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Minimum Requirements To Finance New Camaro


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#16 OP Mr.XXIV

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Posted 26 November 2012 - 21:53

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.


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


#17 freedonX

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Posted 26 November 2012 - 23:21

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)

#18 vetneufuse

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Posted 26 November 2012 - 23:49

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

#19 threetonesun

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Posted 26 November 2012 - 23:56

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.

#20 vetneufuse

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Posted 27 November 2012 - 00:01

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)


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

#21 OP Mr.XXIV

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Posted 27 November 2012 - 00:01

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.

#22 vetneufuse

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Posted 27 November 2012 - 00:04

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.


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

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.


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)

#23 OP Mr.XXIV

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Posted 27 November 2012 - 00:06

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?

#24 vetneufuse

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Posted 27 November 2012 - 00:08

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?


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

#25 OP Mr.XXIV

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Posted 27 November 2012 - 00:12

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


Which model did you get?

#26 shockz

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Posted 27 November 2012 - 00:16

If you have no credit history, the chances of you getting approved are pretty slim, and if you do you're interest rate will probably be sky high. You have the advantage of putting 16K down though, the bigger the down payment, the better chance of getting a decent loan.

#27 OP Mr.XXIV

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Posted 27 November 2012 - 00:18

You guys realize that I will have credit history by summer right? I will put a huge down payment. I just hate I can't do the whole thing in.

My second and third option was a Mustang and a Challenger.

#28 vetneufuse

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Posted 27 November 2012 - 01:09

Which model did you get?


Company car that I have access to is a 2SS, yeah this is a company car... we also have 2 dodge chargers owner loved muscel cars so when they where rereleased we got them on special order and had them before they hit the street :)

#29 OP Mr.XXIV

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Posted 27 November 2012 - 01:30

Company car that I have access to is a 2SS, yeah this is a company car... we also have 2 dodge chargers owner loved muscel cars so when they where rereleased we got them on special order and had them before they hit the street :)


Oh, that is gorgeous! :) I would love to run a business where we'd roll out in style like that. :D Imagine running the biggest company and the top Executives all had Shelby Mustangs. :)

#30 vetneufuse

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Posted 27 November 2012 - 12:01

Oh, that is gorgeous! :) I would love to run a business where we'd roll out in style like that. :D Imagine running the biggest company and the top Executives all had Shelby Mustangs. :)


the top execs here all drive company Jaguars... sometimes it just makes you think grr but its also neat to be around cars like that, one guy there has a Lambo Murcielago... I'd never drive that and park it in a lot, but he doesn't seem to mind it