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Minimum Requirements To Finance New Camaro


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#31 +CrossCheck

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Posted 27 November 2012 - 12:38

one thing you stated that you are self employed....that might be where you have a problem. Loan companies want proof of income. without a paycheck stub from a company, that might be a problem. You will definitely a need co-signer. Your best bet at financing it outright is to go through your bank or credit union.....yeah there will be an interest rate but not too significant. Try to get pre-approval first


#32 vetneufuse

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Posted 27 November 2012 - 12:42

one thing you stated that you are self employed....that might be where you have a problem. Loan companies want proof of income. without a paycheck stub from a company, that might be a problem. You will definitely a need co-signer. Your best bet at financing it outright is to go through your bank or credit union.....yeah there will be an interest rate but not too significant. Try to get pre-approval first


yes, pre-approval for a loan is a big thing anymore.. dealers and realitors are a LOT more likely to take you seriously if you are preapproved... that piece of paper that says here is how much I am able to loan gives them more reason to deal with you

#33 threetonesun

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Posted 27 November 2012 - 14:04

one thing you stated that you are self employed....that might be where you have a problem. Loan companies want proof of income. without a paycheck stub from a company, that might be a problem. You will definitely a need co-signer. Your best bet at financing it outright is to go through your bank or credit union.....yeah there will be an interest rate but not too significant. Try to get pre-approval first


Unless a bank was willing to bend over backwards, or it was the only way to get the loan, I wouldn't deal with them first. Car loans sell cars, and 99 times out of a 100 a dealership will give you a much better rate. Pre-approval is also excessive on a $24k Camaro unless, again, there's no other way to get a loan.

All this depends on how the OP is making money, really. If he's filed as a business but works from home, this should be no problem at all. If it's through some other means, well, might just be easier to wait another year and pay in cash.

#34 sc302

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Posted 27 November 2012 - 15:23

Requirements are simple, show up with a pulse, a little bit of money, be able to sign your name, and have the ability to provide insurance for the vehicle. It is the same with any vehicle. You lack several things, employment history and credit. you need a score of 700 or better. you make the time up based on your payment schedule, the dealer will provide several scenarios with several different interest rates and you choose which best fits you and the credit you have (or of your co-signers). Dealers will offer the best rates in many cases. Don't go to the bank unless it is for a used car.

IMO, Save your money, get what you want in cash.

#35 OP Mr.XXIV

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Posted 27 November 2012 - 15:42

That's true, I was more likely to work with Capital One on the new cars since that's where my Credit Card is from. But if the dealer has a less rate, i might be sure to reconsider although the pricing is a little higher.

#36 sc302

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Posted 27 November 2012 - 15:46

Dont run your credit until you are ready to buy. It will take points away from your credit score. Every time your credit is ran it takes away from it. There are a few exceptions to this, but running them at a bank or at a car dealer will chip away at it.

We were all in your shoes...If you know anything about cars you would know that my handle is a 302 or 5.0L and sc= supercharged. It has been my favorite car, even though it is long gone.

#37 OP Mr.XXIV

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Posted 27 November 2012 - 17:22

My dream car is a 70' Plymouth Barracuda. You know I won't be touching that for a very long time. :p

#38 #Michael

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Posted 27 November 2012 - 17:34

Here is my question. You want this muscle car (beautiful car and I love it BTW) and are willing to put down a ton of money but what about putting money away into saving in case you need it for an emergency? Do you follow the advice of financial advisers were 10% of each paycheck should be saved for emergencies? Not to be condescending but it sounds like you are a young adult who wants a muscle car to impress ladies (or men) and really isn't thinking about the future.

About 4 years ago I was just like you and was about to to purchase a Dodge Charger with the Hemi engine and realized that no matter how much I loved the car it wasn't worth all the extra money. Between the high end engine, all the accessories, taxes, and high insurance it was going to cost me almost $40K for it. Whereas I settled on the high end Honda Civic and it cost me $24K. That savings has gone in the bank and I now realize it was a much better investment. Just my $0.02 opinion.

Just as an FYI....my dream car is a 1969 Corvette Stingray and I will own it one day. Damn do I love that car.

#39 threetonesun

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Posted 27 November 2012 - 17:50

Here is my question. You want this muscle car (beautiful car and I love it BTW) and are willing to put down a ton of money but what about putting money away into saving in case you need it for an emergency? Do you follow the advice of financial advisers were 10% of each paycheck should be saved for emergencies? Not to be condescending but it sounds like you are a young adult who wants a muscle car to impress ladies (or men) and really isn't thinking about the future.

About 4 years ago I was just like you and was about to to purchase a Dodge Charger with the Hemi engine and realized that no matter how much I loved the car it wasn't worth all the extra money. Between the high end engine, all the accessories, taxes, and high insurance it was going to cost me almost $40K for it. Whereas I settled on the high end Honda Civic and it cost me $24K. That savings has gone in the bank and I now realize it was a much better investment. Just my $0.02 opinion.

Just as an FYI....my dream car is a 1969 Corvette Stingray and I will own it one day. Damn do I love that car.


Well, he's looking the bottom end Camaro, so... it wouldn't be much more than that $24k Civic.

Trust me, I've blown way too much money on cars, but there are a boatload of cheap fun ones out there these days. You'll get killed on the insurance, but as a young guy, that will happen even if you're trying to get around in a Red Ryder wagon.

#40 OP Mr.XXIV

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Posted 27 November 2012 - 17:57

No worries, I make enough to rent a pent house in New York broski, My mother, grandmother, and my grandfather are all financial majors, so yes, I do get word for financial advisement. My mother herself tells me that she has no problem about it. Besides, I only have one woman in my life to worry about and I'm no where in need to impress her. :)

Just know that the base Camaro is $24k. I plan on doing my own modifications if (warranty-wise) necessary. I don't want a car unless it contains OnStar and the features the Camaro as because my pedaling is a trip and I need to pay attention to that (check the LT model) for the windshield holo.

#41 Eric

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Posted 27 November 2012 - 17:58

Stay away from muscle cars are your age if you want honest advice. While you may be able to afford the loan for the car insurance payments could easily end up being more than the loan payments. Buy a piece of crap, build up your credit and driving history then go for the gold when you're a few years older. :)

#42 tsupersonic

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Posted 27 November 2012 - 18:01

Stay away from muscle cars are your age if you want honest advice. While you may be able to afford the loan for the car insurance payments could easily end up being more than the loan payments. Buy a piece of crap, build up your credit and driving history then go for the gold when you're a few years older. :)

You gotta live a little :p I sorta bought my dream car, at 24, a MB CLS 63 AMG. I have a steady job, and I had no troubles financing. It's expensive to maintain (service/repairs are expensive, gas, etc), but I just think of all the smiles it puts on my face every time I drive it. BTW, modern day AMG's remind me of old American muscle cars :D The insurance on my car is actually very low (25/m, single, upstate NY). I had a $200 increase per year coming from a Civic.

#43 cork1958

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Posted 27 November 2012 - 18:08

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

I prefer modern muscle! :D


I prefer classic muscle myself!!

As has already been mentioned, no credit, no proof of income and number of times your credit has been checked, all have an influence on your ability to get a loan.

Good luck!! :)

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#44 threetonesun

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Posted 27 November 2012 - 18:13

Stay away from muscle cars are your age if you want honest advice. While you may be able to afford the loan for the car insurance payments could easily end up being more than the loan payments. Buy a piece of crap, build up your credit and driving history then go for the gold when you're a few years older. :)


You get killed on insurance just by being a young guy no matter what you drive. The main cost for insurance companies is medical bills, and there's a good chance a young guy is going to do something stupid that will injure themselves or others. The cost of the car is a drop in the bucket compared to medical bills.

If you want to lower it, get married, then go buy a muscle car.

#45 OP Mr.XXIV

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Posted 27 November 2012 - 18:16

That is a classic. :) Thanks! :D

I already tried getting married. ;) Okay, I didn't. It was only a Facebook game.