatever you want. I am just giving you some food for thought based on my experiences. I bought a new car when I was younger and didn't realize until years later what a bad decision that was. I could have kept my older (used) vehicle and started saving money sooner (which means retire sooner). I am buying this car for a couple of reasons: 1. I am selling another car to help pay for the Camaro. 2. I have saved for this car for years and will not be extending my credit in order to buy it. 3. I am financially established enough that I feel comfortable doing it. However, even in my case, it is a bad use of money. Putting that $20-35k into a true investment would be a far better use of the money right now. However, this is my reward to myself for working hard and saving what I have so far. Again, you don't have to listen, but do yourself a favor and do some hard thinking about it.

awww pete your so sweet haha

im 27 saving up 20 gs for the last 3 years ive been working 2 jobs for the last 2 years and people having said the same thing to me but at the same time they understand what im doing,you only live once i workec hard last couple years and i refuse to hear anyone elses opionion if they cant hear what im saying ya know? i cant explain why im going to spend this money on a car that i know will loose its value, but i can explain that when i saw this ca 3 years ago i fell in love and i promised my self after working so hard that i would build my credit i didnt have the best back then but now all 3 of them is above 700 and as well save money every month, had a decent job the first year but i made a mistake thought i was better then what i was doing and i made a turn for the worse i do make more now butits 2 jobs,anyhow i am gonna buy this car whether i go broke or not cuz i worked 75 hour weeks for the last 2 years atleast and i need something for this hard work, you feel me? life is rough and now its even rougher but well get threw the hard times and pick back up well anyhow im getting this car no matter the situation: drinking:

[Inspector 17]

Originally Posted by FFMaro

Not getting a V6, waste of time. Apartment is also a waste of time and money, you will never own it. I am going to live at home and build up a good down payment on a mortgage. And the fire dept will pay for all collage expenses. In the book "Debt Cures" by Kevin Trudeau, it states that having 5 credit reports is optimal for credit building. And having only 1 card means your report could be reported to only 1 credit reporting companies, hence the reason to have more than 1 card.

You are basing your financial future on one book?

[FFMaro]

Originally Posted by camaropete

You are basing your financial future on one book?

No, I was just using it as an example to back up my statement.

I didn't come here to get a lesson on life, just to have a question answered.

[stovt001]

Originally Posted by camaropete

You are basing your financial future on one book?

I read a book a couple years ago telling me the only sure investment was real estate. Prices would never go down. You couldn't lose. Books are great, but you shouldn't believe everything you read.

[jeffny09]

Originally Posted by FFMaro

Not getting a V6, waste of time. Apartment is also a waste of time and money, you will never own it. I am going to live at home and build up a good down payment on a mortgage. And the fire dept will pay for all collage expenses. In the book "Debt Cures" by Kevin Trudeau, it states that having 5 credit reports is optimal for credit building. And having only 1 card means your report could be reported to only 1 credit reporting companies, hence the reason to have more than 1 card.

its just a book bro get maybe 3 cards charge ennough that you can pay back took me awhile to get a high credit score but there are lots of ways to do it

go to the bank take out a personal loan of like 4 gs and pay that back by the time you buy the camaro(dont spend the money just pay back the ssame money) that might help, but dont beleave in a book take it from real people
im part of a website its called myfico.com
alotta good people on there that can tell you how to get a loan
and how to build your credit etc etc

[Inspector 17]

Originally Posted by FFMaro

Exactly, I am just asking if anyone would have an idea as to how long it might take me to build enough credit history to make my purchase.

Sorry to take it off topic. But if you ask a question that makes people think you don't understand credit, you better expect people to give you some advise. You do what you want, just remember to tell me that I was right later.

Originally Posted by jeffny09

awww pete your so sweet haha

im 27 saving up 20 gs for the last 3 years ive been working 2 jobs for the last 2 years and people having said the same thing to me but at the same time they understand what im doing,you only live once i workec hard last couple years and i refuse to hear anyone elses opionion if they cant hear what im saying ya know? i cant explain why im going to spend this money on a car that i know will loose its value, but i can explain that when i saw this ca 3 years ago i fell in love and i promised my self after working so hard that i would build my credit i didnt have the best back then but now all 3 of them is above 700 and as well save money every month, had a decent job the first year but i made a mistake thought i was better then what i was doing and i made a turn for the worse i do make more now butits 2 jobs,anyhow i am gonna buy this car whether i go broke or not cuz i worked 75 hour weeks for the last 2 years atleast and i need something for this hard work, you feel me? life is rough and now its even rougher but well get threw the hard times and pick back up well anyhow im getting this car no matter the situation: drinking:

Jeff, good for you. 27 is a lot different than 18 though. I hope that you too have saved some money besides what you are spending on the car.

[jeffny09]

Jeff, good for you. 27 is a lot different than 18 though. I hope that you too have saved some money besides what you are spending on the car.[/QUOTE]

not much to tell you the truth but i can save up money quick i do bring home a decent amount of money as i dont have any bills or car notes or anyhting once i do get the car i will be puttinga substancial amount of money away

[Inspector 17]

Originally Posted by jeffny09

not much to tell you the truth but i can save up money quick i do bring home a decent amount of money as i dont have any bills or car notes or anyhting once i do get the car i will be puttinga substancial amount of money away

You should research compounding interest also. Not investing today is like pissing money away. JMO of course.