getting a loan........
Thread Starter
Burning Brakes
Joined: Aug 2001
Posts: 1,038
Likes: 15
From: Brick- Next to the land of Mojo NJ
getting a loan........
well, i wasnt sure where to bring this up, but:
i am going to try to take out a loan the get a vette
now, i have a decent job for the 18 year old that i am
i have no credit though
the most i will take out is $8000 for a 4 year loan
i figured this into my expenses and i can completely handled a vette financially
i am prolly going to be getting a car with about 80/90k miles on it (about an 84-90)
now he's some relief: my parents agreed to co-sign for me!!!!!!!!
i am going to be taking out the loan from the credit union from where i work
do you think i have a chance at getting a loan?
oh yeah, my parents are home-owners and have spotless (completely perfect credit)
i am going to try to take out a loan the get a vette
now, i have a decent job for the 18 year old that i am
i have no credit though
the most i will take out is $8000 for a 4 year loan
i figured this into my expenses and i can completely handled a vette financially
i am prolly going to be getting a car with about 80/90k miles on it (about an 84-90)
now he's some relief: my parents agreed to co-sign for me!!!!!!!!
i am going to be taking out the loan from the credit union from where i work
do you think i have a chance at getting a loan?
oh yeah, my parents are home-owners and have spotless (completely perfect credit)
Burning Brakes
Joined: May 2000
Posts: 920
Likes: 0
From: Santa Cruz CA
Re: getting a loan........ (1991camaro)
hello '91 Camaro,
Congrats ! A loan is the easy part. But you did not mention if you calculated your insurance
into the equation.. But it sounds like you did... Just shop around for the best and
cleanest Corvette you can afford.... And one word of Wisdom,
Take care of your car, It will take care of you.
Don't abuse it and don't drive like an a*hole. You sound like a smart guy though... :yesnod:
Lettuce Know how it goes, and i wish you well, I hope
you get your Corvette and when you do, welcome to the Corvette Family
:cheers: :cool:
Congrats ! A loan is the easy part. But you did not mention if you calculated your insurance
into the equation.. But it sounds like you did... Just shop around for the best and
cleanest Corvette you can afford.... And one word of Wisdom,
Take care of your car, It will take care of you.
Don't abuse it and don't drive like an a*hole. You sound like a smart guy though... :yesnod:
Lettuce Know how it goes, and i wish you well, I hope
you get your Corvette and when you do, welcome to the Corvette Family
:cheers: :cool:
Thread Starter
Burning Brakes
Joined: Aug 2001
Posts: 1,038
Likes: 15
From: Brick- Next to the land of Mojo NJ
Re: (scorp508)
cool guys
i cant wait then
i've been into vettes since i was 12
since then i bought virtually every book i could find on them and studied them
(sadly, i just flattened a spider on my wall with my Corvette's Buyers Guide) :confused: but anyways
thats good to hear, cuz a friend of mine just got turned down for a loan
but i dont really know the reason why
but yeah, i take REALLY good care of my camaro
and i'm going to take even BETTER care of my corvette :blueangel::
i look at it this way:
my vette will be my 2nd car for when i am hopping-up my camaro and it is not available to drive
in 2 more weeks i'll be done paying my grammy off for the camaro's tranny rebuild
then i'm gonna get my insurance out of the way
so figure i'll be getting a vette in a month :D
i cant wait then
i've been into vettes since i was 12
since then i bought virtually every book i could find on them and studied them
(sadly, i just flattened a spider on my wall with my Corvette's Buyers Guide) :confused: but anyways
thats good to hear, cuz a friend of mine just got turned down for a loan
but i dont really know the reason why
but yeah, i take REALLY good care of my camaro
and i'm going to take even BETTER care of my corvette :blueangel::
i look at it this way:
my vette will be my 2nd car for when i am hopping-up my camaro and it is not available to drive
in 2 more weeks i'll be done paying my grammy off for the camaro's tranny rebuild
then i'm gonna get my insurance out of the way
so figure i'll be getting a vette in a month :D
Race Director
Joined: Mar 2001
Posts: 14,480
Likes: 132
From: PA
Re: (1991camaro)
You should have no problem. Small credit unions are the quickest way to get a loan, especially if the co-signer has good credit. Post pictures of your new Vette when you pick it up!
Pro
Joined: Sep 2001
Posts: 730
Likes: 14
From: Wilmington N.C.
Re: getting a loan........ (1991camaro)
I agree with the credit union route.They have great rates--long terms and are usually easy to deal with.Just an ex.----my credit union would finance 100% of the money you want for 60 months(max) at about 8% right now----pretty good considering the age of the car.
Geoff Hall
Geoff Hall
Racer
Joined: Mar 2001
Posts: 359
Likes: 0
From: Burbank ca
Re: getting a loan........ (ghall)
I think at 18 the cost of insurance is a bigger issue than the cost of the car, your monthly paymeny on insurance is gonna match your car payment but hey if you can swing it go for it, you should have no problems getting the loan if your parents are willing to co-sign just do your homework on the car you are going to buy and dont get in a rush to find a car....goodluck.
Drifting
Joined: Jun 2000
Posts: 1,344
Likes: 0
From: Fort Wayne IN
Re: getting a loan........ (Automahn2)
If you're going to get an older C4, make room in your budget for maintainance, too. In the last 2 years, I put $7,000 into my car. That's in addition to the payment & insurance.
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Thread Starter
Burning Brakes
Joined: Aug 2001
Posts: 1,038
Likes: 15
From: Brick- Next to the land of Mojo NJ
Re: getting a loan........ (94VetteFern)
well, i didnt go for the loan yet
i'm waiting to find the right vette
i found one nice one a black 89 coupe
but, i should be ready.........i put a good $5000 into my Camaro in the past year
plus i am currently in college to become a GM tech
so most labor will cost me nothing
i just need to buy the parts
i'm waiting to find the right vette
i found one nice one a black 89 coupe
but, i should be ready.........i put a good $5000 into my Camaro in the past year
plus i am currently in college to become a GM tech
so most labor will cost me nothing
i just need to buy the parts
Melting Slicks
Joined: Jun 2001
Posts: 3,444
Likes: 0
Re: getting a loan........ (1991camaro)
Try to get the loan without the co-signer first if you can. Once you pay off the loan it will be more meaningful toward your credit rating.
They may raise your interest rate pretty high though.
If they say no, then you can always get your dad to co-sign.
Jay
They may raise your interest rate pretty high though.
If they say no, then you can always get your dad to co-sign.
Jay
Le Mans Master
Joined: Dec 2000
Posts: 5,761
Likes: 47
From: munising MI USA
Re: getting a loan........ (Getaway)
If you're going to get an older C4, make room in your budget for maintainance, too. In the last 2 years, I put $7,000 into my car. That's in addition to the payment & insurance.
Intermediate
Joined: Jun 2001
Posts: 38
Likes: 0
From: West Palm Beach, FL, USA Florida
Re: getting a loan........ (1991camaro)
I am in the process of looking for a loan from my credit union too. They actually handed me a paper to accept or decline LOAN INSURANCE...can you beleive it? They want like $75/month from ME to protect THEM if I die. Ha ha ha ha ha :lol: :lol: :lol: :lol:
Guess you know I turned it down. Let them get the balance from my estate after depreciation! :)
Guess you know I turned it down. Let them get the balance from my estate after depreciation! :)
Le Mans Master
Joined: Oct 2001
Posts: 5,302
Likes: 2
From: Atlanta GA
Re: getting a loan........ (1991camaro)
This is what I did:
Sell your existing car and pay cash for the vette. :D (one of my strokes of luck; had a buyer for my car the same day I found my vette!).
If you want to get your credit rating up, put your money into some kind of account at the bank and borrow against it. You probably won't need a cosigner then.
Sell your existing car and pay cash for the vette. :D (one of my strokes of luck; had a buyer for my car the same day I found my vette!).
If you want to get your credit rating up, put your money into some kind of account at the bank and borrow against it. You probably won't need a cosigner then.
Thread Starter
Burning Brakes
Joined: Aug 2001
Posts: 1,038
Likes: 15
From: Brick- Next to the land of Mojo NJ
Re: getting a loan........ (dtorc4)
well $7000 in 2 years is pretty damn good compared to my $5000 in 1 year for my camaro
honestly my camaro is pretty mileage so it needed the work
its in great shape though
so i wouldnt get much if i sold it
so its becoming my bruiser
and the vette will be my cruiser
check out my post in the C4's for sale for a little bit of detailed info on my situation
my folks said they will co-sign if needs be
but i will try to do it without them
honestly my camaro is pretty mileage so it needed the work
its in great shape though
so i wouldnt get much if i sold it
so its becoming my bruiser
and the vette will be my cruiser
check out my post in the C4's for sale for a little bit of detailed info on my situation
my folks said they will co-sign if needs be
but i will try to do it without them