Financing Questions Please Read If you CAn help...

Minsu

Im young 21. So i wouldnt say im oblivious to finance.
Now when buying a car im guessing you can either use ur own financing (no idea what that means) or use the dealers finance.
Now i dont have credit, no credit card for me as of yet never applied for one because if you get rejected you lose credit score?
Now if i give them 8-10k down on a new z 2012 (not 2013) and say i want to finance what would they say seeing that i have no credit?
Im at a loss, i thought i had a good handle on this but after some reading i got confused big time.
I really dont wanna regret buying a Z you kno? wanna buy and drive it to the ground and then rice the **** out of it.
I made alot of post about buying the Z and ill be ready by the end of the month
so i have a month to really learn about this whole financing thing.

Help me out retired car dealers, currently working dealers, and u smart dudes.

Huckleberry

Don't bother trying to finance the vehicle by yourself. Take mom or pop to co-sign with you. That's the only way you're going to get a reasonable rate.

__________________

Thechidz

buy my car. it's loaded and you'll get a much better deal

__________________
I <3 my car

frost

How long have you been at your job and what kinda money you make? I financed a car at 18, but I believe I was pushing a 10% interest rate. Not cheap, and I wasn't even trying to buy a 30-40k car. Have you even considered the insurance? I have to imagine it would be a couple hundred.

PS, using your own financing is when you go to a bank yourself, get approved for a loan up to a certain amount, then go to the dealership already approved for a loan. If you have been banking with a bank for a couple years, they may be more likely to give you a better rate.

__________________
370z OG

MJB

With no credit history your interest rate is going to be through the roof. That's if you even get approved for a loan. You'll have better luck if you co-sign with a relative, like previously mentioned.

__________________
09 Nismo #0483 sold. Viper or C7 next time around.

ZKdoggZ

Job history and the amount made at your job does play a part. Now companies like Nissan and Toyota are approving more of the younger crowd with the belief if they give the younger crowd a chance they will be customers for a long time. If you have absolutely no credit what so ever it probably will not happen on your own regardless of the 10K put down. Good luck

whoady4shoady

I would never cosign for a relative. Not worth it. If they wreck they can sue you. Screw that!

__________________

Minsu

shoot, i teach tennis, i make 40 an hour 10-15 hours a week.

frost

If you hang on another 6 months or so, you should start seeing the 09s at the $20k area. I'd say put your 8-10k down on that, finance the 10-12k, build your credit. In a couple years you would be able to finance something much easier.

__________________
370z OG

bigdog1250

^This

A smart dealer wouldn't even lend to you with no credit history. You'll have a lot of trouble finding someone to loan you $20k+ without credit history. And if they do loan you the money, it's going to cost an arm and a leg. Higher risk = Higher return (or in this case higher interest rate/return on capital lent).

Non-dealer financing means getting money lent from another financial lending institution such as a bank, credit union, or from a home equity line of credit which I'm assuming you don't have. Or dealers have financing arms, Nissan's is NMAC.

__________________
350z / 40th 370z / C6 Z06 / BMW M4 / V10 R8 / C7 Grand Spot / 997.1 GT3 / S2K / Camaro ZL1 / 718 GTS / 991.2 GT3

Mike

You need to wait another 6-12 months. Join a credit union. Deposit your 10000 in an account and take out a 'share secured loan' for 5-10k. that is a loan that is covered by your deposit, you need to keep the amount you owe in the account, as collateral. You will get the loan even without having credit, because you have the money in the account. Pay it back in even payments over 3-4 months. That will establish credit. Also, talk to the credit union manager about getting a credit card and use it lightly, but pay it off each month, on time.

Those two steps should get you started with a credit file, and then, you can probably get a loan through the credit union also.

__________________
NISSAN: 75 280Z / 86 300ZX GLL /87 Sentra SE / 03 350Z / 23 Z
Porsche: 93 968 / 23 Macan GTS / 93 968

diddy535

Definitely just try to build up your credit. I did it when I was interning, I went to a credit union, opened an account and asked to get a credit card with the lowest limit possible, I think it was $500 at the time. I just put random stuff on the card and paid it off. I got my '09 at just turning 24 years old, put $7500 down plus trading in my '99 volvo v70 - sexy machine that was - and financed through Nissan. Just having a good credit rating helped, I got 2.59% which I think is decent, could be wrong though.

__________________

Minsu

shoot so i cant even think to get one by the end of the month?
shucks..
so there is no short cut unless my parents cosign?
Shoot

Trips

You can still get it but you're going to get financially RAPED!!

and like that you'll be trying to get rid of it in 6months or a 1yr

Don't be one of those guys!

a little financial patience will go a long way.

Carry on

MacCool

You can check your credit score with Equifax, Transunion, or Experion, and you should do that so you know where you stand if you're looking to finance or lease a car.

You can try leasing, but standard lease interest rates are still going to depend on your credit score. It's not usually as bad as a bank loan, however. You'll need about 650 to get the kind of lease deals you see advertised. Most leasing companies won't even consider you if less than that, and the ones that do are going to stiff you pretty good on the interest. The only advantage to you with leasing is that you might be more likely to buy down the interest rate with a higher amount of money up front. Leases have some significant limitations if you're looking to modify the car in any significant way.

One other solution might be taking over someone else's lease, if you can find someone around the country with a lease on a Z car that wants out. Credit requirements for that tend to be lower. That might be hard to find, but there are a number of lease transfer companies on the internet. Don't expect a particularly good deal from a lease transfer company, however.

As mentioned, the easiest way by far is getting someone with a good credit rating to co-sign.