Superhero350z

I want to buy a 350z and I've gotten the numbers worked out to $28,000.00, sans tax+title+fees for the car I want.

The question is this:

In the past I've messed up on my credit pretty bad, but I've settled or paid off everything (though I just found out there were some very small bills in collections from 2001 - one for $324 and the other for $153 [I am disputing the $153 and paying the $324]). This was all about 3-5 years ago. I currently have a score of 603 with one agency and 650 with another. My income is $50,000.00 a year and I have only a house payment and utilities as my bills. I haven't missed any payments on anything in years. Anyone out there who knows a bit about financing Nissans who can let me know what to expect, if anything? Any advice would be appreciated as well!

Thanks

paco3131

it depends what you put down. Let me know what you are thinking of putting down and for how long and I can tell you

Fletch69z

iTrader: (50)

Check with a local credit union and see what kind of rates they can quote you. They are usually a lot cheaper than the dealership also. The dealership tacks on a percent or more usually of profit onto your interest rate and with a couple of collections they will probably tell you that your interest rate will be higher. Just shop around for the best interest rate like you shop around for the best deal on a car. Good luck!

Fletch69z

iTrader: (50)

Subscribing...

Superhero350z

If I do this within the next 45 days or so I can put $3000 down, though I'm hoping to do quite a bit more than this. I'm waiting for the 2006s, so I should have awhile to get more cash put back. I'd like to do $5,000-$7000 down, though I imagine $3000 is what will be done. I'd prefer to do this for 48 months, but I would be willing to go 36 months if I could manage the payments. 60 months would be acceptable too, but not sure if I can get that. I know that my interest rates might be sky high (10% + I'd imagine), but I've been told by a secondary finanace manager at a Chevrolet lot that primary financing should not be a problem for me to get.

With taxes and fees and whatnot I think my total is just around $30,000.00.

I should clarify that my house payment is a rent payment for my apartment. Sorry, I'm just used to referring to it as my home, thus house comes out. lol

Thanks for the quick respones!

bixby

iTrader: (2)

Well to be honest those are bad scores. Basically you're under 650 and probably more like 620 depending on what the 3rd score is. Not a total loss however but I doubt Nissan will finance you unless you're putting a very large chunk down like 10k or so.

Owning your house is a plus and as long as that looks good on your reports (no lates) that will help a bit.

No matter what don't expect to get a very good interest rate. In fact expect the worst because thats what you're going to get. Again, if you're putting a large amount down you'll have some barganing power but you'll never get a very low rate with those scores.

What you may want to consider is a refi on your house to pull some equity and pay cash for the car. Granted it's not a real good idea to refi for a toy but if you're going to go into debt for a 350Z you may as well be able to right off the interest.

Plus, depending on how long you've owned it you may end up with a lower rate on your mortgage.


Again, I don't really reccommend pulling equity for something like this and actually would refrain from pulling equity for anything short of a true need like college tuition if you end up short or something along those lines.

But like I said, if you really, really want to buy a Z first go in and see what the'll do. be up front but don't let them pull your credit unless you're sure you'll get financed. Those inquireies will pull down your score even further and perhaps prevent you from pulling equity if thats a route you decide to take.

Good luck!

Superhero350z

See my above post for notes about the "house". Oops! hehe

I didn't expect a good interest rate at all.

Honesty is why I came here.

I was told that those are not good scores, but they're not bad either, but I really don't have any idea. I don't know a whole lot about how credit reporting works.

I could probably do $10k if I waited.

What about secondary financing? Co-signing? What do they look for in joint or co-signed applications?

Sorry for all the questions, but as I said, I know very little about this kind of stuff.

If I did own a home (which I might this time next year if all goes as I expect) I would never refinance for a car!

DZ2005

Well he said he lives in an apt., not a house, so he can't mess around with the equity or anything like that. I'm 23, make about 35k a year and have a beacon of about 765. When I went to apply they didn't ask any questions, ran my score and told me to pick out whatver I wanted pretty much. Also, the dealership didn't even care what I made a year, and did not ask for any type of proof that I make any money at all. I got about 6% through Nissan but I'll refinance soon and get about 4.5% with my credit union. Good Luck!

Diesel350

iTrader: (6)

Before you buy work on getting your collections off that credit report. It makes a big difference. I recently had a collection on my credit report that I disputed and they ended up taking it off my credit report. My score went from a 640 to a 722. Remember when you dispute a collection on your credit report the bureau's have 30 days to resolve your dispute. If they don't resolve it within 30 days they automatically take the collection off your credit report. Usually they are so dang busy that it goes to the 30 days anyways. Good luck cleaning up your credit.

Superhero350z

Really? Interesting. The dispute for the $153 has been there for about 10 days already and I haven't heard a thing from anyone. The collections agency was supposed to call me back about it but hasn't yet; the lady did say that she was noting in my credit report that I was disputing it.

Does a payoff on a collections bill help the score? I was in the USMC and the $324 is from a medical bill that they did not cover for some reason. The collection agency is currently trying to figure out what went wrong. It would be nice if they'd just remove it completely when it gets resolved. I wonder if I should try to get the USMC to pay it and have it removed. Hmm.

bixby

iTrader: (2)

yea but that post wasn't up when I replied. Your score is very good. As an fyi the range is 300 to 850. anything above 680 is pretty much a "no questions asked" deal. Above 750 & they'll pretty much hand you the keys and give you their lowest rate even on 100% financing.

bixby

iTrader: (2)

Anything related to delenquency is bad even if you pay it off and won't help until it falls off your report in about 7 yrs. As far as the medical bill deal, if it is cleared up and was in fact an error you can have that item removed from your reports.

Superhero350z

I just got off the phone with the hospital and the collections agency. The lady handling my account put in a form to have the $153 removed from my credit, but said it would take at least 30 days, and probably more, for this to be done. The hospital is adjusting the bills and getting that straightened out, and I think they're going to have the collections removed as well.

greenkoolaid

My roommate just recently bought a used car and it worked out to $20,000 for the deal. His credit score was a 580 with one payment 30 days late , mostly low due to a lack of history, he is new to the US. His interest rate through a credit union was 15%.

I don't know it this will help you any but there you go.

bixby

iTrader: (2)

Have both send you a letter to that effect on their company letterhead and you should be good to go. Having those 2 items removed should put your score close to the 680 mark and with the letters in hand you shouldn't have to wait for them to drop off to get financed at a decent rate.

Diesel350

iTrader: (6)

Even if you pay off the collection you have to send proof to all 3 credit bureaus that it has been paid in full and have them remove the collection tradeline from your credit report to increase your credit score.

For the dispute for the $153 do not dispute it with the collection agency. They will do nothing. Contact all three credit bureau's and dispute the collection with them. If it takes them more than 30 days they automatically remove the collection from your credit report.

MeetJoeAsian

I sell Toyotas...but as far as financing, they're pretty much the same no matter where you go...I'm not sure what state you're in...I'm in TX...Your score is not sign and drive, but you should be able to avoid special financing (aka secondary finance)...I just figured out your payment with my computer, and (IN TEXAS) if you purchase a vehicle at the price of 28,000 before TT&L, with $3000 down, and 48 months, and assuming you're getting 10% financing, your payment will be $687.82....most banks will allow your car payment at a 15% of your monthly income...so, if you make $50,000 a year, that means you make about $4166 a month...15% of that would give you payments of $624.90....so you're about $60 above your qualified payment....The bank may make an exception for you. Then again, if you have perfect credit, they won't even look at your income...Your score if not so bad, they might waive that with you...Your best bet is to goto your bank or credit union. Credit union will usually give you a better rate than most banks...check with them before you go to the dealership...remember...money talks...so the more put down, the better chance of getting financed....sorry if some of the stuff I said don't make sense...hit me up if you have any questions...

MeetJoeAsian

oh yeah, one more thing, if your derogatories are a few years old, wait around the holiday season and start hitting up the 3 major credit bureaus (Trans-Union, Equifax, and Transperian)...write them disputing the charges and the negatives on your credit...you CAN get them lifted.....or you can find any "CREDIT REPAIR" persons, and they can do that for you for a nominal fee (i have a guy who'll do it for $160)...but he's in Houston...

Zcarboy

Nissan gave me a 3.85 apr when I bought my Z. They were trying to get 4.25, but when they saw my over 800 score they were able to get me 3.85. And I made 29K a year, but don't have much debt since I pay off all credit card bills with no balance.

jdg345

+1 on the Credit Unions -- definitely the way to go.