im not sure where this belongs, but i have a few questions. my name is mike. ive been wanting a ss/sc for a year now but im unsure because of a few reasons. 1, being that im 24 and i work off the books, but i have screwed up my credit in the past. ive just about got all my debts paid off. i wonder how this will affect me. i make 48k a year so the money isnt an issue but i know showing nothing will make it difficult. i was wondering if i got my dad to cosign the loan for me (he has excellent credit) would it be possible to get one at a reasonable rate. would the apr % be higher at all and/or would i need a bigger down payment? i plan on putting 3k to 4k down on the car. 2, would it be wise to do a smartbuy option (id still be putting the same downpayment on the car)? im definatly going to keep it and buy it outright. i figured a smartbuy would lower the payments on it and all i would have to do is make the final balloon payment on it. i would plan to do double payments if i went the smart buy option. sorry for the novel, if anyone could give me any information, id love you for life (jk). thanx alot, mike.

also, how much do you guys think ill be expecting to pay monthly for the car with 3k-4k down?

 

You could just buy it out right, if you wanna (or can) wait longer. walk in with a brief case full of money. I'm sure they wouldnt deny that, money talks. You could probably get a deal on it too if you go that route.

If not, then I'm sure they will finance you if you have a co signer.

Dont know about %...

 

well i think you can get away with an ss/sc for 19k-20k and with 4 k down i think you would be at around 300/month in payments, i would advise against the smart buy since its high interest and you have to go thru the hassle of refinancing or having a huge ammount to pay at the end and not to mention a waste of money, just get a normal like 8% interest loan for 6 years and double pay those payments if yuo can and that would probably work out better

 

ok, but what about the getting a loan thru the dealership with a co-signer? do you think having one would still allow me to get a reasonable apr (7-10%)?

 

well im 21 with limited credit i guess and they let me sign alone for 6% so you with a co sign i think 8% is a good possibility if not lower

 

i was only 19 when i got my ss/sc, i didn't need a co-singer at all, the just did a credit check, but i had gone to another dealership and got appoved there, they never even did the check until the next day after i had gotten my incurance on the car, alls they said was if they approved u then we should too.

 

does anyone have any advice for me as far as having bad credit and working off the books? im going to speak to 3 dealer's on saturday and just want to be prepared.

 

My SmartBuy is 4.9% the best they were going to give me on a "traditional" loan was 8.9%. I'm going to owe nothing at the end because I'm making over payments every month, plus there was an additional $2500 incentive on the SmartBuy that was not available on the traditional purchase plan.

Talk to the dealer, find out what's available and think on it. Don't let them force you into purchasing the day you are there, if you're unsure on anything don't sign.

 

well you should be able to get a rate around 6 to 7% with a cosigner I got a rate of 4.9% but then i put $18,000 down on mine too LOL



2006 Cobalt SS S/C and yes that is a mini van on one side should have shown the other side there are 2 Harley's over on that side LoL

 

::drools:: that is a beautiful car...cant wait till i get mine. (im talking about the minivan ofcourse, lol)

 

bump