How many got their new camaro finance without a co sign?

[Killer Bee]

Just pay cash, it makes it easier.

[iyam_lorne]

That was with a $10,000 down which i plan to have by spring, they say i need a co signer. so im hoping my parents have good enough credit cause they would do it.

[patriotpa]

Haven't needed a co-signer for anything for decades.

[SSOOCH]

Man, at 24, I had been married for five years, had a mortgage and my 1994 Z/28 (that I bought brand new, by myself when I was 18) was already six years old. I was already an old man by the time I was 24. You young whipper snappers need to get a move on!! Sheesh.

[cab2g]

Originally Posted by ahart04

what's good for your credit isn't necessarily going to show up on your 'report'.
and just because it doesn't, that doesn't mean that it's untrue. it is true that when a bank evaluates you for a loan, they take a wide array of things under consideration. what i stated, was one of them. sure it may not be differentiated on your credit report. but the thousands of credit report companies aren't banks, and they're not loaning you the money.

But banks use credit reports along with debt to income ratio as the 2 basic and to be honest major determination factors on whether or not you get a loan. I got a copy of the report the bank used along with the debt to income ratio statement that they used to determine my max loan amount, and interest rate.

They don't care if you had a balance on a credit card that was $2. They care about your 3 scores, and your debt to income ratio. (To be honest the reports they used were much more simplified than what I get yearly) I applied for mortgages at several banks and they all used those 2 factors to determine my loan amount and interest rate. One did want proof that my parents provided me a gift check when I listed that as part of my potential down payment though.

[BLUEMARO]

Me alone! no problem!

[ahart04]

Originally Posted by cab2g

But banks use credit reports along with debt to income ratio as the 2 basic and to be honest major determination factors on whether or not you get a loan. I got a copy of the report the bank used along with the debt to income ratio statement that they used to determine my max loan amount, and interest rate.

They don't care if you had a balance on a credit card that was $2. They care about your 3 scores, and your debt to income ratio. (To be honest the reports they used were much more simplified than what I get yearly) I applied for mortgages at several banks and they all used those 2 factors to determine my loan amount and interest rate. One did want proof that my parents provided me a gift check when I listed that as part of my potential down payment though.

look, how much weight certain things hold is another story. i'm not trying to say that it matters how much you have in your account. all i'm saying is that on-time payments help your credit score. you said that was untrue, but it isn't.

this isn't an argument, i was just addressing something that people had 'heard'.

[cab2g]

Originally Posted by ahart04

look, how much weight certain things hold is another story. i'm not trying to say that it matters how much you have in your account. all i'm saying is that on-time payments help your credit score. you said that was untrue, but it isn't.

this isn't an argument, i was just addressing something that people had 'heard'.

Well I'm no banker, so I won't argue this anymore. But in the spirit of Christmas, fluffy rabbits, chocolate chip cookies and all things good... Especially the super awesome Camaro, I your opinion.

[ahart04]

too bad 'credit' has a million variables, and not a single person on the planet knows everything about it...i hate credit.

[Camaro400]

My wife bought my car for me!

[VenomZ302]

Originally Posted by cab2g

You shouldn't need a co-signer if you have a low enough documented debt to income ratio and there are no negative marks on your credit report.

I think I probably fall into this category. I honestly don't know how a lot of the credit stuff works, because this has been my first loan. Everything else (house, previous cars, etc.) has been paid for in cash. However, I had no problem getting a $13K loan to cover what I lacked for the RS/SS.

[Jferrell88]

im 23 I went through united bank. first time new car buyer, high 700 score, had no trouble at all ended up with 3% intrest and around 500 dollar a month payment for 5 years with 5 thousand down. on a 2ss/rs loaded, I have no debt other than the cay payment and make 25k a year

[WadeWilson]

I'm 33 and had to file for bankruptcy 7 years ago after my divorce (everything was in my name and couldn't pay it all with only my income) but my credit score is now back to 720 and I was able to finance mine without a co-signer. My camaro was $38,000 and change and I put $10,000 down without trade in. Almost half of that went towards the taxes, title and registration. I have a 7.7% interest rate.

[jrboyd_1980]

Chances are you have a credit history, but you dont have any high credit history. The credit card is ok but what you need to be doing on it, is every year request that the raise the maximum. (Keep in mind you should pay it on time) By doing this you consistantly keep raising your credit history. Start at 500 then go to 1000, then 2500, then 5000 then 10000. Easiest way. If you dont have a cosigner then what you are going to need to do is put a big down payment. Figure to be financing no more than 15k if you want to do it without a cosigner. So basically figure cost of vehicle - 15k and that should be the downpayment