6MT

Not sure if this is the right place, but I'm looking to buy a c6 z06 sooner rather than later, but how hard to you think it will be to get financing, or any advice?

I have no credit score to my knowledge, have been renting a house for over a year, and this will be my first financed purchase.

On the other hand, I do have someone co-signing with me with a ~650 credit score. I do make a little over 5.5k gross a month though with only just over $600 a month in total bills.

It looks like a fair rate after tax on a 40k vette would come out to just ~920 a month in payments so I feel the main thing against me is my lack of credit.

Thoughts?

Also, what would an average/acceptable down payment be?


Again sorry if this is the wrong place, just looking for some advice before I go out shopping.

outhouse

Co Xer with that score will not help.


Wrong thing to do is take on a huge loan with little or bad credit.


You might get a high interest loan with 20k down.


You should establish credit first on a cheap car so that you don't have baby credit and maintain a 720+ score to keep interest down on a vette

6MT

I knew it's not great credit but I was hoping it'd be somewhat helpful. If nothing else I can just settle for a base c6 I guess.

ATC399

outhouse

Even with good credit the banks since 07-08 are reluctant to use any co Xer. But a 650 is a no go. Some 650's cant even get a loan while others can get a good rate.


Down payment overrides credit issues, in this case its just to much money with no history.


Before 08 co Xer worked, not the same now.

94sundevil

It seems you are rushing into this. Why don't you find a nice base model, finance half of what you're suggesting. Then after a couple of years when you've built up credit trade in for a Z06.

6MT

Kind of. Was planning on putting 30k down in 6 months or so, but my current transportation broke down 4 times in 6 weeks, so I was going to try to move my plans forward.


Okay so since going straight for the z06 seems to be a poor idea.


Am I better off getting a base c6 and paying in off in a couple of months and trying to trade it in with a substantial down payment?
Or just making normal 48 month payments and trying to trade it in with some money still owed?

Sorry I'm again, new to financing.

outhouse

Take a small bite for a first loan and establish history on your report.


Its one thing to be a 720 score and pay bills on time, but you need a credit high, and a small bite does that.

6MT

Sure thing, that makes sense.

Any opinion on paying it off early to trade in vs trading in having only made normal payments?

outhouse

Just saves certain amount of financing fees depending on which lending institution. Some collect more interest up front, some do equal monthly interest fee installments.


To build credit you want 18 months and you will be established. Then pay it off.



Not sure I follow you here.


Trade in does not effect credit other then showing a loan paid in full.

6MT

Sorry I'll try again.
I don't really want a base c6 but it seems like it's the best I can get at the moment. I'm going to trade it in as soon as I can for a z06. (I realize this could be a while. It sounds like I could buy one cash sooner than I could get one financed if it really takes 18 months.)

So I was trying to ask if it would be better to, later on, completely pay off the base c6 and trade it in with a down payment, or just trade it in not payed off with a larger down payment.

I don't know how well I'm phrasing what I'm trying to say though. More of a question on trade ins than financing I guess.


Thanks for the help by the way.

Side note: Any opinion between this or this

Don't really have anyone to ask so I figured this would be a good starting point.

outhouse

Doesn't matter either way, trading it in pays it off. Doesn't matter who pays it off.

6MT

Alright, thanks for the help.
I don't really have anyone else to ask so I figured this was as good a place as any to check.


And if I seem rushed it's because I kind of am. The only person I can get to cosign for me is coming up tomorrow from Austin which is quite a ways from me, so I'm trying to find some cars to look at tomorrow.

outhouse

Good luck bud

Tech

There are a number of factors that go into a credit score. A long history of paying on time is _the most_ important part of it. Not how much you make. If you bought a C6 and paid it off next week, you wouldn't have demonstrated a long history of making payments on time. It would help, but it still may not get you into a range that gets you Tier 1 or Tier 2 rates. Get a C6, drive it for at least a year.. then re-evaluate. But know, that each time a creditor pulls your credit, it appears on your credit report. Too many hard inquiries will degrade your score.

southspeed

I would just buy an 08 or 09 ls3 car and drive it and pay on it for a while. You may even like it better.

6MT

I mean that's ideal if I can find one in dfw by tomorrow.

outhouse

Is a bad idea.


"often" 1 day decision means you pay more.

6MT

Definitely, but again I need someone to cosign who lives a very long ways away and I only see once every couple months.

And I need a vehicle nowish if I'd like to keep working at Microsoft. I've been driving my roommates cobra but I don't think he likes me putting 120 miles on it a day.

Tech

Fixing your car or buying a well-used car for the interim are two other obvious choices.