Paying too much....
07-26-2005, 11:49 AM
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Paying too much.... Hey guys heres my problem I needed a car fast so 2 years ago I financed a camaro. It wasnt the one I wanted (z28) and I needed a cosigner. So my Dad was my cosigner and he didnt want me to get a high milage car so I had no choice but to go along with him and get a low milage V6. I cant get mad at him because he was just trying to look me out and get me in a car. But I got screwed bad I called the bank today and they said I still own 8700 on the car. Whats done is done I know better now and what to look for. Im new here so I would like your imput guys. Should I trade it in or should I wait to pay it off and then drop a ls1. Its my daily driver so I know V6 are good for that but still...... Thanks 
07-26-2005, 12:10 PM
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If you can afford something more expensive along with the increased gas and insurance costs, then go for it. My dad co-signed on my car when I bought it last July and I had no problems with that. I went back to the credit union last month now that I have some credit and I refinanced at a lower interest rate and I'm the only person on the loan now. Just have patience and work on building your credit.
07-26-2005, 12:30 PM
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Look man no offfense-but if you needed a co-signer only 2 years ago, your credit rating cant be that great only because of time and time only. If i were (and i was back in the day) pay that car off! If you think you can handle a larger car payment, then do yourself a huge favor and take that extra a month and put it toward the car now and pay it off early. Believe me by paying that car off early, you will see a much better apr on the next car. Good luck in whatever you do.
07-26-2005, 12:45 PM
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Staging Lane
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None taken brother just needed info I had no credit then Though I would have some by now. Thank for the input thats why the thread is here to see what u guys thought 
07-26-2005, 12:55 PM
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I'm 19 and I have 2 cars on credit, with no co-signers on either, so if you have had the car on your credit for 2 years I would imagine you can refi at a low rate, and just pay that sucker off fast. Either that or find someone to take over the loan, My 98 formula gets better gas mileage than my 98 camaro v6 did....
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07-26-2005, 01:21 PM
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Call your bank and ask them the procecure, you are basically doing all the loan work again at the bank, but you can save yourself a lot of money, and depending on the car, you can get money out of it if you are under blue book(but that doesn't sound like what you need), so basically call them and say you want to refi to lower your interest rate.
07-26-2005, 01:29 PM
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I disagree ...if he had a cosigner two years ago now his credit would be substantially better seeing as the payments were all made on time..i had a cosigner when i purchased my 00 model (im 20 now) and now im fixing to see about getting it refinanced...i got my four wheeler re financed because the car helped so much with my credit because it was on both of our credit reports...my bank said they wouldnt have a prob refinancing the car in one year with just me and no cosigner if all the payments were made on time...and seeing as how i have my four wheeler refinanced, a loan, my car, four credit cards, and my laptop all financed my credit score has gone up significantly..it just takes time and patience in building your credit..
07-26-2005, 01:32 PM
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oh and to answer your question dont worry about paying it off and dropping in a v8..you would prob be better just buying a ls1 after you got it paid off..less hassle...just MHO...thats if you couldnt trade it in..but you would probably have negative equity on it
07-26-2005, 02:04 PM
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if i was you i would just pay off the camaro, drive it around for a few more years, save up some money, and buy a car cash or as close to it as possible. you will be happier in the long run.
