Credit Union question - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Ant · 03-19-2009, 01:05 PM

Since I'm only 18 and work off the books, I'm having trouble getting approved for financing.

My Mom will most likely get approved, but her credit score isn't the best because of my parents' divorce. On my current car, we got an APR of 12%. :(

If she were to join a credit union, do you think they'd give us a lower APR?

Baughman · 03-19-2009, 01:42 PM

Quote:

Originally Posted by Ant

Since I'm only 18 and work off the books, I'm having trouble getting approved for financing.

My Mom will most likely get approved, but her credit score isn't the best because of my parents' divorce. On my current car, we got an APR of 12%. :(

If she were to join a credit union, do you think they'd give us a lower APR?

I would venture to say your chances with a credit union are much better than a regular bank or dealership financing. Atleast that has been the case for me. Good luck

ArcAngel · 03-19-2009, 02:22 PM

yea credit unions rock! Mine is so helpful

Txturbo · 03-19-2009, 02:32 PM

CUs are more likely to work with you, even with credit problems. They are more personal and don't just treat you like an account number.

Ant · 03-19-2009, 03:41 PM

That sounds cool. So how does it work if I want to finance from a Credit Union for the Camaro?

logan1080 · 03-19-2009, 03:55 PM

I think you basically take out a loan for a set term and either a set interest rate or a floating interest rate.? I could be wrong.

Txturbo · 03-19-2009, 04:25 PM

works the same as a bank.

Ant · 03-19-2009, 04:48 PM

So I would just get the loan from them when the car comes in, or would I do that now and notify the dealer? I'm confused lol.

NUCAR · 03-19-2009, 06:37 PM

Quote:

Originally Posted by Ant

So I would just get the loan from them when the car comes in, or would I do that now and notify the dealer? I'm confused lol.

Given what you have stated about your situation, I would start NOW to get your ducks in a row. Cash down is KING, particularly in your situation. Where are you on the order list?

Ant · 03-19-2009, 08:23 PM

Quote:

Originally Posted by NUCAR

Given what you have stated about your situation, I would start NOW to get your ducks in a row. Cash down is KING, particularly in your situation. Where are you on the order list?

Well my order hasn't been placed yet, because my dealer said I need to get approved for the financing thing first. Meanwhile he has my $500 deposit since the end of January.

Txturbo · 03-19-2009, 09:17 PM

If you go ahead and get financing, its usually only good for 30 days. After that you will have to start over. I doubt your car is going to arrive within 30 days of ordering. Just tell them you already have financing arranged.

camaros and vettes · 03-19-2009, 09:45 PM

i would get your deposit back and find a new dealer. than i would see about getting pre approved, so you know for sure. you should be able to order the car with out financing, not like the cant sell the car to someone else if it doesn't work out. plus pre orders are over so you may just have to wait a bit longer. that shouldn't be a big deal since your car is not ordered anyway. get away from that dealer. just my thoughts.

Ant · 03-19-2009, 11:12 PM

Quote:

Originally Posted by camaros and vettes

i would get your deposit back and find a new dealer. than i would see about getting pre approved, so you know for sure. you should be able to order the car with out financing, not like the cant sell the car to someone else if it doesn't work out. plus pre orders are over so you may just have to wait a bit longer. that shouldn't be a big deal since your car is not ordered anyway. get away from that dealer. just my thoughts.

You know, I really am about to. He has my $500, yet I always have to stay on top of him and I always have to call him. He never returns my calls.

If I go to a credit union, you think they will let me finance, being that I'm only 18 and work off the books?

Redwolf20 · 03-20-2009, 05:43 AM

Quote:

Originally Posted by Ant

You know, I really am about to. He has my $500, yet I always have to stay on top of him and I always have to call him. He never returns my calls.

If I go to a credit union, you think they will let me finance, being that I'm only 18 and work off the books?

Credit Unions are definitely better than banks in regards to being more personable and having very competitive rates. However, they are going to require the same stuff a bank would want that proves your ability to repay the loan.

Working off the books doesn't help in that area. There are other things involved as well like credit scores and history but if you can't prove that you have the income to repay, the other things are irrelevant.

I don't want to sound all doom-and-gloom but that's how it works. However, try it out and see; that's the only way to know for sure.

03-19-2009, 01:05 PM	#1
Ant Drives: 2017 Camaro 1LT/RS (V6) Join Date: Dec 2008 Location: Long Island, NY Posts: 911	Credit Union question Since I'm only 18 and work off the books, I'm having trouble getting approved for financing. My Mom will most likely get approved, but her credit score isn't the best because of my parents' divorce. On my current car, we got an APR of 12%. :( If she were to join a credit union, do you think they'd give us a lower APR?

03-19-2009, 02:22 PM	#3
ArcAngel Drives: 07 Black Cobalt SS/SC Join Date: Aug 2006 Location: Manalapan-NJ Posts: 2,872	yea credit unions rock! Mine is so helpful __________________ Through HIM you believe in GOD, who raised HIM from the dead and Glorified him..

03-19-2009, 02:32 PM	#4
Txturbo Keeper of the Faith Drives: 2001 Z28 Agressively Join Date: Apr 2008 Location: Rosenberg,Texas Posts: 1,380 View My Garage	CUs are more likely to work with you, even with credit problems. They are more personal and don't just treat you like an account number. __________________ 2010 Camaro SS R6P 2001 Camaro Z28 1969 Camaro SS clone

03-19-2009, 04:25 PM	#7
Txturbo Keeper of the Faith Drives: 2001 Z28 Agressively Join Date: Apr 2008 Location: Rosenberg,Texas Posts: 1,380 View My Garage	works the same as a bank. __________________ 2010 Camaro SS R6P 2001 Camaro Z28 1969 Camaro SS clone

03-19-2009, 09:17 PM	#11
Txturbo Keeper of the Faith Drives: 2001 Z28 Agressively Join Date: Apr 2008 Location: Rosenberg,Texas Posts: 1,380 View My Garage	If you go ahead and get financing, its usually only good for 30 days. After that you will have to start over. I doubt your car is going to arrive within 30 days of ordering. Just tell them you already have financing arranged. __________________ 2010 Camaro SS R6P 2001 Camaro Z28 1969 Camaro SS clone

03-19-2009, 03:41 PM	#5
Ant Drives: 2017 Camaro 1LT/RS (V6) Join Date: Dec 2008 Location: Long Island, NY Posts: 911	That sounds cool. So how does it work if I want to finance from a Credit Union for the Camaro?

03-19-2009, 03:55 PM	#6
logan1080 Drives: 2003 Crew Cab Duramax Join Date: Aug 2008 Location: canada Posts: 693 View My Garage	I think you basically take out a loan for a set term and either a set interest rate or a floating interest rate.? I could be wrong.

03-19-2009, 04:48 PM	#8
Ant Drives: 2017 Camaro 1LT/RS (V6) Join Date: Dec 2008 Location: Long Island, NY Posts: 911	So I would just get the loan from them when the car comes in, or would I do that now and notify the dealer? I'm confused lol.

03-19-2009, 09:45 PM	#12
camaros and vettes Account Suspended Drives: 2010 IBM Camaro 2008 Corvette Join Date: Aug 2008 Location: Tiffin,Iowa Posts: 560 View My Garage	i would get your deposit back and find a new dealer. than i would see about getting pre approved, so you know for sure. you should be able to order the car with out financing, not like the cant sell the car to someone else if it doesn't work out. plus pre orders are over so you may just have to wait a bit longer. that shouldn't be a big deal since your car is not ordered anyway. get away from that dealer. just my thoughts.

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