Got denied trying to get a new Camaro =( - Page 2 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

RallyYellowPlease · 02-28-2011, 09:59 PM

Quote:

Originally Posted by mavfan37

I'm 21. Have absolutely no credit. And bought a 2011 Camaro 2LT/RS. I put down 10k and got a 4.56% interest rate. It can be done you just need to get a good dealer and know exactly what you want. There a few dealers on this website that will deal with you. In my case... I went to Classic Chevrolet and Eric Hall gave me my deal.

Wow, so it is possible. Im not going to shoot so high, Ill settle for a LS model. So I have a good chance then with a bit more cash.

How much is your insurance. That's the part that scares me a bit.

1Camaro2SS · 02-28-2011, 10:00 PM

Life is too short and 50 is not guaranteed. Get one NOW! Steal one if you have to. JK

mikeSS · 02-28-2011, 10:01 PM

Quote:

Originally Posted by 1Camaro2SS

life is too short and 50 is not guaranteed.Get one NOW! still one if you have to. JK

RallyYellowPlease · 02-28-2011, 10:02 PM

Quote:

Originally Posted by 1Camaro2SS

Life is too short and 50 is not guaranteed. Get one NOW! Steal one if you have to. JK

I've been considering that! haha jk

brantley847 · 02-28-2011, 10:02 PM

1) You are almost to the 2012 model (Late Aug / Sept)...just wait until after summer. You and I live in Florida, we can drive this thing year round..

2) Get a credit card. Pay for EVERYTHING on the card, but pay for it from your checking account IMMEDIATELY. Don't let it sit...even better if you get a card with cash reward points.

3) Save up for the next 5 months and put 3-5k down.

4) I give ya credit..you are smart for starting with the LS, you could buy a nice set of rims to get away from the steels and most people wouldn't notice the difference. You still walk away with 300+ hp. Build up some credit and maybe work your way up to the SS in a few years. If you like me, I like my stuff new...not big on the used deal. I would imagine your brother would be MUCH more likely to want to co sign for you, if you can throw down 3-5k with him.

As you saw from the last poster..the bank wants to believe you can make the payments. If you come to the table with NO money down, they will be much more inclined to deny. However, as you saw the one poster had no credit, but threw down 5-10k and he got accepted. If he had brought nothing to the table he would have been denied without a co-sign. It has absolutely nothing to do with the dealer. GMAC financing is the same across the country...it is the bank...period. Unless you have credit union, most of these banks will think very much alike.

Your insurance will float between 90-140 a month. Mine was around 115-130 for an SS with no tickets no claims before I hit 25.

=Stephens= · 02-28-2011, 10:06 PM

Ok, gotta give my .02, first you have to have a down payment. Second, how many months is your loan and whats the intrest rate? Third, How much for your insurance, full coverage? Fourth, how much do you take home after taxes? Fifth, How much do you have to pay now for living expenses, food, gas, electricity, rent, cable, cell phone bill...those are a few. Now add up what you make, subtract your living expenses. And thats what you have to work with for a payment. If you have enough to live on, make your standard bills, and pay for the car. Get it. But at the age of 20 most 20 year olds I know, aren't making 50K a year. You will probably be spending all your time working for a car that sits in a parking lot while your working. And you won't enjoy it.

Here's an idea for you, at the age of 20 you could enlist into the military, reserves or national guard, with the training money and the weekend drills and annual training, you could use that money to pay for it. There is the 100% paid tuition, Montgomery GI Bill, and there is also an enlistment bonus for some MOS's. The GI bill is money the Military gives you to go to school. And MOS is Military Occupational Specialty. Some of the jobs the Army has, offer a bonus up to $40,000.00!!!!

The drawback, you have to go to Basic training, the AIT, MOS schooling, and you have to commit to one weekend a month and two weeks a year to the military. And oh yah, you might or probably have to go fight a war.

I have been mobilized 3 times for the Army Reserves and I swore I am not going to do it again. But the Army paid for my school, my student loans and put money in my pocket every month. And I will have a retirement in a year and a half.

Grant4160 · 02-28-2011, 10:59 PM

That sucks dude, I know what it's like to really want a camaro, I've had to wait for a year before I could purchase mine, I think it is tougher to purchase something like this at a young age (I know, I'm 22) but it is possible, just gotta make sure you have enough to be able to live after purchasing. Just my 2 cents. Good luck on getting a camaro in the near future.

L99CAMA2011 · 02-28-2011, 11:50 PM

I have bad credit buy with a good paying job and 6 grand down I got approved at a dealership that gets anyone approved. Just find the right dealership. Also I wish I waited a little longer, because the later models are going to have things the current models don't have. For example, the 2011 6 manual I was supposed to buy but was a week late, has drilled and threaded holes for strut bars from the ZL1 and you won't have to drill holes in your strut towers unlike the earlier models. I was really P off when I was having a slashed tire changed and I saw the engine bay of the 6M I was supposed to buy instead of the L99 that don't have drilled and threaded holes in the strut towers. I still love my L99 though. Remember good things comes to those who wait.

brAnd7onX · 03-01-2011, 12:27 AM

Learn from my mistake. I was 21 and wanted the camaro right when it came out but couldnt get approved so I ended up getting a scion tc and enjoying it a lot but everytime i see a camaro my desire comes back x10. Now im looking to sell my tc and get the camaro in a month or 2. You only live once.

Revo1 · 03-01-2011, 12:31 AM

Quote:

Originally Posted by Bond

Keep the same job... get a credit card, and start living off it! Everytime you have to spend money.. use the card! Whenever you get paid.. pay off the card. Give it five - six months and try again! Also.. don't apply for anymore credit.. it for some reason pulls your rating down.

"Hold it in your mind and you'll hold it in your hand!"

Revo1 · 03-01-2011, 12:32 AM

Quote:

Originally Posted by brAnd7onX

Learn from my mistake. I was 21 and wanted the camaro right when it came out but couldnt get approved so I ended up getting a scion tc and enjoying it a lot but everytime i see a camaro my desire comes back x10. Now im looking to sell my tc and get the camaro in a month or 2. You only live once.

A cautionary tale

Reaper1a · 03-01-2011, 03:03 AM

lol, I traded a scion tC for my camaro

Tricky's SS · 03-01-2011, 03:13 AM

Get a GM credit card and use it. Makeyour payment on time each month. You will not only earn credit, but also earn some money off the purchase of your new Camaro soon.

King Sun · 03-01-2011, 04:08 AM

the fastest way to get the car is to buy a car for like 5,000 grand and get it financed and make sure the interest rate isn't to high, get it down to where you can sell it and not loose money or trade it in for about a year then get your camaro.

02-28-2011, 10:00 PM	#16
1Camaro2SS Drives: 2010 2SS/RS L99 Join Date: Sep 2010 Location: Grand Rapids, MI Posts: 1,430 View My Garage	Life is too short and 50 is not guaranteed. Get one NOW! Steal one if you have to. JK __________________ 432 RWHP 391 RWTQ 12.37 1/4 mile on stock tires

02-28-2011, 10:02 PM	#19
brantley847 v It bites. Drives: 2011 IBM 2SS/RS Join Date: May 2008 Location: Orlando, FL Posts: 3,585	1) You are almost to the 2012 model (Late Aug / Sept)...just wait until after summer. You and I live in Florida, we can drive this thing year round.. 2) Get a credit card. Pay for EVERYTHING on the card, but pay for it from your checking account IMMEDIATELY. Don't let it sit...even better if you get a card with cash reward points. 3) Save up for the next 5 months and put 3-5k down. 4) I give ya credit..you are smart for starting with the LS, you could buy a nice set of rims to get away from the steels and most people wouldn't notice the difference. You still walk away with 300+ hp. Build up some credit and maybe work your way up to the SS in a few years. If you like me, I like my stuff new...not big on the used deal. I would imagine your brother would be MUCH more likely to want to co sign for you, if you can throw down 3-5k with him. As you saw from the last poster..the bank wants to believe you can make the payments. If you come to the table with NO money down, they will be much more inclined to deny. However, as you saw the one poster had no credit, but threw down 5-10k and he got accepted. If he had brought nothing to the table he would have been denied without a co-sign. It has absolutely nothing to do with the dealer. GMAC financing is the same across the country...it is the bank...period. Unless you have credit union, most of these banks will think very much alike. Your insurance will float between 90-140 a month. Mine was around 115-130 for an SS with no tickets no claims before I hit 25. __________________ 2011 2SS/RS Performance: 439 RWHP: 226/236 Comp Cam, Kooks 1-7/8, CAInc, Borla S type, Vmax TB, Rx Catch Can, Trans cooler, SLP 160 termo, Melling high volume, Eibach Springs/Sways 1" drop, Whiteline complete bushing kit.

03-01-2011, 03:03 AM	#26
Reaper1a Drives: 2010 Summit White 2LT/RS Join Date: Jan 2010 Location: Southern Illinois Posts: 356	lol, I traded a scion tC for my camaro __________________ Every man is a damn fool for at least five minutes every day; wisdom consists in not exceeding the limit. -Elbert Hubbard

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02-28-2011, 10:06 PM	#20
=Stephens= Drives: 2011 LS Join Date: Feb 2011 Location: Kearney, Nebraska Posts: 3,541 View My Garage	Ok, gotta give my .02, first you have to have a down payment. Second, how many months is your loan and whats the intrest rate? Third, How much for your insurance, full coverage? Fourth, how much do you take home after taxes? Fifth, How much do you have to pay now for living expenses, food, gas, electricity, rent, cable, cell phone bill...those are a few. Now add up what you make, subtract your living expenses. And thats what you have to work with for a payment. If you have enough to live on, make your standard bills, and pay for the car. Get it. But at the age of 20 most 20 year olds I know, aren't making 50K a year. You will probably be spending all your time working for a car that sits in a parking lot while your working. And you won't enjoy it. Here's an idea for you, at the age of 20 you could enlist into the military, reserves or national guard, with the training money and the weekend drills and annual training, you could use that money to pay for it. There is the 100% paid tuition, Montgomery GI Bill, and there is also an enlistment bonus for some MOS's. The GI bill is money the Military gives you to go to school. And MOS is Military Occupational Specialty. Some of the jobs the Army has, offer a bonus up to $40,000.00!!!! The drawback, you have to go to Basic training, the AIT, MOS schooling, and you have to commit to one weekend a month and two weeks a year to the military. And oh yah, you might or probably have to go fight a war. I have been mobilized 3 times for the Army Reserves and I swore I am not going to do it again. But the Army paid for my school, my student loans and put money in my pocket every month. And I will have a retirement in a year and a half.

02-28-2011, 10:59 PM	#21
Grant4160 Drives: 2011 Camaro Synergy Green 2LT/RS Join Date: Feb 2011 Location: Kitchener Posts: 26	That sucks dude, I know what it's like to really want a camaro, I've had to wait for a year before I could purchase mine, I think it is tougher to purchase something like this at a young age (I know, I'm 22) but it is possible, just gotta make sure you have enough to be able to live after purchasing. Just my 2 cents. Good luck on getting a camaro in the near future.

02-28-2011, 11:50 PM	#22
L99CAMA2011 Drives: One of the baddest handling Gen 5s Join Date: Feb 2011 Location: Masachusetts Posts: 4,177	I have bad credit buy with a good paying job and 6 grand down I got approved at a dealership that gets anyone approved. Just find the right dealership. Also I wish I waited a little longer, because the later models are going to have things the current models don't have. For example, the 2011 6 manual I was supposed to buy but was a week late, has drilled and threaded holes for strut bars from the ZL1 and you won't have to drill holes in your strut towers unlike the earlier models. I was really P off when I was having a slashed tire changed and I saw the engine bay of the 6M I was supposed to buy instead of the L99 that don't have drilled and threaded holes in the strut towers. I still love my L99 though. Remember good things comes to those who wait.

03-01-2011, 12:27 AM	#23
brAnd7onX Drives: 2012 1SS IOM Join Date: Oct 2009 Location: Hutto, TX Posts: 1,642	Learn from my mistake. I was 21 and wanted the camaro right when it came out but couldnt get approved so I ended up getting a scion tc and enjoying it a lot but everytime i see a camaro my desire comes back x10. Now im looking to sell my tc and get the camaro in a month or 2. You only live once.

03-01-2011, 03:13 AM	#27
Tricky's SS Drives: 2010 Pace Car Join Date: Nov 2010 Location: NY Posts: 252	Get a GM credit card and use it. Makeyour payment on time each month. You will not only earn credit, but also earn some money off the purchase of your new Camaro soon.

03-01-2011, 04:08 AM	#28
King Sun Casual Camaro Owner Drives: 2010 Black LS V6 Join Date: Jan 2010 Location: Jacksonville Fl Posts: 1,090	the fastest way to get the car is to buy a car for like 5,000 grand and get it financed and make sure the interest rate isn't to high, get it down to where you can sell it and not loose money or trade it in for about a year then get your camaro.