whats a good credit score to get a camaro

[RallyYellowPlease]

In all honesty, it all depends on the finance manager and how bad he wants to sell you the car. I went to three Chevrolet Dealers and all three had crappy finance managers who didn't even bother to fight for me. I ended up not getting a Camaro. I walked across the street to a Mitsubishi dealer and made a deal on a brand new 2011 Eclipse. (It was always between those two cars. I wanted the Camaro much more but unfortunately it didn't happen.)

I had the same down payment and same credit score. I still don't understand how they said yes, when three Chevy dealers said no.

[nyrfan]

Originally Posted by RallyYellowPlease

In all honesty, it all depends on the finance manager and how bad he wants to sell you the car. I went to three Chevrolet Dealers and all three had crappy finance managers who didn't even bother to fight for me. I ended up not getting a Camaro. I walked across the street to a Mitsubishi dealer and made a deal on a brand new 2011 Eclipse. (It was always between those two cars. I wanted the Camaro much more but unfortunately it didn't happen.)

I had the same down payment and same credit score. I still don't understand how they said yes, when three Chevy dealers said no.

The finance manager has little to nothing to do with the final approval, the issuing bank does. All the FM does is farm your app out and propose an inflated interest rate if they desire (based on your credit score). Bottom line: The FM is someone who works for the dealership and tries to get as many extra $$ out of you as they can.

Everyone can save a lot of time and hassle but getting pre approved 1st through your local credit union; this bypasses any credit approval process by the FM/dealership.

[Brandon_Lutz]

My score was 845 and I got a 1.5 % loan for my car.

I also put down 10,000 for my car plus 2k in GM Card earnings.

I never buy a new car unless I can put $10K down minimum as a down payment.

[LS3 SS]

Originally Posted by CyberPunk223

i got had 550 when i bought my 2012 4 months ago and all i could get was a 1LS, no options. and I'm paying way too much interest. I could not get used, credit wasnt good enough, forget the rs package, you dont need any of that stuff anyway, the base car comes standard with all the basics. it's a great value for $23,000.

[LIVEVIL]

If you cannot write a check for the car you want to buy, you probably cannot afford it.

So if somone makes $3000/ month after taxes, has basic life expenses of $2000/month but has $0 in savings you're telling me this person cannot afford a new Camaro @ $500 a month since he/she cannot just write a check for $30000 on the spot?

Do you feel the same about property? If one cannot afford to drop half a million cash on a house does that mean that they cannot afford it?

[nyrfan]

Originally Posted by LIVEVIL

So if somone makes $3000/ month after taxes, has basic life expenses of $2000/month but has $0 in savings you're telling me this person cannot afford a new Camaro @ $500 a month since he/she cannot just write a check for $30000 on the spot?

Do you feel the same about property? If one cannot afford to drop half a million cash on a house does that mean that they cannot afford it?

Actually based on your example of having 1k of expendable cash before a car and no savings, no a $500 car payment would not be suitable. Factor in gas and insurance you'd basically have nothing left. And what about emergencies and cost of living increase? This would be the exact reason the person in your example has no savings and is probably living pay check to pay check.

Also there is a big difference in buying property then buying a depreciating asset such as a vehicle.

Felix - Sent from my 2SS/RS

[HDRDTD]

No idea what my score is.
Paid cash for my 2011 2SS/RS Vert, and paid cash when I traded it in on a 2013 ZL1 Vert.

[fsusmithc2]

Originally Posted by Cheveey57

That was before this economy took hold and got re-elected. Signs point to it getting worse before it gets better...

Wake up on the wrong side of the bed this morning? We're talking about credit scores and financing in this thread, not ranting about the presidential election and how displeased with the results you might be (to say nothing of your assertions about the economy).

Give it a rest. Smile a little. It's contagious. See?

---

Anyways... Last time I checked, which was just before buying my Camaro, I think my score was 720, maybe a little higher. I had a bank draft from my local credit union (doing the smart pre-approval thing) and I went out of town to buy and the dealership made me a great deal but it required I go with another bank instead to make it happen. The dealerships get kickbacks from banks they work with so they're more willing to make what looks to you like an awesome deal. I think I managed to get 2.89% for 75 months.

I like long loans for the smaller payments but 84 seems a bit much. Also of course the longer the loan, the more worthless the car will be towards the end of it as compared to what you owe, which makes the next trade up that much harder. I also never pay anything down on new cars (I'm on my 3rd). I can afford monthly payments but not a huge chunk up front. Yes I know, saving up is better. Sue me.

[v6sonoma]

Originally Posted by LIVEVIL

So if somone makes $3000/ month after taxes, has basic life expenses of $2000/month but has $0 in savings you're telling me this person cannot afford a new Camaro @ $500 a month since he/she cannot just write a check for $30000 on the spot?

Do you feel the same about property? If one cannot afford to drop half a million cash on a house does that mean that they cannot afford it?

I'm not sure that's exactly what they meant to say but there is a little truth to it.
People often make emotional purchases (often Camaro owners. I mean look at it! Who wouldn't sell their soul for one! ) without considering the future.
In your scenario the person can make the payments fine right now but what about unexpected circumstances? If they lost their job, or the rent went up, or the house needed a new heating system, etc. It could be very tight.

When I bought my car 3 years ago I was gonna put $30k down and finance the rest. (avg credit score was 795) I decided to only put down $25k. It was a smart move because shortly afterwards I was unemployed. Luckily I was able to survive long enough to find a better job but I would have been screwed if I didn't have something in savings. I probably would have had to sell my baby and that would have ripped my heart out. Even though I would have gotten over it every time I saw a car like mine I would look and wonder if it was mine.

A good rule of thumb is at least 3 months salary in the bank at all times. Preferably 6. Most live paycheck to paycheck. To anyone with a low credit score and credit debt I'd say pay all of that down first and while doing that put something in the bank each week and don't touch it.

[upflying]

Pay 50% down and you can buy any car you want with a crappy credit rating.

[daveagogo1]

Originally Posted by LIVEVIL

So if somone makes $3000/ month after taxes, has basic life expenses of $2000/month but has $0 in savings you're telling me this person cannot afford a new Camaro @ $500 a month since he/she cannot just write a check for $30000 on the spot?

Do you feel the same about property? If one cannot afford to drop half a million cash on a house does that mean that they cannot afford it?

No they can't afford to spend 50% of their left over cash on a car payment then insurance plus gas and maintenance. Because they will still never have any savings on top of now having no extra cash to do anything. It's called being car poor.

[nyrfan]

Originally Posted by daveagogo1

No they can't afford to spend 50% of their left over cash on a car payment then insurance plus gas and maintenance. Because they will still never have any savings on top of now having no extra cash to do anything. It's called being car poor.

Hey, I said that already. Great minds think alike!

[daveagogo1]

Originally Posted by nyrfan

Hey, I said that already

So you did failure to refresh get's you every time. Oh well, probably needed to be said twice.

[LIVEVIL]

Actually based on your example of having 1k of expendable cash before a car and no savings, no a $500 car payment would not be suitable. Factor in gas and insurance you'd basically have nothing left. And what about emergencies and cost of living increase? This would be the exact reason the person in your example has no savings and is probably living pay check to pay check.

No they can't afford to spend 50% of their left over cash on a car payment then insurance plus gas and maintenance. Because they will still never have any savings on top of now having no extra cash to do anything. It's called being car poor.

You guys are taking this too literally...it was just meant as an example.

Let me try again.

If a person has 20,000/month income and 2,000/month expense but $0 in the bank. Are you saying that that person cannot afford a brand new Camaro today because he/she cannot write the check for the full price of the car on the spot?