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Discussion Starter #1
Hey guys, im a big fan of the Cobalt's and my 1996 Z26 beretta just isnt cutting it anymore so i was thinking about getting a cobalt, preferably the supercharged one cause i do like to go fast. But i was e-mailing a dealership back and forth and it turns out i cant get anything without a co-signer. i think its total bullcrap. im 19 years old and i have held the same job for 2 and a half years. I dont understand, if i cant get any kind of car loan what the hell am i sapposed to do? keeo buying used crap and hope i continue to be lucky with them?

If anyone has any advice please share.
 

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Soliex said:
Hey guys, im a big fan of the Cobalt's and my 1996 Z26 beretta just isnt cutting it anymore so i was thinking about getting a cobalt, preferably the supercharged one cause i do like to go fast. But i was e-mailing a dealership back and forth and it turns out i cant get anything without a co-signer. i think its total bullcrap. im 19 years old and i have held the same job for 2 and a half years. I dont understand, if i cant get any kind of car loan what the hell am i sapposed to do? keeo buying used crap and hope i continue to be lucky with them?

If anyone has any advice please share.
Build your credit. Cell phone, jewelery, work out equipment, etc. Buy stuff that you have to make payments on and make the payments on time. Or buy a really cheap used car from a dealership so you can make payments on it. Or skip all that and try to find a co-signer(anyone can co-sign for you).
 

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Discussion Starter #3
yeah but co-signing isnt something that anyone wants to do.. i cant even get my father or grandfather to co-sign. I pay all of my other bills on time. but they are in my fathers name so wtf.
 

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Soliex said:
yeah but co-signing isnt something that anyone wants to do.. i cant even get my father or grandfather to co-sign. I pay all of my other bills on time. but they are in my fathers name so wtf.
What bills?
 

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Discussion Starter #6
Like my cell-phone bill which is in some family plan, i pay for the cable internet at my house but its under his name because of the television cable. Insurance as well is in his name, also i had to barrow some money from my dad to pay for my old 1996 Z26 because i wasent old enough (when i bought it) to get a loan. and i just finished paying my father off.
 

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Discussion Starter #7
SS4ME said:
Save your money and try putting a nice down payment on the table. This might give you a better chance being a new car buyer. Or build your credit but that may take time!

I guess thats the best approach i can do. Ill try to pick up hours like crazy at work.. but i still go to school part time. all this work, money, no credit, school crap is driving me nuts. all i wanna do is drive away in a nice cobalt SS supercharged. that will be my goal :D
 

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Soliex said:
Like my cell-phone bill which is in some family plan, i pay for the cable internet at my house but its under his name because of the television cable. Insurance as well is in his name, also i had to barrow some money from my dad to pay for my old 1996 Z26 because i wasent old enough (when i bought it) to get a loan. and i just finished paying my father off.
Thats what I figured...your dad boned you(figuretively). You built up his credit and if I were you I would make him co-sign for you. You should be a co-signer on the internet and cell phone, but I am guessing you're not.

SS4ME said:
Save your money and try putting a nice down payment on the table. This might give you a better chance being a new car buyer. Or build your credit but that may take time!
Thats a waste of money if his interest rate is going to be 8%, because of no credit.
 

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Discussion Starter #9
Sucks i cant go anywhere because of this craphole called credit, cant build credit cause i dont have any credit, and if i apply for credit guess what! insufficient credit.

Guess ill have to wait until a rich family member dies or something (joking).

I dont know what to do.
 

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I'm only 22 with like 0 credit history and I got approved on my LS. I ended up putting $11,000CAD down and my finance was put through and approved by the next day. The total for the car btw was $27,500 with taxes so I put nearly 50% down. Unless you can show them you're serious with a substantial downpayment they're not going to consider it which is unfortunate since this car is really attracting a lot of younger buyers :).

Permafried-
 

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Discussion Starter #11
Yeah its really caught my attention, but its hard to get $11,000. i dont even make that much a year. i work part-time go to school part-time and i drive 18+ miles back and forth from school AND work.
 

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Soliex said:
Sucks i cant go anywhere because of this craphole called credit, cant build credit cause i dont have any credit, and if i apply for credit guess what! insufficient credit.

Guess ill have to wait until a rich family member dies or something (joking).

I dont know what to do.
Make your dad co-sign on the car and then build your credit.
 

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sorry to say but even if you did have credit they would give you a loan for 23k dollar car if you are making less than 11000 a year.

have your heard of secured credit cards? this is how my wife got her credit started and she was approved for our LT. you give them a minimum of 250 dollars and they will hold it like a deposit and whatever you give them up to 10000 i think, that will be you credit limit. so if you dont pay they still ahve your money. then a few months later apply for a regular credit card and you will be approved. call and cancel the secured card and they will send you all your deposit back.
 

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Rocky said:
have your heard of secured credit cards? this is how my wife got her credit started and she was approved for our LT. you give them a minimum of 250 dollars and they will hold it like a deposit
When I was a tad younger I screwed my credit badly. I took 9 years off credit to see if time would help. No. I got a secured card (you pay abnormally large interest for not making payments on time) This allowed me to build up my credit rating over a few years. Voila SS no problem! Credit is not easy for the impatient.
 

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Soliex said:
Yeah its really caught my attention, but its hard to get $11,000. i dont even make that much a year. i work part-time go to school part-time and i drive 18+ miles back and forth from school AND work.
Ya I was looking at buying a new car during my last year of college and realised I just couldn't swing it...I waited until after I had been working for 5 months and then finally went for my test drive and bought the car on the same night (sure it took them 6 days to find a loaded LS in standard but hey :D).

Without the massive downpayment I still would have had to have my dad co-sign even with my yearly income but I guess I can understand their stance on things....but they sure don't make it easy to buy a car when you're young :).

Good luck...hopefully you can work something out :).

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Discussion Starter #16
Yeah even if i had good credit im still only working part time. ;( im not even sure i would be able to afford the monthly payments. im not going to drop my college classes to get a fulltime job either. i guess ill have to wait :(
 

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Soliex said:
Yeah even if i had good credit im still only working part time. ;( im not even sure i would be able to afford the monthly payments. im not going to drop my college classes to get a fulltime job either. i guess ill have to wait :(
Well to give you an idea...my monthly payments are $271.85/month and on top of that my insurance is $208.11/month (in CAD of course ;)). I would maybe recommend you put together a monthly cash flow which includes a breakdown of what expenses you have to cover every month such as rent, food, gas, etc.

Be honest with yourself, this is what I did prior to purchasing my car to not only give me an idea of what I would be spending but as well what model and options I felt were reasonable for me to purchase at the time :). If you can't swing it, I'm sure the Cobalt will still be around when you're done school :).

As for the credit thing even being done school with my yearly income I couldn't get a credit card to save my life...I'm now going to apply for the GM VISA since I got financed through GMAC...I'd recommend you have at least one credit card in college, use it maybe for one or two smaller purchases a month and pay off your bill ON TIME and you'll come out of school with a credit history. Either that or you'll be going the secure route because they seem to shove them down your throat while you're in school but once you're out no one will give you one!

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Discussion Starter #18 (Edited)
Only $271? hell thats easily affordable for me because my only monthly payments are my cell phone and cable internet, and of course insurance.. but thats all i spend my money on. Gas is a big part.. but this car would be an improvement for me. Just wondering. Do you have the SS Supercharger?


EDIT: your the one that put $11,000 down on your car tho.. heh back to my impossible dream.
 

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Soliex said:
Only $271? hell thats easily affordable for me because my only monthly payments are my cell phone and cable internet, and of course insurance.. but thats all i spend my money on. Gas is a big part.. but this car would be an improvement for me. Just wondering. Do you have the SS Supercharger?


EDIT: your the one that put $11,000 down on your car tho.. heh back to my impossible dream.
LOL yep that would be me...but here's a couple links you could try out to estimate your payments based on how much you can afford down as well as the trade-in on your current vehicle. They're from the GMCanda site but a tool's a tool :).

Payment Estimator
Affordability Calculator

When I financed my '05 (oh ya it's a fully loaded LS not an SS so the price diff in Canadian was about $5200.00) through GMAC the finance rates were as follows:

36 months: 0%
48 months: 2.9%
60 months: 3.9% <-- I took that one

Basically the affordability calculator will help you with the monthly cashflow I mentioned above...just try different down payments (keeping it realistic of course :D) until you get down to a monthly payment you think you could afford.

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do what i did join the air force get sent to germany for 4 months save 4000 ducketts and then ask you parents to co-sign. it worked for me. i couldnt get a loan either, and i have the most steady job possible. if you dont want to try that just do like everyone else suggested and save for a large down payment
 
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