bshockley

OK, so just for fun I went shopping yesterday. There is an 03 Z here that is almost exactly what I want.

Touring Lemans, 6Sp.

everything but side airbags and dvd nav.

MSRP 34683

I was going to pay 31988

We had all the paperwork ready to go, then he says they could get me an apr of 6.79% with a credit score of 718.

Ughh. Not cool. So I walked out and decided to see what I could get on my own. I figured if I can't get anything better, then I'll just wait and build a little credit and buy/order an 04 when i am ready.

Am I crazy for passing up the deal? How easy would it be to re-finance later? ould I expect to get a better apr later. The main reason it's so high (so I was told) is because I just graduated college. I don't have anything on credit history but revolving credit (credit cards). Any input would help.

OUCH

I think so, since 6.79% is pretty good. What were you expecting like 0% or 2.99%?

JasonSmithMT

With your credit history, I think that sounds like a good rate.

jj1814

nooo...shop around!

My score was much lower than that when I got my Z in may - I got 4.19% APR from NMAC (would have been 5.19% if I werent a recent college grad).

bshockley

No, no. I knew I wouldn't get anything like 0 or 2.99. I was hoping for around 4.5. I would have gone up to 5.0.

It's sad that depending on company you can get such a wide variety of aprs. My sister got 2.9 on a WRX (realize it's suburu and they need incentives, but not that much on WRX) and she has the exact same credit as I do.

Anyway, i am getting quotes online and going to my bank today.

My parent's have great credit, if they co-sign with me would that help much? or just a little?

Enron Exec

I was in the same spot as you 4 months ago bshockley. I was offered 6.9% at 2 local Nissan dealerships. I have a good credit record but I too am just out of college and only have credit card purchases, no major purchases like a house or a car. I asked my dad to co sign and we ended up at 4.75%. I think it could have been as low as 4% but the finance manager needed to make a profit somewhere.

Now i keep getting offers from Bank of America, my bank and the bank i pay car notes to now, to transfer my account and get a 4% apr.

I would just save yourself time in the long run by going arouond and shopping for better rates. Aim for 4% at least.

Good luck on your potential Z. 8-)

marhot

I'm here in Johnson Co. I got 4.5% in July.
Of course, I'm an old man & have an established record.

Have you tried checking online yet? Check E-Loan & peoplefirst.com, I've heard good things about them (but dealers hate them!)

Good luck.

neur0sis

iTrader: (3)

I got a 3.25% APR with a FICO score of 749. I had the finance guy shop a couple different places.
Though, I'm 28 and have had 2 other car loans (paid off) and have a kind of long credit history.

I'd still think you could do better, even w/o a cosigner.

cincyspider

on a car loan...there ain't much difference in your payment at those 2 interest rates!

DrDrilZ

also, with a co-signer, the rate is more dependent on the person with the lower credit rating. in other words, even if your parents co-signed for you, the rate would not be the same as if they bought the car themselves.

doofy

If you do plan on doing a refinancing after the purchase, be careful of 1 things. When I financed my first car, the loan had most of the interest loaded on the first 6 months with a penalty if paid before the 6 months are up.

2. If this is your first Nissan, Nissan always has a first time buyer program. Sometimes even something for new graduates. The rate is usually cheaper, but they require you to buy some BS crap. My friend did that. They offered a rate of 6.9. But the first time buyer rate was 3.9, but you had to buy some kind of insurance or extended warranty. he went for the insurance, and haggled like crazy about it. After all was done, his payments were like $30 cheaper per month. Not bad. And if the car was stolen within his 5 year loan period, he would get 5K on top of insurance payout.

bshockley

Thanks everyone for your input, but I decided to not take the deal. I am just going to wait a few months before purchasing (my original plan).

The differnce between 6.79 and something like 4.49 would be about 2100 dollars if I took all 60th months. I'd probably only take 30-36 months, so that's about 1000 dollars, but I just didn't feel right bout the deal.

I am in no way disappointed. Waiting will give me a chance to get settled at work and in a new apartment and save some money without worrying about a new car.

BTW - You know those big banners that the dealerships ahve (some of you have them here as well) with the Lemans Z and the saying about Porches to pass. I had the dealer include that with my car. That was going to be cool.

ares

iTrader: (2)

for the record, everyone thats quoting the lower rates they got 3 or more months ago, rates have risen dramaticly since then. the rate they offered you looks real good to me for this point in time, and your history.

doofy

Great decision.

I wouldn't have been able to make such a decision when I was 21/22. (Just guessing your age) That car would probably be in my driveway right now. :P

123NissanZ

ares is correct,

you made a bad choice. 6.7 is fine for 60 months. Are you even telling us the truth? Sounds immature to me

Z YA LTR

iTrader: (1)

I just got my Z 2 1/2 monthes ago at 5.9%. I am 20 with good credit. I have had 2 car loans paid in full. Plus a few other loans, and credit cards. I got the Z without a cosign!

--Josh

Sosa

iTrader: (1)

Man, you're getting $2500 off of sticker on the Z. That's a hell of a deal! you're getting a touring at the price of a stripped performance. Just make sure you'll be able to get the same deal when you're ready to purchase.

bshockley

Yeah, that's the truth. Here's the way I look at it:

I am going to be making a good amount of dough. (Just got hired as Aero Eng. @ Boeing). Figured I can spend the next couple months improving my credit. I mean improving because as of now I have a 718. That's just based off of the credit cards I've had. I don't really know what I need to do to get a better score.

If people are telling me that it won't matter, that in 3 months there is no way I could improve my credit enough to get a better APR let me know. I will go and take the deal tomorrow.

I just feel that if I spent a little time and saved some money to put down on the car, I might be able to raise my credit.

iceman58

rates increased the first time in 2 years last week (car loans) I think you could do a little better but not much with your history. I would have taken the deal. I do this for a living.

KPZerone

OK this is really a great thread. I am also a recent graduate looking to buy a car.

Would it matter if my mother co-signs versus my father? My mother is house wife and my father runs his own business - What I am trying to find out is if they share the same rate of credit.

The problem is that I live in CA and my parents live in NY. But due to the busy business, my father can't come here for my graduation ceremony but my mother will.

Any insightful help?