I have been thinking about getting a Cobalt SS. I was just wondering what kind of deal I might be able to find on a new two door model with how the economy is and everything?

I am only 19 (20 in August), and I realize that my age will be a big factor in car buying. How likely is it that I will need a cosigner? When I turned 19 I checked my credit scores and they were all 700+, and I would definitely have a minimum of a $5000.00 down payment when I felt I was ready to purchase the car.

I am a full time student, and I do also work a good deal as well. I bring home about $1600.00 a month. I do surprisingly have a good amount of job security because I work for a water utility, and we are actually expanding right now.

So is there a chance I could get a Turbocharged Cobalt SS Coupe on my own? Also what kind of price would I be able to get one around?

Any and all input and ideas would be appreciated.

 

I just bought an 09 SS for 18,350 and didn't get approved with a 715 score with a co-signer. My dad had to be co-applicant, your luck may be better. You will need 20% down at least.

 

you shouldnt have a problem getting one you make enough, so you checked your "credit scores" huh? and they were all good? didnt realize there was more then one FICO score lol! just giving ya crap bud! GL!

 

With 5000 down you will be able to swing one no problem.

Also, because of the economy a lot of people are selling them after having just bought them, and because of how domestics rate in this world the price has been dropped drastically. You could get a damn near brand new one for a steal (15-17K!!), so it'd be worth your time to look for a used one with only 800-5000 miles on it or something.

But brand new, I'd say you could still swing one on your salary:

~24K - 5000 = 19K
19K/60mo = 316/mo

And by the time you reach that point in your life where you want to move out and the bills for school loans start coming you should have it paid off.

Good luck.

 

there are 3 different scores.

 

go to cars.com and search for 08/09 SS turbo, select ANY distance. Ten try to get a low mileage one.

or check out Pat O'Brien Chevy in Ohio

 

yea- being that you are so young and you want to buy a brand new car- you are going to need a co-signer.

 

well yeah but when getting a car they only look at one not all three.

 

I know there are 3. I used creditreport.com and they gave me all 3 which were all above 700.

It will take me a bit of time to rebuild my savings because I just finished paying off some vet bills, but I'm hopeful that I can have my $5000 down payment fairly soon.

 

Financing for nearly $20,000 is going to be near or in the $400's in monthly payment.

 

yea dude im 19 and i had to have a cosigner for my 07 ss/sc... it was only 15k when i got my first cobalt your rate is gonna be above 11-12 no matter what. its because of age, and the market today. i only put 500 down though

 

I got mine at 21 without a cosigner, I take home about the same as you, ~1600 month. You should be able to swing it easily depending on your other bills. I got the best rate through Capital One with their "blank check" program, I would apply there as well when you are looking to get pre-approved. All inquiries only count as 1 if they are within 45 days (or 30, can't remember) so apply at a bunch of places.

 

They don't always pull the same one. You need to know what all 3 are at all times anytime you're applying for a loan. I've seen scores vary by almost 100 points from one to the other. That's the difference between getting approved and not getting approved. Not to mention the difference in interest rates.

 

my car payments are 409/mo, with only 900 down on a 23 (just about 24) thousand dollar car. So, i financed almost 23.

19k/5 years/12months in a year = numbers don't lie. I realize it's not exact after interest and stuff, but he shouldn't be the 400's for only 19k.

 

With his credit history and a down payment that high he might not.

But someone with little history, even with a co-signer, you can figure about $20/month per $1,000 financed.

 

The issue you will run into is this: Unless you have had a payment on a car in the past even with 720+ (720 is considered excellent) it comes down to how much you make a year. I don't know how it will work out for you since you are only 19 and have had credit for a little over a year, i wouldn't do the loan if i were the bank without a cosigner. (765+ gets you the best rates on a home loan btw)

 

I am nineteen years old I bought my 06ss/sc for 14k with no downpayment no cosigner with apr locked in at 6.75% and paying 260 a month, not bad?

 

True. I can't say for sure. But I wouldn't think it would go into the 400's. If he paid as much a month for his car with that kind of down payment as I do for mine I'd probably cry with him cuz he's getting boned.

yeah, see, that sounds about right. that would put a high-teen car in the mid to high 300's.

 

well my credit is awesome i have had a car on three cars on credit since my 18th bday never missed one payment and i financial and gsxr 750 last summer too, so im kind of different then alot of 19 yr olds. lol

 

im 19 also turning 20 in aug odd huh. and i just bought my cobalt 2007 ss and its beautiful. i got approved by myself through a credit union. with a credit score of 690 i put 2000 down and took a loan out for 8100. you should be all set