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C6 Corvette ZR1 & Z06General info about GM’s Corvette Supercar, LS9 Corvette Technical Info, Performance Upgrades, Suspension Setup for Street or Track
I have a motorcycle at the moment, and I have tried to fix it. I've spent most of what I paid for it into fixing it in the last 6 weeks. I could buy a well used car, but I figure any vette I buy I'll enjoy far more than whatever else I could get. If I'm going to be stuck with a car for a year I'd like to get something I can enjoy.
I definitely see the point of buying a random cheap car though.
If you're interested in establishing credit start shopping different creditors. Go to banks and ask questions. You don't have to apply for credit to have a conversation about it.
Try a local credit union. They are usually willing to work with people. Tell them what you want and be honest about it. Be prepared. Take your pay stubs so you can prove income.
Nobody here can tell you how it will go. The bank/CU/lender you go to will tell you what they can do. Just because one place doesn't want to work with you doesn't mean the next won't work with you. A long term relationship has to start somewhere.
DON'T MESS IT UP! Credit is brilliant if you have to use. It is your worst nightmare when you're stupid.
Good luck! Be sure to post pics of your new purchase in this thread tomorrow.
Should plenty of ls3 vettes in your area. Just do your homework on it and look at carfax and all. Vettes that have been previously wrecked are hard to get rid of down the road. If something doesn't seem right walk away. A vette that gives you problems down the road will expensive as hell. I'd rather drive a cheap car and fix it than have to fix a vette.
My best advice is to buy a c5 z06. Almost as cool as a c6 z06 and a lot less money. I've had a c5 convertible, a c6 z51, and a c6z06. I would rank the c5 over the c6 z51. I've never had a c5z06, but a friend did and it is sweet. Always time to trade up later. Learn how to drive 400hp before 500hp. There's a world of difference.
Have you actually pulled your credit score - asked a bank, credit karma, etc? If you've ever had a credit card, store card, utility bill then you're probably "on the grid" and have something - probably not very high, though, if you don't have much of a history. As mentioned, a cosigner with a 650 score isn't going to help much - that's not a good score. If you do find a bank/CU that will take on that risk, expect to have a high interest rate.
Friendly advice I wish I would have taken:
I'm only saying this because I don't like to see people get in over their heads but, you might be setting your sights a little high and creating a situation that might get you or your cosigner in trouble. If you need a reliable, inexpensive, daily driving car, find a normal car a few years old, maybe a CPO (warrantied). Everyone hates dealers but they can probably get you financed if you don't have cash on hand.
Save up the difference and by the Z06 next year - there's always cars for sale. Then you have a reliable back up so when the itch to start modding strikes, you won't have to worry about the car being down and still getting to work.
Best advise? Get pre qualified at a credit union before even going to the dealership.
I'd expand on that a bit from my experience. If you get pre-qualified use it to your advantage at the dealership. Make the finance guy find another lender who will beat your existing offer. There is no set in stone finance rate. Just because a bank offers X.XX% interest rate doesn't mean they won't lower it.
I did the same as you when I bought my c6z a year and a half ago. I had barely any credit history at all but I had paid everything on time. so I went and got a loan through digital federal credit union over the phone and got the 2.25% rate. Then I a lot more than the normal monthly payment every month and the car is paid off now and I have credit.
get the credit karma app. its pretty good for seeing your credit score and its free. I have it on my iphone
I did the same as you when I bought my c6z a year and a half ago. I had barely any credit history at all but I had paid everything on time. so I went and got a loan through digital federal credit union over the phone and got the 2.25% rate. Then I a lot more than the normal monthly payment every month and the car is paid off now and I have credit.
get the credit karma app. its pretty good for seeing your credit score and its free. I have it on my iphone
Just FYI that score is not the score auto lenders use. You can't even buy the auto-version of the score directly from the credit bureaus. Such a racket.
yeah the app isn't dead accurate but its pretty close. every time my credit gets pulled and I see the report it is usually a little higher than what the app says. kind of a good thing. it shows you how to use your credit too. ive learned a lot from the app and the credit karma forums
Your best bet right now is to buy a cheap civic and keep saving. When you're ready penfed credit union will loan up to book value on anything at good rates. I got a loan on my 06 last year at 2.9% 60 months.
I actually got a Black c6 3lt with 24k miles on it Saturday.
Unfortunately trying to get insurance to leave the lot I was told to my surprise that my license was suspended. News to me.
Turns out every year I have to pay some surcharge ****. It's been going on 3 years now.
Hopefully I'll get to take it home soon.
Learn how to drive 400hp before 500hp. There's a world of difference.
I've been dailying a +500HP Cobra and a 750cc superbike for 4 years so I'm fairly sure I'll be fine. Honestly during the test drive I floored it in first and it felt a little slow, but that might have just been because it was so quiet. I'm tempted to put an exhaust on it but I don't know if it's worth it if I'm going to sell it in a year and a half or so. The BB exhausts sounded pretty good but it's hard to tell how it'd sound in person vs on youtube.
I mean, it's not as bad as I expected. Between 270 and 340 is what I've seen so far.
Shockingly I have no speeding tickets.
Did they know you had a suspended license? $270 sounds reasonable for a young male with no accidents and no credit. At least you didn't get a ticket for driving with a suspended license. Maybe they don't care it was suspended if you didn't get caught. Maybe they do.
Well 270 is actually what I was quoted. 340 something is what I was told after she ran my info and told me it was suspended lol.
I just finished paying up those awful surcharges to current, now I have to wait till tomorrow for it to go through. My company gets a discount with Met Life so I'm going to check insurance from them tomorrow.
And I have two not at fault accidents, one from 2010 and one from January, with a 692 credit score.
So, you are planning to put down 30k in a few months? If you bring in $4,900 of disposable income per month, why not just wait a few months and pay cash. That, or you can find a car with higher miles. There are a few Z06's with ~60,000 miles going for around $32,000. If you need a car now, renting is always an option. Albeit, renting a car will add up, but you won't be spending $25,000 on a C6 base that you don't want.
So, you are planning to put down 30k in a few months? If you bring in $4,900 of disposable income per month, why not just wait a few months and pay cash. That, or you can find a car with higher miles. There are a few Z06's with ~60,000 miles going for around $32,000. If you need a car now, renting is always an option. Albeit, renting a car will add up, but you won't be spending $25,000 on a C6 base that you don't want.
I was planning that, instead I went out and bought a c6 3lt with 24k miles on it the day after I made this thread. I needed a vehicle pretty much immediately. It's not a c6z unfortunately, but it's still neat. I just wish it was a bit faster is all. I'll have it paid off in a year then I'll put down some money, and trade this in for a z06 with an improved credit score and vehicle purchase history.
Paying off something early is great, but you really should try and establish good credit. Meaning making repeated payments on time. One day you'll probably want to buy a house and a good score will get you a low rate. Congratulations on the new Vette, my first was black also.
10-14-2016, 04:36 PM
