2013 2SS Camaro

[Rickis13]

So.. I've been drooling over them since Transformers... I finally saved up a bit of cash and am in a buying situation. I'm 19 and I make $5k a month. I have a very low credit score (due to identity theft, not irresponsibility) and have never had a car loan yet. However, after a TON of inquiries a used car lot has gotten me approved for a 2013 2SS, Red, Non-RS with ~10k miles priced at $39k with a rate of 17.95%. They want me put $8k down and my payment would be around $800 a month.

I'm just wondering if this sounds about right for somebody in my predicament trying to finance a $40k car... Also wondering how will I stand as far as equity after the first 24 months.

[pocketcthulhu]

17.95%.... HOLY CRAP man, walk away... no run away, if your identity was stolen you need to get in touch with the credit agency's and get that resolved.

you should be looking at below 5%

[cam62]

Originally Posted by Rickis13

~10k miles priced at $39k with a rate of 17.95%. They want me put $8k down and my payment would be around $800 a month..

Dude..be patient.. 17.95% is ridiculous/outgrageous. You're still young and impatient.. I get that. We were all there. Keep saving, wait till your credit score gets better. It will.. again. .patience...

Trust me.. been there.. done that when I was a young buck like you (more than once). Now at 50, those were some of the worst decisions I ever made.

Prices on the used 2ss's will come down, you'll have more saved for a down payment AND get a better interest rate which = lower payments.

Don't forget that at your age, insurance will be quite expensive, gas will take a healthy chunk out of your income, and you'll get the mod fever. It's not all about the monthly payment.

DON'T use a used car lot's finance..establish a relationship with your bank or credit union and work with them.

I understand, you're legally an adult and will do what you want but you came here asking for advice.

Whatever you choose to do. Good luck.

[Rickis13]

Originally Posted by cam62

Dude..be patient.. 17.95% is ridiculous/outgrageous. You're still young and impatient.. I get that. We were all there. Keep saving, wait till your credit score gets better. It will.. again. .patience...

Trust me.. been there.. done that when I was a young buck like you (more than once). Now at 50, those were some of the worst decisions I ever made.

Prices on the used 2ss's will come down, you'll have more saved for a down payment AND get a better interest rate which = lower payments.

Don't forget that at your age, insurance will be quite expensive, gas will take a healthy chunk out of your income, and you'll get the mod fever. It's not all about the monthly payment.

DON'T use a used car lot's finance..establish a relationship with your bank or credit union and work with them.

I understand, you're legally an adult and will do what you want but you came here asking for advice.

Whatever you choose to do. Good luck.

I thought my score would get better in 2011 as well but since then it hasn't improved much, even with a decent score I'd be looking at similar rates minus 4 or so percent with me being a first time buyer getting into such an expensive car according to one of the dealers. I've been to 4 different Chevrolet dealers within the last 30 days. I've applied with my bank and a local credit union both only offering up to $15-20k for first time buyer program(s).

[PatsRS]

Sorry to hear this. Unless you find a co-sign it would be better for you to wait to 21 and repair/rebuild your credit. That really sucks. These cars are nice but I don't think they are worth that kind of sacrifice. You make good money save some more and then go for the car of your dreams.

[cam62]

Originally Posted by Rickis13

I thought my score would get better in 2011 as well but since then it hasn't improved much, even with a decent score I'd be looking at similar rates minus 4 or so percent with me being a first time buyer getting into such an expensive car according to one of the dealers. I've been to 4 different Chevrolet dealers within the last 30 days. I've applied with my bank and a local credit union both only offering up to $15-20k for first time buyer program(s).

Again - PATIENCE!!!!

That's a hard thing for young whippersnappers to do, I know. It sure was for me at that age. If I knew then, what I know now, (or simply listened to my Father) I wouldn't have made some of the decisions I back then.

Think about it this way - you're 19. You'll probably live to 80 or better. You've still got 60 years to go, that's a lot of years to live and enjoy.

Get a first time buyers loan, get something to drive that's acceptable to you. Pay on it regularly, and by the time you're 22 (you'll still have 58 years or so ahead of you) your credit score will be higher, you'll have (good credit history, assuming you are not irresponsible), and be able to move on up to something better.

It's also been my experience (personal, my soon to be 21 year old son, and other young bucks) a car with this much power can be very dangerous. Science has proven that our young male minds don't mature until well into their 20's which leads the younger people to engage in riskier behaviour.

I busted my son son trying to street race and do donuts with my Nissan Armada! Do you think he'll get the keys to my Camaro for an unsupervised drive any time soon? Not a chance!

You may be an exception to that rule, but just think about it.

Well that's all the Fatherly advice I have for today.

[Firefighter]

Seriously listen to these guys. They are doling out good advice. When 17.95% was said you should have got up and left.

When the finance guy came at me with 7.99% initially because he didn't know I was putting down money I considered shooting him. Luckily we straitened things out and I left with 3.9%.

Your best bet is to wait and fix your credit. There are places/services that do this kind of thing that would be a better expenditure.

You would be close to $1500 a month between payment/insurance/fuel on this thing. I'm only paying $1750 for my house and it's pretty damn big.

Patience grasshopper... listen to us old men.

Sent from my friggin Droid by two thumbs using Tapatalk 2 or whatever the ish it's called....

[Rickis13]

Originally Posted by cam62

Again - PATIENCE!!!!

That's a hard thing for young whippersnappers to do, I know. It sure was for me at that age. If I knew then, what I know now, (or simply listened to my Father) I wouldn't have made some of the decisions I back then.

Think about it this way - you're 19. You'll probably live to 80 or better. You've still got 60 years to go, that's a lot of years to live and enjoy.

Get a first time buyers loan, get something to drive that's acceptable to you. Pay on it regularly, and by the time you're 22 (you'll still have 58 years or so ahead of you) your credit score will be higher, you'll have (good credit history, assuming you are not irresponsible), and be able to move on up to something better.

Not knowing you, it's also been my experience (personal, my soon to be 21 year old son, and other young bucks) a car with this much power can be very dangerous. Science has proven that our young male minds don't mature until well into their 20's which leads the younger people to engage in riskier behaviour.

Well that's all the Fatherly advice I have for today.

Yeah the ol' you'll shoot your eye out kid speech. The way I'm figuring I can drive the car for 1-2 years and refinance.. By then my auto credit should be great and I should have a bit of equity as well by then. I'm just trying to skip "starting from the bottom".. I thought thats what the $8k was for. :(

[cam62]

Originally Posted by Rickis13

Yeah the ol' you'll shoot your eye out kid speech. (

Yup and Ralphy would have shot his eye out if he wasn't wearing glasses. . Oh right, the car has airbags and seatbelts. My bad.

[Rickis13]

Yeah... Even with the higher finance and expense.. I think I'm going to do it guys.. I've been waiting for a really long time now.

[Oldag]

Don't throw your money away. Work on repairing your credit first.

Heck, you might find someone on this board willing to make you the loan for 15%...

[A_DILLA]

Bro I'm a personal banker and I'll be the first to tell you that that's way to high but if your credit s not where it can be for now then whatever makes you happy bro. My opinion is don't buy a brand new one if anything, buy a used 2010 for like 18-20k and enjoy the make over. Just my opinion but who am I..

[Ajdin@A2BMotorsport]

man buy a used 2010 with 8k downpayment you should be able to get a lower rate.

[Rickis13]

Originally Posted by Bozz1LE

man buy a used 2010 with 8k downpayment you should be able to get a lower rate.

Higher*

For 2010 1SS was 20%...