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Old 06-20-2009, 01:53 PM   #15
Lauryn200
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Originally Posted by THUNDA View Post
OKay here is the situation i was looking into getting a buy the camaro but i can't get a auto loan for my life right now probably cause of the economy and plus im only 24 and no i don't have a co-signer though i am trying to find one i just don't want to pay 7% for a car that's just stupid evn if its a camaro

i thought my dreams of getting the camaro were down the drain
then i get a call from a dealer saying that he has the camaro i was looking for without the rs package and i thought to myself could i possibly lease the car for 24-36 months.

i kno leases aren't great in the long run but it'll give me time to build my credit get settled at work and who knows maybe i'll get the 2012 camaro brand new

Lemme know what you think!!!!!!!
First you must honestly ask yourself..can I afford this car??

Without a pretty big downpayment (your situation) and car insurance..

You are probably looking at over $500.00 monthly than tack on insurance...

What's the point of getting your "dream car" to only have in a couple of months....you can't make the payments on it and can't pay insurance.

Have to resort to hiding the car or worse..they start harrassing your "co-signer" to cough up the payments.

If you can wait til the "camaro craze" dies down...get the car later....

My son is 23 and went through the same phase a few years ago...I understand.....he now has a Honda Civic that he paid off and a "crotch rocket"......
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Old 06-21-2009, 02:20 AM   #16
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670's Good but not exactly Excellent. Have you checked your actual credit ratings?

You can check your credit report for free here. And each of the three credit reporting agencies gives you an opportunity to also pay to check your credit rating that they have on you.
nah i didnt check anything...the dealer just checked it and gave me a 2 scores 1 of 660something and 670something...i didnt look into it cuz im gonna have a cosigner...i just hope they dont give me anyshit and tell me to start out with a 20,000 dollar car to get my credit established...i can afford the car monthly so im not worried about it being repo'd or anything like that...just worried about getting the loan...my grandfather and my mother who also might co-sign for me have mortgages...my grandfather owns 2 house tho and only 1 has a mortgage...first new car/loan so im clueless to how this is gonna go down...i make like 1800 a month but i live at home...the other thing im worried about is the fact i owe like 5k to credit cards...that i over pay everymonth on time tho...it was at 12k but i brought it down since jan to 5k
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Old 06-21-2009, 02:27 AM   #17
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What model did you want to get and how much where you looking at borrowing?

That will effect the bank's decision with your situation of course.
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Old 06-21-2009, 03:19 AM   #18
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You might be a Tier C (3) w/those scores your interest rate might be a little high,if you get the Camaro around $25,000-you might be able to swing a rate of 4.75 or 5....depending on how much your putting down...if you put down $5,000 you should be able to get the car on your own.
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Old 06-21-2009, 06:51 AM   #19
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L isn't for Lease...

The part that got me was, "I'm only 24"....pathetic. Man up already.
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Old 06-21-2009, 07:56 AM   #20
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You need to work on that credit score buddy. I'm 25, bought my house at 24. Maybe now is not the time for you to own one?
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Old 06-21-2009, 08:14 AM   #21
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Originally Posted by Cheshirelaugh View Post
670's Good but not exactly Excellent. Have you checked your actual credit ratings?

You can check your credit report for free here. And each of the three credit reporting agencies gives you an opportunity to also pay to check your credit rating that they have on you.
Just a warning on this, my credit score that the dealership reported is about 80-100 points lower than all 3 reported. I ran my credit report the day I went in to finance.

I inquired about it and he said that they use a different "vehicle" credit reporting agency. Which is all well and good, but I wondering why it was lower.
because I've never been late on a car payment....must be other factors
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Old 06-21-2009, 11:54 PM   #22
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Quote:
Originally Posted by Lauryn200 View Post
You might be a Tier C (3) w/those scores your interest rate might be a little high,if you get the Camaro around $25,000-you might be able to swing a rate of 4.75 or 5....depending on how much your putting down...if you put down $5,000 you should be able to get the car on your own.
i ordered the 2ss...msrp is 35,890 and im putting 4-6k down...i dont care if i have it in my name only i just want the car...also i dont really care about the rate...ill pay the extra 2grand over the course of 5 years...im going to our local credit union this thursday...i hope all goes well, ill let ya'll know
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Old 06-22-2009, 12:47 AM   #23
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nah i didnt check anything...the dealer just checked it and gave me a 2 scores 1 of 660something and 670something...i didnt look into it cuz im gonna have a cosigner...i just hope they dont give me anyshit and tell me to start out with a 20,000 dollar car to get my credit established...i can afford the car monthly so im not worried about it being repo'd or anything like that...just worried about getting the loan...my grandfather and my mother who also might co-sign for me have mortgages...my grandfather owns 2 house tho and only 1 has a mortgage...first new car/loan so im clueless to how this is gonna go down...i make like 1800 a month but i live at home...the other thing im worried about is the fact i owe like 5k to credit cards...that i over pay everymonth on time tho...it was at 12k but i brought it down since jan to 5k
Id be real worried if I owed 5k to credit cards, that is going to affect your debt to income ratio, IMO its likely your gonna get a sorry loan

What is your annual income and how much do you have available in credit? If you dont mind me asking
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Old 06-22-2009, 11:55 AM   #24
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not sure wut my annual income is...but i make 12 bucks and hour and usually get 5 hours a week overtime at 18 and hour...i make about 800 every 2 weeks give or take (depending on whether more or less overtime) after taxes...i owe the 5k but i have no other expenses...i live at home and ill have a co-signer
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Old 06-22-2009, 01:28 PM   #25
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not sure wut my annual income is...but i make 12 bucks and hour and usually get 5 hours a week overtime at 18 and hour...i make about 800 every 2 weeks give or take (depending on whether more or less overtime) after taxes...i owe the 5k but i have no other expenses...i live at home and ill have a co-signer
My 2 cents for what its worth. Take the money you'd be using for the car, and pay down the credit card to 0 ASAP. Don't get a car without paying down the credit card. Once you do this, then you shouldn't have any problem getting the loan. I would also try to save a bit up for the down payment so that you don't owe more than its worth after driving off the lot.

It pays to be patient.
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Old 06-22-2009, 04:36 PM   #26
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My 2 cents for what its worth. Take the money you'd be using for the car, and pay down the credit card to 0 ASAP. Don't get a car without paying down the credit card. Once you do this, then you shouldn't have any problem getting the loan. I would also try to save a bit up for the down payment so that you don't owe more than its worth after driving off the lot.

It pays to be patient.

I agree, the bank will see you can handle your bills and your credit score will sky rocket, mine went from the 650's when I had 5k debt to 720 after I paid it off, in a matter of 2-3 weeks, when you have 5k in bills and are pulling in $800 a pay period, assuming after taxes, your debt to income ratio isnt very good considering a 30k+ car. Your payment will be $500-650, add insurance, then you still have your credit card bills, on 5k I'm sure your paying over $150 a month, I'm not trying to rain on your parade but I just think you might be in for a suprise. Good luck my friend
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Old 06-22-2009, 04:47 PM   #27
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Not to be insulting here, but judging from your awful grammar and blaming the economy for your problems, I'm going to go ahead and say you're uneducated (at least past the high school level.) It's simple, if you're 24 and you can't afford a brand new car, DON'T BUY IT! I'm sure you have better things to spend your money on than a $30,000+ car. And if you have to build your credit to make this purchase, then you definitely have other, more important things to worry about...like making payments on time. Seriously, it's called common sense.
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Old 06-22-2009, 04:49 PM   #28
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A. Do you have a Job? Because if you dont your credit score wont always help.
B. 670 is alright and not great
C. There is no lease on these
D. If you have a lower credit score you probably cant afford this, and dont buy it.
E. 7% really isnt that bad, 2 years ago i got a new truck and my score at that time was like 720 and i got 8 something. A good average rate right now is 5-6%
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