***What are my chances???***
Thread Starter
Registered User
Joined: Oct 2002
Posts: 33
Likes: 0
From: St. Louis
***What are my chances???***
I want to get a everyone's view on this situation. I am a 27 year old with a 2500 a month job. Now my credit is not that great but I have been doing well for the last 5 months. I am planning on buying a 350Z in about 8 months. I plan on putting down 6000-8000 dollars down. What do you think my chances are in getting the car?
Registered User
Joined: May 2002
Posts: 2,774
Likes: 0
From: Honolulu
You chances are good, but be prepared to pay pay pay. $2500 a month (hopefully post taxes) is not a tremendous amount of money. Trust me, I know, I make less. Hopefully, you do not have many other expenditures, ie. apartment, GF, hobbies....
Guest
Posts: n/a
forget it!!!!!!!!!!!!!!!!!!!! you have sbout a snowball's chance in hell. you should kill youself! forget the car. it's only a car man for god's sake. you have more important things to worry about like sex!!!!!!!!!!!!!!!!!!! get a real life and rmeneber it's just a machine.
kidding!!!!! anybody can by a car. the interest rate will be more if your credit sucks but why do you ask. are you saying they might say something like, 'young man, listen here, and listen good. you're still a virgin and you only make 2500 smacker a month. you live in an apartment and don't really know what reponsibilities are yet. Man you can't even take care of yourself let another a fine automobile such as the Z car. you are not wothy, come back when you are richer, older, have a house, a dog, and get your cherry popped.' don't think so. more like, 'what's it gonna take to get you into car. you know you want it, live now and if you can't afford for some reason one day the bank will simply come and pick it up and you will know the real joy of having drivne the z." tere you go, anymore questions? 
kidding!!!!! anybody can by a car. the interest rate will be more if your credit sucks but why do you ask. are you saying they might say something like, 'young man, listen here, and listen good. you're still a virgin and you only make 2500 smacker a month. you live in an apartment and don't really know what reponsibilities are yet. Man you can't even take care of yourself let another a fine automobile such as the Z car. you are not wothy, come back when you are richer, older, have a house, a dog, and get your cherry popped.' don't think so. more like, 'what's it gonna take to get you into car. you know you want it, live now and if you can't afford for some reason one day the bank will simply come and pick it up and you will know the real joy of having drivne the z." tere you go, anymore questions?
Registered User
Joined: Sep 2002
Posts: 283
Likes: 0
From: Noblesville IN
hey i'm in same situation making about same money however i'm 20 with no credit. i've heard no credit is better than bad credit but hell i've had a cc w/ a 750 limit and i've never missed a payment for 2 years. but thats just a cc and unfortunatly thats all i got.
i've had my job for a year buy the time i'll be recieving my 350 and i'm hoping to put 10k down on it
ya i'm selling my car AND my bike (NNNOOOOOO)
if that helps any plz give me some information as well.
oh and i moved back in w/ the rents and am staying here for a year to get taht downpayement going
(just came back from school) before i move back out.
what do you guys think live at home an extra year and double pay my payments so i can get the car paid off faster? (worth it or no?)
and yes i do have to have a cosigner
thanks
i've had my job for a year buy the time i'll be recieving my 350 and i'm hoping to put 10k down on it
ya i'm selling my car AND my bike (NNNOOOOOO)
if that helps any plz give me some information as well.
oh and i moved back in w/ the rents and am staying here for a year to get taht downpayement going
(just came back from school) before i move back out.
what do you guys think live at home an extra year and double pay my payments so i can get the car paid off faster? (worth it or no?)
and yes i do have to have a cosigner
thanks
both of you guys, just remember, handle the purchase as 3 separate transactions.
1. Cost of car
2. Value of trade-in (if applicable)
3. Financing.
When they pull out their piece of paper worksheet, divided into 4 squares and they start to talk monthly payments don't even go there. Get your financing from your bank, credit union or online. Determine a price fr the car, then the trade in.
If you tell them you can spend xx per month, they will find a way to get you that z for xx+$50/mo., whether you could have got it for xx-$50/mo or not.
It is a little known fact that car dealers can mark up interest rates and keep the spread for themselves.
Here is an excellent starting point, don't buy a car without reading it!
http://www.edmunds.com/advice/buying...2/article.html
1. Cost of car
2. Value of trade-in (if applicable)
3. Financing.
When they pull out their piece of paper worksheet, divided into 4 squares and they start to talk monthly payments don't even go there. Get your financing from your bank, credit union or online. Determine a price fr the car, then the trade in.
If you tell them you can spend xx per month, they will find a way to get you that z for xx+$50/mo., whether you could have got it for xx-$50/mo or not.
It is a little known fact that car dealers can mark up interest rates and keep the spread for themselves.
Here is an excellent starting point, don't buy a car without reading it!
http://www.edmunds.com/advice/buying...2/article.html
Registered User
Joined: Aug 2002
Posts: 81
Likes: 0
From: LI, NY
quite simply, with a down payment like that, they will certainly give you a loan. Why? well if you decided not to pay them, and you have their 6k down payment, the gain by repoing back your car is far more than any loss they will incur.
So basically, your car is the collateral, and it is a reasonable risk to a bank as they can likely get all of their money back or close to it if you default. Your interest rate may be a bit high though. if your credit is not too good. Go to equifax.com and get your fico score for 10 bucks. If you have over a 700 you are good, and will get a reasonable rate. Other factors like how long you have been at your job and how long you have lived at your home will also dictate your interest rate
So basically, your car is the collateral, and it is a reasonable risk to a bank as they can likely get all of their money back or close to it if you default. Your interest rate may be a bit high though. if your credit is not too good. Go to equifax.com and get your fico score for 10 bucks. If you have over a 700 you are good, and will get a reasonable rate. Other factors like how long you have been at your job and how long you have lived at your home will also dictate your interest rate
Trending Topics
Guest
Posts: n/a
You'll have to decide for yourself. Calculate your monthly payments based on what you want to spend, how much you can put down, and what interest rate you can get. Then test yourself. Put aside that much money each month for a few months (inlude the jump in insurance costs). If you can bear the pain of doing without that money, you can get the Z. Also you'll have a bigger down pmt so it will actually be a little easier.
Registered User
Joined: Aug 2002
Posts: 35
Likes: 0
From: kentucky
Your payments will be around $550 a month, with so-so credit and all that down.
Your insurance will be around $120 a month.
Your gas will be around $100 a month
Maintenence will be around $80 a month
You really think you want to pay all that for the Z?
I just graduated and got an offer for $54,000 a year, and I'm wondering if I can afford the Z....I dont think you can even CONSIDER it if you're making $30,000 (before or after tax)
Your insurance will be around $120 a month.
Your gas will be around $100 a month
Maintenence will be around $80 a month
You really think you want to pay all that for the Z?
I just graduated and got an offer for $54,000 a year, and I'm wondering if I can afford the Z....I dont think you can even CONSIDER it if you're making $30,000 (before or after tax)
Registered User
Joined: Sep 2002
Posts: 283
Likes: 0
From: Noblesville IN
first. thanks to all of you for your help who did help.
next.
You possibly may not be able to but thats also because you most likely have other things on your agenda or have outstanding debts elsewhere ... school loan maybe?.. see i dont have any outstanding debt. i have 5k saved already w/out including value of my car (prolly 1 k maybe 2k) and value of my bike (someon wants to give me 2200 for it) oh wait thats like 8k already and i still havent put my preorder down yet.
I am living at home right now .. ya that means i have no rent, utils, etc. i can steal food from home but have already budgeted for that stuff. pretty much i came up w/ spending 1400 a month on that damn car still leaves me w/ 400 bucks free money for nothing at all after food cell phone cable modem, etc. i think i can tough it for a year or so if i can have this darn car
ok well that makes me feel a lot better and thanks for all the help to those of you who like to help.
btw i'm looking at a brickyard performance w/ mats thats all i need right now
thanks
next.
You possibly may not be able to but thats also because you most likely have other things on your agenda or have outstanding debts elsewhere ... school loan maybe?.. see i dont have any outstanding debt. i have 5k saved already w/out including value of my car (prolly 1 k maybe 2k) and value of my bike (someon wants to give me 2200 for it) oh wait thats like 8k already and i still havent put my preorder down yet.
I am living at home right now .. ya that means i have no rent, utils, etc. i can steal food from home but have already budgeted for that stuff. pretty much i came up w/ spending 1400 a month on that damn car still leaves me w/ 400 bucks free money for nothing at all after food cell phone cable modem, etc. i think i can tough it for a year or so if i can have this darn car
ok well that makes me feel a lot better and thanks for all the help to those of you who like to help.
btw i'm looking at a brickyard performance w/ mats thats all i need right now
thanks
New Member
Joined: Sep 2002
Posts: 829
Likes: 0
From: San Diego, CA
Personally, I think with the money your making and how old you are you should be investing the money. Do you have a house? If not, you should be saving to get one. Do you have savings/retirement? If not you should be saving for that too. Remember, you should be saving 20% of your income for later in life when you cant work anymore. Basically, with $2500 a month, if you buy the Z, alot of your money will be tied up in a depreciating investment and you'll have a very small amount of liquid funds. If any major emergency happens, well you'll be out of luck and probably out of a car. In an ideal world where nothing unexpected happens you could easliy get the Z, but in the real world anything can happen. Especially in todays economy.
Registered User
Joined: Aug 2002
Posts: 13
Likes: 0
From: Brunswick, Georgia
You only live once! I was bombarded with the same advice: buy a house, put some money aside for later on in life. Guess what. The unexpected occurrences spoken about to deter you from buying the Z (fire, theft, etc.) could be occurrences that deter you from living (accident, shooting, anvil falling on your head). The point is, life is short and you never know what the future will bring. All you know is right now.
Sure, when you're 50 you may be able to afford a more expensive car than this one if you save the money, maybe not. Like they said, anything can happen. If you've done the math and right now you can afford it, go for it. You don't want to be kicking yourself thirty years from now.
Sure, when you're 50 you may be able to afford a more expensive car than this one if you save the money, maybe not. Like they said, anything can happen. If you've done the math and right now you can afford it, go for it. You don't want to be kicking yourself thirty years from now.
Registered User
Joined: Oct 2002
Posts: 84
Likes: 0
From: Seattle
Go for both, my man!
Originally posted by BigD350Z
You only live once! I was bombarded with the same advice: buy a house, put some money aside for later on in life. Guess what. The unexpected occurrences spoken about to deter you from buying the Z (fire, theft, etc.) could be occurrences that deter you from living (accident, shooting, anvil falling on your head). The point is, life is short and you never know what the future will bring. All you know is right now.
You only live once! I was bombarded with the same advice: buy a house, put some money aside for later on in life. Guess what. The unexpected occurrences spoken about to deter you from buying the Z (fire, theft, etc.) could be occurrences that deter you from living (accident, shooting, anvil falling on your head). The point is, life is short and you never know what the future will bring. All you know is right now.
Stretch yourself and DO Both!
Drop $1,000 immediately into a Roth IRA. Then $50 a month for the foreseable future. Your retirement nest egg will easily grow to over a million dollars tax free! You'll pat yourself on your back and be a hero in the eyes of your parents, close friends, and Clark Howard.
Take a second job, if necessary, but buy the Z and live now the life you want to become accustomed to!
But remember this... Living your dreams to the max in the here and now takes discipline and character. If you can dream it... you can do it. But ultimately, it is you that enables the outcome through your own BEST efforts.
Success is never guaranteed. But for those that go for it, it can be attained. Those that don't try will always be frustrated.
Damn. Now I feel cleansed!
350Z-holic
Joined: Aug 2002
Posts: 21,377
Likes: 0
From: SoCal
If the Z is so important to you, then go for it. Just figure out how much time you're working to pay for it, and how much you like or dislike your job, and weigh it out. *If* that 2500 is after taxes, you're spending more than one full year of your life to pay for the car, *if* that's the only thing you're paying for. With other expenseses, like insurance, food, shelter, etc., it's more like 3 or 4 years!! I wouldn't do it, because after 3 or 4 yearws of work, all you have to show for it is an old car, and by then there will be all kinds of cool cars you might like better.
Registered User
Joined: Sep 2002
Posts: 283
Likes: 0
From: Noblesville IN
bah you guys arent z enthusiasts your wannabe's,, just kidding jeez... heheh
no but in all seriousness you guys are right and i should be saving
but thats also why i've been investing in my ira's (yes plural) for over a year now. also my employer matches what i invest up to 5% of my income.. so i dump 10 percent in, he matchs 5, so i'm putting 15% of my yearly income into my iras.. that was accounted for before anything else. also i have other money saved up in other places i just havent found it yet..... no but really my boss has been talking to me about quite a few things that i really shouldnt talk about especially on a forum as big as this. but to summarize my job is completely safe for at least 8 years, i enjoy my job, and no i'm not going to be making this lowely wage for long (his words ) hes talking about payin for some schooling so who knows.. but i am not jumping the gun, for I am basing the ability to afford this car off of my assets and income now, not what they should be in the future.
keep em comming!
no but in all seriousness you guys are right and i should be saving
but thats also why i've been investing in my ira's (yes plural) for over a year now. also my employer matches what i invest up to 5% of my income.. so i dump 10 percent in, he matchs 5, so i'm putting 15% of my yearly income into my iras.. that was accounted for before anything else. also i have other money saved up in other places i just havent found it yet..... no but really my boss has been talking to me about quite a few things that i really shouldnt talk about especially on a forum as big as this. but to summarize my job is completely safe for at least 8 years, i enjoy my job, and no i'm not going to be making this lowely wage for long (his words
) hes talking about payin for some schooling so who knows.. but i am not jumping the gun, for I am basing the ability to afford this car off of my assets and income now, not what they should be in the future.keep em comming!
350Z-holic
Joined: Aug 2002
Posts: 21,377
Likes: 0
From: SoCal
NEVER NEVER pay attention to what a boss says he *will* do. They always say there's a raise coming, or something good will happen in the future. It's most likely vapor. If he thinks you're valuable enough to the company to get a raise, you'd have it already. From experience, when a boss says you will get something later, I take it as "start looking for a new job if you ever want to make more money." Heck, if anyone ever says "do this for me now, and I'll give you something later," always be very suspicious. I can't stress that enough.
I don't mean to say you're not valuable, because you may be, but this company might not be able to translate your skills into enough money to benefit either of you. I've never had a substantial raise, but I've switched jobs twice and increased my income 100% and then 25%.
I don't mean to say you're not valuable, because you may be, but this company might not be able to translate your skills into enough money to benefit either of you. I've never had a substantial raise, but I've switched jobs twice and increased my income 100% and then 25%.
Last edited by nbdyfcnsqnc; Oct 13, 2002 at 11:34 AM.
350Z-holic
Joined: Aug 2002
Posts: 21,377
Likes: 0
From: SoCal
Ok, here's more free advice. If you can't afford a Z, don't waste time on cars (or working to buy them), and spend it building your skills. In a year or so, you can learn enough about web design, databases, and programming to build a database-driven web site (sort of like this board), and those are all the skills you need to make at least 50-60k/year, and more when the economy turns back around. Then you won't have to think twice about buying a Z.
Last edited by nbdyfcnsqnc; Oct 13, 2002 at 12:43 PM.
Registered User
Joined: Aug 2002
Posts: 808
Likes: 0
From: Los Angeles
nbdy has a good point.. Don't push it, there are a lot of things more important than cars and having a Z right now shouldn't be at the top of your list. I have a problem with the way the general American public likes to handle money, borrow now-pay later. I think that is one of the reasons why the US is such a debtor country. Anyways, my philosophy is only get it if you can pay for it on the spot, or within the year. No need to finance, you only pay more w/ interest and such. The only alternative would be a lease, but that's only cheaper if you plan on keeping the car 3-4 years (depending on down payment and interest rates).