Wanting a new Camaro, question about financing.

[Bryan]

Hi guys, first post here! Just got a question about financing.

I am looking to buy a Silver 2SS (or black, can't decide!) at around $35-$37k.
My credit right now is pretty bad from screw ups in the past when I was working a pretty crappy job. I now have a much better job that I've had for over 2 years and I've managed to save up about $15,000 for a down payment.

My question is do you guys think that will be enough to overcome my crappy credit? I understand I will be stuck with a pretty high interest rate if I do get the loan, I'm just wondering if I will get any financing at all?

I plan on filling out a credit app tomorrow to find out for sure but was just wondering what you all think.

Oh, my gross monthly income is around $4000 if that helps.

Thanks

[Qwkss]

Im no car salesman, but Im sure they WILL get you handled with $15k down!

Post up some pics when you get it home!!

[Banshee]

With todays market, good luck! Many lenders have tightened up hard. What is your credit score (FICO)?

I have a 801 credit score and a great debt to income ratio...20 years at one employer, 19 year credit history.

Wanted to refi an appraised value 34k Harley that I owe 7K on and the Camaro with $3800 credit for employee discount AND 10k down.

Wouldn't touch me...

Went to PenFed and they refinanced both no questions asked and happy as a clam!

[Bryan]

Well my score is quite a bit lower. Around 600 i think. I screwed up pretty bad a couple years ago on my student loans :(

I was given financing about 3 years ago on my previous car for about 15000 with only $150 down and I'm pretty sure my score was even worse back then. I never missed a payment on that car loan so maybe that will help things if they see that.

If I can't get financing through the dealer do you think a bank might be more willing?

[v6sonoma]

Credit score is only half the battle now they look more at your history. My mom wanted to buy a car recently the loan was for 17k she had a 650 score but she had many problems in her past and they wouldn't give her the loan. I have a 796 and tried to co-sign for her they still wouldn't bite. I think It mostly has to do with how much you put down. The more you do the less risk there is for them. If your gonna put down 15k thats a great start but on a $33k car that'll be around $330 or so a month with a decent rate for 60 months. Also will you have to pay sales tax in your state? If so will you role it into the loan? Do you have that money set aside not included in your deposit money? It'll probably be at least $2k. Hope this helps but from what you've said I think you'll have enough down that you'll be fine.

[Bryan]

I will have to pay sales tax and that will have to be added to the financed amount. I am also eligible for the GM supplier discount through my work so that should help bring down the amount I need financed. That is if I can use it on the camaro, not sure about that.

[wullger]

Unlike just about every other thread on this topic, with your hefty down payment you should easily be able to afford the loan, and might find financing difficult, but not impossible.

Give PenFed a shot!

[nUcLeArEnVoY]

The higher the down payment, the more leverage you got. Want to try adding another 5K to that? You'll have more time to even out your credit score and you'll have more to put down. Once your down payment gets high enough, then the bank would be foolish NOT to finance you since even if you default, they repossess your car and will make money off that, PLUS keep the huge chunk of change you put down. They'd get a nice bag of cash in that case.

[Jim Thompson]

check with your personal bank/credit union first. they already know you and might give you a better look than others.

cap1 will probably buy you with that score and down pay, but it will be at a high rate

[Sir Nuke]

Bryan, before you start to worry about this info, there is one place you NEED to go. To YOUR bank/credit union. Ask them, and if they say ok, then go to another and ask the same questions....shop around locally. that is the ONLY way you will get a REAL answer to you question.

[Dan3]

At this point in time, Credit Unions are a little easier to get financed through, and they are giving better interest rates.

Lttle known fact: Many Banks will offer you a better deal if you go through the dealer. Even though I have had an account in good standing with BB&T for over 2 years, they insisted on $10k down before they would touch me when I applied in person. My dealer applied on my behalf and they gave me a better rate, and only needed $4k down.

I also had a 610 score at the time of purchase (identity fraud, since cleared up), so score isnt everything.

[Banshee]

Your best bet is to shop online for rates. I mixed it up myself..3 banks and 3 credit unions. Banks will typically be higher in interest rates though.

It's not just about the down payment. Sure you can have a hefty down payment as "assurance" or "collateral" but each individual lending institution has their own mandates and guidelines.

Example...

In May, I went rate and lender shopping..I had 13k to put down on the Camaro plus knew I was getting the GMS discount. That right there is 16.5k on a 38k Camaro.

I make 55k a year base salary plus OT which over the past 7 years is averages to roughly 88-89k. My house payment $1290, Harley $412 Credit card balances $2600 with a $39k limit. Thats all I owe. Credit history 19 years, FICO score 801, not a blemish on my credit. I was denied a loan for the Camaro and a refi on the Harley by 3 of 6 institutions.

Reason?

Those institution who denied me could only use my base salary and not my OT for the loan. I argued with all three and stated I could provide 7 years of W-2's that show I make 35-40% more than my base every year. I even went as high as the regional manager with Credit Union One arguing my position...No luck. I went with PenFed. 3.99 on the Camaro and 4.9 on the Harley no questions asked.

So..

Even if you have a high down payment to assure collateral, there are many other lender specific criteria one must meet other than a huge down payment. Lending is NOT as loose as it once was. Those that have high credit may not understand this as it usually doesn't affect us. It affect(ed) people with FICO scores between 675 and 750 which were considered medium to low risk 5 years ago, but been reevaluated since all this credit spiral evolved.

Off my soapbox.

[tjd24]

Originally Posted by Dan3

At this point in time, Credit Unions are a little easier to get financed through, and they are giving better interest rates.

Lttle known fact: Many Banks will offer you a better deal if you go through the dealer. Even though I have had an account in good standing with BB&T for over 2 years, they insisted on $10k down before they would touch me when I applied in person. My dealer applied on my behalf and they gave me a better rate, and only needed $4k down.

I also had a 610 score at the time of purchase (identity fraud, since cleared up), so score isnt everything.

+1 on the Credit Union - especially if you agree to direct deposit of your pay-check or at least direct deposit of an amount equal to your monthly charge - that while you have a job they know they've got your payment directly available to them.

[Orange5thGen]

BRYAN, I KNOW THIS IS A DRIVE FOR YOU, BUT Phillips Chevy is the largest Dealer in IL and they have about 10 SS's in stock. I just picked up my new Camaro 1LT and they did honor GMS pricing. Please give Mark Hawkins a call at 815-469-2323 ext 321. They are awesome I did the paperwork all online and on the phone and picked up my new Camaro on schedule! They are Great!!! They worked with me too on my credit score you should be fine wit your money down. Tell him I sent you.

Steve