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  1. #1

    Buying new car, Will I be Approved?

    Just for a update, Got approved, also got 0% APR.

    2013 SS 1LE in victory read with dual mode exhaust. Pick up date, March 18th
    Last edited by Furiex; 2013-01-24 at 02:45 AM.

  2. #2
    Put a poll too. Yeah, I love polls.

  3. #3
    First i realy hope you get the car ( and the loan ) i dont have any idea how the US loan system works but you are 21 Y/o with a job and minimum monthly payments ( rent etc. ) the loan is for a car with full insurance ( i hope ) i can see absolutely no reason they should say no.

    that out of the way FFS i envy the US car prices ..... for 32k US $ i could get a medium range suzuki swift here .... a car like yours ( cant get that one here ) but somthing close cost around 100k US$

  4. #4
    Legendary! Blueobelisk's Avatar
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    You should get approved.

  5. #5
    Thats what im thinking too buddy, And where do you live? My uncle lived in switzerland for 3 years and wanted a mustang and it was like 12k more then here....

    And thanks my man!

    ---------- Post added 2013-01-20 at 03:35 PM ----------

    Quote Originally Posted by Blueobelisk View Post
    You should get approved.
    Sweet! Im still nervous about it but im excited as hell!

  6. #6
    Super Moderator Darsithis's Avatar
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    You will likely get it due to your available income (no expenses) + your job history + your credit score, but why get something so expensive? If your current car is worth so little, trade it on on a slightly-used model of the same car and save yourself 5 - 10k.

    In the end a car is a car is a car.



  7. #7
    You'll probably get approved, but that seems like a genuinely terrible idea. Check the insurance cost before you buy.

  8. #8
    Quote Originally Posted by Spectral View Post
    You'll probably get approved, but that seems like a genuinely terrible idea. Check the insurance cost before you buy.
    Already have, its 200 bucks on the nose since Ive never been ticketed or pulled over even. soooooo Aok there

    ---------- Post added 2013-01-20 at 05:09 PM ----------

    Quote Originally Posted by Darsithis View Post
    You will likely get it due to your available income (no expenses) + your job history + your credit score, but why get something so expensive? If your current car is worth so little, trade it on on a slightly-used model of the same car and save yourself 5 - 10k.

    In the end a car is a car is a car.

    This is explainable by my family, No one has ever bought a used car, Its new or nothing frankly. And Ive been waiting years for the LE package....

  9. #9
    living at home and having a job and a good credit score will probably land you this car. Seems your parents don't mind helping you out, maybe if you don't get approved but your parents know very well you are a hardworker that can afford it - they will co-sign with you.

  10. #10
    The Insane Reeve's Avatar
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    Quote Originally Posted by Darsithis View Post
    You will likely get it due to your available income (no expenses) + your job history + your credit score, but why get something so expensive? If your current car is worth so little, trade it on on a slightly-used model of the same car and save yourself 5 - 10k.

    In the end a car is a car is a car.
    That's my thoughts on it too, especially since buying this car may end up delaying the length of time before he can move out of his parents house considerably. This car kind of leashes you into your current monthly expenditures. Buying a cheaper car would allow you to move out of your parents house if you wish, or save up money, or even take a vacation somewhere nice. There isn't really a good reason to spend it on a 2013 Camaro, when you could get a 2011 Camaro much cheaper, and it's nearly as good a car.

    When I bought my first new car, I was in college. I could afford it, as it was a cheap car, but the payments meant I could never be away from work, never go on a long vacation, and it made it extremely difficult for me to move cities after I finished college, because the downtime between jobs would have been too much to cover my car payments. The only reason I was able to do it is because I had a mother who helped me out. Be very careful locking yourself into such a high monthly payment.
    Well 1, 2, 3, take my hand and come with me
    Because you look so fine
    And I really wanna make you mine

  11. #11
    You should get approved. You might not get the best interest rate, but dont go for an APR that will savage you.
    Expect a beating from insurance.

    Honestly being 30 now and getting a nicer car when I was younger. DONT DO IT

    Save your money, drive something simple and cheap, you will be upset when your new cars gets messed up and it will get messed up.

    Save your money, secure a decent savings and fallback fund, start saving for a place to live that you will own.
    Then once you got your stuff squared away then get the car you really want. The newest most awesome car will be meh after a couple of years, possibly sooner depending on the person.

    I had an 2006 GTO which I had wanted, after about a year it turned to a POS with problems and they would not do warranty work to it or would just rig it to try and get it out of warranty coverage. Ended up trading it in on something more reasonable, lost my ass and had lots of aggravation with that car.

  12. #12
    Camaros are garbage.

    Post constructively
    Last edited by Darsithis; 2013-01-20 at 11:17 PM.

  13. #13
    Super Moderator Darsithis's Avatar
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    Quote Originally Posted by Furiex View Post
    This is explainable by my family, No one has ever bought a used car, Its new or nothing frankly. And Ive been waiting years for the LE package....
    But that's not a reason to put yourself out so far. I did that, myself, and ended up getting repo'd and lost my home. Now, I do very well for myself today but I learned my lesson. I drive a rarely-driven 8-year-old car that I don't even have to make payments on. No one looks differently at me (except probably assuming I don't have nearly as much money as I do), and I'm free to put cash towards other things: vacations, games, books, dining out/events. In the end, having a neat car means little as you get used to it and the car gets older and wears out. A dependable car that will last is worth more than a flashy new car that no one will care about in 6 months anyway.

    Save yourself a pile of cash and get something cheaper for now. As you get older and your career advances you'll find more money available to afford a more expensive car.



  14. #14
    "As far as me, Im 21 years old, Been working as a Lead powdercoat operator for my company for a little over a year now, roughly making $1900-$2450 USD a month and 41k last year."

    You don't make enough to pay for that car and be able to move out from your parents place.

    $735 Just for the car plus insurance "if you get that low apr" plus gas, maintenance, food, phone etc wouldn't leave enough left over.

    It would be much smarter not to get it.

  15. #15
    Quote Originally Posted by Catracie View Post
    It would be much smarter not to get it.

    This.

    Honestly, not to be mean but you sound like your life will be better/more complete cuz you have an expensive car. You want to spend nearly 1/3 of your gross income on a car (before gas/repairs/maintenance). 1/3 of gross is the level you should spend on a house (any financial planner could tell you this)

    You make a decent living (current salary for your age).....with the housing market crash you still have a unique opportunity to get a house for a fraction of the cost you could a couple years ago. this house will only gain in value over time. your car wont.

    in 5 years, you'll be paying your car, and living in your parents house? because how will you afford housing after you pay your car, taxes, basic living expenses. wouldn't you rather be able to go out with a girl and travel?
    Last edited by phenix; 2013-01-20 at 11:38 PM.

  16. #16
    Quote Originally Posted by Furiex View Post
    I'm buying a new car but I'm not sure if ill be approved for the loan. Ill try to sum it up quickly

    I'm custom ordering a 2013 Camaro 1SS LE(there new performance package) As far as the price it comes out to $36,035 USD, I'm putting 2500 down, my trade is only worth 1000 bucks (05 Chrysler 300c) The company I work for has a GM supplier discount that I got approved for which is 1500 off. And I also get 1000 off from GM's current incentive they have going.

    So final price is 5000 off bringing the price to $31,065 USD. So my payment roughly is 535 bucks after 6% sales tax (michigan) and 3.9 APR.

    On my 300 currently my payment is 342 bucks a month but I pay 450-500 bucks every month.

    As far as me, Im 21 years old, Been working as a Lead powdercoat operator for my company for a little over a year now, roughly making $1900-$2450 USD a month and 41k last year.

    I live with my parents (oh lord) Only have my car payment and insurance to pay for, no rent, have one Credit card with exactly $34.54 USD on it.

    My credit score is 791 (taken off freecreditreport (dot) com)

    Ive been talking to my sales woman for a couple days, We can place the order on tuesday and I wont get the car until Middle of March, but monday is when they run to see if ill be approved for my loan.

    Also I should add, that the 300 was my parents old car, We switched it into my name (aka my first car loan) a little over 5 months ago, so ive only been paying for it under my name for 5 months. To get it moved into my name we had to prove to the bank we go through that I had been paying for it under my moms name via online where we paid for it online and the car loan was linked to my name and withdrew the money from me, We showed them that and they approved since I have actually been paying for the car for 11 months but only under my credit for 5.

    So is it likely ill be approved?
    "trade is only worth 1000 bucks (05 Chrysler 300c)"
    Can you elaborate? Pay off + 1000? Or are they just offering you 1000 for the car, because it is worth much more.
    Also factor in to the price of the car after initial down payment and credits you will have to add on the interest rate. You may not get approved for that 3.4% APR sometimes it is only for revisiting customers who have already paid off a car from that company. That being said buying a new car is a waste of money and you have to make those payments which will be close to 750 bucks a month every month for 5/6 years. Good luck.

  17. #17
    Quote Originally Posted by Furiex View Post
    Already have, its 200 bucks on the nose since Ive never been ticketed or pulled over even. soooooo Aok there
    Ouch. Well, it's your money and you've obviously already thought about it to some extent, but have you considered that there might be better ways to spend ~$8,500/year? I did something fairly similar when I was younger, and I enjoyed it but had some regrets. Just saying, think long and hard about what other fun things you could do with the same cash.

    If the car's what you're settled on, I'm not trying to hate. Camaros are cool!

  18. #18
    Quote Originally Posted by Furiex View Post
    Already have, its 200 bucks on the nose since Ive never been ticketed or pulled over even. soooooo Aok there
    You already have insurance on tha camaro you don't own? The insurance will be much higher on a car you don't own and is brand new. Expect to pay more.

  19. #19
    Mechagnome
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    You should get approved but with how little you make you may want to reconsider. At the very least if they're offering that little for your trade in, keep it to drive on crappy weather days to preserve the new car but honestly your income is WAY TOO LOW for anything over $16k or so tops....if spending responsibly that is.

  20. #20
    Quote Originally Posted by phenix View Post
    This.

    Honestly, not to be mean but you sound like your life will be better/more complete cuz you have an expensive car. You want to spend nearly 1/3 of your gross income on a car (before gas/repairs/maintenance). 1/3 of gross is the level you should spend on a house (any financial planner could tell you this)

    You make a decent living (current salary for your age).....with the housing market crash you still have a unique opportunity to get a house for a fraction of the cost you could a couple years ago. this house will only gain in value over time. your car wont.

    in 5 years, you'll be paying your car, and living in your parents house? because how will you afford housing after you pay your car, taxes, basic living expenses. wouldn't you rather be able to go out with a girl and travel?
    This said pretty much everything that needs to be said really. Investing in property is almost always a brilliant choice, more so when the comparable option is a car which will half in value the moment you get it.

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