46 replies to this topic

[Mr.XXIV]

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.

[+jeston]

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

[Mr.XXIV]

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

I prefer modern muscle!

[neufuse]

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

[Mr.XXIV]

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.

[Hum]

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

[Anaron]

Moved

[Mr.XXIV]

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.

[neufuse]

Mr.XXIV, on 26 November 2012 - 20:42, said:

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.

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

[+Jdawg683]

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?

[neufuse]

Jdawg683, on 26 November 2012 - 21:01, said:

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?

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

[1941]

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.

[Jason Stillion]

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.

[Mr.XXIV]

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.

[ir0nw0lf]

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.