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Old 07-14-2014, 03:55 AM   #1
davidjoshua11
 
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Chicago area Used camaro monthly payments estimates. help me pls

Im 20 living in Chicago,IL area particularly, in Des Plaines. i have no license yet, neither any of my family. my mom and i are planning to get our license in a couple months and im planning to get a 2010-2012 camaro. im lookin at websites like cars.com and carmax.com. We're planning to get a used camaro (preferably 2010/2011 model for low payment) that are about 16500 to 18000 max. can you guys give me an estimate on how much we would pay a month, given in our location, if we make a down payment about 1k-3k. can you guys also recommend me an insurance company that would give us low monthly payment preferably 80-90$ insurance per month. as you have read, i have no idea about buying cars but i reallly want a camaro. if my mom gets her license we would use her name on everything so we can get low payments given her age. pls help me thnx
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Old 07-14-2014, 04:03 AM   #2
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It all depends on the credit. Go to a Credit Union and get pre-approved, there you'll find out the interest rate and monthly payments. As for insurance, if you guys are new drivers it may cost more, no one here can give you a definite answer on pricing. Good luck.
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Old 07-14-2014, 04:23 AM   #3
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Originally Posted by homewrecker View Post
It all depends on the credit. Go to a Credit Union and get pre-approved, there you'll find out the interest rate and monthly payments. As for insurance, if you guys are new drivers it may cost more, no one here can give you a definite answer on pricing. Good luck.
yeah. but if someone here lives in the same area as mine, i just want an estimate. or if someone in who is in the same area as mine replies, he could tell me how much he pays monthly car + insurance
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Old 07-14-2014, 05:53 AM   #4
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Originally Posted by davidjoshua11 View Post
yeah. but if someone here lives in the same area as mine, i just want an estimate. or if someone in who is in the same area as mine replies, he could tell me how much he pays monthly car + insurance
Estimates have nothing to do with the area you live in car payments are ALL about your current credit score. You could live in Highland Park, Elk Grove, or Downtown Chicago it wont make a bit of difference on your monthly payment.

A quick estimate for you

20000 financed
1500 down payment
3.9% APR
72 Months

Estimated payment would be $289
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Old 07-14-2014, 06:58 AM   #5
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Your credit score also affects your insurance rate too. Why not just make some phone calls to a few lending institutions and insurance companies to find out exactly what your expenses will be. I would bet that your insurance will be pretty high. Without knowing the credit situation of the person buying the car at least, it is impossible to give an estimate on payment.
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Old 07-14-2014, 07:24 AM   #6
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As others have stated, it's not that simple. What is your credit score? How much are you putting down? What is the term of the loan? Lastly, two adults that have never driven a car before, buying a RWD sports car to drive in snowy Chicago??? There are better options!
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Old 07-14-2014, 08:47 AM   #7
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Originally Posted by DRKS1D3 View Post
As others have stated, it's not that simple. What is your credit score? How much are you putting down? What is the term of the loan? Lastly, two adults that have never driven a car before, buying a RWD sports car to drive in snowy Chicago??? There are better options!
Thats what they want, if you can't help, don't discourage them.
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Old 07-14-2014, 08:54 AM   #8
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Lastly, two adults that have never driven a car before, buying a RWD sports car to drive in snowy Chicago??? There are better options!
Glad to see someone state the obvious.
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Old 07-14-2014, 08:55 AM   #9
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Thats what they want, if you can't help, don't discourage them.
I didn't discourage them. I offered advice. Settle down tough guy.
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Old 07-14-2014, 09:00 AM   #10
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I bought my Camaro 1LT 2010 in Chicago, IL. I'm 19 turning 20 and i can tell you that the only insurance that i was able to get around $90 - $100 a month would be Esurance or Talro. Keep in mind that my older brother (28 years old) has his name on everything and i just make the monthly payments. With that being said, we put a down payment of $2100 on a $21k car with 5.5%APR. Credit score was around 700 i believe. Keep in mind that i was not covered for insurance unless i want to pay a little extra which would be around $200 depending on the company. With my older brother not having a licence at all and i just received mine last year, we still managed to get a Camaro so anything is possible lol.. Hope this helps!
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Old 07-14-2014, 09:03 AM   #11
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It is simple to go to a site like this:
http://www.bankrate.com/calculators/...alculator.aspx
and use the car loan calculator.

That said, you will need to know your credit score before you can figure out what type if interest rate you would be able to get. If you have no credit, you may not be able to obtain a loan. A lot then will depend upon your employment. Where you are located has nothing to do with interest rates.

Car insurance will definitely depend upon your driving record. At 20, with no license, you will probably see a very high insurance rate. Remember that by being financed, you will have to carry full coverage, not just legal liability. A Camaro is going to have a much higher insurance rate than a lesser car.

If you are only using mom's name for the insurance, and if she is just now getting her first driver's license, she will be treated as a new driver - regardless her age. Also, you will legally need to be named as a driver if you intend to drive it also.

This is not discouragement, it is simply facts intended to help in the decision making process.
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Old 07-14-2014, 09:10 AM   #12
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There is a payment calculator on cars.com. The insurance is going to be whatever you are charged based on who, what coverage you go with.
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Old 07-14-2014, 09:15 AM   #13
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The car payment should be pretty straightforward. It's the insurance that could be a problem.

Insurance companies like to see a driving record and history of continuous insurance coverage. If you don't have that, it could be expensive - especially in a large city with full coverage. Also, whatever institution finances the car may have a policy that specifies requirements for a deductible. I would not be at all surprised to see the monthly insurance rate actually higher than the car payment.

Do be sure to shop around on the insurance, though. Rates can vary wildly from insurance company to insurance company. Rather than look here for an estimate, get on the phone and talk to a bunch of them.
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Old 07-14-2014, 09:17 AM   #14
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Quote:
Originally Posted by DRKS1D3 View Post
As others have stated, it's not that simple. What is your credit score? How much are you putting down? What is the term of the loan? Lastly, two adults that have never driven a car before, buying a RWD sports car to drive in snowy Chicago??? There are better options!
Quote:
Originally Posted by oustaz View Post
Thats what they want, if you can't help, don't discourage them.
Perhaps DRKS1D3 is "enlightening" this young man.

As you may know (or not), there are a lot of factors to consider when deciding to purchase a motor vehicle for the first time.

A RWD sports car of the Camaro's caliber isn't the safest choice for two, newly licensed, first-time car owners living in a part of the country that experiences regular snowfall.

In addition, things for the OP to consider:

Insurance rates for a (two) inexperienced drivers (one of whom is under 21).

Type of vehicle being insured

Cost of vehicle:
Monthly car payment (credit rating, finance rates, down payment, length of loan)
Maintenance costs
Local / county / State fees (one time and / or recurring)

SAFETY: First and foremost, the OP would be well-advised to consider a vehicle with a high safety rating, appropriate for year-round driving conditions (FWD), one they can safely handle, which will accommodate their needs and lifestyle, yet be affordable. A 300+HP RWD sports car hardly fits into that category.

Making the wrong choice now could cause significant financial hardship in the not-too-distant-future - especially when the OP already starts off the post with concern for monthly car payments.
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