General LSX Automobile Discussion - buying a vette

hey guys I am wanting to buy an 05-09 Corvette C6 and was going to try to get find one at a dealership so i could get them to finance it. so here are my questions:

1. can i get a dealership to finance one for 5 yrs?

2. would like to stay around the $30-33000 range & if i have about 4-5k downpayment would it help my chances of them financing it for me/getting the car?

3. i have one credit card as a line of credit & am 20 yrs old, so i dont have alot of credit history, will this hurt me even with a down payment?

i dont really have anybody that can cosign for me either thats the hard part.

oh and another thing, why is the LS3 more expensive on insurance than the LS2? it was with Geico.

hey guys I am wanting to buy an 05-09 Corvette C6 and was going to try to get find one at a dealership so i could get them to finance it. so here are my questions:

1. can i get a dealership to finance one for 5 yrs?

2. would like to stay around the $30-33000 range & if i have about 4-5k downpayment would it help my chances of them financing it for me/getting the car?

3. i have one credit card as a line of credit & am 20 yrs old, so i dont have alot of credit history, will this hurt me even with a down payment?

i dont really have anybody that can cosign for me either thats the hard part.

oh and another thing, why is the LS3 more expensive on insurance than the LS2? it was with Geico.

whooo uhh ok where do i start....to answer alot really depends on your credit. Your 20 and depending on how long you have had that credit card, spending limit, late payments, etc....will determine IF you can be financed . For $30-33k range you wont be lookin at an 09 OR 08 those still go for upper 30's lower 40's unless one has a shit ton of miles already and being that it is STILL 09 that wouldnt be a good thing. If you have or can get your said 4-5k, that would really help. Money talks. However like i said, it really depends on your credit and credit HISTORY. Insurance is more on the LS3 b/c for one, its still new, 2 its a bigger motor. LS2 is 402 6.0L and the LS3 is 418 6.2L....feel free to ask any more questions. Oh one more thing. have you drivin a performance vehicle?...i mean i see your truck and its nice, however going from a truck to vette is whole another ball game.

honestly in my opinion a 20 year old trying to finance a 30k corvette is a bad idea...what happens if you lose your job? especially in this economy...and are you still in school?

it would alot easier if you sold your truck, saved another 4k and buy a ls1 vette or f-body...

insurance will also be cheaper, so will parts if you plan to mod...

if your having to ask questions on if you can finance a car or have any doubt, than its better not to do it.

but thats just my opinion, in the end its your choice...

whooo uhh ok where do i start....to answer alot really depends on your credit. Your 20 and depending on how long you have had that credit card, spending limit, late payments, etc....will determine IF you can be financed . For $30-33k range you wont be lookin at an 09 OR 08 those still go for upper 30's lower 40's unless one has a shit ton of miles already and being that it is STILL 09 that wouldnt be a good thing. If you have or can get your said 4-5k, that would really help. Money talks. However like i said, it really depends on your credit and credit HISTORY. Insurance is more on the LS3 b/c for one, its still new, 2 its a bigger motor. LS2 is 402 6.0L and the LS3 is 418 6.2L....feel free to ask any more questions. Oh one more thing. have you drivin a performance vehicle?...i mean i see your truck and its nice, however going from a truck to vette is whole another ball game.

my credit card has been good and up to date on payments, i ALWAYS pay more than the minimum & NEVER max it out. and i know i wont be looking at an 08 or 09 i meant to change that last night to say 05-07 but was sleepy and decided to later. but i can definately get the 4-5k as a down payment. and my fiance is 22 and she has already had a vehicle financed through a GM dealership and has NEVER missed a payment so i was thinking maybe she could cosign for me if they would let her, if not then i guess i could use my uncle who was going to cosign on something for me awhile back but i decided not to do it and he is WELL qualified to cosign if my fiance cant. so i can have a $4-5k down payment & a good cosigner if i have to have one & can definately make the payments, for one i own my own business, me & my dad are 50/50% owners so my job is here to stay & 2 if i need help my fiance is graduating college Dec 16 and will make WELL over enough to help me out, so i am set up to make the monthly payments/insurance on the car, all i need is to find a dealership that will finance it for me.

oh and yes i have driven sports cars before. anywhere from stock LS1 cars to a built 408 stroker camaro, so i have enough experience with sports cars :D

You are better off buying something a lot less expensive and saving your money. Don't buy anything that you can't pay for 100% on your own with your own credit. Right now you can spend 15k on a f-body and get one hell of a car. Good luck......

what is with everybody?! everybody is saying, dont get a car you cant pay for or you dont have a good enough job or come back to earth. how the hell do yall know what kinda job i have. i make WELL enough monthly to pay for the car note for a vette & the insurance myself & thats with the insurance in my name at about $300/month. all i am asking is how should i go about getting a dealership to finance one for me? i have never been through the process before. i have $4-5k down payment & a hell of a cosigner for me. what else do they need from me to finance a Vette?

LS2 is 402 6.0L and the LS3 is 418 6.2L....feel free to ask any more questions.
:suspiciou

I kinda agree with Shan15, but if your secure in your income which is definitely possible, the only way to know is to go to the dealer and find out. The first thing is to join a credit union if you can. They might have better rates. If that's not possible check with your bank on what they will do for you as far as amount approved. Lastly, see if the dealer ship can beat or match the rate that your bank would give you! Good luck!

I say you can't take it with you so have fun while your here...The only thing I see is that a car with $25000 to to $30000 financed your payment would be more around $450 to $550.without ins. but like I said if you have it have fun with it. Good luck

don't go threw dealership financing they will rape you, banks will to, go to a credit union become a member, get financed, have fun with new vette, Also take some peoples views with a grain of salt most older people wouldnt want to see a 20 year old kid with a vette because (1) they couldnt afford one at 20 and (2) they can't afford one now I say you only live once have fun while you can I'd rather have a vette at 20 then one at 40 anyday!!!! :D

haha well now im getting good feedback haha. thanks guys. i am currently a member with a credit union so i might go through them. how would they go about doing it? would they only give me the amount that the car is worth? then i would have to come up with the rest of it?

Go buy a vette, and live at home for the next 5 years as your making payments on it.

Some of these people who are not reccomending you purchase one, might be talking from expierence. I know several people who bought new or new to them vettes when they were 18-20 living at home and most have had to sell them withing 2-3 years once life happens. Expecially those who financed them. A $500 month car payment, on top of $300 insurance, then paying rent, food, on a starting level job, doesn't make ends meet.

Go talk to your credit union and see what they will approve you for on a loan, Typically you could get a car loan for 50% of what you make in a year, now I am sure that number is higher now, but it gives you an example of dollars made vs cost that you should be targeting.

Ryan

what is with everybody?! everybody is saying, dont get a car you cant pay for or you dont have a good enough job or come back to earth. how the hell do yall know what kinda job i have. i make WELL enough monthly to pay for the car note for a vette & the insurance myself & thats with the insurance in my name at about $300/month. all i am asking is how should i go about getting a dealership to finance one for me? i have never been through the process before. i have $4-5k down payment & a hell of a cosigner for me. what else do they need from me to finance a Vette?

If you are that well off... then you should be able to walk in and say this is what I want. No co-sign, no nothing. If you aren't as well off as you think you are, they will let you know. :eek2:

Why wouldn't your dad cosign with you, if you are 50/50 in a business, and you are rolling in cash?

If you are that well off... then you should be able to walk in and say this is what I want. No co-sign, no nothing. If you aren't as well off as you think you are, they will let you know. :eek2:

Why wouldn't your dad cosign with you, if you are 50/50 in a business, and you are rolling in cash?

he says me wanting a car is a habit/pleasure, like his drinking/hunting is & he doesnt ask for help on that so why should i ask for help on a vehicle.

and i do live at home with my parents as well as my fiance and our 3 yr old daughter, its plenty big enough for all of us. so i dont have to pay for rent, or any bills, other than this vette i would be getting.

whooo uhh ok where do i start....to answer alot really depends on your credit. Your 20 and depending on how long you have had that credit card, spending limit, late payments, etc....will determine IF you can be financed . For $30-33k range you wont be lookin at an 09 OR 08 those still go for upper 30's lower 40's unless one has a shit ton of miles already and being that it is STILL 09 that wouldnt be a good thing. If you have or can get your said 4-5k, that would really help. Money talks. However like i said, it really depends on your credit and credit HISTORY. Insurance is more on the LS3 b/c for one, its still new, 2 its a bigger motor. LS2 is 402 6.0L and the LS3 is 418 6.2L....feel free to ask any more questions. Oh one more thing. have you drivin a performance vehicle?...i mean i see your truck and its nice, however going from a truck to vette is whole another ball game.

I wouldn't ask you any questions if you don't know the displacement of those two engines... LS2 is a 364, and the LS3 is a 376. the ls2 can be stroked to a 402 and the ls3 can be stroked to a 418.

Man...you almost had me! I was with ya until your last post.....

I mean hey, I understand the desire for a sports car/something faster, we all have it, thats why we are here. Congrats on owning your own business with your father at age 20. I'm 25, in May, I'll have a bs degree in Business Admin and I hope to build my own business when I get out as well.

I want a fast car, I'd love to just have a ls1 camaro, but you want to go 30k in debt for a corvette. If you make the money, great....save it yourself. Don't pay interest, MAKE interest. You also have a child to think about, and your future wife.

I know you can play the what if game all day long, but what if your wife was somehow disabled and couldn't work anymore? Then you gonna pay for that vette and take care of your kid on just your income. Not even mentioning that you shouldn't have your kid living with your parents either...

I mean come on, if your responsible and think your financially ready enough to have a kid, then at least move out of your parent's house.

Fine, screw it...go get a vette...do what you want....but you can't say you won't warned. Life happens....FAST

You live at home with your parents, fiance and your three year old daughter.....How can you even think of buying a vett, you should be living on your OWN and paying your OWN way in life before you think about spending 30k on any type of vehicle. Even when you are on your own your daughter's needs come first and they are not met by you spending money on yourself.

You live at home with your parents, fiance and your three year old daughter.....How can you even think of buying a vett, you should be living on your OWN and paying your OWN way in life before you think about spending 30k on any type of vehicle. Even when you are on your own your daughter's needs come first and they are not met by you spending money on yourself.

Could not have said it any better myself. Grow up and take responsibility for your family. That's what a man does.

let's see, child support now is 1/4 to 1/3 of your monthly income.........

Priorities.

Man the OP just got owned on.:corn:

the only reason we are living with my parents is because IM paying for our(me,fiance,&daughter) house a new roof due to bad weather. so my priorities are in good order i think. and yes for the slow ones that means we OWN not rent/finance/lease..OWN our own house. my fiance is a pharmacist technician & she is deaf, so if she loses her job then she will go back to getting her SSI disabled check which she lived on with a car note, car insurance, cell phone, personal bank loan, & rent. so we have the means guys i dont know why yall cant understand that.

so to make this clear, we are living with my parents until the roof is fixed, i make enough & know my job is here, & my fiance makes enough with her pharmacist job & even if she loses it her SSI will kick back in & we can still maintain until she gets another job.

if you want it get it. All you do is walk up to the dealership, work out a deal, then say, I want to finance it. If you get approved you get a car, if you don't, you don't. It happens all the time. Dealers don't care. If you don't buy the car someone else will.

You could also go to your bank and same deal. Walk in, ask to talk to a loan officer and tell them what you want. They will go, ask for info and say yes or no. They are used to it, there are lots of first time loan people out there. Don't worry about it. IF you know you can afford it then go get it. Everyone here thinks differently. Forget them or listen to them, you have to decide. People told me I was stupid for buying a z06 when I was 26, but I knew I could afford it so who cares. I love that car, so much fun to drive.

Point is you know what you can and can't afford, if you know you can afford 800 a month, then go to the bank, or if not then get online. There are TONS of calculators out there to tell you what you can borrow, what the payment will be etc. Or if your still scared go to lendingtree. They do it all online. It's how I got my frist loan for my car. Never even went to a bank. then after I knew about it and what not I started going to banks/credit unions. Just make sure that if you pay your car off early they don't give you a penalty, and also make sure you can pay it off early and not have to pay the entire note off, just my 2 cents! ;)

Good luck what ever you do!

My only response is....if you have the means, you don't need financing. People with "means" don't need financing. They use credit only as a tool when it is most advantagous to them. Do you know when that is? It's when you can borrow at a lower rate than you can save/make.

And if you have the means, you don't need to come to ask for advice, you can either pay cash, or go and get 0% or the lowest possible rate at the dealer and not have to ask for advice.

Congrats on owning your own home...I own my own home too. I know just like your finding out that homes need work all the time. Save money....

I know your business isn't going anywhere, but you think your business is invincible? No one's is. Any day now, your state can come and say oh, well your not doing this right, or this right, here's your fine 150k, have a nice day! Fire marshalls can shut you down in 15 minutes. Hows that vette payment gonna look then?

Don't buy it when you THINK you can afford it, buy it when you KNOW you can afford it

Don't finance your future away. This downturn was caused by people not thinking worst case or ahead.

Said it before say it again, MAKE interest, don't PAY interest

You live at home with your parents, fiance and your three year old daughter.....How can you even think of buying a vett, you should be living on your OWN and paying your OWN way in life before you think about spending 30k on any type of vehicle. Even when you are on your own your daughter's needs come first and they are not met by you spending money on yourself.

LOL :eek2:

Ya I'm right there with ya. I didn't finance a 30k vette but I did a 10K TA and a 18.5k Truck. Dad cosigned for both and people were more then happy to give me the money. If you got the money and you feel comfortable spending it and not putting yourself in a bind then go get it. Its the age factor on here that I think gets some guys. Shoot I turn 20 in Dec. I got a good job and am ahead on all my payments. I however don't have a daughter to take care of. If you can do it then go for it.

Just a thought. Why not get a LS1 C5 vette for half that and mod the hell out of it?

Ya I'm right there with ya. I didn't finance a 30k vette but I did a 10K TA and a 18.5k Truck. Dad cosigned for both and people were more then happy to give me the money. If you got the money and you feel comfortable spending it and not putting yourself in a bind then go get it. Its the age factor on here that I think gets some guys. Shoot I turn 20 in Dec. I got a good job and am ahead on all my payments. I however don't have a daughter to take care of. If you can do it then go for it.

Just a thought. Why not get a LS1 C5 vette for half that and mod the hell out of it?

yeah i think thats what it is, my age. but i dont see why, i figured the guys would be more supportive instead of negative but oh well. and i can take care of my daughter & have enough for a Vette, if i couldnt take care of her i wouldnt even be thinking about a vehicle.

well i just like the look of the C6 vettes better thats the only reason really.

but thanks for the kind words man.

I wouldn't ask you any questions if you don't know the displacement of those two engines... LS2 is a 364, and the LS3 is a 376. the ls2 can be stroked to a 402 and the ls3 can be stroked to a 418.

my bad:bang:....im soo used to a couple guys out here with these motors i got to thinkin it was the norm. 2 have the 402 and 3 with 418. geeez slow moment on my part:emb:

BTW dont let age discourage you. I was 19 when i had my camaro and i bought my ZO6 at age 22....fuck what everyone else says. If you can afford it w/o nickle and diming for food and rent, go for it.

BTW dont let age discourage you. I was 19 when i had my camaro and i bought my ZO6 at age 22....fuck what everyone else says. If you can afford it w/o nickle and diming for food and rent, go for it.

haha i like how you put that in words man haha. thanks i appreciate it.

Heh if you were closer I'd make you a hellofa deal on fixing your roof of your house...!!! Then maybe I could fix up my Fbodys!! lol

i work at a dealership and all i can say is that if the banks or credit unions will lend you the money in these economic times then you must really be "well off" and i say go for it. I see it everyday man, im in sales and the credit market it TIGHT right now. good luck whatever you do

Heh if you were closer I'd make you a hellofa deal on fixing your roof of your house...!!! Then maybe I could fix up my Fbodys!! lol

haha. do you fix roofs or have you done roofing work? if so i need some advice.

haha. do you fix roofs or have you done roofing work? if so i need some advice.

I'm a carpenter that has basically done everything under the sun including fixing roofs what do you need advice with??

http://i561.photobucket.com/albums/ss53/kingryno/priorities.jpg

http://i561.photobucket.com/albums/ss53/kingryno/priorities.jpg

have you priced a brand new double wide...upwards of 150-180k for a nice one........then the land.....and in some neighborhoods in cali they are over 1 million........


so that picture is quite misleading, those trailers don't look run down....lol he could just live in cali!!

http://i561.photobucket.com/albums/ss53/kingryno/priorities.jpg

wanna bet everything in that picture is paid for.......

and is that a boat in the back?

wanna bet everything in that picture is paid for.......

and is that a boat in the back?

haha yeah i bet all that stuff is paid for. and yes double wides are not cheap my aunt & uncle have one, it is nice! and they paid $120k for theirs.

Hey man, I love toys too. Actually, my real weakness is fishing trips to Central America. But here's my point: I max out my 401k every year. The less you have financed the better off you are. Ideally, in this economy you should have about 6 months worth of cash stashed in an emergency fund. If I had a young daughter I would be stashing cash into a college fund also.

No one that I have read is necessarily bashing you. Just guys that have gotten into financial holes over the years and had to dig themselves out. The ride down the hole is fun. The digging sucks. The banks and finance companies can throw dirt back on you faster than you can dig. Believe me!

Take care of your family first. Business second and toys somewhere down the line.

Think it through and good luck with your decision!