All_out_06

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

Kalgorn

iTrader: (6)

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.

All_out_06

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.

All_out_06

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

staringback05

iTrader: (8)

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

JustAnIlluzion

iTrader: (60)

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

Blk97WS6

iTrader: (19)

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

Kalgorn

iTrader: (6)

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.

96ta

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

BaddillaK

iTrader: (13)

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

CJDZ24_Z28

iTrader: (75)

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.

BLKWS.6

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!

ErikElvis

iTrader: (1)

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%

99DWPTA

iTrader: (10)

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!!

BLKWS.6

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.

NDFORSPD

thats crazy intrest dude, enjoy the car tho

darrensls1

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 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%

Live and learn I guess.

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

Finite1

iTrader: (3)

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.

All_out_06

...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....

BLKWS.6

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.