I just graduated about 7 months ago from a great University with a B.S. in Engineering. I also just got a job with a prestegious furtune 50 company. I am 26 years old and have been biding my time to pay down my debts a little before I buy my Z. Well, the time has finally come, I have found the Z I want...and I can't get financing!?!?

I got beat down by the credit union my family uses. Is this why I busted my a$$ for years in college? I can afford the car, I just can't get a lender to approve me at a halfway reasonable rate! What the heck am I supposed to do? My beacon score is around 700-730, not that shabby. I do have some debt, but when I sell my old pickup truck it will clear up... Is a co-signer the only way to buy your first car?

I was supposed to go pick up my car tomorrow!

 

Credit is based on history, you have none. Don't take it personal, but that's the way it goes. Just like you'll have to pay higher rates for insurance because of your age.

As a middle aged guy, it amazes me that anyone can buy a $30K car as their first car!! Go buy something more reasonable, make a reasonable down payment and you'll get a reasonable interest rate.

Then in a few years, after you've established some history, banked some money and shown a good credit history, you'll be able to buy anthing you want.

I don't mean to sound like I'm preaching, but that's just the way it typically works.

 

Well, I can afford the car...just not the 8-10% interest, and the rates are so low! Also, I found a slightly used Z for significantly less than $30K.

 

Sorry, but if you can't afford the car at the best interest rate you can get (8-10% in your case), you can't really afford the car.

 

More a matter of my unwillingness to pay that much extra for the luxury of financing when the prime rate is at the lowest it has been for years. The difference comes out to around $80/mo.

 

I'm 24 and still in university, I know they won't approve my financing, so I'm gonna pay $25000CND as the downpay. The leasing company told me they'll approve it with that amount as D/P...
And I'm gonna get about 8.2% interest.

Still waiting for my 04' DB Track...

 

that's interesting..i'm only 21 and I got my z with barely anything down just to make the amt owed an even $34k and i'm only at 3.9% with no co-signer. I guess my credit is good enough, and my history is isn't that old (almost 4 yrs since i got a cc) and also some nice student loan debt.

btw..what engineering did you go for? I just got my BE in computer eng

 

Nice eck...so back to the question...who is your lender?!?

 

Humm...try harder to find a lender. Im 22, I got 3.9, and my girl friend, same age, got 4.9 on her Mini Cooper. Both of us down 50% of the car.



Mark

 

WHO IS YOUR LENDER!?!?!

 

Man... I wish I was in the States, cause there's no special rate for 350Z and G35C.... And I don't have any credic history, I haven't owed nothing before...hate to admit, but I've gotta thank my loving parents... 350Z will be my first car bought with my own money

 

Purchase a car you can afford for now.........WAIT..............Then pay cash when you're able..................NO Debt

 

I'm 23 and got a pretty good rate through NMAC--they actually beat my rate with my original lender, People First, so I figured what the hey. All my previous cars I paid cash flat out or sold a car and made the difference up with cash--I just didn't want to worry about a car payment on top of school, rent, bills, etc.

I've had credit cards since I was 18, so I had a little history, but what ended up helping me out was the house hubby and I bought last year--it was actually just enough time for it to show up on my credit report.

You just have to start building--having no credit is actually worse than having bad credit for some lame reason. And unfortunately, part of building credit is starting out with some crappy rates.

 

I'm 29 and purchased my 350 and 03 Max the same day no probs my beacon was 767 and I have some credit history(also purchased my first car I purchased not my parents from them in 99 same deal). Like Christie said try NMAC when they saw my credit score they didnt even verify employement or anything they said when do you want to sign. also witha beacon of 730 youmight qualify with NMAC in their 1st tier slot also do you have a trade?

 

credit history consists of 2 student loans and a credit card that got me in trouble when i was a sophomore in college. The credit card stupidity...im still paying for to this day. 1 dealership in Mississippi told me that they could not finance me. Ok...fine

Went back to dealer here in Cincy, and got financed through NMAC @ 4.19% for being a recent grad (Signature Grad program - would have been 5.19% otherwise). But if we (employees at my company) tell people where we work, it works wonders.

 

nissan has a college graduate program.. you can get financed with their best rates as long as your credit is clean....i have a 10k student loand and got approved for the full amount of my z.. but put 5k down anyways... just go talk to the dealership about this

 

Yeah, I am thinking that just buying from a dealership will be the best way to get financing. I have had credit cards for several years with excellent record, its just not enough for many lenders. I will consider NMAC, thanks for the suggestions guys and girls!

 

Is NMAC financing through Nissan?

How are you people getting these rates? Are things that different in the US? In Canada, Nissan won't quote me better than 7.5%. My bank will finance me at 7% (loan) or prime + 1 (line of credit), but how are you folks getting 3's and 4's?!?!?!? I have impeccable credit and a house that is almost paid off!

Nissan Canada also said no graduate program. I've been out of school 3 or so years. Does this apply or are they pulling my ****?

Elmer.

 

the graduate program applies to recent grads only.. i think in the past year or so ...i got 5.6%

 

U.S.A. > Canada...sorry!