Need some financial advice please?
 

Hey all,

Just recently joined the boards and am planning on purchasing a 2009 possibly 2010 370Z in the fall of 2011. My question is by that time i should have a good $10k saved up from both the selling of my current car and just regular saving from paychecks and such, would $10k be a good down payment on a 370Z or should i try to save a little more. Thanks for any and all suggestions and look forward to hearing from you all :)

to be frank, I have no idea what will work for you financially. I put 10k down on my Z.

This depends on many different factors. What trim and type of Z are you targeting? How good is your credit? What is your current budget?

And none of these things is anybody's business but your own.

I can't really help you. Sorry :(

Not trying to make it personal or anything, i just wanted a general idea of how much would be a good amount to put down on a Z. As far as trim goes i'm just looking for a base with the sport package.

Well, again, down payment amount will totally depend on the particulars of your financial situation. One of the reasons I put down such a huge down payment was so that in case I have to sell the car, I've already taken most of the depreciation hit up front.

Another argument for a large down payment is that it all goes towards principle. The more money you pay on principle vs. interest, the less you're paying for the car overall. If you buy a car straight cash, you only pay for the costs of the car. If you finance the whole thing with a tiny down payment, you're paying a ton in interest.

I hope this helps?

I would think that that is certainly a good number to shoot for, but as shadoquad said, it will depend on a variety of other factors. Some of those factors could change between now and fall 2011 (your own credit score, the banking industry, etc.).

Why not talk to a loan rep at your local bank and give them the "what if?" scenario?

I think Dave has an important point here. Definitely talk to banks before setting foot in a showroom!

Points taken guys, just was asking here cause i never seem to be able to get a straight answer from any financial reps. or any good advice for that matter lol. In any case i've been keeping track of the prices for 2009 370Z and they seem to be on a downward trend in terms of sale price. average price i've seen for them in my area is around the $26k to $28k range and i'll most likely be looking for something in that range as far as the 370Z goes. Any chance of one of you seeling for that price next year? hehe

while i'm sure it wasn't the best thing to do, i financed 100% of my car but then again it doesn't dent the paycheck much...

:) I hope you find your answers, bro, and definitely hope you get a nice Z! good luck!

As I said, it's all about what works for your situation. If it doesn't hurt the check, looks like it works for you!

ballinnnnnnnnnnnnnnnnnnnnnn.

[QUOTE=shadoquad;732215]:) I hope you find your answers, bro, and definitely hope you get a nice Z! good luck!

oh i'm pretty sure i have already, just a matter of time :D , i took a test drive in a fully loaded one last weekend with the navi and sport package and it was love at first drive. Still cant believe how comfortable the seats were, they just seem to hug you, haha

chicks by far are the biggest expense in any man's life

10k down should be enough. I put 8k down with payment of 500 every month. My credit was avg.

You can go to Nissan USA Nissan Cars, Hybrid, Crossovers, SUVs, Trucks | Nissan USA, go to build your own z, pick your trim and options and you can use the estimate payments option to get a general idea of what you can expect. *Make sure you account for License, fees & taxes.

You can change the down payment, financing terms (in months), & the APR to see what your payments will look like. Since you can't change the price of the car (only shows MSRP) you should change the down payment amount to match the price for the car you are financing. (most people get either invoice or under invoice) The figures are very accurate.

Also make sure you read this thread; it made my purchase very easy.
http://www.the370z.com/nissan-370z-p...r-my-370z.html

Good luck with your purchase. I hope you enjoy your purchase as much as I did. :tup:

Don't finance beyond 60 months, the money sent on the interest isn't worth spending.

You have to meet minimum loan-to-value (LTV) amounts to qualify for certain loans. Generally if you have a 20% LTV (20% of principle paid up front) you should quality for the best rate. Beyond that it's a function of what you want to pay now and what you want to pay later. I think the main point is that if you don't put money down towards the car, be sure to do something useful with it. Otherwise it would've been better spent on paying down the car. Small variations in interest rates amount a couple grand over the life of the loan, which may or may not be much depending on your situation.

I agree - given current savings rates, I realized I was better off paying cash then getting a loan. Saved much more money not paying interest than earning slowly.

Also, I like to buy used these days - forced into it by my desire for an NSX, but find it has advantages in addition to letting someone else eat the depreciation. I'm not afraid of buying new, though, since I tend to keep a car 10 years.

I personally try to pay cash for any vehicles I buy. They are a depreciating asset, and you lose a large chunk of the value driving off the lot.

I would try to make as large of a down payment as possible. Avoids paying interest, and you spend less time upside down on the car.

Just do it like the bmw crowd. Have your parents buy it for you. :D ;)

I think it all depends on your income. $10K might not be enough for some folks.

i agree, cash. all up front. no need to pay interest, and all future earnings dont have to be nickel and dimed away from various car payments, mortgages, payment on that sofa you just bought, and so on. If u spend all of 2morros money today what are you going to spend 2morro?

Appreciate all the great feedback guys, i definitely understand which is why i am going to be purchasing used. I figure with the way these things depreciate i should be able to get an 09 for $26k or under and not have alot to go on a loan seeing as most of the 07 350z are going for around that price or under that i've seen in my area.

Check out my post just a few below yours with the heading "financing help"

I thought for sure 12,000 would make it easy for me to get financed, but due to my limited credit history no one will touch me. not the credit unions not the bank not the dealership. I am amazed, but if you have decent credit history I'm sure you will be fine.

Funny you mention that as i was actually doing just that yesterday, i think i should be ok though as my credit history goes back about 6 years with very few negatives on it. I do appreciate your advice though and i did hear that you finally got approval for financing through someone. Hope you enjoy your Z as much as i will when i do finally get it :)

Good to hear. I definitely will, thanks.

I was able to get a new 09base for 26490 last month...sat on the showroom floor.:happydance::driving:

Thats awesome man, did it take any going and back and forth with the dealer to get to that price or was that what they were selling it for? I know i saw one or 2 that are going for $26k or under, but they're all the way out in Arizona which i guess wouldn't be a bad drive to go and pick one of these bad boys up :) and it was in the color i wanted which is the monterey blue with the sport package!