whitelight

Alright, well im hoping I wont get completely eaten up for putting this out there, but i figure better here than getting stuck for lots of money at the dealership.

Heres my dilemma/situation:

Im a sophmore in college (20 yrs old) and im planning on getting my Z in next few months hopefully. I have two part time jobs, so I'm gonna be able to afford the payments, gas, insurance, etc. But the only way I'm gona be able to do that (assuming I get my performance for about 30K or maybe 31K out the door) and put down about 7 or 8000 for down payment, then finance the rest over 72 months. I know its going to be more in the long run, but I simply cannot afford much more than 400-500 monthly car payments at this point in my life. My other issue is that I dont have credit. I just got a credit card this year, so I'm slowly trying to build it up, but I'm worried when I walk into the dealership (even though I've done all my research about tricks to avoid, bargaining, know what I want/dont want for the car) that they are going to see me as a kid who knows nothing, or try and make me cosign with a parent. The only reason I was hesitant about posting this, is because I know ive seen on other forms when teens get cars like this, some of the older members get kinda pissed because their parents buy it for them, they are inexperienced, or whatever the reason might be. But I was hoping someone could give me some insight on what I should do. I am also gona have an extra $2,000 in the bank by the time I do purchase in addition my $8,000 down payment, so will that also help the dealership in seeing I'm going to be able to come through with my payments, and allowing me to finance through them? Alright, Ill leave it at this until I get some responses,

any advice = greatly appreciated!

drew

zpeedDemon

finish college first and get the Z.

6kLaunch

The bottom line doesn't lie, you can't afford the car. Get your priorities straight and finish school.

failsafe

Whitelight- you may want to start checking with local credit unions. They sometimes have first time buyer programs. Also you may want to check multiple dealer and see if they have first time buyer programs as well.

Ricky

I'm little bit younger than you, and own a Z.. so I know how you feel. Here's my advice:

1) Most lending companies don't offer 72 month auto loans
2) If they do , it's usually for atleast 25,000 loans or higher.
3) Even if you get the 72 month loan, that is 6 years man, do you really want to paying a car off for 6 years? You'll be 26, the Z will be old news, and will be getting ready to settle down, do you really want the bills on you?
4) If you must get the Z, I suggest you go with an enthusiast model, 28k out the door, at 60 months. Payments will be more less same (about 10-15 more a month), but you'll have 1 less year of payments.

I don't know how bad you want the Z, so I can't say don't do it. Follow your dreams, if you want it bad enough, and you think it's honestly a practical decision, do it. Don't let anyone stop you.. but think of it from a realistic point of view also. Do you want to being paying off a car for 5 more years during your peak ages to have fun?

My suggestion is wait.. you have 2 more years, get a good paying job, and pay for the Z then when you have a good job instead of 2 part-times... but like I said, follow your dreams. If you want it bad enough and can handle it, go for it.

Ricky

One more thing, Nissan does offer a college student program.. might want to look into it.

cotmfk

Congrats on saving up $8k for a big purchase like this. That takes a lot not to touch that money for other things. I'm in a similar situation to you. I could afford the car, insurance, etc right now. I would need to sell one of my cars to make a nice down payment, but other than that, it would be possible. But think about this: colleges are notorious for haters or drunken kids destroying other people's nice cars just for the hell of it. You've got no enemies, but that doesn't matter, they'll still get you. Think of all of the dings, scratches etc caused by people who don't care enough to stop their door before it hits yours in the parking lot, etc. I have one year left. Pretty much as soon as possible after that, I will be getting myself a nice $35-$40k car. There will be a lot of new stuff out then, or about to be out. Maybe even a Turbo Z...

Ok, enough with that.

Hints on building your credit: 1) The credit card is a good idea IF you pay your full amount off every month. Don't let yourself accrue any balances. Don't get more than 2 cards. If you have too much available credit to borrow, you are seen as a risk.

2) Put bills in your name. Electricity, telephone, etc. If you live off campus, pay these bills on time all the time, you will have sparkling credit.

Whatever you do decide, good luck to you!

dsmal

iTrader: (1)

I'm 20 years old. I purchased a 350z Track. Cost me some 36k. Put 10k down. Monthlies are $500 or so. But yes, I did need a cosigner. Is it worth it? Thats up to you to decide.


Its possible, even if you go to school.


Al

toykilla

iTrader: (1)

STRONG ADVICE:: WAIT!

i just graduated in december, so timing to get this car was almost perfect ( got it this week)

but your only a sophomore in college, trust me it gets harder (you will have to study more and do lots of projects outside class and such),

you will most likely get burnt out working two jobs and going to school. ( i worked full time for two semesters while in school full time (engineering program at that!) ... i thought i was going to die... i would never do that again

At any rate, if you do work that much and go to school full time, expect to drag it out 5-6 years. that is if u dont get burned out by that time and drop out.

just be patient (i know its hard)

failsafe

Actually it's good to carry a small balance. You should always pay much more than your minimum- this helps build a solid payment history. Just don't max out your cards and always pay more than the minimum.

UFO

Jeebus, I can't believe all the threads I've read about high school and college kids buying Zs. I was a poor **** in college. If you can't afford it…don't get one. There's more to owning a Z than just the payment. Your insurance will probably be crazy high on top of it. Do you have a garage unit? No way I'd drop this $$ on this car and park it outside 24/7.

But in the end…it's your call. IF you can get a loan (which I doubt) you'll just have to wait…or apply for some student loans.

Good luck.

mwaller

I'm 23, but I have an engineering degree. This is what saved my butt and allowed to get financing through the "Nissan signature graduate" program. Every other lender (mostly online type) flatly refused to lend to me due to 'insufficient credit history.' I had even had a credit card for about 4 years, with no deliquent payments. My credit score was high, too, but with only a single form of credit, nobody but Nissan was willing to cough up $26K.
Without a degree or superstar paycheck, you may need to get a co-signer. Even then, nothing is guaranteed. It's up to you to decide whether you want to spend so much on your mode of transportation. I debated long and hard about it, but eventually decided to go for it. I haven't regretted it.
Mika

jj1814

like toykilla said....wait.

you're in engineering. you must not go to USC or anything because my friend, who is just finishing her sophomore year as an EE major, has done nothing but studied and studied since she set foot on the campus. She even had to turn down her spot on the women's basketball team because she knew she wouldnt have enough time to study. she doesnt have time to work or anything.

I majored in Computer Science, and like toykilla, I just graduated in Dec. IT DOES GET HARDER once you become an upper-classman. I could only imagine what it is like for Engineering majors. I have MUCH respect for those who finish engineering successfully. Having a cool car for a couple of years isnt going to save your @$$ when you dont get the grades to get a good job after you graduate just because you were trying to work 8 million jobs to pay for a PERFORMANCE Z (why???).

Luckily for me, the timing of my graduation, starting my new job, and the release of the Z fell right in line. *I'm picking my Z up tomorrow - FINALLY!*

Save that $10,000 for what is hot in 2006. Might be the Twin Turbo 350z. If you buy the Z now, in 2006 you will be wishing you had saved all that money for the Twin....just a thought

labshark7

Age makes no difference what so ever. Income makes no difference, either.

All that matters it your FICA score. This is all a lender is going to look at. Or to be more accurate, all the computer program that approves or denies your loan is going to look at.

Go to equifax.com and pay the damn $12.00 for an instant FICA score, this will give you all the information you need.

Anything less, and you are wasting time. No one on this board or in person can give you an accurate reply without this number.



Eric

jj1814

I know that is not true all the time because my credit is TO ****! (not "THE" ****, but TO ****....meaning bad) but it's only one blemish. The rest of it is only because I have student loans showing up.

Income and who you work for locally makes a difference. This, I know - or at least this is true in Cincinnati.

DrDrilZ

i agree with the others on this one. WAIT on the purchase if you cant afford it now. if youre having to work 2 part time jobs just to pay the note on your car while youre in college, thats not a good idea. your time would be better spent concentrating on college studies. trust me, getting a good degree now and being able to afford many Z's in the near future is better than having a Z now and not finshing school.

labshark7

Buy the car man,

Come on, if you find you cant afford it 1 or 2 years down the road sell it! There will always be a market for this car.

You need transportation, and you are going to be paying between $200-$300.00 per month any way, might as well buy something you LIKE DRIVING!

Dont let the OLD people on this board scare you. They are just being cautious.

I am 24, and still in school, with 7 years to go!


The thing most people fail to realize is that by the time you graduate school, you will most likely be in a long term relationship, getting married having kids, then you REALLY will not be able to buy this Z.

Get it while its hot!

My plan to personal satisfaction.

Get a Z
Get a Dog
Get a Girl

You only live once, dont be the guy that waits till he is 50 to buy this car! Things come up, you might not be in the position to buy 4 years from now.

Strike man, strike now, like the thunder, Like the Rain. Are you gonna be a man and buy the Z or are you going to whimp out and get the Civic.

I say get off your computer, rip off your shirt, drive to the Nissan dealer grab a salesman by his throat and say I WANT A Z, MUST HAVE. Thats what I did.

I am telling you, dude, I am a loser and I bought the Z, now I have girls calling me left and right, even guys call me, its scary, they all want a ride in my Silverstone Rocket.

Now my life is complete, finally!


hahah this car has made me high, Im going for a drive!


Eric

P.S. you can combine the dog/girl thing- just get a female dog, less hassle...

AndyB

Your question was well asked and deserves an honest answer. Unfortunately I agree with the people who say you should wait before you spend this kind of $$ on a car.

Initiating this kind of debt before you are even out of college will really set you back in the big picture. When you graduate you will probably (I am guessing) look for a place to live and eventually want to buy a house/condo/whatever. At that time thing like furniture, paying off student loans, etc also kick in.

I myself found the college and post college time a good time to have a car that is at least semi-practical. The 350Z is a much better 2nd car than it is an only car. (I know it CAN be done, I am just sayin....)

In my opinion (just opinion) it really pays off to plan money matters in long terms instead of short. Sure, at first, you will live a little lower and your friends will have more "stuff". But, slowly and surely, you will be ahead of the game and eventually a mile ahead. It is classic "grasshopper and the ant"

Reminds me of the commercial where the young guy has a BMW, but he has to work all night delivering pizzas while his friends (who all drive the cheaper car being advertised) are out partying.

At this point in your life $31K plus interest is a LOT of money. It will set you WAY back. Some years down the road buying such a car will be MUCH easier.

At my ripe old age (36) it has been my experience that people who attempt to "max out" on financial matters often regret it.

Do whatever you want, but I thought your post deserved an honest answer.

DrDrilZ

then again, dont be the 50 year old guy who is still driving the car he bought at age 20 because he had to drop out of school to get another job to pay for the car.

PhoenixINX

Ever heard of debt/income ratios??? That's something totally on its own, and has NOTHING to do with your scoring.