I'm seriously considering purchasing a new GM vehicle. In terms of 0% financing, what is GMAC looking for in terms of FICO score and down payment to qualify?
On the vehicle I am looking at, I can put 20% down, but obviously it makes more sense to have down payment money in a savings account if your being charged 0% on a loan.
I have fairly high FICO scores (TU: 767 EQ: 753), so I don't think they are going to be an issue.
Your best bet would be to talk to a finance manager at a dealership. They would be able to explain better the specifics that would apply to you to the particulars of your transaction.
Not trying to pawn it off, but a car loan is not done by credit score only. Income, free cash per month, job history, history on car loans is all important.
In regards to putting less down: not an issue but do remember that may put you in a negative equity situation for the better part of the loan term.
Not a down side unless you plan to trade in/sell. And if you do go 0 down long term, get GAP coverage.
Thats the car that I want also. 4 cylinder Equinox LT with a sunroof *sigh* What incentives do you think they may have?? The first cars are being sent to the dealers late May. I have already gotten emails from 2 of them. I'm waiting until July though unless incentives are right off the bat. My car is in decent shape, just too small. My friend works for GM and is getting me a discount code. Hopefully that will help with the prices. I'd like to get my loan under 20k (after incentives, discount code, trade in and down payment)
Well my eyes were on a used 2009 Murano but for $24K for a base with basically NOTHING inside it was a complete turnoff. I saw the new equinox on the net and I like so trying to see if I can get one when it's released if the price is right. They say it retails for 23K to start but if I can get one in black with black leather and a sunroof for under 22K then I'm sold.
My car is near her end so hopefully she can last then again I don't want a 20K loan so my have to suck it up and get a used sub 15K suv if something happens between now and then.
I am seriously considering buying a 2009 Chevy Malibu myself.
For $23k I can get a Malibu with the 2LT package, V6, fully loaded, chrome wheels, etc. That car is up there in quality with the stripped V6 Nissans which start at $25k.
I initially wanted a Nissan Rogue but I decided the back seat didn't have enough leg room. It drove REALLY nice. The other problem I had with Nissan is options. I want a car with steering wheel audio controls and a sun roof. That bumps the rogue up to 25k+.
The Equinox 1LT has all of that (4 cylinder, steering wheel audio, sun roof and TONS of back room space) with similar gas mileage (estimated 21/30) for less. I built mine on Edmunds and it came out to be 24 and change. I have a friend at GM that is getting me a discount code. I should be able to get out for 19.5k if they do a 2,000 incentive on the 2010. *fingers crossed*
I love the prices and options! A 2008 (new) Rogue which my local dealer still has 8 of in stock with those options is still over 20k!
I have always had GM or Chrysler for my cars... there is a reason. The price is right and they will run a LONG time with the proper maintenance. My first Chevy had 150,000 miles on it when i traded it in.