Ordering Decisions (Dilemma)

[c0rsa180]

I just want to start out by saying this site is the greatest!!!! I dont post much but I check the site at least 5 times a day and the information provided is amazing

Ok now for my dillema...I'm 3 months away from graduating with my Masters in Accounting and have a job lined up starting in October. I originally planned on buying my camaro around when I first started the new job but I recently had a little run in with a wall with my current car (long story but it was snowing hit some black ice, spun accross three lanes and hit a concrete barrier) and my plans are changing.

Still deciding on colors (I would like to see CGM on a Camaro) but am seriously leaning towards a 2SS IOM 6M. Figured with all the pricing lists posted that I would be looking at roughly a 35k car, and with the 10k im putting down as a downpayment that would make a 25k 60 month loan which would make my monthly payments with a 6% interest rate of about $500-550. Like I said I'm a full time graduate student, and between my internship and work as a teaching assistant I can easily afford the payments no problem.

I still have to take into account the insurance costs for this car seeing as I'm a 22 year old driver with no accidents on my record (I dont have collission on my current car so I didnt file an accident report) and one ticket on my record (5 years ago) and I currently pay $600 a year for my 96 bonneville under my own policy...yada yada yada

My real problem is deciding if I should wait till October to purchase the car or if I should put in my order now and accept delivery (May/June?) and if I would be able to recieve a car loan for that amount (I have a good credit score of around 770).

I've been wanting this car ever since Bumblebee showed up in Transformers and now that the time is approaching for me to finally purchase my dream car, I'm not sure if I should be paitent or just pull the trigger and order it

Sorry for all this venting but I was just looking for some advice as to what you guys would do if you were in my position...Decisions Decisions...

[Rodrunner]

First, congrats on the Masters!

That 770 is great, and since you're currently also working, I doubt getting a loan would be a problem. Still it would be good to talk to a bank or loan company to be sure the financing is a go.


I doubt anyone knows for sure, but I would think putting an order in now probably wouldn't get you a car until maybe July, but more likely August or September. Of course it depends on what order you would be out of the dealer's total allotment (through Q3). There just aren't any guarantees. Good luck!

[c0rsa180]

Thanks for the grats...I cant wait to be finished with schooling...

August/September would be fine, it would be a nice birthday present to myself...

Would I need to get the loan approved now or just do the pre-order and small downpayment thing now, and worry about the loan at a later time?

[R1Ecko]

Some people have said that the dealership ran their credit when they put down their deposit but I'm not sure you have to do that now. I know I'm preordering at the end of Feb but I just got finished with a credit counseling service so hopefully I won't have to apply for credit until I have a few months to beef up my credit score and the car is actually available for delivery. Has anyone else had to apply for their loan already?

[Rodrunner]

I have no loan approval yet, and I believe most others don't either, just a $500 downpayment. Both loan pre-approval and downpayment are up to the dealer. GM doesn't require either.