How much did you put down on your Z

Jjaden · 03-21-2011, 11:40 AM

Paid in full.

Everyone is different and I respect all approaches but my feeling has always been if I can't buy it outright I probably shouldn't buy it.

Again this is something I apply to myself, and not preach to others...

Econ · 03-21-2011, 11:47 AM

Quote:

Originally Posted by Jjaden

Paid in full.

Everyone is different and I respect all approaches but my feeling has always been if I can't buy it outright I probably shouldn't buy it.

Again this is something I apply to myself, and not preach to others...

this is very true...

i only put 6k down being i am only 21 and just graduated college. I would rather use the excess funds for my house down payment.

I'm also banking on the interest from my portfolio (which i chose not to put down on car) exceeding the interest of my car loan.

kenchan · 03-21-2011, 11:58 AM

Quote:

Originally Posted by Econ

this is very true...

i only put 6k down being i am only 21 and just graduated college. I would rather use the excess funds for my house down payment.

I'm also banking on the interest from my portfolio (which i chose not to put down on car) exceeding the interest of my car loan.

if you look up there is always people with more money. doesnt matter. just know your boundaries and know your money. that's all that matters.

and i think car loans are a great way to build credit for your future mortgage.

houkouonchi · 03-21-2011, 12:10 PM

I had recently bought a house so didn't have a ton of spare cash. I got a pretty good interest rate of 3.5% so I only put 3k down on mine.

Jeffblue · 03-21-2011, 12:17 PM

Quote:

Originally Posted by kenchan

if you look up there is always people with more money. doesnt matter. just know your boundaries and know your money. that's all that matters.

and i think car loans are a great way to build credit for your future mortgage.

just make sure there is no cosigner. My dad cosigned on my my loan when i had an altima and then i got no credit. Didn't help that the stupid finance department put the loan in his name either

took like 8 months to get it switched.

houkouonchi · 03-21-2011, 12:31 PM

Quote:

Originally Posted by Jeffblue

just make sure there is no cosigner. My dad cosigned on my my loan when i had an altima and then i got no credit. Didn't help that the stupid finance department put the loan in his name either

took like 8 months to get it switched.

That is odd. My dad also co-signed with me on my subaru a bit under 5 years ago. It was because I was getting paid under the table although I ended up getting a full-time job later. Anyway my credit score in that 4 year period or so before I ended up buying my house and my 370Z went from around 680 to 800. I also had quite a few credit cards (never left a balance on them) so I figured part of that jump was for the car. The car-loan *did* show up on my credit report.

Econ · 03-21-2011, 12:31 PM

Quote:

Originally Posted by Jeffblue

just make sure there is no cosigner. My dad cosigned on my my loan when i had an altima and then i got no credit. Didn't help that the stupid finance department put the loan in his name either

took like 8 months to get it switched.

my father cosigned however the loan is under my name, and I am getting "credit" for it.

FromG2Z · 03-21-2011, 01:35 PM

Quote:

Originally Posted by kenchan

just know your boundaries and know your money. that's all that matters.

The above sums it up right there. Some people think car-buying is a waste of money. Then they turn around and spend 10k on a trip to Hawaii... so to each his own.

I personally don't believe in taking out loans unless it's

1) for a house (mortgage)

2) 0% financing. This way, I pay the minimum then invest the rest in stocks or Roth or other interest-gaining alternatives.

onzedge · 03-21-2011, 11:51 AM

Quote:

Originally Posted by Jjaden

Paid in full.

Everyone is different and I respect all approaches but my feeling has always been if I can't buy it outright I probably shouldn't buy it.

Again this is something I apply to myself, and not preach to others...

This is very true. For me, I hate paying interest that I don't need to pay if I can help it.

Red__Zed · 03-21-2011, 11:53 AM

Quote:

Originally Posted by onzedge

This is very true. For me, I hate paying interest that I don't need to pay if I can help it.

+1. Although, some of the deals they will offer you are worth taking. I took out a loan on the Subaru because I'm pretty sure I can beat the 1.9% interested rate they gave me, and a lot of companies are offering 0% interest.

sheps58 · 03-21-2011, 01:39 PM

I put 5000.00 down on base 6 speed in Oct.However I Paid off 9000.00 since Oct.

NCSUPACK09 · 03-21-2011, 05:28 PM

Put 14k down

Baer383 · 03-21-2011, 05:36 PM

3K down equity in trade

sucasa · 03-21-2011, 05:43 PM

I am a big believer on having cash on hand, especially during bad economic times. Having that said, if you can afford to buy a car and finance it with the lowest interest possible, good idea. Or if you have so much cash on hand, that dropping 40K on a car is no problem, more power to you..

I just can't see myself dropping anything over 10K on a depreciating asset, because that's what cars are. if you qualify for 0% financing why not go for it, and save your cash..

I got my rate at 1.9% over 4 yrs w/ 5K down. I figure I can easily make the payments,s without unloading alot of cash upfront, got extended warranty as well, to minimize the financial impact of large repair, etc..

A.J@CarbonSignal · 03-23-2011, 09:36 AM

Quote:

Originally Posted by onzedge

This is very true. For me, I hate paying interest that I don't need to pay if I can help it.

Very well said!

03-21-2011, 05:28 PM	#12 (permalink)
NCSUPACK09 Enthusiast Member Join Date: Jan 2010 Location: Somewhere Posts: 407 Drives: '10 370Z MB 6MT SP Rep Power: 16	Put 14k down __________________ 2010 Base 370z Magnetic Black 6MT SP Mods: Bone Stock

03-21-2011, 05:36 PM	#13 (permalink)
Baer383 A True Z Fanatic Join Date: Aug 2010 Location: Lawrenceville,Ga Posts: 4,293 Drives: My foot up your azz Rep Power: 30	3K down equity in trade __________________ 2013 ZL1 754 rwhp 747 rwtq

03-21-2011, 11:40 AM	#1 (permalink)
Jjaden Track Member Join Date: Oct 2009 Location: Ontario Posts: 821 Drives: 370Z/MAT SILVER/6MT Rep Power: 17	Paid in full. Everyone is different and I respect all approaches but my feeling has always been if I can't buy it outright I probably shouldn't buy it. Again this is something I apply to myself, and not preach to others...

03-21-2011, 12:10 PM	#4 (permalink)
houkouonchi Enthusiast Member Join Date: Jun 2010 Location: Ontario, California Posts: 440 Drives: '14 GT-R '10 M6 370z Rep Power: 16	I had recently bought a house so didn't have a ton of spare cash. I got a pretty good interest rate of 3.5% so I only put 3k down on mine.

03-21-2011, 01:39 PM	#11 (permalink)
sheps58 Base Member Join Date: Sep 2010 Location: Connecticut Posts: 102 Drives: 2010 370Z 6MT & 2004 Rep Power: 15	I put 5000.00 down on base 6 speed in Oct.However I Paid off 9000.00 since Oct.

03-21-2011, 05:43 PM	#14 (permalink)
sucasa Base Member Join Date: Jan 2011 Location: DC Posts: 156 Drives: 2010 370Z Rep Power: 15	I am a big believer on having cash on hand, especially during bad economic times. Having that said, if you can afford to buy a car and finance it with the lowest interest possible, good idea. Or if you have so much cash on hand, that dropping 40K on a car is no problem, more power to you.. I just can't see myself dropping anything over 10K on a depreciating asset, because that's what cars are. if you qualify for 0% financing why not go for it, and save your cash.. I got my rate at 1.9% over 4 yrs w/ 5K down. I figure I can easily make the payments,s without unloading alot of cash upfront, got extended warranty as well, to minimize the financial impact of large repair, etc..