Financing help
 

Hello every one. I am looking for some advice on how to go about getting financing for a used 370. I have 12,ooo for a down payment and I am looking at borrowing about 16,ooo for the rest. So far I haven't had any luck with my bank or with a couple of online lenders, they seem to think I don't have enough credit history. I was aware of this possibility in the past but I thought that with such a large down-payment I thought that this wouldn't be an issue.

Well I guess I'm not really sure where to go from here, I could easily afford payments up to $800 a month if I had to, and I am in a good position to pay off the entire loan in a year if I had to.

Anyway if anyone has any recommendations on what I might be able to do to secure a loan or lenders that they have had good experience with, please let me know. It is so frustrating being able to afford my dream car but not having a bank to trust me enough to let me buy one.

I would contact the dealership where the Used 370 is; they might have a primary lender that can help you. If it's a private party, I would try a Credit Union. You probably will have to activate an account with them. Lastly, you can try and find a co-signer. But don't expect a great rate, co-signers are only to SECURE a loan.

:iagree:

the car is from a private seller, I have no access to a co-signer. do you have any recommendations for credit unions? In my experience credit unions are even harder on those without perfect credit.

I find this whole thing asinine, I want to get a $16,000 loan for a $28,000 car, I make about $2,600 a month net with only $400 a month debt. Where is the risk? even if I default on the loan right away wont the lender have a car worth $28,000 that they paid $16,000 for?

I dont get it.

Try PenFed (here's how to use them http://www.the370z.com/nissan-370z-p...r-my-370z.html) they're a great option.

Already tried, they came back with a super quick NO!

The whole credit system if fkd up IMO. You can't get credit without already having credit. A friend of mine makes about 75k a year, no debt and never had a credit card. When she finally decided to get one, pretty much all the banks denied her for not having a credit history. The sad thing is, a few years ago she was bombarded with offers.

I think the credit union would be your best bet. Find a family member who already belongs to one to make it a little easier. Good luck.

What's funny about the whole thing is having bad credit is better than no credit at all.

Word.

Falcor...here's what I would suggest.

I know this from experience. You're going to have a very, very hard time getting financing for a private sale like this, even with 12K to put down. Have you thought about taking that 12K, finding a similar used Z at a dealership and financing through them? They have primary lenders who will be able to get you a loan, although you're likely facing horrible interest rates.

I had to do this with my first car. I had 10K to put down, financed the rest. The interest rate was incredibly outlandish, but I was able to get the car, make payments and build my credit.

I've considered that but, to get a comparable car I would have to pay around 31,000 in stead on 28,000. If this becomes my only option, I may just have to wait until I can build some better credit history with credit cards.

I agree. Without a co-signer this is your best bet. I strongly suggest you get a small credit card. Put gas on it and just pay it off each month.

Good luck with everything!

:iagree:

Thanks for all the suggestions and advice. I think I will have to do what y'all are suggesting and just start working on my credit. I'll also keep saving, who knows maybe they will be more willing to loan me 5k-10k? anyway thanks again for all your help.

this need to build credit thing is such BS. its a byproduct of a society which encourages borrowing and getting into debt. They make it seem like there is something irresponsible about paying cash for anything. but anyways, yea a credit card will help you build credit. just make sure the balance is paid in full every month.

Well, you establish credit by getting a credit card or paying a phone bill, cable bill, rent, whatever. Everyone should have a credit card at 18. Just be responsible with it. :tup:

what are you supposd to do if you have a prepaid cell phone, steal your neighbors cable and internet, and live in abandoned buildings?

Party.

i wouldn't let myself get a credit card until after college. I payed for everything on debit card. until recently.

i know that with bofa, if you want a loan, they require that you have at least 5 years of established credit.

when i was about 22, with about 4 years of established credit, and my debt to income somewhere around 13% including rent, my loan was declined through bofa because of insufficient credit history.

I've had 1 car note for 3 years and 3 revolving credit cards for 4 years.

whoever the underwriters are for bofa are veryyyyyy veryyy to the books.

off topic: how do I give rep points?

underneath where it displays the rep power click on the image in the middle.

Falcor- The best answer, which guys are pretty much telling you, is too wait. Otherwise you could get crazy in debt. No car is worth it. If you ruin your credit now, it will only be uphill from there. Just my opinion. Pay the car you got now off, or at least, get out from being upside down. Besides, 2011' are coming up soon (maybe).

I have no car currently (except a work vehicle) and I have no significant debt to speak of. I do have 12000 to put as a down payment though and I make more than enough to afford even a high monthly payment and insurance. Thats what makes this so frustrating.

why dont you use that money and just buy off a used 350z or something for about 12k. youll have a great car, (although not your dream car) but itll get you to work and youll have no car payments. you can save up some more and start building your credit over the next few years and then finally purchase and get financing for your true dream car.

I had an $800 monthly payment on a 350Z for 3 years. After the initial new car euphoria, I still had an $800 monthly payment. Year 3 of payments that high....sucked. But to each his own. It's your money so do your thing. Just telling you my experience.

:roflpuke2: :roflpuke2:

i would if i "needed" a car, but I dont. I "want" a 370. And I would consider buying one just for the credit building but due to taxes and depreciation it would be like throwing money away.

Yeah I understand what your saying, but I plan on paying the car off in 1 year.

Obviously that icon needs replacing!

How about something like:

http://scw.us/image/plusrep.png

BTW, I got around credit issues by having a phone bill and apartment rent while I was in college, which helped when I got out. Wasn't one to use a credit card then, wrote more checks, but did have a co-signer available for my first car. (Don't remember if it was needed.)

Depending on your job, if you have an employment related credit union available, they will probably give ok rates if you open an account since they know your employer.

When I bought my first car, this is what I did, at the time I had zero credit and the credit union financed me.

thanks for all your help guys, looks like I got my z! its used 2010 with 2000 miles on it, I got screwed on the financing. The lender is actually making me pay them to accept my application. But the seller was great and worked with me on the price to make up for the difference. I won't take delivery until next week but when I do il be posting up some pictures.

Just picked her up, thanks again for all the good advice guys!

heres a pic.

http://farm5.static.flickr.com/4102/...23b56b53_b.jpg

Nice ride! :tiphat:

Very nice. Now get rid of those stickers and post of a mod list.

Thanks, and I intend to take all the Yellow stickers off the car. I'll post more in a different section when I do.

I just reg to make this post because I saw some people giving bad credit advise.

I am not saying this is the only way to build credit but this worked for me being 30 years old now I will pass it on.

1. what ever credit cards you get make sure they have auto deduct from your banking account.
2. Get a credit card. does not matter what the % is. They all suck. Put 100$ on the card. have the bank auto payment 25$
6. 6 months later get another card do the same thing and don't go over $100
3. Apply for a 1000$ loan from your bank and pay it off over 12 months anything less then 6 shows jack its after 6 months that do you good.

Keep those 2 cards and a loan going after 12 months pull another and you will get about 30 points a year doing just that. I have 3 credit cards and a loan going at all times and I am rolling a 742. I work offshore and I also want not only a good score but then they look at my history they can see different accounts and all green marks so i have good score and i have the history to back it up. What ever you choose try to keep the cards at 35% or lower and remember you will keep these for your whole life never cancel as the length of the card is super important you lose 20+ points for canceling a card if you have had it for a while.

Note that if you put 50 bux on the card pay it off in full each month does next to jack. Hold a small balance see above and make on time payments. and never use the card for anything remember your emergency fund is the money you have saved in your chk account not credit cards.

I also want to note that CC have high rates regardless now but if you keep it at 100$ its not a problem the same with the loan you will pay like $100 bux in int over 12 months not bad if your trying to build A+ credit.

:happydance::happydance:

You seem to know how the system works. But having 3 credit cards wit 100 balance on them and a 1000 personal loan will not help you get a car loan. That's is too little revolving credit for a bank to consider loaning you 30-40K. Yes you will have a good score, but banks aren't going by score anymore. They look at debt to income, revoliving credit, history, and income. Just my .02.