How much did you put down on your Z

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.

03-21-2011, 12:10 PM	#2 (permalink)
houkouonchi Enthusiast Member Join Date: Jun 2010 Location: Ontario, California Posts: 440 Drives: '14 GT-R '10 M6 370z Rep Power: 17	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.