UHHH!!!!!!i hate being too young and trying to get an LS1

**z28punk** · 03-27-2007, 08:25 PM

are there any places that will give me a loan for around $10,000 @ around 5.9% interest rate?
i have very very little credit due to the fact i am 19.

i have a loan currently @ 5.9% and i want to get another one to buy an LS1 camaro/firebird.

my problem is that my dad co-signed the one i have now and he refuses to co-sign on an LS1.

i think he believes i will kill myself, but he knows that i drive corvettes at work every day. (im an apprentice for a corvette mechanic at a chevy dealership)

thanks

**lvlustang** · 03-27-2007, 10:01 PM

Its the driver that kills the car, not the car that kills the driver.

Umm not sure what to tell ya man. My grandmother has always co-signed for me.

**Mjolnir** · 03-27-2007, 10:07 PM

Or maybe because you already have one loan out...

**secondgearscratch** · 03-27-2007, 10:32 PM

Originally Posted by z28punk

are there any places that will give me a loan for around $10,000 @ around 5.9% interest rate?
i have very very little credit due to the fact i am 19.

i have a loan currently @ 5.9% and i want to get another one to buy an LS1 camaro/firebird.

my problem is that my dad co-signed the one i have now and he refuses to co-sign on an LS1.

i think he believes i will kill myself, but he knows that i drive corvettes at work every day. (im an apprentice for a corvette mechanic at a chevy dealership)

thanks

no one will give you an interest rate under about 12%. TRUST ME ON THIS ONE. i exhausted every possible way to get a decent one without a cosigner. and not having credit is a misconception. even if you have credit you still get screwed. the only way to get the interest rate you need is to be alot older with alot more investments in the shitty banks that rob you. i have credit but its gotten screwed up and even when it was good it was limited, and i was told that was just like having no credit. they wont even take you seriously unless your score is in the 700s. it is unfair as shit.....
maybe dissolve your other loan and show your pops your being responsible ( in his eyes if you know what i mean) my dad was the exact same....

**dropped_71chevy** · 03-27-2007, 10:36 PM

Originally Posted by secondgearscratch

no one will give you an interest rate under about 12%. TRUST ME ON THIS ONE. i exhausted every possible way to get a decent one without a cosigner. and not having credit is a misconception. even if you have credit you still get screwed. the only way to get the interest rate you need is to be alot older with alot more investments in the shitty banks that rob you. i have credit but its gotten screwed up and even when it was good it was limited, and i was told that was just like having no credit. they wont even take you seriously unless your score is in the 700s. it is unfair as shit.....
maybe dissolve your other loan and show your pops your being responsible ( in his eyes if you know what i mean) my dad was the exact same....

I have to disagree with you on the age thing. At 20, I was able to get a loan for $9,000 at 6.75% for 5 years on a 7 year old car. I had one loan prior to this for $1,500 and a credit card that had a paid off balance every month. I had the credit card for almost 2 years. I found a credit union that was able to help me out. My 732 credit score didn't hurt either.

**secondgearscratch** · 03-27-2007, 11:05 PM

Originally Posted by dropped_71chevy

I have to disagree with you on the age thing. At 20, I was able to get a loan for $9,000 at 6.75% for 5 years on a 7 year old car. I had one loan prior to this for $1,500 and a credit card that had a paid off balance every month. I had the credit card for almost 2 years. I found a credit union that was able to help me out. My 732 credit score didn't hurt either.

then how could you disagree? look at your credit score and you had two solid years with a credit card. i had an $83 dollar a month payment on a 4100 dollar loan for my old zr2. the bigger the risk, the higher the credit score. not ragging, just saying you kinda contradicted yourself. but you sound pretty disciplined. i know that about every credit agency in the missouri area has my number on speed dial.

**dropped_71chevy** · 03-27-2007, 11:09 PM

I disagreed with you on the age thing.

...the only way to get the interest rate you need is to be alot older...

You don't have to be old to have good credit.

You're right though, discipline is the key. Make payments, religiously.

**ATCharming** · 03-27-2007, 11:15 PM

shit. no1 will even begin to finance with or hand a loan out to a 16year old, even with his parents as a co-signer. my mom or dad would HAVE to be the complete owner of the vehicle....

im with u on this tho. it sucks bein too young tryin to get an fbody.

**secondgearscratch** · 03-27-2007, 11:16 PM

Originally Posted by dropped_71chevy

I disagreed with you on the age thing.

...the only way to get the interest rate you need is to be alot older...

You don't have to be old to have good credit.

You're right though, discipline is the key. Make payments, religiously.

sorry my intention (though in hindsight only apparent to me) was to portray banks and credit agencies for how they are, mistrusting of younger ppl. i used to be pretty good but im behind on 300 dollar credit card bill and i honestly havent had the money. i lost my job and prior to all my money went towards the z. it is just ridiculous because financial institutions are heartless. and credit takes years to rebuild unless you put yourself in alot of debt, which then pretty much guarantees you to miss a payment and the banks still screw you. it s a win win for them, not so fair for us youngsters....

**ATCharming** · 03-27-2007, 11:18 PM

Originally Posted by secondgearscratch

sorry my intention (though in hindsight only apparent to me) was to portray banks and credit agencies for how they are, mistrusting of younger ppl. i used to be pretty good but im behind on 300 dollar credit card bill and i honestly havent had the money. i lost my job and prior to all my money went towards the z. it is just ridiculous because financial institutions are heartless. and credit takes years to rebuild unless you put yourself in alot of debt, which then pretty much guarantees you to miss a payment and the banks still screw you. it s a win win for them, not so fair for us youngsters....

thats why im working on getting 2 jobs. twice the job security.

already have one, fairly steady. have an interview for the second next week

**secondgearscratch** · 03-27-2007, 11:21 PM

Originally Posted by ATCharming

thats why im working on getting 2 jobs. twice the job security.

already have one, fairly steady. have an interview for the second next week

make sure you save alot man. and dont get a loan that will require a big monthly. i put down 5 on my last truck and financed 4100. i had a 5 year loan but no pre payment penalty (thats another way they screw you for being ahead of the 8 ball). my payment was 83 bucks. cosigners make a world of difference.....

**ATCharming** · 03-27-2007, 11:31 PM

Originally Posted by secondgearscratch

make sure you save alot man. and dont get a loan that will require a big monthly. i put down 5 on my last truck and financed 4100. i had a 5 year loan but no pre payment penalty (thats another way they screw you for being ahead of the 8 ball). my payment was 83 bucks. cosigners make a world of difference.....

i think im gonna get fucked in the ass with interest, cuz ill probably be an idiot and get the lowest payments possible and finance for like 6 or 7 years...

its hard as hell to save alot when i gotta pay insurance and gas on my car now, plus like to go out to eat with the girl, and spend money here and there for things like clothes and other things (just bought a stereo for my car),,,, while making minimum wage. . .

i can do payments, but whlie saving, i see that i have the money so i convince myself its ok to spend it.

**dropped_71chevy** · 03-27-2007, 11:33 PM

Don't get the car then. If you don't have self control now you won't have self control then.

I hate to be the voice of reason but if you screw your credit now it'll cost you a lot more than the interest you're going to be paying on a new car.

Imagine trying to buy a house with jacked credit. It can be done but payments and interest will be killer.

**secondgearscratch** · 03-27-2007, 11:33 PM

Originally Posted by ATCharming

i think im gonna get fucked in the ass with interest, cuz ill probably be an idiot and get the lowest payments possible and finance for like 6 or 7 years...

its hard as hell to save alot when i gotta pay insurance and gas on my car now, plus like to go out to eat with the girl, and spend money here and there for things like clothes and other things (just bought a stereo for my car),,,, while making minimum wage. . .

i can do payments, but whlie saving, i see that i have the money so i convince myself its ok to spend it.

yep, i know the feeling, and to put your mind at ease, it does not get better. ha ha but fuck it, live it up while your shaft and is still swinging!!!!

**ATCharming** · 03-27-2007, 11:38 PM

well i already make payments on alot of other things. my bank account never goes down, i make sure i spend less than my paycheck every 2 weeks, so it always goes up. it just goes up slow.

if i HAD to make payments on something, it would be the first thing i spent my money on.

**Midnight02** · 03-28-2007, 05:01 AM

I work with the Bank of America Private Bank. Although, I'm not a Loan Officer, I can provide a bit of insight on the process:

I'm not sure when you financed your other loan, but it's important to note that interest rates today are considerably higher than they were 2-4 years ago. The Bank's prime rate is currently set at 8.25% and the absolute BEST interest rate we offer to our retail clients for $10,000. loan on a used car is 7.49%, and that assumes PERFERRED credit.

As for getting companies to offer credit to you: Whether or not a Bank will offer financing to a consumer is a "RISK" based decision. Bank's use a number of means of asssessing the risk of extending credit to individuals. First and foremost, we use the 3 credit reporting agencies to learn more about your credit history. The credit agencies provide information about credit history, current outstanding balances, past payment history, late payments, inquiries, etc. Next, we take into account your current income (and the amount of debt you already have, relative to your current income).

While AGE is not a DIRECT factor in the decision making process, there are a few reasons why many younger people have a tougher time getting credit: 1. Many younger people typically (and there are MANY exceptions) have fewer sources of income, or less income altogether. 2. Many younger people do NOT have an established credit history (which makes it tougher to make a decision as to whether or not it is risky to lend money to the person....it is much more ideal to lend money to people who have proved that they are creditworthy in the past).

In view of this, you can do a few things to help make yourself more attractive to lenders: Keep paying your current loan on time. Keep using a credit card for smaller purchases and then pay it off once it comes due. If you have a low credit limit on the credit card, you might want to see if the CC company will increase your credit line....this doesn't mean that you need to spend more; it simply shows other lenders that some lenders are willing to extend more credit to you. And finally, another option that will make you VERY attractive to other lenders....MAKE MORE MONEY. Having a higher disposable income will simply increase the amount of debt you can comfortably carry.

You might also want to send an application to LendingTree.com. You may receive a few really high offers, however take a look at the lower offers and this should give you a good idea of what you can expect to get from most big-name lenders.

**ATCharming** · 03-28-2007, 08:47 AM

Originally Posted by Midnight02

I work with the Bank of America Private Bank. Although, I'm not a Loan Officer, I can provide a bit of insight on the process:

I'm not sure when you financed your other loan, but it's important to note that interest rates today are considerably higher than they were 2-4 years ago. The Bank's prime rate is currently set at 8.25% and the absolute BEST interest rate we offer to our retail clients for $10,000. loan on a used car is 7.49%, and that assumes PERFERRED credit.

As for getting companies to offer credit to you: Whether or not a Bank will offer financing to a consumer is a "RISK" based decision. Bank's use a number of means of asssessing the risk of extending credit to individuals. First and foremost, we use the 3 credit reporting agencies to learn more about your credit history. The credit agencies provide information about credit history, current outstanding balances, past payment history, late payments, inquiries, etc. Next, we take into account your current income (and the amount of debt you already have, relative to your current income).

While AGE is not a DIRECT factor in the decision making process, there are a few reasons why many younger people have a tougher time getting credit: 1. Many younger people typically (and there are MANY exceptions) have fewer sources of income, or less income altogether. 2. Many younger people do NOT have an established credit history (which makes it tougher to make a decision as to whether or not it is risky to lend money to the person....it is much more ideal to lend money to people who have proved that they are creditworthy in the past).

In view of this, you can do a few things to help make yourself more attractive to lenders: Keep paying your current loan on time. Keep using a credit card for smaller purchases and then pay it off once it comes due. If you have a low credit limit on the credit card, you might want to see if the CC company will increase your credit line....this doesn't mean that you need to spend more; it simply shows other lenders that some lenders are willing to extend more credit to you. And finally, another option that will make you VERY attractive to other lenders....MAKE MORE MONEY. Having a higher disposable income will simply increase the amount of debt you can comfortably carry.

You might also want to send an application to LendingTree.com. You may receive a few really high offers, however take a look at the lower offers and this should give you a good idea of what you can expect to get from most big-name lenders.

say you arent making the greatest wage, but you have 2 jobs. i would assume that would look good to banks

**stanger88** · 03-28-2007, 09:06 AM

Originally Posted by z28punk

are there any places that will give me a loan for around $10,000 @ around 5.9% interest rate?
i have very very little credit due to the fact i am 19.

i have a loan currently @ 5.9% and i want to get another one to buy an LS1 camaro/firebird.

my problem is that my dad co-signed the one i have now and he refuses to co-sign on an LS1.

i think he believes i will kill myself, but he knows that i drive corvettes at work every day. (im an apprentice for a corvette mechanic at a chevy dealership)

thanks

Driving a 'vette in a work setting is VERY DIFFERENT! than cruising around with your friends in the car saturday night. How much experience do you have with RWD sport's cars in your personal life?

5.9 APR is DAMN GOOD. You need bullet credit for that, ESPECIALLY on a pre-owned.

**dropped_71chevy** · 03-28-2007, 09:56 AM

One more tip. Stay away from large financial institutions. Look for a local credit union. When I say local, I mean very local.

Wells Fargo was trying to screw me when I found a credit union here in town that was willing to finance me. It took 30 minutes (as it should) for the credit union to give me an answer when Wells Fargo was toying with me for 2 weeks.

I'll never finance anything through a major lender.

**Hot Black Trans-Am** · 03-28-2007, 10:32 AM

When your shopping don't let the dealers all run your credit history either. I got denied for a loan due to having to many recent inquires to my credit history. I was on the phone with the place that denied me and I asked them about it. The person I was talking to was surprised to as a I have a good history and would have been approve otherwise.