Financing help

Falcor

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.

FuszNissan

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.

__________________
Mods: Too Many to list!
LouFuszNissan
ZDAYZ 2012

Trips

__________________

Falcor

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.

daimon1313

Try PenFed (here's how to use them How I have scored invoice pricing with 3.99% APR on my 370Z?) they're a great option.

__________________
Saving up now for a NISMO 40th Anniversary. Hopefully. Maybe. We'll see. Definitely a Z though.

Falcor

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

Cmike2780

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.

__________________

[09][MB][6-Spd MT][Touring][Stillen Gen III][K&N][Borla CBE][Evo-R]

daimon1313

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

__________________
Saving up now for a NISMO 40th Anniversary. Hopefully. Maybe. We'll see. Definitely a Z though.

Falcor

Word.

daimon1313

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.

__________________
Saving up now for a NISMO 40th Anniversary. Hopefully. Maybe. We'll see. Definitely a Z though.

Falcor

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.

ClemsonWill

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!

__________________

danny@FontanaNissan

__________________

Falcor

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.

Jeffblue

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.