Almostryan3

iTrader: (6)

Ok, Well I just turned 18 and I have been wanting to buy a LS1 for awhile now, and my parents said once I turn 18 they would co sign for me so they didnt have to be full signer. Now that I am 18 they just told me well continue working for about 6 months and then we will. I have been working same job for the past year, no downtime other than the 2 weeks before christmas. Working full time making $10/hr. I will be selling my daily driver looking to get around 4k but will settle for less if need be. That money will either go for down payment on the loan or sit in the bank just in case something happens with work, and that will cover payments for at least 6 months. I found the car I want its a very strong running 1998 Z28 and he is selling it to me for 12k. So what I would like to know is if you guys know anywhere in southern california, Orange county area that would qualify me for a loan and also what should I do with the money from my daily driver, put in the bank, put it down, or something else.

Thanks for you time,
-Ryan

nrios92

iTrader: (3)

Best thing for you to do is to go talk to a credit union. If you are already a member of an c.u. even better. Miles on the car you are trying to buy are going to matter also. Banks don't like to finance too high of mileage cars (high meaning 70k or more). Not saying the won't but unless you have a high beacon (credit rating) you'll end up SOL. Credit unions are a little more flexable. As for what you should do with the extra cash...let the c.u. or bank tell you that. you mave have to put some down you may not. all up to you and the banks.

Almostryan3

iTrader: (6)

How do I join a credit union? Like what do you do to go about it.

MiketurboLS1

iTrader: (15)

You can try capital one auto financing. try it yourself, if you get turned down have your parents cosign. i would definitly use the money from your other car as a down payment as the interest rate on the loan would far exceed whatever it would be earning in the bank. plus it would significantly lower your monthly payments. I would keep an eye out as well, i think you can get a better car for 12K, just look in the cars for sale section and you'll find plenty of 01-02s for that kind of price. best advise i can offer you is to not buy that particular car. You make enough money to meet the car payment and insurance, but keep in mind its a 8 year old car and things do break. IMO wait till your older and have some patience.

nrios92

iTrader: (3)

Usually you or your parents have to work for a certain company, but there are some that are open to public. usually named, for IE, austin public c.u. or cali public cu <~~ (made up name). if you can find a public cu usually you'll just have to open up an account. saving or checking...25 dollar deposit is it. listen to miketurbo though. you can find better deals. it comes down to what you want though...

nrios92

iTrader: (3)

PS.. Cap 1 is not a first time buyer leander unless you got lots down

Almostryan3

iTrader: (6)

This 1998 Z28 runs a 12.3 with intake exhaust...it was done right and it has the platform to be the fastest head/cam car

JKDZ28

iTrader: (14)

My credit score is 728 and CapitalOneAuto turned me down.

However, I got my loan thru a personal loan at my bank. My grandfather co-signed for me though.

Almostryan3

iTrader: (6)

How much was the loan were trying to get? I can get around 4k to put down if need be. You guys think that would be enough for a 13k loan over like 36 months

JL8Jeff

iTrader: (14)

How much will insurance run you being 18 and having a 98 Z28? I know in NJ it would probably be in the $3000-4000 a year range. So don't just consider the amount of the loan payment, find out what the insurance will be as well. As for the car you mentioned, that price seems a little high for a 98. I just got a 2000 SS with 33K miles for almost the same amount. I used Capital One Auto Finance for the full amount, but I'm old so they probably thought I was a good risk.

Sharpe

iTrader: (7)

Credit unions will give you better interest raates, but are much less likely to loan you the money. I got my first car from a real bank. Didn't even have a co-signer. Went in there and talked to the VP face-to-face and told him how serious I was. Look up the Kelly Blue Book value of the car online before talking to the bank. That will give you a good idea of how much they will want to go on it.

Look for a car in the triple didgets. There are good LS1 F-bodies for sale on here for $6000-$8,000. If I were you, I'd not spend more than $9000 on one. You're going to want to do minor mods at least and you have to have some money left over.

That caar's tempting you, but just wait a while and look on here on on eBay and on the Internet for cars somewhat close to you. Find one, then ask the bank. If you go see it and don't want it, give the bank back the check. The bank won't care (might cost you $20-$30, though).

Good luck.

nrios92

iTrader: (3)

728 and Cap 1 turned you down? hmm, only if you had no prior car credit or if you had a bk or repo in the last year. 728 is usually an auto approval. most of the time you'll have to watch your miles and kbb book because if it's too much off the bank won't take the risk. but with a 728 they shoudn't care. obviously a 728 has proven themselves credit worthy.

MiketurboLS1

iTrader: (15)

12.3 isnt all that impressive especially to justify that kind of a price. you can throw a mild cam in an 01-02 and easily be in the low 12s. what do you mean is has the "platform", are you saying it has forged internals or already has a couple mods done to it. how many miles are on this car by the way?, auto/manual?, let us know more about the car before you decide on it or not. cause I know i would not be paying that much for a 98 unless it came with a well built forged short block or a bj from carmen electra

MiketurboLS1

iTrader: (15)

you can have a high score and have no real credit history which tends to matter more. depends on what kind of loan you were trying to get as well, i know i had a 630 something and i was approved up to 30,000

Almostryan3

iTrader: (6)

a 12.3 in stock motor! Only intake exhaust. I havent seen another one on the west coast do that. Not even intake just an air lid and exhaust.

Almostryan3

iTrader: (6)

ttt....

MiketurboLS1

iTrader: (15)

what do you mean intake exhaust? what exactly does this car have done to it, we need WAY more details and no 12.3 on a stock motor is certainly nothing to brag about.

Almostryan3

iTrader: (6)

it has a lid with filter and dumped duals. thats all and I have never seen an intake exhaust car run that anywhere around here at irwindale pamona anywhere. everyone that hears about it says no way its gotta have gears or slicks or something.

Ive seen head cam cars that arent as fast as this I have seen full bolt ons with gears that are only a tenth of a second faster. intake exhaust only cars I see are uasually just breaking 12's

Almostryan3

iTrader: (6)

but thats really not the point I just want to know how to go about getting a loan without a co signer and Ill have 3-4k to put down on a 12k loan.

JL8Jeff

iTrader: (14)

Dumped duals won't pass inspection in most states especially CA. So take your time and do some research before you buy something you can't even legally drive let alone afford. We're not bashing you, we're trying to help. I saw a 2001 Z28 with 27K miles for sale for $12K in PA 2 weeks ago and I would take that over a modified 98 any day of the week. Don't fall for the pretty looks and 1/4 mile times.