ok, let me clarify my situation. I am planning to buy a 2006 base 350z around january or february but have some problems that might somebody have an idea what i can do or had the similiar problems in the past.

I live in here by my self and going to college and working part time. My parents actually live overseas. I am a permanent citizen and have a good credit score between 730-750. I have also downpayment around $3000-$4000 but only thing is , since i am working just part time i am making around $1000 and getting another $1000 from the parents back home. I applied for a car loan through the credit union and they declined it because i am low income person.

I really want to get the new z, i am a permanent resident, job, have a good gpa in school, but only dont make enough income. So please tell me what should i do ? I dont have somebody to co-sign for me so it is not an option. I know it is hard to get but there should be a way that i believe somebody in here might had the same or similiar experience.

I told i might get my bank statements from back home that shows my parents are sending me money every month but i dont know it can help or not. Please give some suggestions thanks

 

$4,000 down on a, say, $32,000 Z is not enough to offset the default risk. No, based on your situation, I would not lend you the money.

I advise that you build your credit. Take the $4,000 to the bank and ask for a “collateral loan:” you give them $4,000 and they loan you $2,000. That's a start to building credit.

Still, judging from the facts that you've sated, you're not prepared for $32,000 vehicle.

 

I think you might be getting in a little over your head. your payments will be high. How about asking your parents if they would be willing to purchase the car for you and you pay them back monthly. It wont help you get a credit raiting but you will get your car.

 

I am planning to get the base one which is around $28.000 for the out door price. I assume that if i put $4000 and if they give me a 6 or even 7% apr my monthly payment will be maximum $350.

I am getting money from the parents around $1000 and making $1000 from my part-time job and i dont pay rent so $350 plus insurance wont hurt my budget i believe but the thing is how am i gonna convince the dealer or credit union about this thing


If parents have total $28000 in hand , i can ask them but they are paying for their own stuff too so i am by myself in this situation.

And for my situation i dont think credit is really important because i have good credit, only thing i need to find solution is the low income issue. Even if i have 830 top credit score, because of low income they wont give me loan but as i said i get support from the parents so totally i make around $2000 per month , thanks for all suggestions

 

Just so you know, even with 6% APR the monthly payments on a 24k loan are $463 on a 60 month loan or $397 on a 72 month loan.

$2k a month does in fact seem like you're making enough to make payments on a car (though I have little experience on this, someone else help me out here), unless maybe you're paying tuition as well.

 

i am making $1000 per month plus i get money from the parents but they live in europe

 

well, you can do one more thing. You can have your parents co-sign. The Bank and Credit Union will not budge, you might be a nice guy and all but all they care about is there $$$$$ good luck, let us know what you decide

 

under $500 will be okay for me , my case is complicated sorry guys to bother you but i really want a z as you guys have already

 

mooch10 : yes, i know man , all they care is $$$ , i hope i can fix this problem get a z as soon as possible

 

Assuming $28000 OTD and you put $4000 down, you will need to take $24000 car loan. If they give you 7% interest with 5 years loan, your monthly payment is still $475.23

 

i calculated for a 6 years loan for 7% but i think i made a mistake but still under $500 is okay $50 or $100 difference wont hurt me.

 

If you don't need the money from your job, you can save it. In few months, you will be able to put more down payment. They may give you the loan.

 

thanks that might work

 

I’m surprised no one caught my error. $4,000 will get you a $4,000 collateral loan.

 

Agreed. If you put $10,000 down on a $30,000 car, I’d give you the car. All I’m concerned about is if can I recover my money if you default.

 

Here is a novel idea : Why don't you wait until you graduate and get a real job! It will be a reward of sorts for working hard and getting the good GPA that you have. I wouldn't know, but having a car loan spread out over 5,6,7 years is ridiculous.

 

or just go to another dealer and put that you make like $3500 a month
They normaly don't ask for check stubs. Not saying its right but it might get you your z.

 

that is my question does the dealers ask about paychecks or do they call irs for last years incomes , as far as i know , dealers are doing all the tricks to sell a car , and here i am a potential victim for them to buy a car without any effort

 

The dealer will look at your situation same as banks. Getting a parents letter & bank statements showing the $1000 per month might help. I'd go back to the credit union & see if documenting your parents monthly stipend to you will help.

If your not paying rent, I'd think $2000 would qualify you.

 

Even if he was paying rent I'd think that 2k monthly would still be enough.