Buying 2010 370z Need Advice

[tdd1986]

Hey all, I recently graduated from college and got a job offered that pays $48k a year with a 12k signing bonus so the first thought that came to mind is to get a new 2010 370Z. I'm looking to buy a touring and possibly sport also with 6 speed manual with navigation ( ~$37k or ~$40k with tax and title without the sports package).

I plan to put down $10k leaving me to finance ~$30k.

Here is the situation. I only have one credit card that i've used for the past two years so i figure I dont have that much credit to go on. I went to Experian to check my score with their vantage score sytem and it came out to be 782 on a scale of 501-990. Based on your experience what APR should I expect to get (before I actually head to a dealer or bank to get an exact number)???. I'm also looking to probably cosign with a family member since I have little credit to go on but I would much rather not cosign. Also at the age of 23 turning 24 in 2 months what insurance rates should I expect to pay??

Additionally should I wait and work a couple of months at my job to see how things are going and get myself financially stable before I put myself in debt with the car or should I buy it now. I have really wanted a Z since forever so its really tempting to get it now.

I know all of this is a mouthful. I would really appreciate any advice, insights and comment you all may have. Thanks

[lllll210lllll]

<<< 23 as well and own a 2010 z sport package no navi! honestly..... u wont regret it!!! but... i say wait and see how the job turns out first.. IMO

[Xan]

I believe anything over a 740 FICO score get's you the lowest advertised rate when it comes to car loans (in todays credit market). Probably around 3% at the moment.

I don't know about the insurance...

Assuming you have to stay with the company for a certain amount of time before you don't have to pay back the bonus. If so, I would put the signing bonus in a money market account and don't spend it until that time has passed.

I would also build up a nice balance before you start spending "big".
No offense to anybody here, but I've seen too many people having to sell their car or tuning parts, because something came up and they can no longer do without the money they put in the car. Having to take a hit on the sale...

[tdd1986]

Cool Ride!! Thanks for the reply. How much do you pay for insurance a month if you don't mind me asking I'm trying to budget everything so I don't get in over my head

[lllll210lllll]

too much. i pay about 280 a month on insurance... and interest rate even with a 710 credit score is almost 8% so i pay close to a grand a month to drive this car. but... no regrets, i work hard for my money so i can have things like this that i want.

[FuszNissan]

Being you have one credit card, you may end up needing a co-signer.

[lllll210lllll]

true. ive had a few credit cards... and also a timeshare wich i beleive shows kinda like having a mortgage in ur name... correct me if im wrong...

[danny@FontanaNissan]

Originally Posted by FuszNissan

Being you have one credit card, you may end up needing a co-signer.

[FuszNissan]

With having such a high score you may get an auto approval. Some bank systems will approve you by score only, regardless of your history.

[NCSUPACK09]

Being 23 myself here is my 2 cents...

Why do you need touring? Is it because you want the nav? If that's the case, you can get an aftermarket stereo system (like the Kenwood DNX6160 ~$750) that has bluetooth and nav which would save you thousands of dollars off the touring. Financing 30k is a big deal, so anyway you can cut that down to a more reasonable number is better.

As for your credit, it may not be quite as high as you think. The Vantage score goes up to 990 instead of 850 like the FICO score. I believe I had a score of like 839 when I did the vantage score one time and my FICO was 740. This means you are probably outside of the prime rates and are looking more around the 6-8% range depending on where you get your financing from, which once again means big bucks if you are financing 30k.

As far as insurance goes, there are really too many variables to even give you an idea of what it would be like. I pay 625/6months, but your best bet is to call your insurance company and get a quote.

You can do whatever you want to do, but my honest recommendation is to wait a few months to see how the job goes, to save more money for a down payment, and to build more credit. Also, think about a base model with aftermarket nav and bluetooth which will save you a ton of money or look at an 09 model. Good Luck!

[TreeSemdyZee]

I don't even remember 23.

Personally, I think you ought to make sure the job is sound before you make this large of a purchase.

[davids81]

Originally Posted by NCSUPACK09

Being 23 myself here is my 2 cents...

Why do you need touring? Is it because you want the nav? If that's the case, you can get an aftermarket stereo system (like the Kenwood DNX6160 ~$750) that has bluetooth and nav which would save you thousands of dollars off the touring. Financing 30k is a big deal, so anyway you can cut that down to a more reasonable number is better.

As for your credit, it may not be quite as high as you think. The Vantage score goes up to 990 instead of 850 like the FICO score. I believe I had a score of like 839 when I did the vantage score one time and my FICO was 740. This means you are probably outside of the prime rates and are looking more around the 6-8% range depending on where you get your financing from, which once again means big bucks if you are financing 30k.

As far as insurance goes, there are really too many variables to even give you an idea of what it would be like. I pay 625/6months, but your best bet is to call your insurance company and get a quote.

You can do whatever you want to do, but my honest recommendation is to wait a few months to see how the job goes, to save more money for a down payment, and to build more credit. Also, think about a base model with aftermarket nav and bluetooth which will save you a ton of money or look at an 09 model. Good Luck!

There's so much good advice in this post... it's worth quoting.

To the OP, congrats on landing a good job in a crap market. But beware spending this kind of money right out of the gate. One thing I always like to tell the young'ns when they're thinking of buying an expensive car; remember that you will want to invest in a home sometime soon. Granted, you're not going to make 48k forever, but when purchasing a home, you must consider things like DTI, and keeping your FICO in good standing. Of course, I'm a financially conservative being, and you're going to do what you want in the end, but do you really wanna be that guy with the nicest car in the apartment complex??

[ZCarMan]

First to the OP, congratulations on your new job! so, you're 24 fresh out of college and have landed a good job in a really awful mess of a recession. The first thing you don't want to do in my opinion is go out and spend a large chuck of money on a down payment on something that depreciates the moment you drive off the lot. Maybe look at a used Z to get a better deal on a great car. Get quotes on insurance so you know what you are looking at. Probably going to be high due to your age (I was there). If you finance and then lose your job AND you have a co-signer that would suck for the co-signee. I recommend hanging in there for a bit and see how this new job turns out and then as others have posted, you can save more. Keep some rainy day money always and you'll be off to a good start. Good luck!

[Cmike2780]

You may be able to afford the car, but also know if you can afforrd to maintain it. $90 oil change if you go to the dealer is just the start.

Also know that nowadays your credit score is far less important than your available credit, other financial obligations, even student loans you took out. They will look at how much you make and how much you spend and give you an APR accordingly. Having just landed a job, you should probably wait a while before any big purchases. You don't want to be the guy with a shiny new sports car at work if you've only been there a few weeks. Save more for the down payment and you will be better off since interest rates usually go down with a shorter loan terms.

[tdd1986]

Thanks for all the great advice everyone. The reason I wanted to buy a new car right out the gate is because right now i'm driving a crappy 94 camry (and believe me its really crappy and about to break down any minute lol) at home and i doubt it would make the 10 hour drive to where im going to be living and working. With that said i thought about buying a cheap car for now ~5k and wait a while before i make the big purchase but then i thought about why not just buy the Z now so I dont waiste that 5k in a car im going to throw away soon. I plan the Z to be my one and only car until I start a family and all that stuff. Its such a tough decision