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Posted

So, I'm 19. I make $1000 a week from my house, but I'm new to credit (I'm about to reach the end of my first month) on a Capital One Secured Card. When i turn 20 (in May), I plan on (hopefully) financing a Camaro during summer 2013. But I don't really know what are the total requirements as far as making sure that my options are safe & flexible.

1st, does anyone know the required median for a credit score in order to be eligible to finance a Camaro, preferably 2014 when it's released?

2nd, 72 months is the maximum amount for paying it off, but is there an eligibility to that limit or do I have to pay it all off by a certain time?

3nd, I prefer the Camaro models 2LT and up due to it's features that make driving and whatnot easier, but i want to make my monthly payments are easy enough for me to maintain throughout the few years. But I suppose APR's and such all depend on the dealership right?

Sorry, if I'm not making enough sense. I've had a long night. :/

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Posted

It's really going to come down to credit history, and by that I mean how many times you've had credit debt and gotten out of it without having delinquent payments. While this does play a major roll in credit score, it's not the only thing and credit score is definitely not the only thing you need to worry about when getting an auto loan. If you have no history of proving that you're capable of borrowing any significant amount of money and being able to pay it back, you're probably out of luck and will need a co-signer. Think of it like needing experience to get a job. The best bet is to go to your primary bank and talk with them about it. If you don't qualify for a loan already, they'll be able to tell you what you can do to help your chances in the future.

Nice choice on the car by the way. I've had my 2010 2SS/RS since they came out in June of '09 :)

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Posted

Appreciate it, I definite will have co-signers available since most of my parents are all in finance majors. :)

I prefer modern muscle! :D

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Posted

You might have a fight to get credit, I have a friend that has a full time job and had a hard time getting the new Camaro from a dealership down in Virginia. And he makes over 40k a year, and a wife that has a second job.. their total income is probably around $75k a year before taxes, and the finance companies still drug him through the mud, in the end got the loan, but they drug him all over to get it

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Posted

Do you believe there's a minimum wage that has to also be set in order to qualify? I mean, I make money from home, so I don't work for anyone. I'd expect jobs to be a help, although I'm not up for that either.

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Posted

^ Lenders want proof of Income -- your word won't be proof.

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Posted

[i]Moved[/i]

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Posted

I know, that's why I work proficiently. I have a friend who does what I do and he just financed a Cadillac and will be getting another ride for his girlfriend. But the Camaro is worth more, so I wanted to be a little more aware.

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Posted

[quote name='Mr.XXIV' timestamp='1353962563' post='595350684']
I know, that's why I work proficiently. I have a friend who does what I do and he just financed a Cadillac and will be getting another ride for his girlfriend. But the Camaro is worth more, so I wanted to be a little more aware.
[/quote]

he financed or he leased? they are two completely different things and one is much easier than the other

and which Camaro are we talking about? they start at $24k and go up to $60k base before taxes, dealer fees, transport fees, registration fees... if you are looking at a ZL1 you might as well just forget about it, if it's the base coupe you might have a chance but after taxes and everything else you are still looking at about almost $27-30k for the base car

NOW... here's another thing, they put a lot of these cars into what they call "rental fleets"... they live there for 6 months generally then get sold off as "used"... you could get a car that is this year's model and only have 20k miles on it for half the price of brand new... I did that with my last car, got it 6 months old paid under half price, car was in like new condition

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Posted

i could be way off, but i would think you're going to have trouble financing that car. 1. you're young 2. low credit 3. low income

if anything you'll get some horrific interest rate. you'll be paying thousands in interest over the life of the loan. also, how much can you afford to put down? the more the better.

also, as neufuse mentioned, there's all the extra hidden costs of buying a car. that'll add up to $2k or so.

find one of those "car payment calculators" and see what youre monthly payment is going to be. trust me, you wont want to be paying off that same car 5-6 years later. it gets old pretty fast.

(edit) for instance, if that car costs $45k w/ a 5yr loan at 9% interest. you'll be paying over $900/month. sounds like fun, right?

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Posted

[quote name='Jdawg683' timestamp='1353963705' post='595350720']
i could be way off, but i would think you're going to have trouble financing that car. 1. you're young 2. low credit 3. low income

if anything you'll get some horrific interest rate. you'll be paying thousands in interest over the life of the loan. also, how much can you afford to put down? the more the better.

also, as neufuse mentioned, there's all the extra hidden costs of buying a car. that'll add up to $2k or so.

find one of those "car payment calculators" and see what youre monthly payment is going to be. trust me, you wont want to be paying off that same car 5-6 years later. it gets old pretty fast.

(edit) for instance, if that car costs $45k w/ a 5yr loan at 9% interest. you'll be paying over $900/month. sounds like fun, right?
[/quote]

yeah its about as fun as paying off a mortgage... ugh...30yrs of the same thing every month......

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Posted

I would not worry about it, you will get a loan because GM wants to sell the car. You earn enough money and if you are going to have co-signers no problem.
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Posted

You will want to take a look at your three credits reports. You can do this free once per year.
https://www.annualcreditreport.com/

You will want to fix any error's. Error's can impact your credit score negatively.

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Posted

I might be going for just the base car. Heck, a Camaro that could possibly go at 19k if I get lucky by summer. I plan on Financing.

Let's say I could make up to 2k a week for expanding my work, I mean, I'm not worried about the monthly, I could probably do a 16k down payment.

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Posted

I would probably say this: don't mention to any car dealers you might have 16k to put down, I can't see that helping you at all in negotiating. I could be totally wrong though LOL.

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Posted

[quote name='ir0nw0lf' timestamp='1353966052' post='595350826']
I would probably say this: don't mention to any car dealers you might have 16k to put down, I can't see that helping you at all in negotiating. I could be totally wrong though LOL.
[/quote]

I just want a lower monthly payment aside from the taxes, apr, and whatnot. Remember, I'm not the only person on this. :)

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Posted

I might be one of those boring kind. But I would say, avoid buying such an expensive car, you ain't going to get nothing from it. Instead look for a place (I mean buy...not rent) or if that is not your thing, look for your money to generate more money (type of investment). Nothing bad comes from earning more money, but always paying debt isn't fun at all.

Other than that...I have 0 knowledge about financing for a car (in the USA)

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Posted

you don't have to say anything on the forum about this, it's a private matter, but if by any chance you have a criminal record, it could seriously hurt your chances at financing...

not saying this for any specific reason, only because it is one of the main things they do look at with higher value financing... They go Credit history, income (tax documents can back this up), criminal record (a felony can black list you from a lot of credit).. if you pass those, you generally get a loan

also, remember, you do not have to go through the dealer loan company, they get kickbacks for their loans so they want you to think that, any bank can do an auto loan for you.. so if one doesn't give it to you, try another bank

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Posted

Criminal record? Where are you guys getting your loans from. :laugh:

If you're getting it from the dealership, on a $24k car, a job and an not terrible credit report should be enough. The last car I bought I got a 0% loan and all they did was check my credit, it was done in about 10 minutes.

As for a down payment, FWIW it might not be worth bringing it up. Dealerships love car loans, they make more money for the car through interest. I never talk about it with the salesperson, and never talk about your monthly payment, just talk about how much you want to pay for the car, and deal with the rest with the finance guy who has no real skin in the deal.

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Posted

[quote name='freedonX' timestamp='1353972117' post='595351064']
I might be one of those boring kind. But I would say, avoid buying such an expensive car, you ain't going to get nothing from it. Instead look for a place (I mean buy...not rent) or if that is not your thing, look for your money to generate more money (type of investment). Nothing bad comes from earning more money, but always paying debt isn't fun at all.

Other than that...I have 0 knowledge about financing for a car (in the USA)
[/quote]

that's pretty much the advice I give people too, don't waste your money on a new car.. find one thats off lease, or just came out of a car pool... it's amazing how much value a car loses in 6 months... your new 30k car after one year will be worth 40% of that and you will owe more then its worth at that point

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Posted

I basically make 2-3 times the price of the base Camaro so I'll be fine.

I really do need to know what the added amounts to the actual costs are though.

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Posted

[quote name='threetonesun' timestamp='1353974180' post='595351102']
Criminal record? Where are you guys getting your loans from. :laugh:

If you're getting it from the dealership, on a $24k car, a job and an not terrible credit report should be enough. The last car I bought I got a 0% loan and all they did was check my credit, it was done in about 10 minutes.

As for a down payment, FWIW it might not be worth bringing it up. Dealerships love car loans, they make more money for the car through interest. I never talk about it with the salesperson, and never talk about your monthly payment, just talk about how much you want to pay for the car, and deal with the rest with the finance guy who has no real skin in the deal.
[/quote]

read any standard loan document, they can forefit a loan if it's found to be granted to someone with a record... most "quick" loans still run your SSN against a criminal database to check for felonies in addition to your credit history, it's been standard pratice for a long while now

[quote name='Mr.XXIV' timestamp='1353974514' post='595351110']
I basically make 2-3 times the price of the base Camaro so I'll be fine.

I really do need to know what the added amounts to the actual costs are though.
[/quote]

you will pay dealer fees
manufacturering fees
transport fees (could be around $1,000, they transport it via rail, and truck and it costs a good bit depending on how far from the factory it has to go)
new car insurance fees
sales tax
license and registration fees
costs for fuel when you pick up the car it won't be an empty tank
and if you take an extended warranty out it cost a good bit ($1,000+ for a factory warrenty, my last GM factory warrenty came out at $3k for 5 additional years)

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Posted

I'm proud to say that 30mpg is worth it.

I'd hate to do all this in Connecticut, but I'm so lucky I don't live in Massachusetts as far as Taxes go.

I hear that checking for quotes and whatnot will affect your credit score, is that true?

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Posted

[quote name='Mr.XXIV' timestamp='1353974791' post='595351122']
I'm proud to say that 30mpg is worth it.

I'd hate to do all this in Connecticut, but I'm so lucky I don't live in Massachusetts as far as Taxes go.

I hear that checking for quotes and whatnot will affect your credit score, is that true?
[/quote]

as someone who has access to a 2012 camaro, you won't get 30MPG... trust me..

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Posted

[quote name='neufuse' timestamp='1353974881' post='595351124']
as someone who has access to a 2012 camaro, you won't get 30MPG... trust me..
[/quote]

Which model did you get?

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