help with fincancing a Camaro? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

chrisx18 · 10-20-2009, 11:36 PM

Well here's the deal. I make 2000 a month net pay right now as a temp so IF i get hired on. I want to buy a V-6 camaro (call me a ***** if u want). So i make 2000 a month. Would it be possible to buy a camaro for 30000? payments like 500 to 600. Insurance 500? gas 100? Is this even possible? You might thing I am out of my mind but i am like in love with this car and i don't want anything else more in the world. So give me your advice on what you would do. Also I am 18 i know that's a big downer and i also have a worry of by time i am easily able to buy one they won't be produced anymore.

siggyfreud · 10-20-2009, 11:37 PM

Unless you have an extensive and steller credit history, you're probably going to need a cosigner.

Try and save enough to pay 20% as a down payment.

chrisx18 · 10-20-2009, 11:49 PM

yea i figured i'd need a cosigner, but with a cosigner would a dealer go for that?

BLKnCHRME09Deluxe · 10-20-2009, 11:52 PM

Ask mommy and Daddy to co-sign....Good chance you won't have to show any financial backing....I got mine with just a signature...

SirBrad · 10-20-2009, 11:55 PM

I don't think you should use 60% of your salary on car/insurance/gas but that's just me.

Hercules778 · 10-21-2009, 12:25 AM

I agree with siggy to wait to put down 20% on the car..you're gonna lose alotta money on the apr btw..

Imo..im taking it a step further and say you shouldn't be driving around a brand new camaro (even if it is a v6 304hp)..because you're only 18 years old and this is your very first car; imo get a certified preowned car thats reliable n safe.

Trust me when I say this buddy but when I was 18 Im suprised I didn't get myself killed the way I drove. I never got in an accident when I was young but at 18 my first car was a leased bmwz3 roadster for 500 a month. I used to drink alot with my buddies at that age drinking beers and trying to sneak into clubs and drove home intoxicated pretty much half the time and every single weekend. I never got busted but even to this day I say to myself..damn...how did I NOT kill myself or someone else, at the very least get pulled over by cops or not get in at least one accident?

My sister was not so lucky, even though she never partied the way I did when she was young, she got a 1988 iroc z camaro for her very first car. 2 weeks later she crashed it. 2 years into she crashed it about 5-6 times and it got stolen once. Her arm got slashed up pretty good once needed about 60 stitches. Once she crashed it into a tree and broke her leg. My sister was not a party person but...that camaro was her very first car and she wanted to impress her friends n stuff (im guessing)..show off the car..try to do burnouts..stupid stuff..

Now you might say to yourself..well Im 18 but I smart enough not to do that..and you're probably cocky, think that you're a great pro driver...but at that age your friends usually peer pressure u to do stuff that you normally wouldnt do, or you might wanna impress that girl and do something stupid n fly off and lose control of your car. To put it quite bluntly, you don't have much driving experience. Ive been a truck driver since age21 and the stuff that I know now about driving is like night and day than when I was 18. Imo dont stretch yourself out on 500 a month and sky high insurance due to your age and new car, and get a used one for your very first car that you won't really give a darn if you bump something when you park at tight spaces..where if you damage something its cheap to fix compared to a brand new car.

Jeeps make great first cars. You can see things alot better, you can see over the traffic on the highways, you can see what's in front of the car you're following..they got a good kick in torque for those dangerous situations where you're at a stop sign and gotta merge onto a highway where cars are going 60mph..your buddies can hop in your car and you can give them a lift..or you can pick up a girl and her friends and throw your crap in the back of the jeep for storage like your bookbag gym stuff dirty sneakers..etc

Even though my first car was a z3 bmw..my dad had this 1997 mercury mountaneer jeep stashed in the garage for bad weather and for pulling his boat around..and I drove that pretty often..could throw my crap around in the car and not worry..or squeeze into tight parking spots and not care if someone bumped it to get out..I packed it with friends for days that no one had a ride and we all wanted to hang out when I was 18..it helped me get to places quicker cuz I could see over traffic..etc..

Sorry yall if I get flamed here but..man..I know when my kid turns 18..he aint getting no brand new camaro lol...he's gettin' a preowned 220hp car. Maybe its just me, maybe its cuz I used to do alot of dangerous stuff when I was an 18 year old kid..maybe its from seeing what others did to their cars first hand..maybe it was me being in the passenger seat of my friends who were also 18 at the time and got into bad car accidents..or maybe its seeing pics of 18 year old kids with their brains splattered all over the place cuz they got a brand new high horse powered sports/muscle car from their parents for their very first car..but it just aint very safe for a new driver to begin getting driving experience from a brand new 300hp low visibility camaro...srry.

wullger · 10-21-2009, 01:45 AM

Quote:

Originally Posted by SirBrad

I don't think you should use 60% of your salary on car/insurance/gas but that's just me.

Quote:

Originally Posted by Hercules778

I agree with siggy to wait to put down 20% on the car..you're gonna lose alotta money on the apr btw..

Imo..im taking it a step further and say you shouldn't be driving around a brand new camaro (even if it is a v6 304hp)..because you're only 18 years old and this is your very first car; imo get a certified preowned car thats reliable n safe.

Trust me when I say this buddy but when I was 18 Im suprised I didn't get myself killed the way I drove. I never got in an accident when I was young but at 18 my first car was a leased bmwz3 roadster for 500 a month. I used to drink alot with my buddies at that age drinking beers and trying to sneak into clubs and drove home intoxicated pretty much half the time and every single weekend. I never got busted but even to this day I say to myself..damn...how did I NOT kill myself or someone else, at the very least get pulled over by cops or not get in at least one accident?

My sister was not so lucky, even though she never partied the way I did when she was young, she got a 1988 iroc z camaro for her very first car. 2 weeks later she crashed it. 2 years into she crashed it about 5-6 times and it got stolen once. Her arm got slashed up pretty good once needed about 60 stitches. Once she crashed it into a tree and broke her leg. My sister was not a party person but...that camaro was her very first car and she wanted to impress her friends n stuff (im guessing)..show off the car..try to do burnouts..stupid stuff..

Now you might say to yourself..well Im 18 but I smart enough not to do that..and you're probably cocky, think that you're a great pro driver...but at that age your friends usually peer pressure u to do stuff that you normally wouldnt do, or you might wanna impress that girl and do something stupid n fly off and lose control of your car. To put it quite bluntly, you don't have much driving experience. Ive been a truck driver since age21 and the stuff that I know now about driving is like night and day than when I was 18. Imo dont stretch yourself out on 500 a month and sky high insurance due to your age and new car, and get a used one for your very first car that you won't really give a darn if you bump something when you park at tight spaces..where if you damage something its cheap to fix compared to a brand new car.

Jeeps make great first cars. You can see things alot better, you can see over the traffic on the highways, you can see what's in front of the car you're following..they got a good kick in torque for those dangerous situations where you're at a stop sign and gotta merge onto a highway where cars are going 60mph..your buddies can hop in your car and you can give them a lift..or you can pick up a girl and her friends and throw your crap in the back of the jeep for storage like your bookbag gym stuff dirty sneakers..etc

Even though my first car was a z3 bmw..my dad had this 1997 mercury mountaneer jeep stashed in the garage for bad weather and for pulling his boat around..and I drove that pretty often..could throw my crap around in the car and not worry..or squeeze into tight parking spots and not care if someone bumped it to get out..I packed it with friends for days that no one had a ride and we all wanted to hang out when I was 18..it helped me get to places quicker cuz I could see over traffic..etc..

Sorry yall if I get flamed here but..man..I know when my kid turns 18..he aint getting no brand new camaro lol...he's gettin' a preowned 220hp car. Maybe its just me, maybe its cuz I used to do alot of dangerous stuff when I was an 18 year old kid..maybe its from seeing what others did to their cars first hand..maybe it was me being in the passenger seat of my friends who were also 18 at the time and got into bad car accidents..or maybe its seeing pics of 18 year old kids with their brains splattered all over the place cuz they got a brand new high horse powered sports/muscle car from their parents for their very first car..but it just aint very safe for a new driver to begin getting driving experience from a brand new 300hp low visibility camaro...srry.

There's one of these posts at least once a week. You shouldn't be spending that large of your monthly income on ANY vehicle.

Zieke · 10-21-2009, 01:54 AM

Quote:

Originally Posted by Hercules778

Imo..im taking it a step further and say you shouldn't be driving around a brand new camaro (even if it is a v6 304hp)..because you're only 18 years old and this is your very first car; imo get a certified preowned car thats reliable n safe.

maybe a tad offtopic, but anyways here it is.

i honestly hate these types of comments. who gives a rip if the kid is 18.
sure im almost 20 and not much older, but believe it or not there are those of us youngins that are imensely more mature than those that are almost or are in there 30s. My first car was and still is my 78 camaro. i treat that car better than anything, even myself. there are those of us out there that are capable of the responsibilty of a car like this.

and for the OP, DO NOT get this car until you know for SURE your finances are solid. thats the best advice i can give you. theres a lot of stuff that can happen that you didnt plan for that will cost you money you dont have.

WhiteCrane · 10-21-2009, 02:08 AM

My opinion:

Make SOME step towards setting your life up first. ie. enroll in college, or get the part time job.

I'm not saying you hafta move out and support yourself, just get something set up. If not, LEASE that car, you'll save much money and won;t have to ask ?'s like the one above.

I gave it much thought and even had a thread about it and in the end i decided i'd buy the car because i've worked my ass off, despite still living in "mom's basement". Working full time and getting my B.S. in Business Finance. And while I don't make $250,000 a year yet (hopefully someday) and im still in mom's basement, I can swing the car.

Just my thoughts. Do what's right for you buddy!

chrisx18 · 10-21-2009, 02:09 AM

well like Zieke said i do like to think about myself as more mature than about all my friends. I don't drink and even someone thinking about getting behind the wheel with even a couple of beers pisses me off. The reason I want this car so bad is it was like love at first site lol. I haven't ever like a car this long. and trust me i have liked plenty of cars. Also I dont have any bills at all. I am on parents phone plan, am living at home, and IF i get on the place I want they pay for all your schooling. (because I plan on going to school next year). I just wanted to get the Camaro before all the muscle cars are replaced by electric junk. I guess I will just have to see what happens.

chrisx18 · 10-21-2009, 02:11 AM

Quote:

Originally Posted by WhiteCrane

My opinion:

Make SOME step towards setting your life up first. ie. enroll in college, or get the part time job.

I'm not saying you hafta move out and support yourself, just get something set up. If not, LEASE that car, you'll save much money and won;t have to ask ?'s like the one above.

I gave it much thought and even had a thread about it and in the end i decided i'd buy the car because i've worked my ass off, despite still living in "mom's basement". Working full time and getting my B.S. in Business Finance. And while I don't make $250,000 a year yet (hopefully someday) and im still in mom's basement, I can swing the car.

Just my thoughts. Do what's right for you buddy!

part time job? Right now I am working 60 hours a week. mon-sat. Also hows leasing work? "Goes to google". I went to google sounds the camaro isnt available for lease. Also heard NEVER lease a car.

01pewterz28 · 10-21-2009, 08:43 AM

IMHO I would wait until you can put a chunk of change down on the car right now you are looking at close to a $700 a month car payment with nothing down after tax, tag, and fees, add insurance another say $200-$300 a month plus $200 for gas you are at $1200 of the $2000 you make. What happens if your hours are cut at work, you get hurt or something else?

Trust me find a way to put $$$$ down I put $17k down on my 2010 2LT/RS my payments are right at $240 a month find a way or look at picking up a used car. At your age the most you need to worry about paying for a car is no more than $350 a month (when I was your age I was paying $300 a month for my 94 Z/28 and I would not want to pay anything more than that)

We had a member on her just like you who had to have a new Camaro he was young, people here told him not to get it he could not afford it, if I recall 1 month after having it he had to sell it.

Sean

cab2g · 10-21-2009, 08:47 AM

Quote:

Originally Posted by chrisx18

well like Zieke said i do like to think about myself as more mature than about all my friends. I don't drink and even someone thinking about getting behind the wheel with even a couple of beers pisses me off. The reason I want this car so bad is it was like love at first site lol. I haven't ever like a car this long. and trust me i have liked plenty of cars. Also I dont have any bills at all. I am on parents phone plan, am living at home, and IF i get on the place I want they pay for all your schooling. (because I plan on going to school next year). I just wanted to get the Camaro before all the muscle cars are replaced by electric junk. I guess I will just have to see what happens.

You'll start drinking in college guaranteed. There's something about not living at home and only being surrounded by people your age. But luckily most colleges offer cheap rides late at night for college students, so driving shouldn't be an issue.

But anyway, if you want the car, get it. Just be sure you keep a job when you are in school so you can keep paying for it. I'd get the V6 while your in school to keep the payments lower. If you really end up liking the car, get the V8 when you graduate as a present for yourself

metaphysician · 10-21-2009, 09:10 AM

Congrats on your position in life. Sounds like you have a nice job for a high-school student and you are on your way to be a responsible adult. Now let's get to the facts...

$500 for insurance? Definetly not for a 1-year policy and I doubt 6-months. Not sure that's realistic for this car and your age, even assuming your past 2 years of driving is stellar and you live in a safe area.

Your job as a "temp" is just that, temporary. I would not sign up for a car payment without a steady income. This loan would be for 4-5 years - will you have $500-600/mo for the next 4-5 years, EVERY MONTH? Don't dare be late or miss payments, not in this economy. I worked through college and between rent and other expenses, I couldn't afford that payment.

You cannot lease this car. Leases are okay for people that don't mind getting a new car every 1-3 years. I usually keep a car for a long time and the standard 12K miles/year doesn't work. Plus, say goodbye to modding. You have to turn that car back in in good condition.

I am willing to bet you need a co-signor too. The dealer doesn't care about that, the bank does! I'm sure if you went that route, you could get the loan. The main concerns are insurance and your ability to pay for the next several years. If it works out, then great! Good luck on your decision!

10-20-2009, 11:36 PM	#1
chrisx18 Drives: none Join Date: Oct 2009 Location: Illinois Posts: 4	help with fincancing a Camaro? Well here's the deal. I make 2000 a month net pay right now as a temp so IF i get hired on. I want to buy a V-6 camaro (call me a ***** if u want). So i make 2000 a month. Would it be possible to buy a camaro for 30000? payments like 500 to 600. Insurance 500? gas 100? Is this even possible? You might thing I am out of my mind but i am like in love with this car and i don't want anything else more in the world. So give me your advice on what you would do. Also I am 18 i know that's a big downer and i also have a worry of by time i am easily able to buy one they won't be produced anymore.

10-20-2009, 11:49 PM	#3
chrisx18 Drives: none Join Date: Oct 2009 Location: Illinois Posts: 4	yea yea i figured i'd need a cosigner, but with a cosigner would a dealer go for that?

10-21-2009, 12:25 AM	#6
Hercules778 Drives: undecided Join Date: Oct 2009 Location: New York Posts: 73	I agree with siggy to wait to put down 20% on the car..you're gonna lose alotta money on the apr btw.. Imo..im taking it a step further and say you shouldn't be driving around a brand new camaro (even if it is a v6 304hp)..because you're only 18 years old and this is your very first car; imo get a certified preowned car thats reliable n safe. Trust me when I say this buddy but when I was 18 Im suprised I didn't get myself killed the way I drove. I never got in an accident when I was young but at 18 my first car was a leased bmwz3 roadster for 500 a month. I used to drink alot with my buddies at that age drinking beers and trying to sneak into clubs and drove home intoxicated pretty much half the time and every single weekend. I never got busted but even to this day I say to myself..damn...how did I NOT kill myself or someone else, at the very least get pulled over by cops or not get in at least one accident? My sister was not so lucky, even though she never partied the way I did when she was young, she got a 1988 iroc z camaro for her very first car. 2 weeks later she crashed it. 2 years into she crashed it about 5-6 times and it got stolen once. Her arm got slashed up pretty good once needed about 60 stitches. Once she crashed it into a tree and broke her leg. My sister was not a party person but...that camaro was her very first car and she wanted to impress her friends n stuff (im guessing)..show off the car..try to do burnouts..stupid stuff.. Now you might say to yourself..well Im 18 but I smart enough not to do that..and you're probably cocky, think that you're a great pro driver...but at that age your friends usually peer pressure u to do stuff that you normally wouldnt do, or you might wanna impress that girl and do something stupid n fly off and lose control of your car. To put it quite bluntly, you don't have much driving experience. Ive been a truck driver since age21 and the stuff that I know now about driving is like night and day than when I was 18. Imo dont stretch yourself out on 500 a month and sky high insurance due to your age and new car, and get a used one for your very first car that you won't really give a darn if you bump something when you park at tight spaces..where if you damage something its cheap to fix compared to a brand new car. Jeeps make great first cars. You can see things alot better, you can see over the traffic on the highways, you can see what's in front of the car you're following..they got a good kick in torque for those dangerous situations where you're at a stop sign and gotta merge onto a highway where cars are going 60mph..your buddies can hop in your car and you can give them a lift..or you can pick up a girl and her friends and throw your crap in the back of the jeep for storage like your bookbag gym stuff dirty sneakers..etc Even though my first car was a z3 bmw..my dad had this 1997 mercury mountaneer jeep stashed in the garage for bad weather and for pulling his boat around..and I drove that pretty often..could throw my crap around in the car and not worry..or squeeze into tight parking spots and not care if someone bumped it to get out..I packed it with friends for days that no one had a ride and we all wanted to hang out when I was 18..it helped me get to places quicker cuz I could see over traffic..etc.. Sorry yall if I get flamed here but..man..I know when my kid turns 18..he aint getting no brand new camaro lol...he's gettin' a preowned 220hp car. Maybe its just me, maybe its cuz I used to do alot of dangerous stuff when I was an 18 year old kid..maybe its from seeing what others did to their cars first hand..maybe it was me being in the passenger seat of my friends who were also 18 at the time and got into bad car accidents..or maybe its seeing pics of 18 year old kids with their brains splattered all over the place cuz they got a brand new high horse powered sports/muscle car from their parents for their very first car..but it just aint very safe for a new driver to begin getting driving experience from a brand new 300hp low visibility camaro...srry. Last edited by Hercules778; 10-21-2009 at 12:53 AM.

10-21-2009, 08:43 AM	#12
01pewterz28 #TeamBeckyD Drives: 2017 HBM 2SS Convertible A8 Join Date: Aug 2008 Location: Apopka, FL Posts: 10,494 View My Garage	IMHO I would wait until you can put a chunk of change down on the car right now you are looking at close to a $700 a month car payment with nothing down after tax, tag, and fees, add insurance another say $200-$300 a month plus $200 for gas you are at $1200 of the $2000 you make. What happens if your hours are cut at work, you get hurt or something else? Trust me find a way to put $$$$ down I put $17k down on my 2010 2LT/RS my payments are right at $240 a month find a way or look at picking up a used car. At your age the most you need to worry about paying for a car is no more than $350 a month (when I was your age I was paying $300 a month for my 94 Z/28 and I would not want to pay anything more than that) We had a member on her just like you who had to have a new Camaro he was young, people here told him not to get it he could not afford it, if I recall 1 month after having it he had to sell it. Sean __________________ #TeamBeckyD FIFTY HBM 2SS VERT

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10-20-2009, 11:37 PM	#2
siggyfreud Drives: BMW M3 Join Date: Oct 2009 Location: Portland, OR Posts: 13	Unless you have an extensive and steller credit history, you're probably going to need a cosigner. Try and save enough to pay 20% as a down payment.

10-20-2009, 11:52 PM	#4
BLKnCHRME09Deluxe Banned Drives: 2010 Camaro 2SSRS and a 09' Deluxe Join Date: Oct 2009 Location: Kansas City Posts: 117	Ask mommy and Daddy to co-sign....Good chance you won't have to show any financial backing....I got mine with just a signature...

10-20-2009, 11:55 PM	#5
SirBrad The Captain Drives: 2010 2LT/RS SIM Join Date: May 2009 Location: Freehold, NJ Posts: 1,499	I don't think you should use 60% of your salary on car/insurance/gas but that's just me.

10-21-2009, 02:08 AM	#9
WhiteCrane Drives: 2010 Mustang GT Join Date: Apr 2009 Location: Long Island, NY Posts: 395 View My Garage	My opinion: Make SOME step towards setting your life up first. ie. enroll in college, or get the part time job. I'm not saying you hafta move out and support yourself, just get something set up. If not, LEASE that car, you'll save much money and won;t have to ask ?'s like the one above. I gave it much thought and even had a thread about it and in the end i decided i'd buy the car because i've worked my ass off, despite still living in "mom's basement". Working full time and getting my B.S. in Business Finance. And while I don't make $250,000 a year yet (hopefully someday) and im still in mom's basement, I can swing the car. Just my thoughts. Do what's right for you buddy!

10-21-2009, 02:09 AM	#10
chrisx18 Drives: none Join Date: Oct 2009 Location: Illinois Posts: 4	well like Zieke said i do like to think about myself as more mature than about all my friends. I don't drink and even someone thinking about getting behind the wheel with even a couple of beers pisses me off. The reason I want this car so bad is it was like love at first site lol. I haven't ever like a car this long. and trust me i have liked plenty of cars. Also I dont have any bills at all. I am on parents phone plan, am living at home, and IF i get on the place I want they pay for all your schooling. (because I plan on going to school next year). I just wanted to get the Camaro before all the muscle cars are replaced by electric junk. I guess I will just have to see what happens.

10-21-2009, 09:10 AM	#14
metaphysician Drives: 2SSRS CGM & Harley Crossbones Join Date: Aug 2009 Location: Delaware Posts: 117	Congrats on your position in life. Sounds like you have a nice job for a high-school student and you are on your way to be a responsible adult. Now let's get to the facts... $500 for insurance? Definetly not for a 1-year policy and I doubt 6-months. Not sure that's realistic for this car and your age, even assuming your past 2 years of driving is stellar and you live in a safe area. Your job as a "temp" is just that, temporary. I would not sign up for a car payment without a steady income. This loan would be for 4-5 years - will you have $500-600/mo for the next 4-5 years, EVERY MONTH? Don't dare be late or miss payments, not in this economy. I worked through college and between rent and other expenses, I couldn't afford that payment. You cannot lease this car. Leases are okay for people that don't mind getting a new car every 1-3 years. I usually keep a car for a long time and the standard 12K miles/year doesn't work. Plus, say goodbye to modding. You have to turn that car back in in good condition. I am willing to bet you need a co-signor too. The dealer doesn't care about that, the bank does! I'm sure if you went that route, you could get the loan. The main concerns are insurance and your ability to pay for the next several years. If it works out, then great! Good luck on your decision!