What would my payments be?

[SSEd13]

Ok, I'm going to be starting college soon, hopefully I get accepted to where I want to go, and after four years, I'll have my degree, which hopefully, again, I'll have a good job also, anyways, I was wondering if I put a down payment of somewhere from $9,000 to $10,000, what do you think my payments will be? I'm planning on getting the 2011 Camaro SS, maybe even the newer one if they don't change the body style too much since I love the 2011 body style. I don't have any credit whatsoever, which leads me to another question, how can I start getting credit right now? Thanks.

[midnighter]

You are looking at around $600.00 per month for 60 months if you have average credit rating. It will depend on your credit or your co-signer's credit rating.

[SSEd13]

Damn, I was kind of hoping for $300-$400 since I'm putting down a fairy large down payment. :(

[KeepItGreasey]

With no credit, you will be denied a loan.

You will NO DOUBT need to have a co-signer.

I'm guessing your payments would be $700 a month, plus or minus a hundred bucks.

Get a couple credit cards, use them, and pay your balance on-time every month.

[KeepItGreasey]

Originally Posted by SSEd13

Damn, I was kind of hoping for $300-$400 since I'm putting down a fairy large down payment. :(

20% isn't a very large down payment.

You will be paying for the price of the car... sales tax... registration... any other fees or add-on's... --- all this will be what you are financing on your purchase day.

And don't forget the cost of insurance.

[coolman]

That is Know where near enough information to answer your first question. As far as credit history , doing what KeepItGreasey said is a good start.

[SSEd13]

Yeah, I've been told to open some credit cards, but I mean who's gonna give a credit card to an eighteen year old? Right, that's why I was going to wait until I'm 21 or 22, because I know the insurance will be pretty high.

[KeepItGreasey]

Originally Posted by coolman

That is Know where near enough information to answer your first question. As far as credit history , doing what KeepItGreasey said is a good start.

I bought my 2010 Camaro when I was 26 years old, and I've been paying bills and using credit cards since I was 19 years old. The dealer ran my credit report for me... said I had a score of 730-740 (somewhere around there)... and still banks were telling me that I had "Insufficient Credit History". I still got a loan without a co-signer, and I've made every payment on-time, paying more than is due each month.

[coolman]

Originally Posted by KeepItGreasey

I'm bought my 2010 Camaro when I was 26 years old, and I've been paying bills and using credit cards since I was 19 years old. The dealer ran my credit report for me... said I had a score of 730-740 (somewhere around there)... and still banks were telling me that I had "Insufficient Credit History". I still got a loan without a co-signer, and I've made every payment on-time, paying more than is due each month.

Same here. While it was a very long time ago, my dad signed for my first car when I was sixteen. It was only a $2,000 car. LOL

[SSEd13]

740-760? Insufficient? What? I think that's a really good credit score. You don't even need a cosigner with that kind of credit. Yeah, it's always to better to pay a little more if you can. It'll be better since you'll pay it off faster.

Edit: 730, sorry. :P

[KeepItGreasey]

Originally Posted by SSEd13

Yeah, I've been told to open some credit cards, but I mean who's gonna give a credit card to an eighteen year old? Right, that's why I was going to wait until I'm 21 or 22, because I know the insurance will be pretty high.

18 years old? Congrats! You're a bona fide adult! You've got money? Do you have a job? Don't spend money that you don't have. For me, the credit card applications started rolling in once I turned 18.

You're old enough to die for your country........ but you still can't drink in pubs.

[KeepItGreasey]

Originally Posted by coolman

Same here. While it was a very long time ago, my dad signed for my first car when I was sixteen. It was only a $2,000 car. LOL

I bought my first car... $1500 cash.

Originally Posted by SSEd13

740-760? Insufficient? What? I think that's a really good credit score. You don't even need a cosigner with that kind of credit. Yeah, it's always to better to pay a little more if you can. It'll be better since you'll pay it off faster.

Edit: 730, sorry. :P

Good score... but insufficient history.

[SSEd13]

Hahaha. I know, right? Yeah, I have a job right now, which is another thing I was thinking was to save my money and use that also as a down payment. I really don't spend money on useless junk. I try to save what I can. I have yet to see these credit card applications...

[KeepItGreasey]

Remember... local sales tax is scheduled to go back down by 1% on June 30th, 2011 - I believe.