So this is a question more about credit for ordering. I really want one of these and have been saving up to buy a new car. I was looking at the Challenger but as soon as I saw the Camaro in person I knew I wanted one. I was wondering what the best way to get approved for the loan is? I am looking at getting the 2LT with options the MSRP comes up to 30,010 the dealer said they could get me out the door at the MSRP.
I have had some credit problems ( at the moment I have $1,500 of debt and all outstanding accounts have been paid off.) so my scores are right around the 609, 610 and 611 I know I can afford the payments and insurance no problem but I am really worried about getting approved for the loan amount. Has any one in this credit bracket got approved for a loan on one of these? Does anyone have any advice on this or anything? I was planning on trying to get the loan through my bank just because I have heard dealers are awful to the consumer, but I really don’t know if they will approve me or if they will just laugh at me.
Any help, ideas or comments would be great.

 

I think the banks are more concerned with debt ratios and credit rating than what model car (other than price) you would be financing.

I'd stop by the bank or credit union you normally deal with to get loan information/options. Sometimes it helps to deal with those who already know you and it won't cost you anything to ask.

Just my two cents....good luck,
Rick

 

As long as your debt ratio is decent (and that will vary by lender), you shouldn't have too much problem getting the loan. Without a good bit of downpayment, expect a somewhat crappy rate, though.

As far as dealer financing, it's usually a very good idea to get pre approved for a loan of x-amount before even walking in to the dealership. If the dealer can get you a better deal, fine...if not, you already know where you stand and can cut some of the bull.

Research the loan every bit as much as you do the car and you'll come out better.

 

1500 in debt wish i had that little amount im paying 2k a month to get my car to trade in value make sure u get a good interest rate n i dont think u will have a problem but my dealer went n checked my credit n its 740 n he said i barely made it for some odd reason

 

You may want to check with the dealer. The Government has giving GMAC a lot of cash to load for thier cars, including the new Camaro and Chryslers. Take advantage of GMs predicament.

 

First off let me say thank you for all the input thus far and two cents are always welcome. I have an appointment set up to talk to my banker on the third of July. The interest doesn’t really worry me to much I am sure its going to be pretty astronomical. By debt ratio do you mean debt VS credit I have available or debt VS income? Also I have never had an auto loan I don’t know if that makes it any different.

 

Usually debt/income, but available credit also factors in, as does married/single, own/rent, and others, all to varying degrees depending on the lender. Do a search for how credit scores are calculated and it will give you a pretty good idea of how most lenders assess risk. Never having an auto loan should not be a factor at all.

 

Well I have been looking at loans and I talked with a finical guy at the local dealer here in town he told me it shouldn’t be a problem to get me approved so well see. I am still going to talk to my bank first an see what they can offer me…

 

dont think getting approval should be a issue at all. the dealer will have several financing options available! a while back when i bought a new truck there was a couple trying to buy a new avalanche. they had really ****ty credit. their score was like at 390 and they had 3 repos on their history and assloads of debt. they still got a loan and drove off the lot with their dream truck for like 500$ down.

 

HOLY MOTHER OF GOD!

 

key word, a while back. thats when they were handing them out like skittles, samething with the housing crisis, handing out mortgages to people who sohuldnt have been approved. i wonder how that fam with the avalanche is doing now. especially with only 500 down jeez they must be paying through the roof on that thing. im aleast going to put 9 or 10k down whenever i eventually get this car

 

prolly not doing so great as it seems people like that live in a ****ty situation most their lives and really refuse to change it! seems like most girls/women i know live this way. no money/poor money management skills. only one person to blame for that problem!

 

There are several things you can do now to improve your chances to get the best rate possible. First, join a credit union asap. Credit unions, unlike banks, exist for the benefit of their members. Banks exist for the benefit of the shareholders/owners.

DTI (debt to income) was mentioned in previous posts. As a rule of thumb, lenders get uncomfortable over 30% DTI for a car payment (the "I" is GROSS INCOME). Your current credit high, job stability (how long), residence stability, etc. are important factors lenders look at. In all, there are over 20 factors that lenders consider.

What kind of 610 beacon are you (rhetorical)? Credit score alone is only one factor--unless your are a 750+ with a $100k+ high making six figures.

I would not sweat the $1500 unless it is past due and carries a high rate. Back in the day, no one considered buying a car without a down payment. These days, buyers consider it a mortal sin to put money down on a car. Lenders LOVE down payments, and so should you. Down payments allow you to actually own part of the car you are driving. What a concept!

Here are some examples for $30,000 financed:

9.9% APR X 72mo. = $554 payment

14.9% APR X 72mo. = $633 payment

19.9% APR X 72mo. = $717 payment

Big difference with the rate, eh? Good luck.

BTW, GMAC has nothing at all for the Camaro right now.

 

i got 6.99 apr on 72 months payment for me 683 a month

 

Gee, after you pay it off in 6 long years it may be a classic car.