How hard is it?

tuantrang · 01-10-2017, 09:24 AM

Well guys, I buy my first camaro used from a dealership all cash, but i just got a question for those who use financial option.

If you want to buy a 40,000-45,000 vehicle price range, and you make 27k per year(No debt or bills to pay), fair credit, how hard is it to get approve on loan for a 40-45k vehicle?

I was trying to get a loan awhile back on a 2014 vette that was 45k i believe, and they say my income was low, unless i have a co sign it not gonna be possible to get that amounts of loan.

ChefBorOzzy · 01-10-2017, 11:25 AM

You want to get an actual loan for 40-45k while making 1700 dollars a month after taxes?

600 or so per month for car payment +
Gas +
Insurance +
Other spending

You should probably ask the bank how hard it is to get approved.

Your living situation won't change? Your bills situation won't change?

Junior · 01-10-2017, 11:45 AM

Too bad your loan officer wasn't Jim Carey in Yes Man. No real world bank would lend you $45k without having collateral, decent credit (which I assume you don't have if you have no debt/bills), and only make $27k per year. If I were you, I would acquire some debt. Get a credit card, spend a bunch of money on your LT, and pay it down religiously. That should start you on your way. Eventually I would set some career goals, work hard to achieve them, and that vette will be within reach in no time.

SSEssence · 01-10-2017, 12:10 PM

With that kind of income, highly unlikely that a bank would approve that

ZED SLED · 01-10-2017, 12:19 PM

Probably not too hard as long as you're putting $15-20k down.

justjoshin · 01-10-2017, 12:34 PM

are you trading you current car? Are you putting money down?

acammer · 01-10-2017, 12:52 PM

Quote:

Originally Posted by tuantrang

(No debt or bills to pay)

How do I get this setup for my life? That's the question we should all be asking!

Dizzy82 · 01-10-2017, 02:02 PM

Quote:

Originally Posted by acammer

How do I get this setup for my life? That's the question we should all be asking!

flipstyledsm22 · 01-10-2017, 02:45 PM

Like getting a 100 year loan on a flat screen TV... If you have cash to buy in full, no one will turn you down for a loan.

SnowyCamaro · 01-10-2017, 02:50 PM

I had to make double that to qualify for a loan of 50k. That being said I owned a second vehicle and paid off my last loan of 24k with the same fanancial institution 2 years earlier than scheduled.

01-10-2017, 09:24 AM	#1
tuantrang Drives: 2013 Camaro Join Date: May 2016 Location: Houston Posts: 21 View My Garage	How hard is it? Well guys, I buy my first camaro used from a dealership all cash, but i just got a question for those who use financial option. If you want to buy a 40,000-45,000 vehicle price range, and you make 27k per year(No debt or bills to pay), fair credit, how hard is it to get approve on loan for a 40-45k vehicle? I was trying to get a loan awhile back on a 2014 vette that was 45k i believe, and they say my income was low, unless i have a co sign it not gonna be possible to get that amounts of loan. __________________ My Youtube Channel 2010 Camaro LT V6(Yellow)

01-10-2017, 12:10 PM	#4
SSEssence Instagram: Sangstah Drives: 2019 Camaro 1LE Join Date: Sep 2016 Location: Buena Park, CA. Posts: 2,803 View My Garage	With that kind of income, highly unlikely that a bank would approve that __________________ 2019 SS 1LE - "CaSSandra" 2014 SS - "AleSSandra - Sold" 94 Z28 - Sold Follow the build https://www.camaro6.com/forums/showthread.php?t=612717

01-10-2017, 12:19 PM	#5
ZED SLED Drives: 2017 Mosaic Bk ZL1 M6 Join Date: Jul 2009 Location: South of Raleigh, NC Posts: 9,477 View My Garage	Probably not too hard as long as you're putting $15-20k down. __________________

01-10-2017, 12:34 PM	#6
justjoshin Drives: 2010 SW 1SS L99 Camaro Join Date: Aug 2011 Location: Louisiana Posts: 2,085 View My Garage	are you trading you current car? Are you putting money down? __________________

01-10-2017, 02:45 PM	#9
flipstyledsm22 Let's go fishing! Drives: a car with 8 cylinders Join Date: Apr 2016 Location: Seabrook, Texas Posts: 1,129 View My Garage	Like getting a 100 year loan on a flat screen TV... If you have cash to buy in full, no one will turn you down for a loan. __________________ "When choosing between two evils, I always like to try the one I’ve never tried before." Mae West 1892-1980

01-10-2017, 11:25 AM	#2
ChefBorOzzy Drives: 2016 F150 Join Date: May 2014 Location: Iowa Posts: 2,196	You want to get an actual loan for 40-45k while making 1700 dollars a month after taxes? 600 or so per month for car payment + Gas + Insurance + Other spending You should probably ask the bank how hard it is to get approved. Your living situation won't change? Your bills situation won't change?

01-10-2017, 11:45 AM	#3
Junior Drives: 2014 2SS/RS A6 AGM Join Date: Apr 2010 Location: Maryland Posts: 526	Too bad your loan officer wasn't Jim Carey in Yes Man. No real world bank would lend you $45k without having collateral, decent credit (which I assume you don't have if you have no debt/bills), and only make $27k per year. If I were you, I would acquire some debt. Get a credit card, spend a bunch of money on your LT, and pay it down religiously. That should start you on your way. Eventually I would set some career goals, work hard to achieve them, and that vette will be within reach in no time.

01-10-2017, 02:50 PM	#10
SnowyCamaro Drives: 2013 Camaro ZL1, 2006 Chevy Equinox Join Date: Apr 2013 Location: Ontario, Canada Posts: 833	I had to make double that to qualify for a loan of 50k. That being said I owned a second vehicle and paid off my last loan of 24k with the same fanancial institution 2 years earlier than scheduled. __________________