Advice on obtaining my Z? Please help!! I need vision and comfort.
 

I don't own my Z yet. But I need some experts to help me determine when I will be able to obtain it! Everything is just a giant question mark right now :(

I am aiming for next June, if that is even possible.
First off, I have no expenses other than the upkeep of my current 01 Focus. So literally everything I make goes into the bank.
I've got about 4k saved as of right now. I can easily put 1k into the bank every month. So I have a solid income, and I can definitely make payments.
The only problem is that I am going to have to get a loan on my own (I'm 20). And I just started building my credit this past April. However, I am religious with payments, and never have any outstanding bills/payments. I believe that I am building credit as quickly as possible. (?)

Is it even realistic for me to get a Z by June? I can round up a down payment of around 14k.
Would a bank give a 20 year old with 1 year of solid credit history an 8k-ish loan?
What can I do to get this down solid. I'm willing to work my *** off.

I am 20 also. I was blessed enough that my car is paid off, thanks to my father.

However, if I was in your shoes, and could put $1k a month in the bank, I would continue to do so until you have at least $20k saved up, then see if you can get approved for an 8k loan. If they say yes, you have 6k of emergency money that you can put in a savings account in case something happens. If they say no, you can more than likely get approved for a 2k loan(or however much else you need). I like to look into the future and plan for what Ifs.

Obviously, it all boils down to what you want to do. It is your money and your life. However, if I was in your situation I would wait a little longer and save up more money.

in my opinion just keep saving cash is king. Wait a couple more years before you get the car. Build up your credit age does not matter so use a credit card never use more then 50% available credit.

Blessed...? I'll say! Congrats!

Thanks. I appreciate it. I've made him more money than how much the car is worth though!

My grandma bought me a new 2003 touring 350z when i was in high school, She shouldn't have gave it to me then because i didn't respect because i did not buy it i ended up blowing the engine right after high school... :(

You're gold, I went in with 11k and borrowed 22k just to help my credit more...
And I had 11 months of credit history
Go to your bank first and get a loan estimate from them... And tell them how much you're putting down in exchange for the loan, rub that in, they should give you a credit bump
(I don't know what POS 370 you're buying for $22k out the door... But whatever)
And if/when you go to a dealer, TELL them that your bank has given you a loan rate and make sure they bump you down as much as possible because you're putting so much down on the price of the car.

I agree dont buy the z if its worth $22k if your car gets broken you have a payment and the car doesnt work....

I applied for my first cart loan of 13k on my 2006 Miata when I was 21, I had good credit but the bank would not approve me for a loan simply because I didn't have enough credit history. (or maybe bc I'm a girl... jerks) :(
Thankfully, my mom agreed to co-sign for me and we got the loan.
I'm 23 now and two weeks ago, I came across a 2010 370Z and having 2 solid years of credit history, the bank approved me by myself for a loan of $20k after my trade-in and additional down payments. :)
My payments are a tad bit up there ($342 @5.9%apr) but I plan on paying her off early in January with the luck of two insurance settlements and my tax returns. :)
I don't suggest getting a loan for over 15k... Or even 12k at that... as your first, so save that money!!!
Also, keep insurance in mind! My miata was full coverage at approx. $1300/yr, the Z is $2k/yr. I'm really having to budget to keep this up!!

Maybe there are better paths that I could have gone to get my Z but I hope my experience helps you a little bit or at least gives you a bit of insight on what to expect! :)


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being young and owning a Z ahh yes, best thing I did was build my credit early so that way I could afford to get a good apr %. Next had to make sure I set aside enough money for the rainy day, repairs etc, and then a down payment. That with a steady job/income and I dont see why you can't own one soon. :tup::tiphat:

I'll sell you my Z for $90,000

I think if you put anything over $10k down and finance through Nissan you'll have a good shot. I put $12k down on my Z and Nissan was happy to lend to me where as my local credit union was not.

Save your cash and come June you might be riding on some sexy wheels! :)

Saving and putting a nice fat down payment is a great way, as others have stated. Personally speaking, I spent two and a half years saving to buy my Z, and having done that, and earning it, especially at a young age, gave me a huge appreciation for what I drive. It makes the car more "fun," in a sense. Good luck getting your Z! It's completely, 100% worth it, and it's a pure driving pleasure.

350z?

I'm def not buying brand new. Another reason I want to make this happen by next June is I'm going back to school next fall. And that will rule my life.
So I'm going ham trying to make all this happen before I completely dedicate myself to school. That's the reason for the large down payment, I don't want a lot of debt while I work through school.
The Z's I've looked at range from 22-26k. They are used 09-10. I'm good at shopping for quality, don't worry about that.
Thanks everyone for the response! It means a lot :D
And I can always use more if you got it! Anything! Tips, advice, visions, questions.

good luck use cars.com and also check your local dealerships they are selling theirs all the time. :tup::tup:

it sounds like you've got a good head on your shoulders. your saving your money and working towards a goal. at 20 i know it will be hard to get credit.
and it would be best if you did pay cash. i wonder how many members on here paid cash. i didn't. sorry getting off the subject save your xss off until next summer. find a great used 370 they will be harder to find then getting the loan!

but i'd be willing to bet if you've got at least 65 to 75 % to pay down you can find a lender. hell any nissan salesman will find you one. sorry to ramble.

I think a good number of people paid cash, or bought it straight out. I like financing though :tup:

Buy a house, your credit will fly sky high :), true story

To help your credit you could take a loan against cash. Example:
1.) Take a two thousand dollar loan.
2.) Open a new Share (it's a virtual container for cash) with your Credit Union/Bank
3.) Figure out the total Interest for that loan and put that amount in the Share too.
4.) Forget about the loan.

Buying a house Bianary0x01 said will put the credit through the roof too. However, making payments on your car will also raise your score quite high too.

Personally I would pay a large amount on the car and take a reasonable loan. Figure out how big you want your monthly payment to be and put down a large enough down payment to get you that number.

Try this:
Auto loan calculator - Bankrate.com

your GRANDMA bought your car!

that is helpful:ugh2:

dude thats a very creative name but your not my dad why are you posting on every forum post your making yourself very childish Fpenvy that is your real account.

i'm not fpenvy

thanks man! And yeah, cash is, at least for me, the way to go. I don't want/need a 20k loan to be on my back when I'm trying to start up school again. And I mean, come one.. If I have 14k in cash straight up, a year of perfect credit, who wouldn't hit me up with an easy 9k loan. And I wonder if the price will drop a thousand or 2 by next year.

Haha hating on fake accounts which I never started you are such a fckin tool dude