Professional advice about car loans?

Question About car loans my older brother has been saving his money and in the next couple of days he want to go buy the new 2010 Chevy Camaro SS and he took me to go look at the car it looks amazing but the price was $ 42,480 and my brother said he is putting $5000.00 down do you think he will get the loan seeing is he has really bad credit





What do you think will happen?Professional advice about car loans?
Your older Brother is (pardon my choice of language) an idiot!





First adding tax and tags means he will be carrying almost 40k on a loan. With and credit figure that means payment of about $800 a month He needs an after tax income of 4 k a month just to qualify.





More to the point carrying a auto loan is in the top 5 stupid money moves anyone can make. If you resolve to always pay cash for cars you will be wealthy compared with those who do carry loans.





You brother is living in a fantasy world. He needs to grow up FAST!Professional advice about car loans?
HE** NO!


Are you kidding me?


A guy with bad credit does NOT need a 42k car!


He is in fantasyland and this is why his credit is in the toilet! He lives beyond his means!


IF, by some crazy miracle a lender would take him on, he would be paying thru his nose on the interest..and it probably would put him in a position at some point in the loan where he couldn't pay and the car would be repossessed.





You need to tell your brother to get his financial house in order and stop keeping up with the Joneses!