If you have the option, I strongly recommend paying for the Z with a home equity loan. The interest rates are low, and the interest is tax deductible, which is more than can be said for any car loan. (unless you get one of those wacky promotional 0% interest loans, and there's no shot in hell of Nissan selling these at 0% financing)

 

Yeah, that's cool, although there is one risk. Since it's an equity loan, that means it's secured against your house. With a car loan, they just reposses the car. With an equity loan, theoretically they could put a lien against your house.

I don't know if this has every happened in reality, but it is something to be aware of. Taking out any type of second mortgage or equity line against your house carries these risks.

 

All the more reason to hunker down and "play pretend" that it's actually a four year car loan, and pre-pay the snot out of it. My equity line of credit amortizes any purchases over a 20 year period, which is hardly a smart way to pay for a car.

The benefit is that if you get in a bind for any reason, the nominal payment per month is super-cheap. I think my monthly works out to $200 a month if I finance the whole thing. (Which is NOT what I plan to do, but it sure sounds tempting!)

Best of luck whatever route you choose, and may the Z be with you.