how'd you finance your car
05-26-2007, 03:28 PM
#2
Originally Posted by Blue85350
ok so i found a trans am that i want, the problem is financing. To the guys that are under 25 with the f-bodies, how did you get financed, and whats your interest rate
Don't do it unless you have a STUPID secure job.
05-26-2007, 03:55 PM
#4
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I called the dealership and they filled out the credit application and sent it out to a group of banks who then competed basically for my loan. My interest rate is 12% which is a little high but when I was 18 I had credit cards I never payed on which hurt my credit a little but with two open loans and a credit cards it's getting better everyday.
05-26-2007, 04:03 PM
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Used car loans will always carry a higher rate. I bought my '00 WS6 brand new when I was under 25 and I had very little credit, I was able to get a 9% rate (keep in mind rates were much higher overall back in '00).
Then in '02 I got my first used car loan (for a daily driver) and once again got 9% (rates were lower in '02, and I had much more credit history by then).
Most recently I got a loan for my '02 Monte SS (that was in '06) and I got a 6% rate. These days I have a decent amount of credit history, and my credit report is spotless so it's easy for me to get great rates.
All of these loans I just went through the dealer.
Keep in mind, when you are young without much credit history, it really helps to have a few years at the same job, otherwise they view you as a much bigger risk.
Then in '02 I got my first used car loan (for a daily driver) and once again got 9% (rates were lower in '02, and I had much more credit history by then).
Most recently I got a loan for my '02 Monte SS (that was in '06) and I got a 6% rate. These days I have a decent amount of credit history, and my credit report is spotless so it's easy for me to get great rates.
All of these loans I just went through the dealer.
Keep in mind, when you are young without much credit history, it really helps to have a few years at the same job, otherwise they view you as a much bigger risk.
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05-26-2007, 04:21 PM
#8
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Another cash here. Gotta love no car payments 
As for any car loans i did have I was usually at about 5-6% interest w/ good credit and several years on the same job.
As for any car loans i did have I was usually at about 5-6% interest w/ good credit and several years on the same job.
05-26-2007, 05:44 PM
#9
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i bought my camaro ss new in late '00 when i was 25 finacing was through GMAC .$1500 down. had no idea i would be a camaro ss owner that day was suposed to go buy a paint for my bedroom and came home with a new car!
05-26-2007, 06:53 PM
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My truck was a 6 yr loan. Got a 5% rate over 6yrs I was 25 I think at the time. It was through a credit union. They have the best rates. My camaro was through a bank. Couldnt get the credit union to do a 6yr loan on a 4 yr old car. Rates still not bad though. 6 somethin...
05-26-2007, 08:02 PM
#12
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3 year loan thru my local bank for 18k, last year (21 years old). Got a great interest rate!
Made some early payments and I have 8,200 left. Sad thing is once its paid off its going in on a trade for a C5 Z06
Made some early payments and I have 8,200 left. Sad thing is once its paid off its going in on a trade for a C5 Z06
05-26-2007, 08:29 PM
#15
I had my parents co-sign for me when I was 18 to get a 92 Eclipse GSX back in '99 at a credit union. Interest rate on that loan was like 4 percent, Rates have raised a bit, I just took another one out and the rate is like 6 percent.
