Anyone else worried about getting approved for financing?

[Mark B]

Hey everyone,
Im planning on getting a 2SS/RS in black as soon as they come out. The past couple months I have been demodding my current F-Body and selling off the parts to help pay for the new camaro I will be getting. Im really starting to worry that the time will come and I wont be able to get approved for financing on the new one. I WILL BE PISSED IF I SELL MY CAR AND THEN AM NOT ABLE TO GET A NEW ONE. I almost want to hold off selling it unitll im approved, but I wanted to use the money I get from the sale of my car as a deposit on the new one. Anyone else in the same boat as me?

[klrbmike]

The big thing to a sucessful financing plan is to put atleast 20% down,* If you can do this financing is ALMOST always a cinch as long as you don't have a super bad credit.* Also Shop around for the best rates, I just bought a new vehicle and apr's ranged from 7.9 to 5.99 for 48 months.

[GSS9909]

By the time the camaro makes it to our dealership floor who knows what the situation on credit will be. Its just to far away to tell. I can say for sure that right now there is no differance in getting financing on cars as its been in the past. I know this cause I am a the finance director of the dealer I work at. I could get just about anyone finanaced ( all week long all I have seen are credit scores below 600, just yesterday deliverd a car to someone that just discharged there bk last month). So what I'm saying is don't worry about financing. If your dealer has a halfway decent finance dept. It will get done.

[Mark B]

Well 20% of 35k is 7k. I am hoping to put down atleast that much. My goal is 10k

[monstertodd]

I think you are pretty safe man. I almost pulled the trigger on a new Toyota pickup last month, and they wanted to give me 4.9% with no money down. FWIW, my fico is currently 664. This truly is a buyers market right now, and 6 months from now I can't see the situation being too much different. Having money to put down really is the key, and the more the better. Good luck!

[CLEAN]

Don't know the specifics about your situation, but I got pre-approved for a Shelby GT-H today w/ my credit union. 807 CS. I think credit is out there so long as you're not a high risk.

[blackbirdta]

my credit score is almost 800 and i plan to put about 15k down so no not really worried. i'm also not counting my current camaro as going toward the money down on the new one, but will be selling it to fund the daily driver

[MetalDragon]

Originally Posted by CLEAN

Don't know the specifics about your situation, but I got pre-approved for a Shelby GT-H today w/ my credit union. 807 CS. I think credit is out there so long as you're not a high risk.

I'm in the same boat as you..804. The way I look at it is...less buyers, less markup. My only concern is leaving enough in the bank after getting the monthly down to below $500. I'm not loaded, just smart with what I've got.

[detroitboy]

NO.....I'll buy with cash unless mortage rates are down to 4%, and if so I'll mortgage the paid off house so I can get deductions again. I don't know what my credit rating is and don't care. I busted my butt and paid everything off in the past 10 years because I saw this big financial mess coming on when the democrats put NAFDA through. And I took all my money out of stocks/mutual funds nearly two years ago and locked it in to CDs when it was obvious the mortgage/housing crash would come.
It was common sense at the time that NAFDA would wreck this country. Does anyone remember who Ross Perot was?

Financial experts my azz.....all the wall street morons are overpaid (espcially Larry Kudlow...he should have been fired from CNBC years ago).

[01pewterz28]

Nope I plan to put $10-$15k down plus I have no CC billes just the house and my Suburban, I already paid off the 06 Silverado

[Vette Pro]

At this time GMAC requires a minimum score of 700 to qualify for financing with them...there are other lenders that are more agressive than GMAC and they have better rates too.

[Mark B]

700... Ouch. I think im just below 600. Looks like I was right to be worried.

[94LightningGal]

Don't be. You don't have to finance with GMAC. As a matter of fact, most dealers, and even GM themselves, are pushing people away from GMAC.

I realize that I bought a Ford, but in July, I had absolutally no problem getting my new truck. Yes I put 20% down, but our credit score is below 550 (have about 1 year left to pay off all of the debt that we incurred when 9/11 killed our business). Yet, we got tier 2, and a great rate with Ford Credit (have good history with them).

The point being, your down payment will do your talking. Also, don't cave at the first place that says yes.............. hold out, and compare the terms from a few lenders. It is even more important when your credit isn't flawless, and your score isn't high.

[2010_5thgen]

nope

[boxerperson]

Like the others are saying, you should be fine as long as you put a decent amount of money down. Money down = more trust, as you've obviously got actual physical capital. It can make up for a mediocre credit rating.

I'm planning on a second year camaro (obviously I'm going to wait and see what happens with GM now that the senate shot down the emergency money, but I expect even if they declare bankruptcy, business will continue as usual for at least the core brands, like Chevrolet) and have been busting ass to make sure my credit is as good as can be for somebody my age. I'm 24 and sitting at a FICO of 769.

Does anybody know what happens to your credit rating if you pay off 55k of student loans all at once? I'm interested if this will boost things further. Doesn't it boost it more to make regular payments instead of all at once? I'm going military as soon as I graduate and am getting my schooling all paid for after the fact by them.