General LSX Automobile Discussion - Drove a Trans Am...

So yesterday I went and drove a 2000 Trans Am 6-spd w/65000 miles, i talked to the sales man for a good 2 hours or so, and i was gonna buy it. well im 19, i have 14 months on 1 credit card of credit history, then 4 months on 2 more (which are now closed). He said he would send me to a credit union to talk to a lady he said was very good and gets alot of people approved. he said he doesnt send people unless he thinks they can get approved.he thought i would because i told him i had a 662 credit score. the he was going to give me the car for 10,750, and 2200 trade in on my car. so, i went there, became a member, and applied...well she thought i was going to be older than what i was. she said i wouldnt get a loan without a co-signer but if i could get one id have 9.3%apr. and turns out i have a 668 credit score, which she said she has no idea how i got that good of a credit score for being only 19 and only have one major credit card. she said she was impressed. si i guess i wont be able to get a loan for a couple of years on my own, cause my did will NOT sign for me.. but that car.............wow. first time ive ever drove an ls1 powered car. id be like doing a 20 roll in first and hammer it, and it would be sliding everywhere, then id shift and itd do it again. i noticed its a really high rpm powere motor. once i hit like 3k+ it just pulled and pulled...i was very impressed. my g/f was like, (when you do that it makes me feel like its giving me an orgasm..)...lmao, then shes like, if it does that everytime, were never getting out of this car. but im disappointed i didnt get the loan, hwo the hell is someone supposed to get started if no one gives ya a chance.....sorry for the length haha.... just a rant :eyes:

Not necessarily true that you CAN'T get a loan... but if you can get one, it will most likely be a very high interest rate. My dad co-signed for a loan when I bought my '06 Silverado last January and I ended up with a 7.99% APR which was very good. I got sick of it and got rid of it this past October for my Z28 and got a loan through eLoan but the APR is 11.49%. It's not terrible but it's only in my name which explains why it's higher. I'd say that's not bad for getting a loan at the age of 20.

If you're willing, try eLoan.com . That's who I used and it's just fine. It was a bit of a hassle to get everything approved so I could officially use the "Power Check" they send you that you make out to the seller like any normal check, but it was worth it so that I could buy from a private party. I believe you can also use the "Power Check" at a dealership.

BTW, that is a great price for a 2000 6-spd Trans Am. Is it a WS6? If so that's even better but even if it's not... go for it if you can work the money. Just make sure you're able to make the payments.

it was not a ws6,it was like a midnight blue metallic. it was awesome! and do you have to take the money if you get approved on eloan.com? cause i dont want to take it if the apr is too high.

i jsut applied for 9500...haha see what happens....

try to get a credit union to approve you, at least down here i know they have lower rates then some other banks and finance companys.....my rate was 6.7% on a 99 bird

how come you don't have any money saved up? You could have been working for 4 years now and easily have 10k

i jsut applied for 9500...haha see what happens....

Good luck man! I bet your G/F is pulling for you :jest:

it was not a ws6,it was like a midnight blue metallic. it was awesome! and do you have to take the money if you get approved on eloan.com? cause i dont want to take it if the apr is too high.

No you don't have to use it. After you apply for the loan, someone will call you to talk to you about it and let you know whether or not you qualify. They will talk to you about the APR you qualify for and about the Power Check they will send you in the mail. The loan does not start until the check is cashed by the seller. I liked the idea and that's one of the reasons I went through them.

Since you applied for $9500, if you qualify (which I'm damn sure you will with your credit score), the Power Check they send you will only be good for up to $9500. I did mine for $10k and had to have them send me another for $12.5k. If you need to increase it, it takes them about a day to be sure you qualify for the higher amount and then send you the new check.

hey man you gotta start somewhere.......my first loan interest rate was 13.25 my new loan on the ta is 7.25 so like i said you gotta start somewhere

im sure the reason they didnt approve is "limited credit" even though you had a good credit history, you didnt have anything that they consider significant... the same thing happened with me when I bought my first car, then I tried the eloan thing to get a power check and got approved by capital one. Once I brought that blank check to the dealership they decided that they would be able to finance me. Hope it works out for you

Yea dude make sure to try around even the internet. The Intrest will be slightly higher but what can you do. If you can't get approved for the car you want try to find one a little cheaper even if it isn't close to you. I have 2 F-Bodies and will prob never part with them and i will get a 09 Camaro soon as its released so i know how you feel. Keep us posted.

Why does'nt mine spin this much? It pretty much just hooks :(

Maybe since I have a WS6 I got 275's dont normal TA's have 245's?


PS. 600+ anything on a credit score and someone will take you. When I worked at a dealership I got mid 400's done. Single moms. Keep trying and find a good special-finance person. They will get you approved. Also, try mowing the lawn or something. Work on dad!

yeah mine tend to just hook as well. The headers have helped it want to kick loose goin into second though. Anyway try to get a cosigner. you dont want the high rates. A guy i knew got shafted with a new car @ 19%

i did whatever i could do to get a loan. i bought my car at a ford dealership and my mom already had one loan out thourgh ford. my mom has crappy credit. The guy said in over 20 years he has never had that much trouble getting a loan. Well even though my interest is 22% yes you heard me 22% 450$ month/4 years.
Definatly worth it-i love the car
So in all and all my 15000$ car-is turning into a 26000$ car
But its the only was i could get it!!

yeah mine tend to just hook as well. The headers have helped it want to kick loose goin into second though. Anyway try to get a cosigner. you dont want the high rates. A guy i knew got shafted with a new car @ 19%


THANKS! I was scared I was defective :(

You need a co-signer and you are good to go. Don't get raped by the rate.

thats crazy intrest dude, enjoy the car tho

i did whatever i could do to get a loan. i bought my car at a ford dealership and my mom already had one loan out thourgh ford. my mom has crappy credit. The guy said in over 20 years he has never had that much trouble getting a loan. Well even though my interest is 22% yes you heard me 22% 450$ month/4 years.
Definatly worth it-i love the car
So in all and all my 15000$ car-is turning into a 26000$ car
But its the only was i could get it!!

Don't feel too bad. I actually got that one beat. Many moons ago (before credit was even scored by a 3 digit number) I was the ripe old age of 20. I had my job for less then a year and I had no credit cards. In fact I had no credit of any kind other then a student loan. Now I had been unemployed for awhile so I had gotten a few months behind on the student loan.

So basiclly my only credit was bad credit :bang: I needed a car and found a 88 Cavalier with 60K miles for $4,000. Even with my father co-signing (he had great credit) they charged me 25% interest. I was like "DAMN guys, at least lube up with vaseline before you **** me. My mother wanted to put the car on her credit card that had 19% interest but then I wouldn't be building credit so I bit the bullet and paid off a 4 year loan at 25% :cry:

Live and learn I guess.

All_out_06 keep us posted. I'm curious to see if you get the loan. Good luck bro.

When I was 18 with 0 credit but 1 $200 limit CC with 0 balance, I took my first loan at about 19.3% for a z24 that was like 10500 after warranty/taxes/fees. 4g's down, I had a 214 a month payment for 4 years.

totaled the car 2-3 months later... put 10g's down on my truck next with about 14%

next car was around 9%.

I got the TA when I was 23 at 6.3% (which isn't really too bad)

so it gets better.. sounds like a good deal and if you can afford the payment, you can refinance later after a couple years after making a some payments.

...well ill be damn i didnt get an eloan...wtf.... i PROMISE you my credit score is 668, the lady at the credit union circled it for me... it said "current credit score: 668" she said she couldnt give me a 10k car loan coming from a 1000 credit card... im bout to jsut put down i make more money, and been on my job longer than i have...this is pissing me off. any other suggestions...i can afford this damn car, but nooooo one wants to lend me the money....id like to find whoever came up with "credit" and kick them in the nuts. just give people loans, and if they cant afford it, take their car and sell it...easy as that.. im losing hope lol......ill never get a loan....

...well ill be damn i didnt get an eloan...wtf.... i PROMISE you my credit score is 668, the lady at the credit union circled it for me... it said "current credit score: 668" she said she couldnt give me a 10k car loan coming from a 1000 credit card... im bout to jsut put down i make more money, and been on my job longer than i have...this is pissing me off. any other suggestions...i can afford this damn car, but nooooo one wants to lend me the money....id like to find whoever came up with "credit" and kick them in the nuts. just give people loans, and if they cant afford it, take their car and sell it...easy as that.. im losing hope lol......ill never get a loan....

Don't do that. When you lie you are only lying to yourself. They will demand pay-check stubs for the last 6 months ect. ect. ect.

Your problem is NOT your credit score but your lack of credit history. Basically, you have proven you can be trusted to buy twinkies and pay for oil changes. They see that you do this well. You are pretty much at the stage where you can go to a furniture store and make some strong purchases. THEN you could go for a car. It's just natural progression. Not ragging on you at all. I am a total credit bogue. I need to fix that. But I did hang out around F&I a lot at my dealership and learned a lot. You problem is income and lack of "car credit" or another form of high-limit credit.
You are a definite special fi case, HOWEVER! If you get Dad or someone to co-sign I am willing to bet you can find someone who will give you at least close to an honest rate.

...well ill be damn i didnt get an eloan...wtf.... i PROMISE you my credit score is 668, the lady at the credit union circled it for me... it said "current credit score: 668" she said she couldnt give me a 10k car loan coming from a 1000 credit card... im bout to jsut put down i make more money, and been on my job longer than i have...this is pissing me off. any other suggestions...i can afford this damn car, but nooooo one wants to lend me the money....id like to find whoever came up with "credit" and kick them in the nuts. just give people loans, and if they cant afford it, take their car and sell it...easy as that.. im losing hope lol......ill never get a loan....

That's the shit that pisses me off too. I have a 11.49% APR on my loan because I was 20 when I got it. My credit score is 650+ (I checked last year) and yet I get a higher interest rate. I know it's not terrible but it really pisses me off. I'm 21, I make $30k/year right now, and I can definately afford this car. If I couldn't, it's easy for them to come seize the car and screw my credit for many, many years.

well looks like i wont be getting a car n e time soon, i guess i better go buy a fast reclining rocking chair lol....my dad WONT sign for me..soo we'll see

what should i buy so i can become "credit worthy" *bows*...twice.. ha

Ahh, cell phone bills, that's something small, constant and monthly. If you can afford a car, pick yourself up a big screen TV and pay that in payments. I dunno how credit works that well, 25 years old live alone, only got a credit card last Sept., all I ever paid was rent and for my 'medic course and in '05 I bought a brand new GMC Canyon 4x4 for 0%, no cosigner. Follow these guys leads, if you look around somebody will loan you money from somewhere.(Just say "no" to Vinnie the loanshark downtown)

Have you tried HSBC auto finance? They will probably give you a loan with a really high interest rate but if you are wanting in the car that bad, it might be worth a shot. They financed me when my credit score was really low. If you keep your payments on time you should be able to get it refinanced with a different company at a lower % rate once you have established a little more credit history.

HSBC's Site (http://www.hsbcusa-autoloans.com/)

yeah cell phone is a good way to establish credit while spending money on something necessary. Ever thought about opening a retirement fund and monthly contributing to that(will help your credit). Anything more than 9-10% interest to me is not worth it, even if its the deal of the century. Id say at the least, get a better downpayment

holy hell......hsbc denied me too... i give up .... ill have to drive my 92 till the wheels fall off.... maybe someone will rear end me haha... :bang: :guns: FINANCE COMPANIES

what should i buy so i can become "credit worthy" *bows*...twice.. ha

Furniture stores report monthly and that will build credit. Sears card is a good way to start it out too, but you need some large purchases. I recommend furniture.

holy hell......hsbc denied me too... i give up .... ill have to drive my 92 till the wheels fall off.... maybe someone will rear end me haha... :bang: :guns: FINANCE COMPANIES

Sounds like your loan officer already did :judge:

Cell phone = easiest method to get credit

or hit up a best buy, sign up for one of their cards, buy somthing in the store and pay it off.

start small

good luck!

try capital one auto loans, i got approved for 14000 and im only 21, my credit score was 683 last time i checked

When I went to buy my T/A roughly 4 months ago I couldn't get financed by myself, and it's because of what BLKWS.6 said before, a lack of credit history.

My credit score before I bought the car was 735 through TransUnion and 690+ through the other two (have the paperwork to prove it) I'm 19 years old, and work a steady job. The high credit score is thanks to my mother applying for a joint Discover card which I’ve had since I was 16 1/2-17. The card is only used for gas, and it's always paid over minimum and is never paid late. However, even after checking my credit score (the guy was shocked, to say the least) he told me that I'd need three high credit applications with the credit bureau before I could even dream of getting a loan without a cosigner. So I had my mom (710 credit score ) cosign with me, dropped the 2k down, and I was eligible to finance my 99 T/A with 8%apr.

The simplest way, is to find a cosigner, a parent, a grandparent, or any relative who trusts you. Just don’t let it bite them in the ass by not making your payments on time, and remember that this affects their credit as well. If you don’t want to go that route, the best way to do it is exactly the way BLKWS.6 said. Apply for a credit card, make larger purchases and pay them off right away, don't be late, and make payments well over the minimum, it adds up quickly.

THANKS! I was scared I was defective :(

You need a co-signer and you are good to go. Don't get raped by the rate.
Since when is hooking a bad thing??? As to the threadstarter, keep looking, with a credit score like that u are bound to find someone who will give u a loan:)

Did you try 1-800-BAR-NONE? I remember the commercials were always boasting that they can get anyone approved as long as they had a job and a checking account.

Good luck.

Ok well im seeing alot of false advice here. I have worked with loans and finance in the banking industry as a manager for a long time, and first off cell phones dont show up on credit apps, they only check your credit to see if your a reliable person and how many line they can approve you for. Second off, when you start off with your credit card you only need one small card....i started with a 500 Max. put minor stuff on it and then pay it off ....then put something on it and let it roll over a month maybe pay half then pay it off next month...then pay the card off compeltely a couple months just mix it up this shows consistency in no matter what the balance you always pay an amount or you pay it off. Third, i started in banking a while back when i was 16 im now 19....i got a my first card 6 months after i turned 18 im now a lil over 19 and i just got a loan for a 2000 Ws6....the amount is roughly 13k and my apr is 8.69%. This is my first loan on my own my lst one for my CETA was a co-signer. I went through Fifth Third Bank in Chicago Area and they said as long as credit was between 640 and 670 you get a 10% apr or something like that but since my c/s was around 700 something i got a better rate. Trust me I have been in your shoes and gone through exactly what you wnet through....dont go through dealers they want to give yo ua high rate, the finance managers at dealerships make money by how long you finance the car and the apr they give you....i.e. higher apr=more money forthem.... dont pay 26% for a loan thast dumb. just take your time and keep paying yoru credit card....also when you get a laon one way to jump your credit score really high is to over pay your car payments every month...this shows that not only are you ontime with your payments but that you can handlethe loan, make sufficient money, and you are whats considered a "good risk" and the banks say you have a LOW DTI which stands for Debt To Income Ratio...i.e. you make more money then you spend. Hope this helps and if you need anything else just pm....idk where you live but id be happy to help ya with questions if you need anything

Yellow

well, i dont need any furniture lol...i live at home, and we have all the furniture we need haha. but i do have a best buy credit card $1000 Max. I think im going to pay off my current credit card, then buy something else? maybe.. i dunno. im kind of in a bind, i was hoping to get the laon, then switch to a better job. but if i switch to a better job now, it would hurt my chance of getting a loan because i wouldnt have much time on the job, (assuming ill get the car this summer...) so, ive already got denied from 5 places :bang: so im thinkin i should stop applying, cause i kno that hurts your credit. My c/s is probably like -500 right now after all that applying lol....

yeah probably shouldnt apply to anymore places. As far as the Best Buy card deal goes im doing the exact same thing. I went and bought a Plasma TV last year and have started paying it off. Im building my credit and have an awesome TV mounted on my wall.

As long as you applied for car loans within 2 weeks, it will only count as 1 pull on your credit report. I believe there is a maximum number (correct me if i'm wrong) but you'll be okay with that. Cell phone bills do nothing good for your credit score, although if you do not pay it for a while it can hurt it. Same with insurance. Monthly payment, but does nothing for your credit report. I can't get a loan by myself as well, I'm 20 have a credit score in the 700's. I had to have someone co-sign for me. Unfortunately that's the only way, its because at a young age we have no credit history, which is what they look at. You may have good credit, but its not a long enough file for them to look at. I got my loan through Fifth third bank as well, I dunno if they take more chances or not, but maybe try them if the dealership will work with them. You could always save up and make a nice down payment, that may help your case a bit. Plus with a trade in. Good luck.

Yea try Capitol One auto they are a sponsor of this site. A friend of mine that filed for Bankruptcy they approved a loan for him for over $13,000

i think im just going to hold off till late spring/early summer. gives me time to build a little more credit history, and save up for a down payment. ill try to save like 1k then trade in my car also. and maybe....just maybe, my dad will co-sign. do you think its worth it to settle for like a 5500 dollar LT1 Car? like a 94-94 Z28? how hard do they pull compared to the ls1 i drove. will it still break the tires loose like that ls1 :eek2:

Pay off your credit card fully man, no doubt your interest is like 18% per month, I never carry a cc balance cause thats how they make money. Also a great way to build credit is a line of credit(sry i didnt think of it before-Im assuming you guys have that in the States too), I never had one up and until last yr. The L-O-C helps you when in a jam, and so long as you make a monthly payment(3% of balance). The interest too isnt bad, 9.5% for me, 10.5 when I started. On the LT1, save up/wait for the car you want. i drove my parents rickety old station wagon for a full yr before i bought my TA, and event tho it took a while, i got the car i wanted in the condition I wanted. It was a fun yr(pffft yeah right) but it did help me to save.

the only thing is, my dad said he MIGHT co-sgin for like a 5500 dollar car +trade in on my car. cause thats alot less than 10grand. that way, ill pay on it for like 6 mos to a year, then by then they will see i have a car loan that i paid successfully on, then ill trade in that Z28 on another one 98+ in a year from now, so ill have like a 95 Z28 6-speed to "practice" with and to get used to the whole "fast car thing. then ill have my 98+ to mod the hell out of. what ya think?

Save up the money and pay cash for it.... Best way to go, having a car loan is not something that will be fun and you can pick up a ls1 for around 6-7k anyways so if you really save you should be able to get one pretty quick. And their is nothing like paying cash and not having to worry about a car loan! :drive:

It really helps to have a co-signer. I got a $13000 loan last week at 5.9% and I'm 20 with no credit at all! Good luck with your search.

If you want to build credit, stop using cash and use your card for everything but make sure you pay it off fully at the end of each month. Also, call your credit card company and see if they will up your limit; having a high limit and using a relatively small percentage of it looks good on your score. I am 22, and have a credit score of almost 775 so just work on it.

In the meanwhile, try to convince your dad to co-sign for you by getting on his good side (clean the garage, mow the lawn etc...) and showing him you are responsible with your money. Good luck, buddy.

yea, im on his good side, its just his finances. he said if he co-signed for a 10k car, it would put him in a bind if he needed money for something. so i figured id reason with him, and get a cheaper car, but still a fast one. See...my first choice was a 94-97 T/A or Z28, cause it was cheaper, but then i figured out that i could get an LS1....but, it would leave me like50 -75 bucks a week....with the lt1 id have alot more money left over a week, so now im thinkin maybe i should just go with an lt1 for now, then get the ls later on when i would have no problem paying for it.

Sounds like a good plan; nothing wrong with LT1s.

arnt the lt1's a little fast on the bottom end than an ls1? and whats it take to make a lt1 stcik with an ls1...say... 30-100mph

arnt the lt1's a little fast on the bottom end than an ls1? and whats it take to make a lt1 stcik with an ls1...say... 30-100mph

They are about the same 0-70 and after that the LS1 pulls away. CAI and full exhaust is enough to make LT1's run right with LS1's down the 1/4 mile.

I had to have a co signer for my first loan too....no biggie man, but thats how most of it goes. I was able to buy my 2nd, 3rd, and 4th vehicles with no co-signer, and my ex wife who was 21 at the time we bought her brand new car....I had to co sign for her, she had good credit but had never bought anything large....me buying 2 s-10 trucks, a blazer, and a GTO helped a little bit to get her approved. Thank God she kept that stupid PT cruiser....lol. Starting out with credit is hard, but pay off your bills, maintain a small balance on your credit card for a long duration (like 100 dollar purchase, pay it off as slowly as possible) that helps build credit....one or two more years with how you're doing on credit now helps out a lot. My bank back home says I have the highest credit they've ever seen for a 23 year old, and that helps a lot when it comes to building my house in the next couple years!! Think about long term, even though you might not be able to get your dream car now....save money and eventually you'll get your car.

yea, i jsut transfered my balance to a lower apr credit card, and they gave me a $2500 limit whch 4 months ago i could only get like a 300 dollar one, so that says my credit is going up :) im thinking if i have a 5K credit card, ill buy like a 5500 dollar car, and trade in my car and put like 3000 on the credit card, that way i have a low monthly payment, and a good apr. :) and about the lt1 vs ls1 power, thats good to kno :)