I'm in a predicament. Advice?
Dealers do not go by the FICO score, they use an auto beacon score.
In most cases that should be higher than your FICO score, depending on
your auto payment history. I'm sure there are instances where your FICO
score may be 720, and your auto beacon score is say 760. Of course a sales person will tell you that you don't qualify, because most people don't know about the different scoring system. I had a dealership try this on me, and I
immediately left and bought my Z elsewhere. Also remember that Nissan uses a 3 tier system for promotional apr's. Depending on your credit score,
you would get 2.9, 3.9, or 4.9%, based on the score. So it is possible to get a good apr even though you don't "qualify" for the lowest one. Everything is negotiable, and apr is no different, so don't accept anything than higher than
2.9%.
In most cases that should be higher than your FICO score, depending on
your auto payment history. I'm sure there are instances where your FICO
score may be 720, and your auto beacon score is say 760. Of course a sales person will tell you that you don't qualify, because most people don't know about the different scoring system. I had a dealership try this on me, and I
immediately left and bought my Z elsewhere. Also remember that Nissan uses a 3 tier system for promotional apr's. Depending on your credit score,
you would get 2.9, 3.9, or 4.9%, based on the score. So it is possible to get a good apr even though you don't "qualify" for the lowest one. Everything is negotiable, and apr is no different, so don't accept anything than higher than
2.9%.
Registered User
Joined: Jul 2007
Posts: 147
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From: Pennsylvania
Originally Posted by SupaDoopa
Keep the lude while you're doing work to the Z and for winter driving. Simple enough.
When it gets colder, that is when I drive my 2002 Mercury Cougar and the Z sits until a nice warm day.
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Joined: Apr 2008
Posts: 446
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From: Maryland
Originally Posted by quiksilver38
staticfive05: good job you know how to calc monthly interest on a loan, you forgot about the loan amount though buddy... you gotta add the interest your paying each month to the amount you pay off towards your principal that you borrowed... o wait while i was typign this prev post had already explnd.
To the OP you should just get something you can afford unless you get your parents or somebody with good credit to co-sign becuase you never know what will happen in the future job wise... family wise. if you really want a Z get a nice used one a few years old after saving up CASH. also how old are you and whats your job\career?
To the OP you should just get something you can afford unless you get your parents or somebody with good credit to co-sign becuase you never know what will happen in the future job wise... family wise. if you really want a Z get a nice used one a few years old after saving up CASH. also how old are you and whats your job\career?
Originally Posted by mrg1981
Hope you are well qualified. Those types of rates are advertised to lure everyone in. They are for "well qualified buyers." This means probably 750+ FICO and high income that is documented.
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Joined: Jul 2007
Posts: 147
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From: Pennsylvania
Originally Posted by VENOMSZ
If the dealership will not work with you, go somewhere else.
Do not apply for credit at the dealership, do it yourself online.
Take away their leverage, and know for sure you're approved,
and get the promotional apr.
Do not apply for credit at the dealership, do it yourself online.
Take away their leverage, and know for sure you're approved,
and get the promotional apr.
But HSBC beat his financing from Chase! Sorry to the guys on here who work for dealerships, but honestly, sometimes I think you need take a look in the mirror and realize that some people are a bit wiser than you!
Originally Posted by Scipher21
Im 17 turning 18 in September. In the IT field. I work for the govt.
My parents have great credit.
My parents have great credit.
Check out www.carbuyingtips.com.
Registered User
Joined: Jan 2004
Posts: 7
Likes: 0
From: chicago
wait and see when the new z is coming out, why buy the last model year of any car. If you can not wait, look at a older model, 06 or 07, there is know real different between the 08 and the older models other that they have deperciated more, so you will get a better value for your money. I am sure you can find one with low milage, and with the extra money you save, you could buy an extended warrenty that will pay for it self the first time you go to have you Z repaired at the dealership (all cars need service).
Registered User
Joined: Apr 2008
Posts: 286
Likes: 0
From: Burke VA
Seeing that you live in maryland you might want to keep the honda for the winter.My Z is my only car and I start to sweat during the winter every time snow is in the forecast.Lucky for me I get a ton of personal days at my job so i just stay home.
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