What rate to expect (Loan) - Page 3 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

NoUCantDriveIt · 11-11-2009, 10:17 PM

Quote:

Originally Posted by coolman

If I were you I would be more worried about being able to get a loan at all instead of the rate. Do yourself and the dealer a favor and make sure you can even get the money before you order. Doesn't sound good to me.

I tend to agree with coolman's idea of talking to a lender first and finding out how much car you can buy. Then give it a lot more thought. Even with 4500 down... you have a 30K income, the Credit Rating isn't that strong, and 2 maxed out cards.

Just my cautious opinion, but you may be more than "a few" months from being financially ready for this. As hard as it is, can you hold off a little longer and have another car you can keep going for awhile?

FutureCamaroOwner · 11-11-2009, 10:45 PM

Yea I'm going to have all 3 of my credit cards under 10%. And a I'll pay a few small med Accts. I have like 6

FutureCamaroOwner · 11-11-2009, 10:49 PM

I would like o have the car by my 24th bday which is oct 8. My credit cards are only 300 a piece ( I know small amt but got them 2 yrs ago whn my credit was really bad

brAnd7onX · 11-12-2009, 01:01 AM

Quote:

Originally Posted by FutureCamaroOwner

I would like o have the car by my 24th bday which is oct 8. My credit cards are only 300 a piece ( I know small amt but got them 2 yrs ago whn my credit was really bad

Honestly, just worry about paying your debt first and then focus on the camaro. I don't want to sound like mommy but the debt is the most important thing.

mikedcmf · 11-12-2009, 06:06 AM

My credit union was 5.9. Huntington Bank gave me 5.1. I Put 4500 down. Course it all depends on your credit history and score. Since my wife does all the bills and she doesn't spend like the world is ending, my credit is pretty good.

Blazernut · 11-12-2009, 07:18 AM

Pentagon Federal CU, www.penfed.org, 3.9% with 0 down for me....

01pewterz28 · 11-12-2009, 08:30 AM

3.9%, 17k down (trade in), 72 months, 800+ beacon score financed via Chase.

Sean

tones2SS · 11-12-2009, 09:34 AM

Quote:

Originally Posted by FutureCamaroOwner

I would like o have the car by my 24th bday which is oct 8. My credit cards are only 300 a piece ( I know small amt but got them 2 yrs ago whn my credit was really bad

If I were you, I would work towards paying those 2 credit cards off and not using them as much if you don't need to. I know, easier said then done. I'm not saying don't use them, use them for small purchases and pay them off. That way, you are still establishing credit and have no balance on the credit cards.
PLUS,.... that leaves them open in case you have an emergency and really need the money/credit!
GOOD LUCK!!!

scomaro22 · 11-12-2009, 10:21 AM

I went through Citizens Auto Finance.......4.89% for 5yrs and my credit is 752. I put $9000 down on the car. I had credit cards w/ balances and other debt on there. Citizens told me it didn't make a difference because my credit was what it was. I don't know if different banks have different rules about prior debt but Citizens didn't seem to care !!!

FutureCamaroOwner · 11-12-2009, 11:50 AM

My plan is to purchase like i said in about six months. I paying those credit cards off this month so they reflect on the report and continue to show for the next few months. This year alone over a six month span i got my score up 90 points. I am expecting to be in the high 600' if not low 700's. All of your words have been influential (good and bad) I am also having friends allow me to be and authorized user on there accounts so it should help some.

tones2SS · 11-12-2009, 11:54 AM

This link should help as well and is a good read.

http://articles.moneycentral.msn.com...editScore.aspx

mjlash22 · 11-12-2009, 12:00 PM

You need to pay off your credit cards and get your credit score higher. If you're lucky you will get a rate in the 7-8%, maxing out your cards can have a long term impact on your credit even if you pay them off. You want your credit score above 750 for most banks, you should have a descent amount of available credit, and check with some banks to make sure your annual income is sufficient enough to finance the car. You may need to put a very large down payment to make up for the lack of credit/income.

Embalmer · 11-12-2009, 02:50 PM

3.99 www.penfed.org

Keith70Chevelle · 11-12-2009, 03:42 PM

3.49 from my credit union.

11-12-2009, 08:30 AM	#35
01pewterz28 #TeamBeckyD Drives: 2017 HBM 2SS Convertible A8 Join Date: Aug 2008 Location: Apopka, FL Posts: 10,496 View My Garage	3.9%, 17k down (trade in), 72 months, 800+ beacon score financed via Chase. Sean __________________ #TeamBeckyD FIFTY HBM 2SS VERT

11-12-2009, 10:21 AM	#37
scomaro22 Drives: 2010 VR 2SS! ,'09 Genesis Join Date: Feb 2009 Location: D-town, PA Posts: 256 View My Garage	I went through Citizens Auto Finance.......4.89% for 5yrs and my credit is 752. I put $9000 down on the car. I had credit cards w/ balances and other debt on there. Citizens told me it didn't make a difference because my credit was what it was. I don't know if different banks have different rules about prior debt but Citizens didn't seem to care !!! __________________ 2010 Victory Red 2SS 20" Polished Wheels Delivered 8/3/09 !!!!!!!!

11-12-2009, 12:00 PM	#40
mjlash22 Drives: 2007 Ford Fusion SE Join Date: Sep 2009 Location: Metro Detroit Posts: 1,440	You need to pay off your credit cards and get your credit score higher. If you're lucky you will get a rate in the 7-8%, maxing out your cards can have a long term impact on your credit even if you pay them off. You want your credit score above 750 for most banks, you should have a descent amount of available credit, and check with some banks to make sure your annual income is sufficient enough to finance the car. You may need to put a very large down payment to make up for the lack of credit/income. __________________ Ordered: 2LT/RS CGM, A6 1100 = Preliminary Order 10/1/09 2000 = Accepted By GM 12/31/09 3000 = Accepted By Production Control 1/7/10 (TPW: 2/1/10) 3400 = Broadcast 1/23/10 3800 = Produced 2/2/10 (2G1FC1EV6A9189068) 4150 = Invoiced 2/5/10 4200 = Shipped 5000 = Delivered To Dealer 6000 = Delivered To Customer

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11-11-2009, 10:45 PM	#30
FutureCamaroOwner Drives: White 1SS/Black Stripes Join Date: Nov 2009 Location: New Albany Indiana Posts: 675	Yea I'm going to have all 3 of my credit cards under 10%. And a I'll pay a few small med Accts. I have like 6

11-11-2009, 10:49 PM	#31
FutureCamaroOwner Drives: White 1SS/Black Stripes Join Date: Nov 2009 Location: New Albany Indiana Posts: 675	I would like o have the car by my 24th bday which is oct 8. My credit cards are only 300 a piece ( I know small amt but got them 2 yrs ago whn my credit was really bad

11-12-2009, 06:06 AM	#33
mikedcmf Mike Drives: 2010 2SS LS3 Join Date: Aug 2009 Location: Northwood, Ohio Posts: 63	My credit union was 5.9. Huntington Bank gave me 5.1. I Put 4500 down. Course it all depends on your credit history and score. Since my wife does all the bills and she doesn't spend like the world is ending, my credit is pretty good.

11-12-2009, 07:18 AM	#34
Blazernut Drives: 2003 Z71 Tahoe, 2010 ABM 2SS Camaro Join Date: Jul 2009 Location: Sharpsburg, Georgia Posts: 76	Pentagon Federal CU, www.penfed.org, 3.9% with 0 down for me....

11-12-2009, 11:50 AM	#38
FutureCamaroOwner Drives: White 1SS/Black Stripes Join Date: Nov 2009 Location: New Albany Indiana Posts: 675	My plan is to purchase like i said in about six months. I paying those credit cards off this month so they reflect on the report and continue to show for the next few months. This year alone over a six month span i got my score up 90 points. I am expecting to be in the high 600' if not low 700's. All of your words have been influential (good and bad) I am also having friends allow me to be and authorized user on there accounts so it should help some.

11-12-2009, 11:54 AM	#39
tones2SS Drives: '13 Roush S3 '16 Ram Sport 4X4 Join Date: Apr 2009 Location: Massachusetts Posts: 3,100	This link should help as well and is a good read. http://articles.moneycentral.msn.com...editScore.aspx

11-12-2009, 02:50 PM	#41
Embalmer 2G1FT1EWXA9103351 Drives: 2SS RS, SIM, 6pd, 20"Alum Join Date: Oct 2008 Location: Canton, Michigan Posts: 607 View My Garage	3.99 www.penfed.org

11-12-2009, 03:42 PM	#42
Keith70Chevelle Drives: 1970 Chevelle, 2010 Camaro Red Join Date: Aug 2009 Location: Bryan TX Posts: 28	3.49 from my credit union.