10-03-2012, 04:41 PM | #1 |
Drives: None Yet Join Date: Oct 2012
Location: Philadelphia PA
Posts: 162
|
Buying a Camaro How do I go about it? Dealers Welcome!!!
Hi everyone I am 20 years old and about to buy a new camaro. I have never bought a car before and have absolutely no credit. I am going to be putting $10,000 down and plan on getting a 2LT with RS Package, Mylink Navigation, and a automatic transmission. When I build it online it says MSRP is $32,940 so what do you think would be a fair price to actually pay for it. I am also wondering what everyone thinks the proper interest rate would be? My net income(after taxes) is around $34,000 a year and I have no bills. I would like to have the car paid off in 3 years but was thinking I should take a 5 year loan to be safe. Is this advisable? I would really like to get the 2SS in the same configuration but I told myself if my interest rates are over 8%(which i expect them to be) I would stick with the 2LT. I would really like to get a Black 2SS in that configuration for $38,000 with a 8% interest rate on a 4 year loan. Is this a unrealistic hope for a 20 year old with no credit, and a $10,000 down payment?
Thanks for reading and any help is really appreciated. P.S. the 2SS in the configuration I want has a MSRP of $40,365 |
10-03-2012, 04:56 PM | #2 | |
7 year Cancer Survivor!
Drives: 17 Cruze RS, 07 G6 GT, 99 Astro Join Date: Dec 2007
Location: East Tennessee
Posts: 21,547
|
Quote:
I know not all this works all the time but it worked for me and when my son established his credit. Good luck.
__________________
Cancer's a bitch! Enjoy life while you can! LIVE, LOVE, DRIVE...
The Bird is the word! |
|
10-03-2012, 05:01 PM | #3 |
Drives: 2015 ZO6 3LZ Stage 2 A8 Join Date: Nov 2010
Location: La plata MD
Posts: 2,299
|
I think you could get the loan, but will be hard for you. I've heard most dealerships dont even waste their time if your credit score is under 700. So if you do get a loan, you will have a high interest rate...
Advice for you....trust me, I have a 817 credit score.... I'd buy a car for around 15k... Put your 10k down.... Do a 3year loan on the rest... Try to pay it off in a year... Then you will have some decent credit to show...then go for the SS that you want....during that time frame (paying on your 5k loan), get a credit card and use it wisely... Don't max it out,but use it every month and pay all of it off every month, but leave a small balance.... Like 50.00... Next month,use it again... An do the same... This is the best way to get your credit going in the right direction... Just don't be late on any payments... You'd be doing this for nothing if your late... GL |
10-03-2012, 05:07 PM | #4 | |
Drives: None Yet Join Date: Oct 2012
Location: Philadelphia PA
Posts: 162
|
Quote:
|
|
10-03-2012, 05:56 PM | #5 |
Drives: 2010 Camaro LS V6 Join Date: Jul 2010
Location: Tampa, Florida
Posts: 2,784
|
go in with saying no money down and let them give you that option. once you throw all your cards out there you have nothing to fall back on. i went in telling them i wanted this this and this(knowing they wouldnt give me that) but they met in the middle where i wanted. i told them i wasnt putting any money down and i want my payments at $250/month. of course they came back hell no. but they came with the offer of put $1000 down and we can get your payments at $365/month. i actually had 5k to put down. the most i really wanted to put down was 2500 and use that difference on mods and a few months of payments. also somebody should give you there $1000 gm off as well too. i didnt use that till the end too. so that got my payments down to $340
__________________
C-LO or Sonic
"Without Struggle there is no progress" I am your best nightmare! |
10-03-2012, 05:56 PM | #6 |
Drives: 2015 ZL1 Join Date: May 2012
Location: Gastonia, N.C
Posts: 393
|
Anything over 8% is high.The last few cars I financed was at 3.9% and 4.9% which is about normal.I just financed my ZL1 at 1.49% which is really good,at Penfed.org.I always pay mine off early though,finance for 60 and pay them off in 2-3 yrs max.
__________________
2013 Camaro ZL1,Victory Red # 441....SOLD
2013 Camaro ZL1, Summit White # 3071...SOLD 2015 Camaro ZL1, Summit White # 1325 Rotofab Cai,PCM cc,Kooks Headers,Cats delete,MF X pipe, ZLWin cam,upper/lower, Lingenfelter hx,715 rwhp,646 rwtq, BMR 1.25 Springs, Varro VD01 Wheels, |
10-03-2012, 06:08 PM | #7 | |
Drives: None Yet Join Date: Oct 2012
Location: Philadelphia PA
Posts: 162
|
Quote:
|
|
10-03-2012, 06:10 PM | #8 |
Drives: None Yet Join Date: Oct 2012
Location: Philadelphia PA
Posts: 162
|
Yes I know 8% is outrages for someone with a 800 credit score, but I just want to make sure I'm going in with realistic expectations for someone in my situation. Is it actually possible for someone in my situation to get a 3.9% rate?
|
10-03-2012, 06:38 PM | #9 |
Drives: 2010 Camaro LS V6 Join Date: Jul 2010
Location: Tampa, Florida
Posts: 2,784
|
what color you looking at buying too. u can go used too from carmax.com that will save you couple thousand dollars too
i dont know where you live but heres a few http://www.carmax.com/enus/search-re...b-ad86f7797263
__________________
C-LO or Sonic
"Without Struggle there is no progress" I am your best nightmare! |
10-03-2012, 09:16 PM | #10 | |
Drives: 2015 ZO6 3LZ Stage 2 A8 Join Date: Nov 2010
Location: La plata MD
Posts: 2,299
|
Quote:
In your situation, you'd pay more than double that.... And that at a 4.20% interest rate... So, to answer your question.... I'd work on my credit before I'd buy a 40k car. |
|
10-03-2012, 09:45 PM | #11 |
Drives: 2013 2SS/RS Join Date: Jul 2012
Location: CT
Posts: 181
|
From what I understand, it is easier to get a loan for someone with BAD credit then someone with NO credit history. If you really have no credit history and no co-signer, your interest rate will be 10%+ at the least. My advice? Do what you want if you can afford it. It's your money, your life.
|
10-03-2012, 10:32 PM | #12 |
Est.1775
Drives: '15 Challenger Hellcat (sold) Join Date: Sep 2009
Location: SoCal
Posts: 5,502
|
1. Have a plan, go to more then one dealership
2. Know your spending limit 3. Ensure you familiarize yourself with "Interest rates" 4. Take your time when negotiating 5. Ask for incentives that dealership may offer (free oil changes for life, etc) 6. Is a co-signer an option with low credit history |
10-03-2012, 11:28 PM | #13 |
Drives: 2013 Camaro 1LS Join Date: Sep 2012
Location: Mpls
Posts: 62
|
I started on edmunds.com. Selected 'contact dealers' and selected all dealers in my area. I was bombarded with emails. I wrote them back, telling them what car I was looking for, and said 'firm' (which I wasn't). I also mentioned that I was getting bombarded with emails from other dealers. Went to one of the dealers after he was closed, and looked at what he had on the lot. Returned the email the dealer sent out, and told him again what car I wanted. Went down to talk in person. The dealer said said he couldn't find that car - would I like to order? I said 'No - let me take this one for a drive'. We talked price, and he came in $400 below invoice. He was a nice guy. If you get a jerk, move on. I told him I'd be in the next day with a check. He asked me to put some money down - I refused. Told him I needed a night to sleep on it. The next day, I called around and found the car I had originally said I wanted (which I didn't - just a ploy). I called the 'test drive dealer' and told him I found the car I was looking for. He dropped his price another $400. I went in and bought it.
Don't tell them anything about your personal situation. The less they know the better. Make sure the price they quote includes all fees. After they quote you a price, ask them "Does that include all fees? Like advertising fees, document fees or anything else?" I also recommend you refuse ALL dealer options. They might try to snag you with a special loan payment option where you'll pay off your loan early by paying biweekly, instead of monthly. Don't take it - it's a rip off. I know you have your heart set on that $40k car, but you can get into a V6 for half that, and mod it. I got a 1LS, put on exhaust, lowering springs, fogs, and OEM SSRS wheels and tires. Its cheaper to insure the V6 too, I believe. Good luck, and have fun! Last edited by horrido; 10-03-2012 at 11:41 PM. |
10-04-2012, 07:24 AM | #14 | |
Drives: 2013 2SS 1LE Join Date: Jul 2012
Location: Bluff City, Baby!!!
Posts: 563
|
Quote:
7. Check with your company (or neighborhood) credit union, if for no other reason than to get the dealership to compete with the interest rate. |
|
|
|
|
|