am i going to have a problem financing or leasing?

[Mr.psychopath]

Like the title says I want to know because at the moment I have no credit to speak of, but I am working on that. Someone told me that I shouldn't have a problem leasing cause I am putting down a considerable down payment
($22,000) on a 1lt rs and my dad will co-sign, his credit score is around 820. I am just waiting to build up atleast some type of credit before I even attempt to go for it. I would like to know what you guys think. I'm from Toronto, ON if that helps.


Any input is much appreciated.

Thanks

BB

[Iwantone2]

I'm not sure of this, but I don't think leasing will be available on the Camaro...$22K down, on a 1LT? That's a pretty big number, what percentage of the total cost of the vehicle is that?

[ssump29]

Yes you will have a problem leasing the Camaro because its not offered. This car will not be leased until they are sitting on lots collecting dust and the way they are selling now that might not happen.

[Q's 91z28]

Why would you put down $22,000 if you are going to lease it (if it was even offered). With $22,000 you can pretty much by the car cash.

[badkarma]

You shouldn't have a problem if your Dad cosigns and you put 22k down. You won't be financing that much.

[nards444]

leasing isnt available but it is easier then a loan. Without credit my friend you arent getting anything

[SSOOCH]

Originally Posted by Q's 91z28

Why would you put down $22,000 if you are going to lease it (if it was even offered). With $22,000 you can pretty much by the car cash.

+1,000,000,000

Save up about 3K more and you could buy it in cash!! Do me a favor, give your Dad your $22k to hold so you don't do something stupid!

[UCF w00t]

Fo realz. Might just want to look into a loan with the "Bank of Dad". But then again, having a loan, albeit a really small one, would help build credit. With that kind of down payment and a cosigner, you should be fine.

[Mr.psychopath]

I'm thinking about giving it a year or so to build up atleast some sort of credit, I'm young I can wait.

The loan from my dad is a no can do, done it before rather not do it again.

I was only mentioning leasing cause a dealer mentioned it to me.He said he could probably get 60 month lease at 5% for around 250 a month. He was probably just trying to BS me cause Im a younger guy.

The large down payment is just what I have now and the price of the camaro I want is around $32,500. So i might just save the extra cash and buy it outright.
I have been saving (part time jobs suck) since I heard they were gonna put it into production so saving a little more shouldnt be too bad.

Thanks for all the input.

BB

[Arch]

I regret paying full in cash for the first car I ever bought (I was 20 years old). I'm 24 now and have a phenomenal credit score in the high 700's due to using credit cards for purchases and paying them off in full every month. Despite that score I still needed a co-signer for my loan (the ammount being close to $30,000) due to the fact that I've never received and paid off a loan in my credit history, only credit cards.

So in short, yes take out a loan anyways to build your credit history in a meaningful way, who cares if you pay a few hundred more in interest.